Small Business

Simplifying the process so you can focus on your business

Our Approach

So often we hear from clients joining us that they’ve been advised by people who don’t understand their business, accountants who have never been in business themselves, who care only for compliance and charge the earth.

At Traverse we know that there are lots of challenges in business no matter what stage you’re in. Our core offering for businesses is designed to simplify things and give you more time and confidence to focus on your business.

We have a wealth of resources and affiliations to help with financing, expansion, tax planning and changes in legislation.

Business Taxation Services

Our clients always compliment us on our ability to explain difficult taxation concepts in a simple way that is easy to understand.

We pride ourselves on our no fuss approach to tax.

Unlike other firms, we’re not afraid to pick up the phone and talk to you, and we don’t write long letters of advice about simple issues. Traverse Accountants focuses on three key tax fundamentals: Advice, Structuring and Planning.

Advice

Advice can be as simple as helping a client decide the most tax effective way of purchasing an asset or as important as knowing the implications of selling a commercial property. Traverse provides proactive advice which is tax effective, but in many cases, preventative.

Many tax professionals make a living out of fixing or advising on matters which could have been avoided with the right advice in the first place.

Structuring

Structuring is opportune when either:

  • Establishing a new venture;
  • Planning an expansion;
  • New investors join a business;
  • Making any substantial asset purchase.

Getting the structure right the first time means there’s no need to worry about stamp duty or capital gains tax (“CGT”) implications at a later date to rectify poor advice.

Planning

Planning is a basic requirement if you’re going to take advantage of any structuring opportunities or stay abreast of your day to day tax liabilities.

We undertake brief quarterly planning reviews on lodgement of each client’s BAS which keep us informed of anticipated business profits or losses for the current income year. From this we can then make recommendations and report on overall performance.

In the final quarter we do an end of year tax planning report to:

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Benchmark business performance

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Calculate owner drawings and personal tax position to allow informed decision making

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Provide an estimated tax liability as the EOFY approaches

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Plan timing of asset purchases or sales

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Allow client to budget with time to spare for any tax liabilities

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Optimise for any opportunities between the business and its owners or staff

Small business toolbox

Establishing a business

Going into business is a life changing decision. Like anything it’s important that you go into it with your eyes open. 

Our key focus is business case sustainability and cash flow.

These are the two biggest factors that can cripple a new business. Often these issues are also the hardest to talk about and many other advisors are happy to avoid addressing them.

Traverse Accountants offers:

  • Analysis of business case, early review and assistance;
  • Company incorporations and formations of all trust types;
  • Assistance with all registrations (ABN, TFN, GST, FBT, PAYG etc);
  • Trademark applications;
  • Domain names;
  • Advice on requirements of having employees, minimum wages, employee entitlements and payroll taxes;
  • Helping to review finance requirements of the business and capable of arranging this finance;
  • Mentoring to help you through the transition from employee to employer.
Bookkeeping & financial statements

Bookkeeping

This is the day to day grunt of collecting receipts and cheques, calculating staff pays and ensuring superannuation is paid on time, and then bringing it all together with the bank statements and reconciling at the end of the month or quarter. Traverse Accountants can help in one of two ways:

  • External Review – for those who wish to keep their bookkeeping in house Traverse can receive their soft copy file each quarter and review the treatment of items for GST and the calculation of staff pays before lodging with the ATO. This also helps us manage your tax planning and stay up to date with your business performance on a regular basis;
  • Be the External Bookkeeper – Our staff includes bookkeepers who can enter and reconcile each month/quarters data which can be used to produce monthly profitability and management reports for your review. In doing this, all reports required for BAS for lodgement with the ATO are also generated; This creates cost efficiencies for your annual tax return and accounts as we manage the data entry throughout the year.

Annual Financial Statements

Annual financial statements are prepared in conjunction with the annual income tax return. For clients who have been maintaining their own records throughout the year this is where we bring it all together and make sure:
  • All deductions and income have been correctly input;
  • Any non cash transactions or accruals are entered;
  • The tax accounts reconcile;
  • Tax treatments are allowable;
  • Any dividends or tax liabilities are correctly recorded;
  • The figures reconcile.
Strategy

It is common knowledge that established and growing businesses have the added challenge of managing their cost structures and plans for expansion. With rising costs of employment and commercial rental placing pressure on business profit margins now is the time for strategic planning.

Traverse Accountants takes a holistic approach to strategic planning and focuses on cost management and maximising business opportunity.

This requires us to:

  • Understand what you do best and what your strengths are;
  • Assist in removing compliance burdens and pressures;
  • Improve operational effectiveness by focusing on activities that add value; and
  • Restructure strategically and expand your operations whilst eliminating non value adding activities.

Place your business in a position of strength to grow towards the future with a focus on: Analysing capital structures; Profit margins and costs; Core processes, risks and controls. Together, we can implement a structured plan that will place you in the best possible position to survive future downturns as well as providing the necessary working capital to take advantage of any opportunities that arise.

Business operations support

Those who are new to small business often learn lots of lessons the hard way.

Traverse Advisors work actively with their small business clients and use their experiences of over a diverse range of industries to mentor and advise clients so that they can save themselves from some of these costly mistakes.

Some examples of some basic early considerations that, if ignored, can cost a lot down the track are:

  • Business planning and cash flow budgeting;
  • Entity choice (Sole Trader, Company, Trust, Partnership);
  • Marketing plan and cost benefit of advertising return;
  • GST
  • Salary planning;
  • Intellectual property;
  • Registrations of names, licenses, Trademarks, domain names, etc;
  • Rental negotiations;
  • Structuring and financing.

We can help you with all of these fundamental start up issues and more.

Compliance essentials

Businesses have much more involved compliance requirements than individuals. We can help you with:

  • Taxation advice on all matters and contracts;
  • GST and PAYG advice and planning;
  • Expanding offshore or earning foreign income;
  • Employee Share Schemes;
  • Fringe Benefits Tax (“FBT”) advice and compliance;
  • Salary packaging advice (motor vehicles, laptops, loans etc);
  • Knowledge of State based taxes, such as Payroll Tax and State duties.

As Registered Tax Agents with the Australian Taxation Office (“ATO”) and Chartered Accountants we are well accustomed at dealing with all of these issues.

Traverse Accountants is also a registered agent of ASIC and can provide Company secretarial services for small businesses.

Traverse Compliance Services include:

  • Representing the client with ATO and dealing with all ATO correspondence;
  • Calculating quarterly PAYG instalments for lodgement;
  • Lodgement of Business Activity Statements (“BAS”);
  • Lodgement of annual income tax return;
  • Lodgement of annual Fringe Benefits Tax (“FBT”) return;
  • ASIC lodgements for changes to Company information.

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