Are you a restaurant or a cafe owner and feeling overwhelmed with managing your tax obligations? Want to know how to reduce your GST and Income Tax payable to the Australian Taxation Office?
Are you really concerned if your restaurant or café is making money after paying the rent, employees and other overheads? Do you want to know what how many serves you must sell to breakeven? Or if the prices in the menu list are right?
And most importantly, are you curious to know that how your restaurant is performing comparing to other restaurants in the similar industry?
Do you not have time to travel miles to see an accountant?
Being a restaurant or café owner can be very challenging sometimes as you want to make sure that you have every ingredient to make your food taste good and then manage employees and legal/administration tasks on the top.
If you are going through the challenges above, don’t worry we have got you covered.
At Perth Mobile Tax Services, we are the experts when it comes to restaurants and cafes. We can help you resolve all the problems above by developing a sound and effective business strategy and you can focus on what you love most which is serving your customers.
Best tax accountants Perth – How we can help your Restaurant
When you run a restaurant, there are few things to consider from the tax and accounting point of view.
The first and the most important thing to consider is the efficient bookkeeping system which can be maintained through accounting software’s like Xero, MYOB or Quickbooks or simple excel sheets.
Reliable bookkeeping system will help you know the exact sales, overheads and the net profits made by the business. It will help you with the cash flow predictions and how much working capital is required for the business to be sustainable and grow. Moreover, you also come to know how much public traffic is required and if the menu prices need changing.
At Perth Mobile Tax Services, our team of professional bookkeepers would love to help you implement the system which suits your business needs. And we also assist you with producing business management reports on a regular basis and accurate financial analysis.
Once you have efficient bookkeeping system in place, the tax accounting of your restaurant becomes a lot easier. From the tax point of view, following are the tax obligations your restaurant will come across
Goods and Services Tax – to be lodged monthly, quarterly or yearly
Instalment Activity Statements – to be lodged monthly
Restaurant Income Tax Returns – to be lodged once a year
Superannuation Returns – to be lodged quarterly
We help your restaurant business with the development of effective tax strategy in the start of the year which will certainly reduce 10’s of thousands of dollars in taxes.
Unlike traditional accountants who sends you the tax bill with their fees attached, we take a more proactive approach by staying in touch with you on a regular basis and providing updates on your restaurant business.
We help you develop cash flows forecasting summarising your income, expenses and tax liabilities. And what steps needs to be in place to reduce your GST and Income Tax Amounts.
Want to Compare your Restaurant Business with others in the similar industry?
Want to know how your restaurant is performing comparing to other restaurants and get this service for free.
We work with multiple restaurants/cafes and have the data below derived from the Australian Taxation Office. It can be compared with your own financials and you will come to know how you are doing.
You might have lots of expenses or overheads or your staff cost could be higher. Using the data above can really help you do the analysis and undertake some actions.