FAQs
 

Accountants do far more than most people realise. Here at AAFP, we offer a range of services including the preparation of financial statements, implementation of accounting system software, assistance selling a business, advice and help navigating your business finance options and much more. At the end of the day, Accountants help businesses and individuals ensure they are satisfying their legal and financial requirements at all times.

Check out a full list of our services here.

You may have a head for numbers, but accounting can be one of those aspects of running a business that is more efficient to outsource to a professional. Our experienced and knowledgeable team know exactly what your business needs and when maybe even before you do.

Let us take care of your accounting needs so you can invest your time and energy in the rest of your business. Choosing AAFP means choosing peace of mind and a team you can trust.

As a rough guide, some common items you might need when preparing a business tax return include:

• your business/personal details
• income information (e.g., trading income, subsidies, capital gains, dividends, etc.)
• deductions (e.g., losses, repairs and maintenance, salaries, rates and land tax, lease expenses, etc.)
• liabilities (e.g., loans, accrued expenses, provisions for long service leave and annual leave, etc.)
• assets (e.g., depreciable assets acquired or disposed of, lease commitments, etc)

Of course, when we work with you on your tax return, we will advise you on everything you need in detail so you can be confident that you’re providing everything necessary.

Australian residents pay the Medicare Levy to cover health care charges. It is a tax paid in addition to income tax, and is usually calculated at 2% of your taxable income. However, those on low incomes may receive a reduction in the rate and certain people may also be exempt from paying it altogether.

The Medicare Levy is different to the Medicare Levy surcharge, which applies to taxpayers on a higher income who don’t have private health cover. Find out more about the Medicare Levy and estimate the amount you have to pay here.

The ATO requires some businesses in specific industries to report the payments they have made to contractors. The reporting is made in the taxable payments annual report and is due by 28 August each year.

The industries covered include:

• building and construction services
• cleaning services
• courier services
• road freight services
• information technology (IT) services
• security, investigation or surveillance services