Small Business Accounting – Real Questions, Real Answers
Frequently Asked Questions
Business Setup & Structure
How should I structure my business?
Answer: It depends on your risk, income, and growth plans. Common options:
- Sole Trader – simple setup, low cost, full personal liability
- Partnership – two or more people, shared income/responsibility
- Company (Pty Ltd) – separate legal entity, more tax flexibility, limited liability
- Trust – tax-effective for families, asset protection, complex to run
We assess your goals and recommend the best fit. It’s not one-size-fits-all.
Is this a viable business?
Answer: We help test your business idea with forecasting, breakeven analysis and industry benchmarking. We’ll look at your cost structure, revenue goals, and financial runway to make sure your plan stacks up.
Do I need a business plan?
Answer: If you’re serious about growing or need finance, yes. A business plan keeps you focused and helps communicate with lenders, investors and staff. We help clients build practical plans — not just a document for the shelf.
Tax & Compliance
What are my tax obligations?
Answer: Depends on your structure. Typically:
- Sole Traders/Partnerships – report via individual tax return
- Companies – annual company tax return + PAYG withholding if you pay wages
- Trusts – lodge a trust tax return; beneficiaries report income
You’ll also need to handle:
- GST (if turnover is $75,000+)
- PAYG Instalments
- BAS (monthly or quarterly)
- Super for staff
We take care of it all — or show you how.
What tax deductions can I take?
Answer: Deductions must relate to earning income. Common claims include:
- Equipment & tools
- Work vehicle expenses
- Internet & phone (business % only)
- Office rent or home office costs
- Accounting, legal & marketing fees
- Staff wages & super
We’ll help you claim what’s legit — and avoid ATO red flags.
When should I pay estimated taxes?
Answer: Most businesses pay PAYG Instalments quarterly. The ATO bases it on prior income or you can self-calculate. Getting this wrong leads to nasty tax surprises. We keep you on track with proactive planning.
Should I be tax planning?
Answer: 100%. Tax planning before 30 June can save thousands. This might involve:
- Prepaying expenses
- Making super contributions
- Writing off bad debts
- Deferring income
- Buying deductible assets before EOFY
We run annual tax planning sessions — book early to get the most value.
Day-to-Day Accounting & Systems
What records should I keep?
Answer:
- Invoices issued and received
- Receipts for purchases
- Bank statements
- Payroll records (if applicable)
- BAS, PAYG & super lodgements
The ATO requires you to keep records for at least 5 years. We recommend cloud storage or accounting software with receipt capture (like Xero).
What accounting software do you recommend?
Answer: Xero is our go-to for most small businesses. It’s cloud-based, easy to use, and integrates with your bank, payroll and other apps. We also support MYOB & QuickBooks.
Need help choosing or setting it up? We’ve done hundreds of migrations.
How do I manage my cash flow?
Answer: Cash flow is about timing — not just profit. Our tips:
- Send invoices promptly
- Chase overdue payments
- Know your fixed costs
- Build a cash reserve
- Use a 13-week cash flow forecast
We’ll help you build tools to predict and protect your cash position.
Growth, Strategy & Planning
How can I grow my business?
Answer: Growth can come from:
- Increasing leads
- Improving conversion
- Raising prices
- Launching new services/products
- Reducing costs
We work with you to find the strategy that fits. It’s not always about working harder — sometimes it’s smarter systems, better pricing or clearer reporting.
What is my breakeven point?
Answer: It’s the amount of revenue you need to cover your fixed and variable costs. We calculate it based on your sales, margins, wages, rent etc. Once you know your breakeven, you know your real targets.
Financing, Staff & Extras
What are my financing options?
Answer: From startup capital to growth funding, you can explore:
- Bank business loans
- Equipment finance
- Overdrafts
- Investor equity
- Government grants
We help prepare your financials, business plans & forecasts to secure approval.
Do you have employees?
Answer: If you pay wages, you must:
- Register for PAYG withholding
- Withhold tax & pay to ATO
- Pay super quarterly
- Provide payslips
- Meet award obligations
We manage payroll for dozens of clients — from setup to weekly processing.
Bottrell – Local & Trusted
- We’re not just number crunchers. We’re business owners too. And we’ve supported hundreds of small businesses in Newcastle, Maitland and Chatswood.
Our Maitland Office
– Visit Us
Bottrell Accountants, Tax Agents & Financial Planners – Maitland:
- Office: 93 Lawes St, East Maitland, NSW, 2323
- Phone: (02) 4933 6888
- Email: maitland@bottrellaccounting.com.au
- Hours: Monday–Friday 7:30am–5:30pm | Saturday 9am–2pm
Maitland Location
Our Newcastle Office
– Visit Us
Bottrell Accountants, Tax Agents & Financial Planners – Maitland:
- Office: 97 Scott Street, Newcastle NSW 2300
- Phone: 0249336888
- Email: newcastle@bottrellaccounting.com.au
- Hours: Monday–Friday 7:30am–5:30pm | Saturday 9am–2pm
Newcastle Location
Our Chatswood Office
– (By Appointment)
Bottrell Accountants, Tax Agents & Financial Planners – Maitland:
- Office: Tower A, Level 20, 821 Pacific Highway, Chatswood NSW 2067
- Phone: 0249336888
- Email: chatswood@bottrellaccounting.com.au
Chatswood Location
Book Now CTA
Book Your Small Business Consultation
We offer:
Business Structuring
Tax Planning
Bookkeeping & Payroll
Accounting Software Setup
Strategic Advisory & Cash Flow
Or call our team on (02) 4933 6888