Do You Know How to Choose the Right Accounting Firm?


When tax season rolls around, you want to make sure you have the right professionals by your side. The right companies can help you get your obligations done correctly, from filing deductions to reminding you of important dates and deadlines. Learn what you should look for when choosing accounting firms to handle your finances for you.

Choose companies with speciality services

If you choose accounting firms that specialise in the type of taxes that you need to be done, you’ll have the greatest chance of getting them done in a professional and proficient manner. For instance, if you are self-employed, you need a specialist who can assist you with getting the most deductions for your home office, expenses throughout the year, and other costs that attribute to your business. On the other hand, if you own your own business, there are many different assets to consider, such as state and federal allowances. Make sure you choose an expert who is knowledgeable in the type of filing that you need to do.

Choose companies with a light workload

The fewer clients the business has, the more attention they can give you. This means you can get an appointment sooner, receive your refund faster, and get the care and one-on-one service you are ultimately looking for. Before picking any company to assist you, find out just how many customers they serve so you can know how much of a priority you are going to be.

Choose a service that has lots of experience

Find out how large accounting firms have been in business before you make an appointment. The longer a service has been in business, the more likely they are going to be able to handle your taxes and get them filed in a timely and efficient manner. If you do choose a service that hasn’t been around for very long, make sure they have great reviews from their current and past clients so you can have peace of mind knowing you are in good hands. Even when choosing a company that has been around for years, the right reputation can mean the difference between and excellent experience and one that causes you stress.


Choose companies that have great rates

When it comes to choosing the right company to work with, you want to look at how much they will charge you for their services as part of your ultimate decision. Not every service will charge you the same rate to file both state and federal taxes, so get a rough idea of how much your filing will cost you before you decide to go with any accounting firm.

Filing your taxes when that time of year rolls around doesn’t have to be a daunting task. With the right accounting firms looking out for you, you can feel confident that all your needs will be met. Shop around and choose the best business to work with, and hopefully, you can have a great accountant by your side every year when you need them.

The Tax Situation In Australia


The Australian income taxation system is the lifeblood of the revenues for the country. Income tax is levied on three sources of individuals earning in the country. These are personal earnings, which is the salaries and wages of an individual, business income or revenues earned by companies and capital gains or taxes from transactions involving capital in the country.

All these income sources account for sixty six percent of federal government’s revenue and more than half of the total revenue for the three government organs, namely the executive, legislative and judicial branches of government.
For those income by individuals, the tax rate imposed upon them is progressive, meaning the higher the income is, the greater the levied tax applicable. When an individual earns Aus$6,000 a year or less, no tax is levied on the individual. The highest rate applicable to an individual is at 45% of revenue. The tax is withheld at source, meaning the employer or business would deduct the applicable tax on the income and then remit the same to the government office. Each taxpayer is given a nine-digit Tax File Number to specify the payments made as tax of the individual.

Company revenues are taxed at a flat rate of thirty percent on all earnings for each fiscal year. This is applied through the dividend imputation system. This is done through the generation of franking credits that are then applied to the dividends earned by the corporation.

As for capital gains taxes, the tax becomes applicable only when the gain is realized. This tax applies to individual and corporate taxpayers because of the acquisition of an asset and the seller of the asset would then be taxed for the income received as a result of the exchange of the asset.


The financial year or tax year in Australia runs from July 1st of the year to June 30th of the following year. The taxes are collected by the Australian Taxation Office, which is a specific organ of the Australian government.

The income tax is applied to the taxable income of an individual entity. These are essentially deductions that the government exacts on its citizens, both the individual and the artificial sense, on the earnings during a particular period or transaction.

All these taxes are applicable not only because they are citizens of the country, but also because one is a resident of the country. This means even non-residents who earned income while in the country is still subject to one or all of the forms of the taxation applicable. The test of residency for taxation purposes would be if the individual makes contributions to the superannuation fund for more than half a year, have domicile in the country or they spend considerable time in the country.