Frequently Asked Questions

What services does Adcock Accounting provide for Cairns individuals?

We provide taxation services such as income tax return preparation and lodgement, tax planning and advisory as well as salary packaging services for individuals. We are also across all deductions available for investment properties and are experts in personal budgeting and financial management. Contact Adcock Accounting, your local Cairns tax accountant for expert advice.

How much does Adcock Accounting charge?

Our prices will vary according to the work and services provided. However, as a guide individual tax returns start from $140 (including GST) and business tax returns start from $440 (including GST). All clients and prospective new clients are provided with an upfront quote which is agreed to before any work commences.
We are confident our prices are very competitive when compared to those of other Cairns accountants in the area.

What area does Adcock Accounting service?

The principal of Adcock Accounting, Anthony Adcock works out of a home office in Mount Sheridan, Cairns. For important meetings where a face-to-face meeting is required such as meeting new clients, Anthony will travel to the clients preferred meeting place such as their business or home or even their favourite coffee shop.

Adcock Accounting services the Cairns, Port Douglas and Tableland areas.

What small business services does Adcock Accounting provide?

Adcock Accounting provide the following services tailored to meet the requirements of every small business from sole traders to larger small business entity groups:

  • financial statement preparation
  • preparation and lodgement of income tax returns for sole traders, partnerships, companies, discretionary and fixed trusts and self-managed superannuation funds
  • preparation and lodgement of business activity statements, instalment activity statements and fringe benefits tax returns
  • lodgement of ABN applications, GST and PAYG withholding registrations for new business entrants
  • management of corporate affairs and corporate secretarial services
  • small business taxation advisory including tax planning services
  • business advisory services including virtual CFO (vCFO) services, budgeting and forecasting, cash flow management, business acquisitions and sales, KPI development and reporting, benchmarking, business plans, due diligence reports, accounting software implementation, cloud accounting services and software automation.

How experienced is the principal Anthony Adcock?

Anthony has nearly 30 years experience in providing accounting, taxation and business advisory services to small business clients and individuals. Gaining his experience in Cairns and Port Douglas, Anthony has worked in a number of highly regarded local accounting firms in management and partnership positions before starting his own practise.

What business expenses can i write off?

A crucial issue for Cairns business owners is to understand the tax deductions allowable for your tpye of business structure. Your business can be in the form of a:

  • Sole Trader
  • Company
  • Partnership
  • Trust
  • Co-operative
  • Indigenous Corporation
  • Joint Venture

To remain compliant with Australian Taxation Office (ATO) legislative requirements, you’ll need to ensure the following:

  • Your expenses are directly related to earning an income
  • Keep records to substanctiate any claim
  • Your expenses are not, in any part inclusive of private claims
    • private claims may be separated from business expenses on your records

Dependant upon your type of business, here’s a list of some tax deductable expenses you may be able to claim:

  • Expenses related to a motor vehicle
  • Travelling for business
  • Home based business expenses
  • Employee wages and super annuation contributions
  • Depreciation of assets

As there are many allowable tax deductions for businesses, we recommend you visit the ATO website for more up-to-date information on business tax deductions.

Please ensure you carefully consider your business deductions and be aware of those you simply can’t justify.

Speak with our experienced team at Adcock Accounting in Cairns, we’ll ensure you don’t miss out on any allowable tax deductions.

Do I need an accountant if I am self employed?

The simple answer to that is ‘absolutely’!

As a self employed sole trader or micro business, your taxation requirements will most likely be less complex than a larger business with around 10 employees.

However, it is certainly recommended to consult with an experienced Cairns tax accountant who has an indepth understanding of small business tax and tax planning. There are many taxable deductions for micro businesses that can add up to significant tax returns, your accountant can provide valuable insight into where and when you can make those savings.

Can I do my own business accounting?

Yes, there are many small businesses that do their own accounting. However, without a thorough understanding of ATO requirements, many businesses don’t see the same returns as businesses that engage the services of an experienced Cairns accountant.

Furthermore, as your business grows and there is a higher demand for your time ‘on the job’, your ability to manage your own accounts will likely diminish. Obtaining the assistance of an experienced tax accountant will help you continue to drive your business forward and avoid costly mistakes and omissions.