We are a new age full service Accounting Firm. Driven by our values – delivering results, building strong relationships, and striving for continual progression. No matter the stage of the business, Lion Sterling can offer you a targeted service.
What Do we Offer
Individual Income Tax Returns
Hundreds and thousands of individuals enter the work-force each year without the basic knowledge of complex taxation systems of Australia. While we consider it our job to be on top of these changing rules and regulations, we also tend to educate out clients about all the things they should know regarding income reporting and deductibility.
Business Activity Statements
With the continuous and rapid changes in the Australian taxation system, accounting the withholding correctly is far more crucial now. Business activity statement is not a GST reporting anymore. All the interests and royalties, even the withholding need to be accounted correctly. But Lion Sterling can help you by simplifying BAS requirements because it understands the correct transactions for GST.
Annual Compliance
For those businesses that believe that only income statement is required at the end of the year, we start with you! We educate you for the audit season while developing a suitable charts of accounts. So that by the end of the year, when financial statements are required, along with the income tax reconciliation, you also understand the numbers.
Management Accounting & Reporting
For being able to make important financial decisions, one must be to foresee the business in future. Lion sterling will make your reports on a monthly or quarterly basis, highlighting the key information which you need to see
Bookkeeping
Bookkeeping is the backbone of a business and needs to be maintained on a regular basis in order to understand your finances completely. Lion sterling will help you keep your books up-to-date at its highest level.
Forecast & Budgeting
We study the market and related industry very carefully along with their performance. And then we look at your business and deconstruct its performance. Understanding both completely, we formulate a forecasting budget for you that prepares you for any crisis in the upcoming year.
Lion Sterling has and continues to provide accounting advice to me personally as well as my companies. Their timely service and professionalism gives them the cutting edge. I highly recommend them! They are the best in the business!
Lion Sterling has and continues to provide accounting advice to me personally as well as my companies. Their timely service and professionalism gives them the cutting edge. I highly recommend them! They are the best in the business!
Lion Sterling has and continues to provide accounting advice to me personally as well as my companies. Their timely service and professionalism gives them the cutting edge. I highly recommend them! They are the best in the business!
FAQs
It is very difficult for anyone to tell you just how much tax you will be paying. Many clients ask their accountants this question year after year without ever getting a proper answer. Lion Sterling will at first engagement give you a general understanding of our taxation system so you will always have a general understanding of what your year ahead looks like.
Australia is under a progressive taxation system – this means that you are generally paying the same percentage of your income based on different income brackets. Most employers do not calculate the exact tax to be withheld on an individual basis and structure it based on the level of income for employees. The changing nature of the taxation system and the adjustment for inflation with annual wages growth are a big reason as to why you may not be receiving a refund this year.
It is important to understand that a company is just a business form. Depending on your industry it is important to ensure you are operating with the right business form. When it comes to structures there are many complex structures that are setup behind companies to ensure safety maximise taxation benefits.
If the item you purchase is used for income producing purposes then yes it is deductible for tax purposes. However, the ATO place limitations on how to deduct these items based on type and cost. While a general item will be a deduction it is important to consider that this will reduce your overall taxable income and not directly reduce your tax bill or increase your refund.
The ATO has a sophisticated list of what is claimable and what is not. Unlike other parts of the world where all tax payers are only allowed a blanket deduction, we can legitimately claim any expenditure incurred for income producing purposes. From travel to purchasing assets we can help you better understand what you can claim. All tax work is 100% deductible! Why not speak to a Lion Sterling’s specialist today?
LET’S GET STARTED
We’re here to help answer your questions. Accounting matters can be complicated, our experts are on hand to help inform you of every aspect regarding your topic. We take great pride in using our expertise for you and look forward to hearing from you.