Frequently Asked Questions

Q. How are Teamwork Accounting fees calculated?

A. Professional firms like Teamwork Accounting charge on a time basis so you get more for your money. Keeping your books and records organised will decrease SME accountant time costs. If you don’t have time to learn how to keep accountant-friendly records, we provide a bookkeeping service which can decrease your costs - and your anxiety at the end of each quarter.

Q. How should my business entity be structured?

A. Usually operating your business in a trust or company structure is best because your personal assets can be protected. You will be able to have multiple partner ownership and be guarded from potential loss of profit. Every situation is different and we strongly recommend you speak with your accountant or lawyer before choosing your business structure.

Q. What is the cost of setting up my business structure?

A. Each structure has varying costs. It is important to set up your business with the right structure so that you don’t pay structure costs twice. The costs for the most common structure (Discretionary trust with a corporate trustee) include: structure choice and registration (ABN and GST). Expect to pay about $1980 AUD (GST inc.) in formation expenses to make sure you get a structure that doesn’t limit your growth.

Q. How long does it take to form a trust with a corporate trustee?

A. Teamwork Accounting’s access to a team of staff makes forming a trust with a corporate trustee quick and easy. You’ll know exactly what you need to give your accountant before your meeting to speed the process along. One business day after meeting with your accountant is enough time to initiate the best business structure. Then, your ABN, TFN and GST arrive within 28 days after Teamwork Accounting registers your trust with the Australian Tax Office. And, you’ll receive an ACN for your company as soon as you’re available to sign the paperwork.

Q. Is Teamwork Accounting the right accountant firm for me?

A. Teamwork Accounting is a progressive individual and small to medium business accountant firm in the Western Suburbs of Melbourne. Specialist SME accountants in Melbourne’s Western Suburbs are very valuable to small and medium businesses. Plus, it makes sense to have your individual taxes done at the same western accountant firm as your small-medium business.

Estate Agent Trust funds, Kindergarten and associations all require auditing each year. If you live in Point Cook, Wyndham, Laverton, Werribee, and Williamstown, you won’t have to go very far for auditing services anymore with Teamwork Accounting.

Q. Are the costs of entertainment provided to my employees deductible?

A. As an employer, you will, from time to time, provide your employees with food, drink, gifts and possibly leisure activities in circumstances such as Christmas parties, business lunches, birthday parties and many other social events. Generally the rule is that if you provide entertainment (you would have to check what is classified as entertainment) you will either pay fringe benefits tax and the expenditure will be tax deductible or you will not pay FBT-but the expense will not be tax deductible. The following table gives a simplified summary of the income tax and FBT implications of providing entertainment to employees.