ENTREPRENEUR

 

Being an entrepreneur is one of the most invigorating yet challenging walks of life.

You may feel a sense of personal responsibility for any debts or losses your business incurs, as well its success and failures.

Here are a few things to consider:

  • It’s important to be aware of your legal obligations of your business and self, depending on what business structure or structures you’re operating from, wether that be as a sole trader, partnership, company, trust - or a combination of these.

  • Working out if you receive Personal Services Income (PSI) can be a bit tricky. If your income is PSI it means some deductions may not be tax deductible. PSI will apply no matter what entity structure you utilise. We have linked a test for you to take on the ATO site which will help you determine this, but feel free to reach out if it’s still a little unclear.

  • Keeping good records really helps understand the performance of your ventures. We can help you maintain accurate records, keep up to date with your obligations in a clean and easy to follow system. Helping you hold visibility and accountability across all activities.

Starting something new and not sure how to set yourself up? then our free 30 minute strategy session would be a great place to start, reach out to one of our team members to schedule a meeting so we can assist you with mapping out your ultimate structure for success.

Not sure if you’re in business or a hobby? Check out our Tax Services page to find out more, as there are different tax treatments for hobby’s and businesses.

 

BOOKKEEPING

Bookkeeping is a pet peeve for many, however it is necessary and shouldn’t eat up your free time. At OAK we remove the stress by providing a fast, cost-effective and reliable service that is tailored to suit your needs.

Staying on top of your bookkeeping will help maintain a healthy cash flow for your business and allow you to spot trends in your finances early. This kind of information is invaluable to help keep your business healthy and profitable.

ACCOUNTING

We help you understand your numbers so that you can control costs, make great decisions, and ultimately, make profit!

With filing deadlines and penalties, it is vital that your accounts are accurate and maintained. You should know the amount of tax you need to pay well in advance. This not only helps with your cashflow, but also helps avoid any unnecessary surprises at the end of the financial year.

TAX

You may have recently started your business or your earnings have started to increase.

It’s best to avoid unexpected tax bills at the end of a year. You may need to pay tax during the year, whilst maintaining the balance of business and personal cash flow. We work with business owners to help get that balance working.

By keeping ahead of the ever changing tax system, we offer practical solutions which are right for you. The Australian tax system is now more complex than ever, and for this reason, we believe that you could benefit from our guidance and tax advice.

 

SUBSCRIPTION SERVICES

Visit our services page to find out more about our subscriptions for Bookkeeping & Accounting. Let us take care of the nitty gritty stuff so that you can get back to making money and living the lifestyle you deserve!