Our Story

Lakshmi Accounting Group was founded on a simple observation: too many individuals and small businesses were either priced out of quality accounting advice, or treated as just another file number by firms too large to know their name. We set out to build something different — a firm that combines the technical rigour of the big four with the warmth and accessibility of a boutique practice.

Today we support individuals, sole traders, startups, small businesses, companies, trusts, partnerships, new migrants and international clients across Australia, guiding them through everything from their very first tax return to complex company structures and cross-border tax matters.

What started as a small practice has grown steadily through referrals rather than advertising — a reflection, we think, of the trust our clients place in us. As the business has grown, we've kept the things that made it work in the first place: direct access to your accountant, honest advice even when it isn't what you want to hear, and a genuine interest in seeing your finances — and your business — thrive over the long term.

Every year, thousands of Australians overpay tax simply because their return was prepared in a rush, without a proper understanding of the deductions and offsets they were entitled to. At Lakshmi Accounting Group, tax return preparation is not a once-a-year transaction — it's an ongoing relationship built on understanding your income, your circumstances and your goals.

We prepare tax returns for individuals, sole traders, companies, trusts and partnerships across Australia. As registered tax agents, we take on the responsibility of accuracy and compliance so you don't have to navigate ATO rules alone — from straightforward salary-and-wage returns to complex returns involving rental properties, capital gains and multiple income streams.

Individual Tax Returns

For employees and casual workers, our service ensures every eligible deduction is captured — from work-related expenses and self-education costs to donations and income protection premiums — explained in plain English before lodging.

Sole Trader Returns

We prepare sole trader returns covering instant asset write-offs, home office expenses, vehicle deductions and superannuation contributions, reflecting the true financial position of your business.

Rental Property, Investment Income & Capital Gains Tax

Property investors face depreciation schedules, negative gearing, capital works deductions and CGT on sale. We calculate your cost base correctly, apply relevant discounts, and help plan disposal timing where possible.

Company, Trust & Partnership Returns

We manage franking accounts, trust distribution resolutions and partnership income allocations, keeping your structure compliant while supporting your broader tax strategy.

Tax Amendments & ATO Lodgement

If a previous return needs correcting, we prepare and lodge amendments and liaise directly with the ATO — then lodge your current return once you've approved it.

If your business is registered for GST, lodging accurate Business Activity Statements on time isn't optional — it's a core compliance obligation. Yet BAS preparation is one of the most common sources of stress for Australian small business owners, particularly when bookkeeping is inconsistent or GST codes are applied incorrectly.

Lakshmi Accounting Group takes BAS and GST off your plate entirely. We reconcile your transactions, apply the correct GST treatment to every line item, and lodge your statement directly with the ATO — so you always know exactly where you stand.

Business Activity Statements

We prepare and lodge your BAS on a quarterly or monthly cycle, ensuring GST, PAYG withholding and PAYG instalments are all reported correctly and consistently with your bookkeeping records.

GST Registration & Advice

Approaching the $75,000 turnover threshold, or want to register voluntarily? We handle GST registration and advise on whether it's the right time for your business to register.

Instalment Activity Statements (IAS)

For businesses not registered for GST but with PAYG withholding or instalment obligations, we prepare and lodge IAS accurately and on schedule.

Quarterly & Monthly BAS

Whichever reporting cycle the ATO has assigned you, we build a repeatable process around your bookkeeping so BAS season never catches you by surprise.

ATO Compliance

Beyond lodgement, we monitor your GST position throughout the year, flag anomalies early, and represent you in any ATO correspondence relating to your BAS or GST obligations.

Good bookkeeping is the foundation of every sound financial decision your business makes. Without accurate, up-to-date records, tax time becomes stressful, cash flow becomes unpredictable, and payroll mistakes can put your business at risk of Fair Work and ATO penalties.

Our bookkeeping and payroll team keeps your financial records clean, categorised and reconciled continuously — not just at tax time — while managing payroll obligations so your employees are paid correctly and your superannuation and STP reporting are always compliant.

Bookkeeping

We manage day-to-day transaction coding, accounts payable and receivable, and month-end reporting, giving you a clear, current picture of your business's financial position at all times.

Payroll Processing

From weekly to monthly pay runs, we calculate wages, allowances, leave entitlements and PAYG withholding accurately, keeping your payroll fully compliant with current Australian employment standards.

Single Touch Payroll (STP)

We manage your STP reporting obligations, ensuring each pay run is reported to the ATO in real time as required under current payroll legislation.

Bank Reconciliation

We reconcile your bank and credit card accounts against your accounting records regularly, catching discrepancies early and keeping your books audit-ready.

Superannuation & Payroll Compliance

We calculate and track superannuation guarantee obligations and ensure your payroll practices align with relevant awards and Fair Work requirements.

Choosing and registering the right business structure is one of the most important decisions a new business owner will make — it affects your tax position, your personal liability, and how easily you can bring in investors or partners down the track. Getting it wrong early can be costly and time-consuming to unwind later.

Lakshmi Accounting Group guides you through the registration process from day one, then manages the ongoing compliance obligations that come with running a company in Australia, so nothing falls through the cracks.

Company Registration

We handle the full company registration process with ASIC, including constitution considerations, share structure and director appointments, so your company is set up correctly from the outset.

ABN, TFN & Business Name Registration

Whether you're a sole trader or setting up a company, we register your ABN, TFN and business name efficiently, ensuring all details are consistent across ATO and ASIC records.

GST Registration

Where relevant, we register your new business for GST at the same time, so you're compliant from your very first invoice.

ASIC Annual Review & Corporate Compliance

We manage your ASIC annual review, keep your company details up to date, and ensure ongoing obligations such as director identification numbers and register maintenance are met on time, every time.

Cloud accounting software has transformed the way Australian small businesses manage their finances — but only when it's set up correctly. A poorly configured chart of accounts, incorrect bank feed mapping, or a lack of team training can turn a powerful tool into a daily source of frustration.

We specialise in setting up, migrating and training businesses on Xero, QuickBooks and MYOB, tailoring each system to your specific industry, reporting needs and workflow so you get real value from your software investment.

Xero, QuickBooks & MYOB Setup

We configure your chart of accounts, tax settings, invoicing templates and bank feeds correctly from day one, avoiding the common setup mistakes that cause reporting headaches later.

Data Migration

Switching from another system or from spreadsheets? We migrate your historical data accurately, preserving your financial history without disrupting day-to-day operations.

Team Training

We train you and your team on day-to-day use of your chosen platform, covering invoicing, expense tracking and reporting so your whole team gets consistent, accurate results.

Workflow Automation & Cloud Accounting

We set up bank feed rules, recurring invoices and automated reporting so your books stay current with minimal manual effort, giving you real-time visibility into your business performance.

Compliance keeps your business legal — advisory helps it grow. Too many business owners only hear from their accountant once a year, at tax time, when most of the opportunities to improve their tax position or cash flow have already passed. We take a different approach.

Our business advisory service is built around ongoing, proactive conversations throughout the year, so decisions about structure, pricing, hiring and investment are made with a clear understanding of the tax and cash flow consequences before they happen, not after.

Business Structure Advice

We review whether your current structure — sole trader, company, trust or partnership — still suits your circumstances as your business grows, and advise on restructuring where it makes sense.

Cash Flow & Profit Planning

We help you understand your cash flow cycle, identify where cash is being tied up unnecessarily, and build realistic profit plans that support sustainable growth.

Director & Shareholder Advice

From dividend planning to shareholder agreements and succession considerations, we support directors and shareholders in making informed, tax-effective decisions.

Business Growth & Tax Planning

We work with you ahead of each financial year end to identify tax planning opportunities, and provide ongoing advice as your business pursues new growth opportunities.

Moving to Australia, earning income overseas, or holding foreign investments introduces a layer of complexity that general tax advice often doesn't cover. Residency rules, double tax agreements and foreign income reporting requirements can significantly affect how much tax you pay — and getting it wrong can mean paying more tax than necessary, or falling out of compliance without realising it.

Lakshmi Accounting Group provides specialist international tax advice for new migrants, returning expats, temporary visa holders and international clients, helping you understand your Australian tax residency status and meet your obligations correctly from day one.

New Migrant Tax Advice

We help new arrivals understand their Australian tax residency status, what income needs to be declared, and how existing overseas assets and income are treated under Australian tax law.

Foreign Income & Capital Gains

Whether it's overseas employment income, foreign pensions, or capital gains on assets held outside Australia, we ensure foreign income is reported correctly and any available exemptions or offsets are applied.

Australian Tax Residency

Determining your residency status is often the single biggest factor in your Australian tax obligations. We assess your circumstances against the ATO's residency tests and advise accordingly.

Double Tax Agreements

Australia has tax treaties with many countries to prevent the same income being taxed twice. We identify which agreements apply to your situation and ensure you don't pay more tax than necessary.

Foreign Investments & International Clients

For clients holding overseas property, shares or business interests, we provide ongoing advice on reporting obligations and tax-effective structuring of international investments.

The weeks before 30 June are the last real opportunity to influence your tax outcome for the year, so it pays to be organised early. Start by reconciling your bank accounts and making sure every transaction is correctly categorised — messy books at year-end almost always mean a rushed, less accurate return.

Next, review your asset register. If you've purchased equipment, tools or technology during the year, check whether it qualifies for an instant asset write-off. Chase up any outstanding invoices and consider whether writing off genuinely bad debts before 30 June could reduce your taxable income.

Finally, gather your paperwork: superannuation contribution records, vehicle logbooks, home office expense records and any donation receipts. The earlier this is in your accountant's hands, the more time there is to identify legitimate deductions before the deadline passes.

Key Takeaways

• Reconcile accounts early — don't wait until July
• Check eligibility for the instant asset write-off
• Review outstanding invoices and genuinely bad debts
• Gather super, logbook and donation records ahead of time

In Australia, GST registration becomes compulsory once your business's GST turnover reaches $75,000 in a 12-month period (or $150,000 for non-profit organisations). It's important to note this is based on turnover, not profit — so even a business with slim margins can cross the threshold.

Many smaller businesses choose to register voluntarily before they're required to, often because it allows them to claim GST credits on business purchases, or because their clients expect a tax invoice with GST included. The trade-off is additional compliance: once registered, you must charge GST on taxable sales and lodge regular Business Activity Statements.

If you're close to the threshold or unsure whether registering makes sense for your business right now, it's worth getting tailored advice before making the decision — reversing a registration later is possible, but adds unnecessary paperwork.

Key Takeaways

• Registration is compulsory at $75,000 turnover ($150,000 for non-profits)
• Voluntary registration can unlock GST credits
• Registration adds ongoing BAS lodgement obligations

Single Touch Payroll (STP) requires employers to report salary and wage information, PAYG withholding and superannuation liability information to the ATO every time they run payroll, rather than at the end of the financial year. For most small businesses, this means payroll software that's STP-enabled is now essential, not optional.

The most common compliance mistakes we see are misclassifying employee payment types, missing STP finalisation declarations at year end, and inconsistent reporting of allowances. Each of these can create discrepancies between what the ATO expects and what's actually been reported.

Getting STP right from the first pay run saves significant headaches later — particularly around tax time, when incorrect STP data can delay your employees' own tax returns.

Key Takeaways

• STP reporting happens every pay run, not annually
• Correct payment classification prevents ATO discrepancies
• Don't forget your STP finalisation declaration at year end

Tax thresholds, instant asset write-off limits, and superannuation guarantee rates are reviewed and adjusted regularly, and even small changes can meaningfully affect your tax position if you're not tracking them. Superannuation guarantee obligations in particular have been on a scheduled upward trajectory in recent years, which flows directly through to payroll costs for employers.

The ATO has also continued to increase data-matching activity, cross-referencing income reported on tax returns against information from banks, share registries and property records. This makes accurate, complete reporting more important than ever — discrepancies are increasingly likely to be flagged automatically.

We monitor these changes as part of our ongoing client relationships, so you're not left finding out about a threshold change after it's already affected your return.

Key Takeaways

• Super guarantee and thresholds change regularly — stay current
• ATO data-matching makes accurate reporting essential
• Ongoing advice helps you avoid surprises at tax time

A sole trader structure is the simplest to set up and run, but offers no separation between your personal and business assets — if the business is sued or can't pay a debt, your personal assets are exposed. It suits low-risk businesses just starting out.

A company structure creates a separate legal entity, limiting personal liability and offering a flat tax rate on profits, but comes with higher setup and ongoing compliance costs, including ASIC reporting obligations. A trust structure can offer flexibility in how income is distributed to beneficiaries, which is often useful for family businesses and investment holdings, though it adds complexity.

There's no single "best" structure — the right choice depends on your risk exposure, growth plans, and how you intend to extract profit from the business. It's worth revisiting the decision as your business grows, not just at the very start.

Key Takeaways

• Sole trader: simple, but no asset protection
• Company: liability protection, higher compliance
• Trust: flexible income distribution, added complexity

Bank reconciliation is the process of matching your accounting records against your actual bank statement, transaction by transaction. It sounds mundane, but it's one of the most important habits a business can build — it's usually the first place a duplicate payment, missed invoice, or fraudulent transaction gets caught.

Businesses that reconcile monthly (or more often) tend to have a far clearer, more current view of their real cash position than those who leave it until tax time. That clarity makes it much easier to make confident decisions about hiring, spending or investing.

If reconciliation has fallen behind, it's rarely worth trying to catch up alone — a backlog of unreconciled months compounds quickly, and getting professional help to reset the process properly is usually faster and cheaper in the long run.

Key Takeaways

• Reconcile monthly to catch errors and fraud early
• Clear cash flow visibility supports better decisions
• Don't let a backlog build — get help to reset it

Xero is widely regarded as the most user-friendly of the three, with a clean interface and strong third-party app integrations, making it a popular choice for service-based businesses and startups. QuickBooks offers comparable functionality with particularly strong reporting tools, and tends to suit businesses that want more customisable financial reports out of the box.

MYOB has a longer history in the Australian market and offers strong payroll and compliance features tailored specifically to local requirements, which some established businesses prefer. All three now offer solid bank feed automation, GST tracking and STP-compliant payroll.

The right choice usually comes down to your industry, the complexity of your reporting needs, and which platform your bookkeeper or accountant is most experienced with — we're happy to make a specific recommendation once we understand your business.

Key Takeaways

• Xero: cleanest interface, strong app ecosystem
• QuickBooks: strong, customisable reporting
• MYOB: deep Australian payroll and compliance features

If you work from home, the ATO allows you to claim running expenses using either the fixed rate method — a set rate per hour worked from home, covering electricity, internet, phone and depreciation of office equipment — or the actual cost method, where you claim the precise work-related portion of each expense based on detailed records.

The fixed rate method is simpler and requires less record-keeping, but the actual cost method can result in a larger claim if your home office expenses are significant, provided you keep the necessary receipts and diary records to substantiate it.

Whichever method you use, the ATO expects contemporaneous records — a diary or log kept throughout the year is far more reliable than trying to reconstruct hours worked from home after the fact.

Key Takeaways

• Fixed rate method: simpler, less record-keeping
• Actual cost method: potentially larger claim, more records needed
• Keep a contemporaneous diary of hours worked from home