Question 1

What do I need to do to get business financing?

Accepted Answer

In order to get funding from a financial institution, you will need to show a potential lender your current financial status and plans for the business. Reliant can work with you to prepare a budget, cash flow analysis and forecast, a profit and loss projection, and any other documentation that a start-up or new business requires to get access to finance.

Question 2

Can you help me to buy an existing business?

Accepted Answer

When you are in the market to buy an existing business, it is important to have as clear an understanding of its financial position and tax liabilities as possible. Reliant business advisers will work with you in areas such as sales and profit projections, and structuring the business, so that you have the best possible chance of success.

Question 3

What sort of business expenses can I claim as deductions?

Accepted Answer

It is generally the case that any expenses you incur in the operation of your business can be claimed as tax deductions, e.g., costs associated with running a work vehicle, maintenance or repair of assets, etc. Some home office costs can also be deducted if you are required to work from home. However, it's important to remember that any expenses you claim must be related to your work and business, not your personal or private use.

Question 4

Are a sole trader and company tax return the same?

Accepted Answer

When you're a sole trader, you and your business are considered as one, e.g., you have a single, shared Tax File Number (TFN) and Australian Business Number (ABN). If you are set up as a company, you and the business are separate entities when it comes to TFN and ABN. Each of these business structures has distinct pros and cons.

Question 5

Can I claim small business entity concessions?

Accepted Answer

If you are a sole trader, partnership, company or trust that is considered by the ATO to be a small business entity, you may be entitled to a range of concessions depending on your turnover. Your eligibility is reviewed every year, so speak to one of our advisers about your current status.

Question 6

Why is tax management important?

Accepted Answer

Efficient tax management will help you to manage your business' risk and exposure, and minimise your liabilities, meaning that you can operate more profitably and on a more stable, sustainable footing. In addition, careful planning can also give you a greater understanding of the expenses your business incurs and how this impacts on cash flow.

Question 7

How do I set up a not-for-profit (NFP) organisation?

Accepted Answer

The structure of a NFP organisation is all important, particularly with regard to issues like its charitable status, who sits on its board, its aims and constitution, etc. If you are considering establishing a charity or another type of NFP organisation, speak to the specialists at Reliant to ensure you have the right structure in place and are compliant with all current legislation.

Question 8

When should our NFP outsource bookkeeping?

Accepted Answer

If your treasurer is spending more time on data entry than governance, or you lack in-house finance expertise, outsourcing is often more cost-effective than hiring. Most small-to-mid NFPs benefit once they have regular payroll, grant funding or ACNC reporting obligations.

Question 9

What is the difference between ACNC and ATO obligations for charities?

Accepted Answer

The ACNC regulates charities at the federal level — annual information statements, governance standards and responsible person requirements. The ATO handles tax matters including DGR/PBI endorsements, GST, PAYG and BAS. Reliant helps you stay on top of both, with reporting your board can understand.

Question 10

Can you help with grant acquittals?

Accepted Answer

Yes. We prepare acquittal reports and supporting schedules aligned with your funder's requirements — whether government, philanthropic or corporate. We work from your existing chart of accounts and grant budgets to make acquittals accurate and on time.

Question 11

Do you support salary packaging for PBIs?

Accepted Answer

We can process payroll for public benevolent institutions and charities with STP-compliant reporting, superannuation and common NFP payroll arrangements. For complex packaging rules, we coordinate with your board and external advisers as needed.

Question 12

What reports will our board receive?

Accepted Answer

Depending on your package, we provide monthly or quarterly P&L, balance sheet, budget-vs-actual and cash flow summaries — written in plain language for non-finance board members. We can also attend board meetings by arrangement.

Question 13

When do I need to lodge an individual tax return?

Accepted Answer

Your tax return can be lodged after 30 June each year, with 31 October being the deadline for submission. However, if Reliant is registered with the ATO as your tax agent, you will generally be granted an extension to 15 May the following year.

Question 14

Can't I just do my tax return myself?

Accepted Answer

Even if your tax affairs are relatively straightforward, it still pays to work with a professional accountant in order to make sure the process is done thoroughly and that you receive all the deductions to which you are entitled. It also helps to remove the stress, and ensures you don't inadvertently receive any fines or penalties.

Question 15

Can I claim deductions on my personal tax return?

Accepted Answer

Any expenses that you incur as part of your job or employment can be claimed as a tax deduction. In this way, you reduce your liabilities and, if you have paid more tax than you were liable for, you may be entitled to receive a tax refund. Our tax accountants can advise you as to any specific deductions you are entitled to claim.

Question 16

What do I do if I have not lodged a previous tax return?

Accepted Answer

If you have missed a previous year's tax deadline, get in touch with Reliant as soon as possible. We can determine your status with the ATO and whether you have had any penalties imposed and, if necessary, devise strategies that might minimise any late fees and get you back up to date.

Question 17

What should I do if I have both overdue individual returns, as well as returns for a partnership, company or trust?

Accepted Answer

As we are highly experienced personal and business accountants, we can prepare all of your tax returns at the same time — there is no need to make separate appointments or work with a different accountant for each.

Question 18

What is a Second Look Assessment?

Accepted Answer

A second look assessment is usually requested when there is disagreement over a tax assessment, or a refund is deemed to be insufficient. If you think you have not claimed all available deductions, or not received the size of refund you are entitled to, contact Reliant and our team will be happy to arrange a second look assessment.

Question 19

What is the right structure for my new business?

Accepted Answer

There is a range of options available to anyone starting a new business with regard to how it is structured for tax and accounting purposes. It might be the right choice to set up as a company, trust, partnership, or operating as a sole trader might be more appropriate. Our specialist business accountants will work with you to create the right structure for your specific circumstances.

Question 20

What IT and web services does Reliant offer?

Accepted Answer

We provide custom website development, mobile apps, e-commerce solutions and website redesigns. Every project is built to be fast, responsive and SEO-friendly, with ongoing support after launch.

Question 21

Do you build custom websites or use templates?

Accepted Answer

We build bespoke websites tailored to your brand and goals — not off-the-shelf templates. That means your site is unique, performs well and can grow with your business.

Question 22

Can you redesign my existing website?

Accepted Answer

Yes. We can refresh outdated sites with modern design, improved mobile experience and better performance — whether you need a full rebuild or a targeted upgrade.

Question 23

Do you develop mobile apps?

Accepted Answer

We develop iOS and Android applications for business and personal projects. We work with you from concept through launch, with continued support available after go-live.

Question 24

What support do you provide after launch?

Accepted Answer

We don't disappear once your site or app is live. We offer ongoing updates, fixes and enhancements so your digital presence stays secure, current and effective.

Question 25

How do I get a quote for a web or IT project?

Accepted Answer

Contact us with a brief description of what you need — new site, redesign, app or e-commerce. We'll discuss scope, timeline and deliver a clear quote with no hidden fees.

Frequently Asked Questions

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