What does Shuriken mean?
A Shuriken is a traditional martial arts weapon. Its main characteristics are that it’s sharp, cuts through and is used by professionals. We believe Shuriken is the perfect word to describe our company’s services, as well as our core values: we are determined professionals with sharp minds and in-depth knowledge about accounting and finance.
What items are tax deductible?
This will largely depend on your business structure and industry. However, it is a good question to ask, especially if you are just getting started with your business. All our Shuriken team members are ready to guide you in the right direction in regard to your business finances. We will ensure that your business is claiming all possible deductions that it is entitled to. For any questions or enquiries, feel free to contact us at 1300 886 066.
Do I have to include GST on invoices?
A business is only required to be registered for GST with the ATO if their annual turnover/income exceeds $75,000 per annum. Once you are registered for GST, you must, by law, add 10% GST to all of the invoices that you issue to your customers.
What’s the difference between an ACN and an ABN?
An ACN (Australian Company Number) is issued by the ASIC (Australian Securities and Investments Commission) to all new companies registered in Australia to facilitate the monitoring of those companies and also to give them a unique identity code within the structure of the Corporations Law of Australia. Only a company can be issued with an ACN.
An ABN (Australian Business Number) is a unique number issued by the ATO (Australian Taxation Office) to all entities that are in business. If an entity is trading as a business, they must apply to the ATO to acquire an ABN and must show that ABN on any invoices they issue. The ATO will then automatically issue a unique eleven-digit number.
It is not necessary for an entity that has an ABN to be registered for GST if their annual turnover or income does not exceed $75,000. Confusion often arises between the two numbers due to the fact that the ATO will use the ACN as the basis for a company’s ABN. A company’s ABN will always consist of their ACN with a two-digit prefix.
For further information on this topic, feel free to contact us at 1300 886 066 and we will be more than happy to assist you with more details.
What is a BAS?
A Business Activity Statement, or commonly known as BAS, is a form issued by the ATO (Australian Taxation Office) to all GST registered entities to facilitate the reporting of the entities’ GST related activity for the period.
Where necessary, the Business Activity Statement also facilitates the reporting of small businesses’ PAYG withholding obligations, fringe benefits tax obligations and any PAYG income tax instalments that may apply to a business entity.
The Activity Statements are normally issued quarterly; however, in some circumstances, a business may be required or may volunteer to complete monthly Business Activity Statements.
What documents do I need to bring?
The list varies depending on what you want us to review. Call us on 1300 886 066 and we can assist you with your requirements.
How much will it cost to get my tax return done?
This depends on the type of tax return you need to have done. Call us on 1300 886 066 and we can let you know straight away.
How much will my first appointment cost?
At Shuriken, all initial consultations are free of charge. You can meet with one of our expert accountants to discuss your finances. During this first consultation, you will be informed on the costs of Shuriken’s services and, if you decide to continue working with us, you will need to pay for future services.
However, you do not need to pay anything for your first consultation; we strongly advise you book an initial consultation with one of our experts, as they can help you get clarity over what you should do with your finances in order to meet your goals or regain your financial balance.
Click here to book your free 1:1 initial consultation.
How long will it take to get my tax return done?
Every client’s situation is different, therefore we cannot give you an exact estimate until we have looked over your case. However, we can assure you that we will have your tax return done as quickly as possible.
What’s the best business structure for me?
There are multiple options to choose from when it comes to business structures (partnership, sole trader, company, trust, superannuation fund or some combination of all these entities). The most suitable structure for you depends on several factors. Here at Shuriken, we will work with you to gain the greatest possible understanding of your business needs as well as your personal goals. Following an initial consultation with one of our expert accountants, we will assist you in selecting the most appropriate business structure for you. We can tailor our services to ensure that not only is your structure in tune with your personal goals but also tax effective in the modern competitive business world.