Australia has always been a strong entrepreneurial nation, with small businesses forming the backbone of the economy. The Central business district of Sydney is home to a sprawling number of small businesses that are growing by the day. Owing to Australia’s 30% flat rate taxation policy, it makes it an even more attractivecentre for small businesses.

As a small business owner in Sydney, it’s understandable that your life can get tedious with your day to day operations and added to the woes is adhering to the taxation norms of ATO. Hiring the services of an experienced and well-versed tax accountant in Sydney can give you an upper hand when it comes to handling the stress of the tax season and managing the financial ins and outs of your business.

In fact, 72% of SMEs or small businesses in Sydney hired external accountants or accounting firms as the most common source of advice to manage their business’s financial accounts. Below are some reasons why small businesses in Sydney should consider hiring a tax accountant:

1. Save Time, Money and Sanity

A qualified professional accountant in sydneywho specialises in working with small businesses can help you generate accurate financial reports and avoid errors, especially when you are starting.

They will take care of your finances while you are free to focus on critical aspects of your business that need more attention.

2. Minimise your Taxes

When it comes to the tax season in Sydney, which typically falls from July 1 to October 31, as a small business owner, you need to stay prepared to file your taxes on time and avoid last-minute balance sheet preparations that tend to get erroneous. Apart from helping you file your taxes on time, a great accountant in Sydney knows how to manoeuvre through several taxation norms and identify opportunities to reduce your tax burden.

3. Maximise Tax Returns and Deductibles

Business accountants also ensure that you are aware of how to receive the most from your tax return. Likewise, they also help you identify possible sources of deductibles that you are eligible for. They take an all-rounded look at deductible business expenses that include contracted labour, rent and vehicle expenses to ensure that you have an optimal write-off possible.

4. Enable You to Manage Your Business and its Growth

Not every small business owner has a thorough knowledge to comprehend their finances. This is where an accountant can help you analyse and understand your financial statements and know where your business stands. They can help you examine areas for growth and receive warnings for areas that need improvement.

5. Budgeting and Forecasting

Budgeting is a prime aspect in any business that you cannot afford to overlook. An effective tax agent will help you develop a business budget that will help achieve your goals and thrive in the long run.

Besides, they also use your financial data to forecast and monitor future costs and revenues so that you can make smart decisions to propel your business forward.

6. A Lifelong Mentor

The biggest benefit of hiring a tax account is that they are always there for you and travel through the ups and downs of your business to suggest the best course of action. As a result, your tax accountant can become an irreplaceable mentor that works closely with your company.

It may feel intimidating to let an outsider get an inside view of your business. But hiring the services of the best tax accountant in Sydney will help you achieve your business goals and set the stage for long-term success. You don’t have to plough through your invoices and receipts at the end of the month or year all alone; partner with an accountant to set your finances right.

If you’re new to owning and operating a small business, you already know you have a lot to learn. The learning curve is sharp, but you have many tools at your disposal. Learning to use those tools is what will make you and your business successful.

Take the time to start learning today. Read through a few small business management tips for beginners, and begin unpacking and refining what you already have in the working.

Make your business a legal entity

In the very beginning, it’s important to make your business a legal entity. Set it up as an LLC (limited-liability company) or whichever format makes the most sense for your plans. Legally establishing your business will make it easier to get things done in the future.

Running your business as an addition to your own personal income will make things pretty hairy when tax time comes around. Save yourself the trouble, and take the necessary steps to create your business on paper.

Utilize the best financial software

Pay for the best financial software to make certain the financial workings of your business are always in check. Messing up with the money is one of the worst threats to your operation’s success.

Investing in quality financial software will help you keep track of every dime that goes in and out of your operation. If you’re upgrading the HVAC in the office or adding cold shot chillers to your machines, you need to easily see a picture of how the cost of the service will impact your finances.

Invest in great employees

You need good people who know how to conduct themselves in a professional setting to move your business forward. People who take your business as seriously as you do are the sort of people you need working for your company.

Make sure to do some research on what you really need in an employee, and use what you discover to properly vet applicants. Two or three reliable, trustworthy employees could make all the difference for your business.

Automate your bill payments

Paying all the bills for your business can get pretty hard to maintain. When you have ten different due dates, there could be confusion from time to time.

Take the element of confusion off the table, and automate your bill payments whenever possible. Automating your payments will save you from having to pay late fees and reinstatement fees.

Never stop learning

As a business owner, you should never stop thirsting for more knowledge. Never stop learning more about your niche. Never stop learning about how to run a business, even if you feel supremely competent. Business is always changing. Keep pace by consistently seeking out new knowledge.

If you are in the US and selling goods and products. Then you are fortunate. In the US, there are some products that are exempted from any taxes throughout the supply chain. However, other nations are more inclined towards Value Added Tax (VAT).

There is a basic difference between these two taxation methods. If you are a student and want to pursue a career in taxation. Then here are the differences that you must need to understand.

What Is Sales Tax?

A sales tax is the tax collected by the retailer at the end of the selling process. For instance, if a company is a manufacturer of refrigerators, the company will not pay sales tax on the refrigerators. Instead, the company will pay tax on the safety equipment that the employees are using. The equipment is not part of the final product. Hence, the company is liable to pay taxes on that.

Here are some of the typical sales that are exempted from sales tax.

• Goods purchased as resale.
• Components or parts purchased to make the final product.
• Machines that are directly used to make the goods.
• Container and packings.

What Is Value Added Tax (VAT)?

A VAT or Value added tax is a form of tax that is collected throughout the supply chain. That means suppliers, distributors, manufacturers, producers, retailers, and wholesalers collect tax on every qualifying sale. The US does not have any concept of VAT, but some other countries consider VAT as Goods and Service Tax (GST).

Let’s understand VAT in a much more practical way. A component manufacturer buys raw materials from suppliers. Other organizations then assemble the parts. Then the retailer sells these computers to individual consumers during every phase of the cycle. A value is added to the product.

The VAT covers only the entity’s extra value and not the original price of the product.

How Is Sales Tax Different From VAT?

One of the most highlighted differences will be perhaps the two’s documentation requirements when we come down to differences.

In the retail environment, the sales tax is established, and the consumers cannot do anything about it. The rate of sales tax will be the same at every level of the cycle. However, with the VAT, things change. In VAT, entities dealing with the product need to maintain thorough documentation to claim the VAT.

The VAT system imposes a sense of responsibility and self-governance on the system as the entities are entitled to look at the network as no to pay more than they can afford or less than the products worth.

Key Difference Between Sales Tax And VAT

For those who are not well aware of the key differences, we have listed the key points that will make it easier for you to understand.

1. Sales taxes are the taxes businesses pay on the sales. But VAT is the addition of the value that is done by every entity throughout the supply chain (producer, manufacturer, distributor, retailer, etc.).
2. Sales tax is a single-stage tax, where the taxation percentage is fixed. However, in the case of VAT, it is a multi-stage tax. The value is added at every stage of the supply chain.
3. In the sales tax, entities can evade taxation. But with the VAT into play, taxation is checked at every level. Hence, evasions are reduced to none.
4. In the sales tax, there are times when the phenomenon of double taxation takes place. However, this cascading effect can be caused by the VAT system.
5. The sales tax is charged on the total value of the product. But in the case of the VAT, VAT is charged only on the value-added to the products.
6. Sales tax is easy to calculate. However, VAT is quite complex, and you need a learning curve before you can calculate VAT.
7. Sales tax has been the reason for the increased tax burden on Consumers. But in VAT, taxation is rationalized.

Need Help With Filing Tax Return?

The concept of the sales tax return can be confusing for many businesses. This is where we can help you with the relaxation procedure. We, Taxconnex, have partnered with hundreds of clients to offer them our best services. If you are willing to work with us, we can help with sales tax.

With the concern surrounding the spread of the novel coronavirus, and the contrasting opinions among the general populace, workplaces across America are facing a new job-related risk. While the spread of traditional illnesses, such as the flu, don’t typically call workers’ compensation policies and lawsuits into question, the high risk of damages and dangerous side effects may give victims grounds for legal action. Though it is difficult to pinpoint the source of contracting an illness in the midst of a global pandemic, individuals who can prove negligence may be able to sue to recover damages if they contract COVID at work. This is especially beneficial for victims as the spread of COVID-19 can easily lead to lost wages due to lengthy quarantines and high medical expenses from hospitalization.

Workplace Injuries Vs. Workplace Illnesses

In accident based work injury cases, claimants can typically refer to a specific moment in time that led to the injury or disability. Whether it be a slip and fall incident, or a work-related car accident, a person can articulate and report a clear cause-and-effect timeline of events. This allows a negligent party to be clearly identified and held responsible. This is especially true in accidents involving a company’s violation of an employee’s right to a safe work environment.

When illnesses come into play, however, building a case becomes much more difficult. The mass spreadability of illnesses such as the flu or the novel coronavirus makes it hard for claimants to specify when exactly the illness was contracted. This becomes easier when test results can be traced back to specific dates or workplaces are found to be violating the individual’s right to safety by not observing social distancing, mask policies, and respecting quarantine requirements.

Negligence, Burden of Proof, and Tort Law

For an employee to hold an individual or employer accountable after becoming infected with COVID, there must be evidence supporting the claim that he or she was exposed at work. This makes it significantly easier for a claimant to prove negligence, a necessary component in a workplace injury or illness claim. A clearly identifiable negligent party can be held liable if it can be proven that he or she acted outside of what are considered reasonable standards. A claimant can also prove negligence by identifying that a person spread the infectious disease knowingly. This can be accomplished using dated test results.

An employer or individual who knowingly violates a person’s right to workplace safety by exposing others after a positive test result or failing to honor state and local ordinances regarding COVID-19 related policies can be held liable even though no criminal act was committed. This is because of Tort Law, where a person can be held liable for damages or injury resulting from his or her negligence or malice. Tort law can apply in claims involving the spread of infectious diseases as well. Cases involving the known transmission of sexually transmitted diseases have used Tort law and burden of proof in successful claims. The burden of proof must transcend reasonable doubt in these circumstances, meaning it must be abundantly clear that an individual was knowingly the source of a workplace outbreak.

Damages Resulting From COVID-19

Contracting COVID-19 can result in a variety of damages. A person may become sick enough to require hospitalization, racking up high medical bills. Additionally, more severe cases may lead to lost wages as a result of extended time away from work. Pain and suffering, or permanent physical side effects are other considerations for damages.

Some people get the best education but end up not getting any job in the future. It feels unpleasant to work hard in school and tarmac for the longest time. When choosing a career, you should know what you have to get after you are complete school. You do not have to go for something that offers less. It is good to go to school, but since technology is growing every day, you will need to stay up to date.

Most technical opportunities require an outgoing person who can figure out new things. Do not stress yourself because not all chances expect one to be a computer wizard. Some of the jobs involve both software and hardware. Employers depend on the people they have employed to make the right decisions using the data they have. They should also know whatever their customers want and work on that. There are skills that one should not miss if you need to get many opportunities now and soon, so don’t hesitate to do my calculus homework. Here is a list of jobs to consider;

Mobile Applications Developer

Mobile development grows fast across the world. Many businesses cannot work without mobile technology, because the developers have so many opportunities around the world. The professionals can know what works best for smartphones and how to create them. They work on different things starting from making to testing phones. They have a bright future because of the pleasant salary they take home.

Data Architect

Data requires a lot for it to work well. Employers cannot do it on their own, thus need people who can help them. As technology continues to grow, so is data, and it has to grow well without any mistake. A single mistake can take a company back. Many businesses are looking for data architects to help them manage data and solve any database problems.

DevOps Engineer

These are in between the people who code and engineers. They are in demand because many companies are trying to advance their services. They can make sure software works efficiently to enable a company to reach whatever level it wants. For you to be a DevOps engineer, you need to practice for years so that you have the necessary skills required. You will be able to pocket a maximum of $120000. They must also have an idea of the different coding methods and how to use them.

Compliance Manager

It is work that requires a lot of experience. Your job will be supervising the improvement of risk controls. You will also have to work with your team in implementing the right procedures that will work well with the company. You will need to have a degree and experience of more than seven years. Compliance managers are in high demand out there. Mostly, when you have the correct attributes that suit the job. The more experience you have, the more money you make from your work.

Marketing Analytics Manager

Employers need marketing analytics all over the world. If you are focusing on it, be ready to conquer the world because you will make more than enough. Your work will mostly be to work with other partners to make sure that the company grows massively. If you can get employment, you will be able to make a maximum of $97000.