Below is an example of how Accountable works for a business, including optional extras:
Barry and Janene own a successful house building business in Ballarat. They employ 5 people and use several regular subcontractors.
Their 2014 company tax return was completed by their accountant in March 2015 and at that time they were advised they had $90,000 tax to pay in May. This was a shock and a major problem as they had recently invested in a building a spec house for resale and were not able to pay the tax. They also received a bill from their accountant for $7,250 for preparation of
financial statements and company tax return.
They are on a $60 Xero plan and were able to sign up for accountable Advanatge for $300 per month in July 2015.
They elected to use the free tax return service for their 2016 tax return.
They also decided to take the following optional extras:
• Budget for $620 plus $87 per month
• Tax planning for $390 plus $75 per month
• Business Activity Statements for $108 per month
Resulting in a total cost of $7,850 and giving them complete financial control and understanding of their business. They have advance notice of all tax payments and were able to best utilise their personal marginal tax rates to save more than $10,000 income tax. Structuring their income also resulted in eligibility for an additional $5,000 Family Tax Benefit.
They have now received a quote of $1,270 per month from Unicorn Business Solutions to do all of their data processing, wages and creditor payments. This will mean that they don’t need to replace their administrative assistant, Jane, who has left to start a family, or pay wages and subcontractors each night after their kids go to bed. Their administration assistant, Jane, was on an annual wage of $40,000 and she didn’t really know what she was doing!