Frequently Asked Questions
Below you will find a list of questions and answers. Provided for your convenience they resolve some of the more commonly raised queries relating to our service and personal or business tax.
1. How are BW Sims & Co Chartered Accountants fees structured?
A) Our fees are structured in such a way as to reflect the scope of your needs, the top quality service we provide and to allow us to maintain the constant specialist training for our staff that ensures you receive the absolute best, and most up-to-date service, possible.
2. How can accounting help me to make money?
A) By providing you with greater clarity you can more accurately determine which areas of your finances are profitable. By giving you greater control you can more easily manage your money and more effectively use it to your ultimate gain.
3. I have a second job, why is my tax on it so high?
A) The $18200 tax free threshold does not apply to a second job. It is taxed at your full marginal rate plus the medicare levy.
4. I have lost my Group Certificate, can you still complete my tax return without it?
A) We can complete the return using a copy or a letter from your employer with the PAYG information. We can also recreate the certificate from your payslips if necessary.
5. I recently lost a family member; do I have to complete a tax return for them?
A) Yes it is necessary as part of finalising their affairs. The return should show all income up to the date of death.
6. How should my business be structured?
A) By operating as a trust or company your personal assets can be protected. Ultimately it depends on your specific circumstances and requirements. Consult your accountant and your lawyer before deciding on your business structure.
7. What is the turnaround time on forming a trust with a corporate trustee?
A) Our specialised knowledge and client commitment makes forming a trust a pain free and expedient process. Allow 24 to 48 hours when we are supplied with all the correct information.
8. Are the costs of providing my employees with entertainment tax deductible?
A) This can be complex subject reliant upon severable variables. Please Contact Us for more information and we’d be happy to fully explain this complicated subject.
9. How can a balance sheet help my business?
A) A balance sheet will assist you in determining how your assets are being used and the ratio of your debt to equity.
10. Do I need to create a balance sheet each monthly?
A) Generally it is a good idea. A good record of profit and loss is always of benefit for financial projections. A monthly record will also help to point out any significant fluctuations allowing you to immediately assess and respond to them.