Consulting & Professional Services Accounting & Tax in Australia

Our accounting services are crafted for knowledge-based businesses operating in the Australian market:

• Independent Consultants & Contractors: Solo professionals, often operating through a company structure, who need to manage their finances, optimize tax planning, and ensure they are compliant with PSI rules.
• Boutique Consulting Firms: Small firms in sectors like technology, marketing, or management that need to track project profitability and manage payroll for a small team.
• IT & Tech Consultants: Experts providing software development or tech advisory services who need to manage software expenses and correctly apply GST on their services.
• Non-Resident Consultants with an Australian company: Foreign experts using an Australian entity to service local clients, who need guidance on cross-border tax issues and compliance.

From your first client engagement, professional accounting is beneficial. It becomes absolutely critical at these key moments:

• When You Cross the GST Threshold: Once your turnover exceeds AUD $75,000, GST registration is mandatory. This requires issuing tax invoices and filing regular Business Activity Statements (BAS).
• When You Hire Staff or Contractors: This triggers PAYG (Pay As You Go) withholding and Superannuation Guarantee obligations for employees, or requires careful management of contractor agreements.
• When Considering Your Business Structure: The PSI rules can limit the tax deductions available to individuals operating through a company. Professional advice is needed to determine if you pass the PSI tests and can access company tax benefits.
• At Year-End: For preparing financial statements and filing your annual company or individual tax return, ensuring all eligible deductions are claimed and tax liabilities are correctly calculated.

Investing in outsourced accounting is a high-ROI decision for consultants, freeing up valuable billable hours and ensuring tax compliance.

• Solo Consultant / Contractor: AUD $600 - $1,500 per month. This typically covers comprehensive bookkeeping, BAS preparation, payroll for one director, and annual tax planning.
• Small Firm (2-10 people): AUD $1,500 - $4,000 per month. This service level adds payroll for more employees and more detailed management reporting on project profitability.
• Growing Firms (10+ people): Custom pricing starting at AUD $4,000+, which can include more advanced forecasting and virtual CFO services.

Service-based businesses in Australia face unique compliance risks that can lead to significant financial penalties:

• PSI Rule Breaches: If the ATO determines your company is earning Personal Services Income and you don't meet the required tests, you can lose access to company tax rates and many business deductions, resulting in a large, unexpected tax bill.
• GST Errors: Incorrectly charging GST, especially on services provided to overseas clients (which are often GST-free), can lead to penalties and compliance costs.
• **Missed Deductions:** Failing to properly document and claim all legitimate business expenses—like home office costs, vehicle use, and professional development—results in a higher income tax liability.
• Superannuation Non-Compliance: The definition of an 'employee' for superannuation purposes can sometimes include contractors. Failing to pay super for eligible workers leads to significant penalties (the Superannuation Guarantee Charge).

As a consultant, your time is your most valuable commodity. Every hour spent on administration is an hour you cannot bill. Outsourcing your accounting to YourLegal frees up this time while providing access to a team of experts in Australian tax law, especially the complex PSI rules.

We go beyond basic bookkeeping. We help you structure your business and contracts to ensure you are as tax-effective as possible. We manage your GST and superannuation obligations, ensuring you are always compliant with the ATO. By taking the financial administration off your plate, we let you focus on what you do best: delivering exceptional service to your clients.