Frequently Asked Questions

A common misconception is that it is a difficult process to change accountants. At Easdowns we manage the transition for you, so it is easy and there is minimal disruption in your accounting or record keeping.

Cloud accounting allows you and your team to access your accounts from anywhere. From an accountant’s perspective we are able to monitor and access your files on a regular basis to advise areas of concern or opportunity.

Cloud accounting (and ultimately COVID) taught us that we can easily work with businesses all over Australia and even internationally. There are no longer geographical inhibitions to working with us.There are many cloud accounting packages available to businesses in Australia. The major cloud accounting software used are Xero, MYOB, and QuickBooks. Each have different features and are designed to work for different size businesses and industries.

Talk to us today about which software will be most useful for your business and how we can transition your accounting records to the cloud.

Reducing your taxes can be easily and legally achieved via a few methods. The ways we can help you immediately are by doing a tax planning review and an analysis of your existing business structure. In many cases we can successfully reduce your tax on your current situation.

Most businesses that do not have the correct structure or tax planning in place are paying too much tax. Most businesses that we meet with ARE paying too much tax. Talk to us today about analysing your past and future taxes to determine what ongoing tax reductions can be made.

More than anything good businesses manage their tax liabilities. They plan ahead and make sure they understand the consequences of their decisions. It’s an ongoing conversation throughout the year and not something first discussed after year end.

There are many business structures available to meet your business needs, reduce tax and protect your business and personal assets. Meet with us for a free consultation and we can determine if your current structure is correct or needs amending for the best asset protection and tax minimisation for your situation.

Your business is valued based on many variables including, the type of business, the revenue, debt, profitability, goodwill, assets, number of clients and time trading. To get an accurate picture of the value of your business talk to us today.

When it’s time to sell your business, you want to ensure that you receive the best price possible and with the best tax implications. Prospective buyers and their financiers have specific requirements on what information they need to see before purchasing. We can provide the correct and most relevant information required for selling your business.

Many of our clients take out audit insurance for piece of mind in case the ATO decides to target them or their industry. Often the fees if the ATO decides to target you can run into many (if not tens) of thousands of dollars. Audit Insurance is very reasonably priced and is tax deductible so we do recommend that everyone in business takes out this insurance for peace of mind.

Cash flow is the lifeblood of all small businesses. When you do not have enough it can cause major stress and operational difficulties. We will help you to put a cash flow plan in place and help you meet your tax and super obligations, including GST, PAYG and fringe benefits tax.

We live in an uncertain world and unfortunately the unexpected can happen. With the correct business structure you can achieve a better level of protection for your assets and investments.

Planning your legacy is not just about having a will. In fact, as a business owner it’s much more than that. While a will may be a good place to start, a comprehensive estate plan is far more effective in being able to protect your assets, reduce the risk of disputes, and minimise your taxes.

Most of us would prefer to live in the here and now and enjoy what we have without thinking about what the future has in store. However, none of us know what’s around the corner and you hear of too many horror stories to use this as an excuse to procrastinate.

Not acting now can make the difference between ensuring your assets are protected today and pass to the right people when you’re no longer here and a complete stranger making decisions about to who and where your wealth should go. You’ve spent too many years building up your wealth to leave it to chance.

Good planning can make the most of your hard work to date and give you peace of mind that the future is well considered.

To achieve the best tax benefits and advice on growth, speak to us about setting up an SMSF. We make the process easy, compliant and designed with your risk investment profile in mind.

New rules were introduced on July 1 2016 governing what advice accountants can give regarding SMSFs, so not all accountants can give you the Super advice you need. Since we have our own Financial Planning practice, Easdowns can provide you with a complete solution for your investment and Superannuation needs.