Frequently Asked Questions
What tax systems do you use at Star Advisers
While we use Xero in-house, our team can work with all software providers including Myob, QuickBooks, ERP, and many more. We can work with any software you currently use.
We also highly encourage a single source of truth (SSOT) system which offers a single reference point. The benefit of adopting a single source of truth approach is that with all your data in one place, you can avoid double handling and eliminate potential issues that might arise when both yourself and your accountant need to access the data. Basically, it gives you peace of mind, makes it easier to work with your data, and reduces errors because everything is captured on one dashboard.
At Star Advisers a single source of truth is paramount for us to be able to continue to deliver value. Because a single source of truth is a trusted data source that gives a complete picture of the data object as a whole, it can offer unique and incredibly valuable insights. This makes it easier to make sound business decisions, while your compliance is effortless.
How do I find a good accountant
Need a pro-active accounting team in your corner? We will help you navigate the myriad of laws and regulations, and minimise tax whilst ensuring compliance with ASIC and ATO.
When choosing a new accountant, a key consideration is what is your goal? What are your priorities? Are you looking for personal wealth management, business advisory, or a mix of both?
Next, make sure your Accountant is Certified and part of a regulated professional body.
Great news: At Star Advisers our team is experienced in a wide range of accounting services including business and individual taxation solutions, family trusts, capital gains, negative gearing advice, and so much more.
Who’s on the team at Star Advisers
Our Managing Directors are exceptionally qualified and experienced. Selma Krcic has accreditation as an asset-protection and estate planning adviser with SAPEPAA (Succession, Asset Protection & Estate Planning Advisers Association). In addition, as a registered financial adviser, Selma can advise on superannuation and assist clients with setting up an SMSF. Sanela Dogic is a certified public accountant and a member of the Institute of Public Accountants.
We are proud to be supported by a team of professional accountants and client support managers.
Please know that:
- We are your trusted business advisor and not just your tax agent.
- We have an up-front pricing policy so that you know what you’re going to pay and can plan your business cash flow accordingly
- We give our clients the Star treatment and our clients know that their business is valuable to us
- We proactively educate clients throughout their business journey and share our knowledge and insights.
- We specialise in supporting small and medium enterprises (SMEs) and we want to share our knowledge and expertise because we’re passionate about helping our clients minimize the tax they pay and grow both their business and their personal wealth.
How do I manage my business accounts
All business owners know the importance of good accounting. You need to manage your incomings and outgoings, deal with tax compliance, and look forward to growth and scaling strategies.
A good accountant can help you with:
- Accounting systems and processes
- Tax and Payroll compliance requirements
- Strategic Planning and Business Structure Advice
Star Advisers always work to best practice methods, and this attitude guides not only all we do in our own practice but also how we advise clients.
How can I protect my private wealth
When looking to protect your wealth, it is advised you carefully consider several different strategies to see which is best for YOUR success.
Take the time to look at your short-term and long-term goals, then assess your risk tolerance and this will help you to develop a personalised plan that protects your wealth.
At Star Advisers we work with you to ensure you retain control of your investments, and we help you to understand any family wealth and estate-planning strategies.
As we help clients to manage investments, position assets for long-term wealth creation and capital security, and navigate the investment process with confidence, we also tailor wealth creation and protection strategies.
Do I need to register my business for GST
Australian businesses with an annual turnover of $75,000 or more are required to register for GST.
If your business has a lower turnover you are not required to register, but you may do so if you wish.
You will only be required to charge your customers GST if you are registered. Our team at Star Advisers can assist you with your application to register for GST.
How much tax do I have to pay and how can I reduce my tax bill
Your tax bill will depend on your income, business structure, and business turnover.
At Star Advisers we often see businesses that do not have the correct structure or tax planning in place, and therefore they are paying too much tax.
You have the right to arrange your financial affairs to keep your tax to a minimum. This is often referred to as tax planning, or tax-effective investing. Tax planning is legitimate when you do it within the intent of the law.
Tax planning is a key element of wealth creation. Salary packaging, superannuation, investments and tax deductible debt can create significant tax savings. By structuring your finances more efficiently you can manage the amount of tax you are liable for.
Can I add personal contributions to my superannuation
Regardless of whether you are self-employed or an employee (where your employer pays into your super as part of employment law), you are also eligible to contribute and claim a tax deduction.
Contributions that you claim as a tax deduction count towards the $27,500 concessional contributions cap, along with any contributions your employer pays. If this cap is breached, you may have to pay excess tax.
If you claim a tax deduction for a contribution you have made, you are not eligible for the super co-contribution for the amount you claim.
You must make a valid ‘notice of intent to claim’ in the approved form to your super fund before you lodge your tax return or by the following June 30, whatever is earliest.
You must receive an acknowledgement from your super fund that a valid notice of intent has been received BEFORE you claim the tax deduction.
If you make a personal contribution to super, you don’t have to claim a tax deduction. It will be treated as a non-concessionary contribution.
Do I need an SMSF
If you have over $100,000 in superannuation or are able to contribute this amount over a twelve-month period, then it is highly recommended that you consider setting up a self-managed super fund.
The benefits of having your own SMSF certainly add up over time.
Talk to us about setting up or managing an SMSF.
Do you help with business valuations
Yes, absolutely. With our team, you can be sure of real-world experience and knowledge of both day-to-day operations as well as long-term strategy options.
Are you ready to enjoy a business advisory service that meets you where you are and takes your where you want to go? It’s time to call or email us.
How can I reduce the time I seem to spend on my bookkeeping
If you want to get back to focusing on your business and making money, you’ll need to find a way to cut back time spent on the things that keep you tied up. Typically, a lot of tasks associated with managing accounts can be tedious, repetitive, and time-consuming, so why keep doing them?
Handing over your bookkeeping, payroll requirements, and BAS Lodgement will free you up to better manage your business the way you want to.
Can I get help to better manage our business cashflow
Of course! Having an accurate budget and cashflow forecast allows you to be confident about your business decisions. Does your business have an appropriate overdraft limit to meet peak demands? If you adjust the selling price on a stock item what is the impact on your bottom line? Can you quickly see the optimum size of holding inventory? Yes, you can.
Tax planning is facilitated by the cashflow forecast, by showing what money can be put aside to reduce and pay income tax liabilities.
Do I need to do a will for my business
A good place to start is actually with a comprehensive estate plan rather than just a will, as this can prove more effective in being able to protect your assets, reduce the risk of disputes, and minimise your taxes.
Talk to us and we’ll look at ensuring your assets are protected today and passed to the right people when you’re no longer here. You’ve spent too many years building up your wealth to leave it to chance.
Do you provide a guarantee for your work
We absolutely guarantee the quality of our work. In the event of any dispute, we have formal procedures to resolve any client concerns. Note: We are very proud that we have never received a complaint from a client.
Where are you based
We are located in Morley (WA), we specialise in business tax accounting and offer our accountant and bookkeeping services throughout Australia.
What do I need to do when I employ my first employee
Well firstly, congratulations! By building a business big enough and successful enough to need employees, you are clearly doing something right.
But yes, there are a few steps you need to take to get things going:
- Provide your employees with a Tax File Number Declaration Form and Withholding Declaration
- Set up your pay-as-you-go tax (as an employer you have an obligation to withhold pay-as-you-go tax from your employee’s wages and remit the withholding to the Tax Office every month or quarter)
- Ensure your employees understand they have the option of completing a ‘Standard Superannuation Choice Form’ that lets them nominate which superannuation fund you should pay their compulsory superannuation guarantee contributions into.
- Consider setting up a payroll system that automatically calculates the amount of tax you will need to withhold each pay period – good payroll software will also work out your superannuation costs
Star Advisers can help you with all of these obligations. We’ll get you set up and fully compliant before your first employee starts their work with you.
How do I know which tax structure to use in my business
At Star Advisers, we always recommend planning ahead when it comes to taxation. So really think about where you see the business going in one year or 10 years.
After you’ve reflected on that, we will look at issues such as:
- Minimizing your tax bills
- Asset protection strategies
- Any and all legal requirements in your industry
- Growth factors (such as business scaling, or taking on a new business partner)
- Strategies for any Future Capital Gains Tax Concessions
When it comes to business structures, you can look to choose from setups ranging from sole trader, partnership, company, or even a trust set up.
Are you small business experts
At Star Advisers, we know that starting and running a small business comes with a unique set of challenges and rewards.
We also know what small business owners want, as we are small business owners ourselves. Our team works with high-achieving business owners who need advisory and support to reach their business goals.
After working with and helping businesses for more than 15 years, we know what it takes to build a business from start-up to success.
Our team will help you with business structure, compliance, and resource management. We guide you through everything Tax, GST, Superannuation and can also advise you on setting up accounting software to make your finances smooth and easy to manage.
We want to see your business succeed! Our team understands the small business landscape and will proactively look to implement strategies that build on your success.
As entrepreneurs and business owners ourselves, we help business owners like you every day, with strategies that will help you build stronger, more profitable companies which then lay strong foundations for personal wealth.
How much do you charge
Our fees are designed to be the best investment you’ll ever make in your business.
We generally work on a time-based model, looking at the time taken to do the work. We do have a sliding scale of rates depending on the level of the staff member completing the tasks. We can offer fixed price agreements if we are working on a standard package of services.
For your convenience, we accept a number of payment methods for your convenience.
Star Advisers provide a professional service without compromising on quality. Please feel free to contact our office to discuss our pricing and how we can tailor a package to meet your business needs.