Waqas Aslan has helped people shore up their business and personal finances for 15 years, and for eight of those years, Mr Aslan has been the principal accountant at KPA Accountants.
“My motivation to become an accountant was to help people organise their financial matters and assist them running their dream of owning a business,” he said. “We often see people, especially small business owners, not paying much attention to their accounting and taxation affairs due to its complexity and, in part, due to time management.
“This leads to many of them falling behind in compliance that than has a detrimental impact on their business and finances.”
Financial matters, especially tax issues, can be complex and Mr Aslan and the KPA Accountants team provide clear and accurate information to help their clients.
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“I take pride in placing my clients’ needs at the forefront and I make the taxation matter simple for them, so they can concentrate on building their business and spend less time worrying about any taxation issues,” he said.
“Similarly, for individual clients we ensure they understand what they are legally allowed to claim.
“Too often clients attend our office explaining that their previous tax agent just does the return for them and gives them a big refund without explaining what expenses were claimed and when ATO conducts compliance audits they are unable to explain the claims – leading to them having to pay back the big refund together with interest and penalties.”
The team at KPA Accountants are up-to-date on the latest financial issues, such as what the Australian Taxation Office (ATO) will be scrutinising this year.
Mr Aslan explained the ATO will data match income and expenses within related industries to ensure expenses claimed by taxpayers are within the industry average and will focus on:
- Rental property income and deductions;
- Work-related expenses
- The sharing economy e.g. Uber drivers, Airbnb.
- Unpaid superannuation guarantee contributions:
- Unexplained wealth;
- Undeclared income and
- Concentrations of cash-only businesses.
KPA Accountants can help small businesses and individuals with tax issues, ensuring they are more comfortable with their financial situation. They are located at suite 2, 100-102 Queen Street, Campbelltown, call 4626 3050 for appointments.