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Handling the Compliance Burden
Income Tax Returns
- Individuals
- Partnerships
- Companies
- Trusts
- Co-Operatives
- SMSF’s
Whether you are an established business or a startup embarking on a new venture, our proactive accountants will work with you to ensure that your hard earned wealth is protected and you are paying as little tax as legally possible.
Read Key Points & Transcript
Income Tax Returns
video key points
- The Australian tax system requires all entities, including individuals and various business structures, to lodge annual income tax returns, emphasising the taxpayer’s responsibility to accurately apply complex and evolving tax laws.
- Regular updates to tax laws and the establishment of new case law by courts make it challenging for business owners and investors to stay informed of their tax obligations, highlighting the necessity for professional accounting assistance.
- Our team is committed to collaborating with clients and their teams, sharing our knowledge and expertise to ensure accuracy in tax returns and compliance with legal requirements.
- We proactively work with both established businesses, startups, family groups and investors to protect hard-earned wealth, focusing on legal strategies to minimise tax liabilities and safeguard financial interests.
- If you need assistance with preparing an income tax return, we encourage you to reach out for professional support, ensuring confidence and reliability in managing your tax affairs.
Presented by: Brian Khoo
video transcript
Generally speaking, individuals, partnerships, companies, trusts, co-operatives and Self-Managed Superannuation Funds (SMSF) are required to lodge an annual income tax return in Australia.
The Australian tax system places the onus on you, the taxpayer, to know the rules and apply them correctly in your tax return.
With the tax laws changing regularly and new case law being established by the courts day-in and day-out, it is almost impossible for business owners to stay abreast and fully informed of tax obligations without the assistance of a professional accountant.
We’re here to collaborate with you, and your team when necessary, to share our knowledge and expertise and to ensure accuracy in your tax returns.
Whether you are an established business or a startup embarking on a new venture, our proactive accountants will work with you to ensure that your hard earned wealth is protected and that you are paying as little tax as legally possible.
You can have complete confidence knowing that your business and personal tax affairs are in capable hands.
So, if you’re needing assistance with preparing an income tax return, then please give us a call. We’re here to help.
Financial Statements
- Companies
- Partnerships
- Trusts
- SMSF’s
- Co-Operatives
Financial statements play a vital role in helping business owners and trustees make informed decisions about their business’s (and SMSF’s) performance and growth.
Read Key Points & Transcript
Financial Statements
video key points
- Financial statements are crucial for business owners and leaders, aiding in informed decision-making about business performance and growth.
- The Profit and Loss Statement highlights financial performance over a specific period, typically a financial year, showcasing revenue, expenses, and profit or loss.
- The Balance Sheet offers a snapshot of a business’s financial health at a particular moment, detailing assets, liabilities, and equity.
- Beyond tax compliance, preparing financial statements is essential for evaluating a business’s ability to settle current and future debts, crucial for both operational management and strategic planning.
- Financial statements are not only necessary for tax purposes but are also vital for the mandatory audits required by some companies and all Self-Managed Superannuation Funds (SMSF).
- If you require assistance in preparing meaningful financial statements to navigate your business’s financial landscape effectively, we encourage you to reach out for professional help.
Presented by: George Trundle
video transcript
Financial statements play a vital role in helping business owners and leaders make informed decisions about their business’s performance and growth.
The Profit and Loss Statement shows your business’s financial performance with regards to a specific period, usually a financial year.
The Balance Sheet provides a snapshot of your business’s assets and liabilities at a specific point in time, usually the end of a financial year.
Preparing financial statements can be a necessity for tax compliance. It may also be a necessity as the information contained on these reports allows you to assess the business’s ability to meet all current and future debts.
Further, for some companies and all Self-Managed Superannuation Funds (SMSF), financial statements are vital for mandatory audits.
If you’re needing assistance with preparing meaningful financial statements, then give us a call. We’re here to help.
Other
- Business Activity Statements
- Instalment Activity Statements
- Fringe Benefits Tax
- QBCC Compliance
- Payroll Tax
- Business Name Registration
- ABN, TFN, GST & PAYGW Registrations
Understanding the requirements for business registrations and ongoing compliance can be particularly challenging and frustrating. By having a professional problem solver by your side, you can have complete confidence knowing that your business’s affairs are being looked after.
Read Key Points & Transcript
Video: Other Compliance
video key points
- Understanding business registration requirements is challenging during start-up or growth phases, reflecting the complexity and frustration often encountered.
- The necessary registrations for a business vary based on its structure (e.g., sole trader, company, partnership, trust), location, industry sector, employee status, business type, and size.
- Difficulties arise in determining which registrations are essential, highlighting the importance of clarity and support in this process.
- Seeking professional guidance can ensure compliance with all registration requirements, ongoing and new, thereby mitigating risks of non-compliance.
- For support and ease in navigating accounting and registration processes, reaching out for professional help is encouraged.
Presented by: Ben Paul
video transcript
Understanding the requirements for business registrations can be particularly challenging and frustrating whether it’s during the start-up or growth phase.
Determining the necessary registrations, and understanding what is essential, can pose difficulties.
The registrations that your business will require depends on a number of factors such as:
- The way your business is structured (e.g. sole trader, company, partnership, trust);
- Where your business is located;
- The industry and sector in which you operate;
- Whether or not your business has employees;
- The type of business you’re running; and
- The size of the business.
If you are unsure whether your business is complying with all of its necessary registration requirements, both ongoing and new, then give us a call. We’re here to help.
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