Question 1

How do I get started with Trew North?

Accepted Answer

The first step is a free 30-minute consultation — no obligation, no hard sell. We'll discuss your current situation, what you're looking for, and whether we're the right fit. You can book through our contact page or call us directly.

Question 2

Do you work with businesses outside of Melbourne?

Accepted Answer

We work with businesses across Australia. While we're based in Beaumaris and have deep knowledge of the Melbourne market, most of our client work happens online via Xero, video calls, and email — so geography isn't a barrier.

Question 3

How much does it cost?

Accepted Answer

Our pricing depends on the scope of work. We offer fixed-fee packages for most services so you always know what you're paying — no surprise invoices. We'll provide a clear quote after your initial consultation.

Question 4

Can I switch accountants mid-year?

Accepted Answer

Yes — and it's simpler than most people think. We handle the transfer of records from your previous accountant and make the transition as seamless as possible. There's never a bad time to make the switch.

Question 5

When is my tax return due?

Accepted Answer

For individuals lodging through a tax agent, the due date is generally 15 May of the following year (e.g. for the 2024/25 year, the return is due 15 May 2026). Business returns vary depending on entity type. We manage all lodgement dates for our clients and ensure nothing is missed.

Question 6

What records should I be keeping for my business?

Accepted Answer

You should keep records for at least five years, including: receipts and invoices, bank statements, payroll records, asset registers, and any contracts. Using cloud accounting software like Xero makes this much easier — we can help you set up a solid system.

Question 7

What is a BAS and when do I need to lodge one?

Accepted Answer

A Business Activity Statement (BAS) reports your GST, PAYG withholding, and other tax obligations to the ATO. Most businesses registered for GST lodge quarterly, though some lodge monthly or annually. We handle BAS preparation and lodgement for all our clients.

Question 8

I received a letter from the ATO — what should I do?

Accepted Answer

Don't ignore it. Contact us as soon as possible with a copy of the letter. ATO correspondence can range from routine checks to serious audit notices, and the earlier we're involved, the better the outcome. We represent clients in all ATO dealings.

Question 9

What accounting software do you recommend?

Accepted Answer

We primarily work with Xero and recommend it for most small businesses. It's cloud-based, integrates with hundreds of apps, and gives you real-time visibility into your finances. We also support MYOB and can advise on the best fit for your situation.

Question 10

Should my business be a company, trust, or sole trader?

Accepted Answer

It depends on your circumstances — your income, asset protection needs, succession plans, and growth goals all play a role. This is one of the most important decisions a business owner makes, and we can walk you through the pros and cons of each structure for your specific situation.

Question 11

What is a trust and do I need one?

Accepted Answer

A discretionary (family) trust is a legal structure that holds assets and distributes income to beneficiaries. They can be very effective for tax planning and asset protection. Whether you need one depends on your situation — book a consultation and we'll advise you directly.

Question 12

How can an accountant help me grow my business?

Accepted Answer

A good accountant does far more than compliance. We help you understand your numbers, forecast cash flow, identify profit leaks, plan for tax, structure for growth, and make smarter financial decisions. Think of us as a financial co-pilot, not just a once-a-year tax agent.

Question 13

Is an SMSF right for me?

Accepted Answer

An SMSF can be an excellent structure for the right person — typically someone with a reasonable super balance (generally $200,000+), who wants control over their investment choices, and is prepared to meet the trustee obligations. We'll help you assess whether it's the right fit.

Question 14

How much does it cost to run an SMSF?

Accepted Answer

Costs include setup fees, annual accounting and audit fees, and any investment platform fees. For most funds, the annual compliance cost ranges from $2,000–$4,000 depending on complexity. We provide fixed-fee SMSF packages so you know exactly what to expect.

Question 15

Can my SMSF borrow to buy property?

Accepted Answer

Yes — through a Limited Recourse Borrowing Arrangement (LRBA). This is a complex area with strict ATO rules. We can advise on whether this strategy makes sense for your fund, and help you navigate the setup correctly.

Frequently asked questions

Working with Trew North

Tax & Compliance

Small Business

SMSF

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