Frequenty Asked Questions

Here are some of the most common questions we receive about our accounting services. Don’t hesitate to give us a call or submit an online enquiry if you still need help.

A business advisor usually collaborates with organisations to enhance performance and attain business objectives. A financial advisor assists both individuals and entities in maintaining their financial goals.

Open, transparent communication is vital for a positive advisory partnership. Here are a few tips to get the most out of our first meeting:

  1. Write down your clear, desirable outcomes – what do you want to achieve with our advisory services? What areas of your business need extra attention or guidance?
  2. Gather accurate and comprehensive business records and details (including confidential information).
  3. Ensure you’ve noted down any recent changes or transitions within your enterprise.

Yes. Tax planning is a legal and commonly practised financial activity. Tax planning involves using approved legal strategies and techniques to minimise tax liability. Individuals, businesses, and organisations engage in tax planning to optimise their financial situation by paying the lowest tax required by law. You can rest assured that Thiel Partners will always conduct your tax planning within the legal framework of Australian tax laws and in line with the ATO.

Business advisors are beneficial at every stage of your business cycle, from startup to expansion to succession. They can help you identify and reach your goals, extend the capability of managers and staff, negotiate contracts and other complex documents, minimise risk and comply with regulations.

Yes. The Australian Taxation Office (ATO) permits the deduction of specific bookkeeping costs from your business taxes, provided they adhere to the ATO’s essential criteria.

Yes. Thiel Partners takes pride in providing customised, value-focused audit services across various industries and sectors. Check out our audit service page for more information.

Bookkeeping involves systematically recording financial transactions, focusing on data entry and maintaining organised records. Accounting extends beyond this, encompassing tasks like financial analysis, tax planning, budgeting, and ensuring compliance.

If you’ve recently launched a business, you should register for GST if you anticipate your GST turnover will surpass $75,000 within the initial year. Registration for GST is obligatory within 21 days of realising this prediction.

Yes. However, it can be complex and time-consuming, so we strongly recommend seeking guidance from a registered tax agent or experienced business accountant such as Thiel Partners. If you’re uncertain about preparing a BAS statement or have concerns regarding your tax obligations, please don’t hesitate to get in touch.

Absolutely. Engaging a bookkeeper can give you a refreshing and qualified perspective on improving your budget management and operational efficiency. They can suggest strategies for cost reduction, offer valuable insights and ensure you stay legally compliant. Ultimately, bringing a bookkeeper on board can help you save time, effort and money in the long-run.