TAX ACCOUNTANTS IN TOOWOOMBA
What Business Owner Doesn’t Love Tax!?
All of them…
This is the part where normally we would go on about how “Our team of qualified, experienced tax accountants, knowledgeable in every tax law will guide you through all of your taxation needs…”
And this would be true…
However we know that all you care about as a business owner is minimising the amount of tax you pay while following all the rules and regulations required by law.
We make Staying On Top Of Your Taxes Easy…
As a business owner running a business you need to be focused on the things that need your attention.
The last thing you need to be worrying about is whether you’ve done your taxes correctly.
No one wants to get a fine and no-one wants to pay more tax than they should.
You have more important things to worry about.
We’ve been doing this for over 30 years…
Let us handle it for you.
What Kind Of Tax Help Do You Need?
- Standard Tax Planning
- Advanced Tax Planning
- Taxation Accounts Preparation
- GST And BAS Returns
- Fringe Benefits Tax Preparation
We’ll Help You With The Following So You Know All Of Your Standard Tax Planning Needs Are Met…
Tax positioning and estimations of likely income and expenses:
Our qualified Toowoomba tax accountants will guide you through your tax options.
We use our sophisticated yet easy to understand tax planning software.
Through this software we work with you to understand and evaluate your current tax position and your likely income and expenses over the year which will contribute to that tax position.
Advice and options available to reduce tax payable:
Your business may be able to reduce the amount of tax you are required to pay by effectively managing your tax affairs. (Good news huh!)
We steer you in the right direction to save you tax money that can be better spent going back into your growing business.
Advice on the most advantageous business structure for tax purposes:
We are knowledgeable and experienced in business structures and which ones will suit your specific circumstances and requirements.
We can help you plan for the future and save as much tax money as possible.
Options to reduce tax that don’t kill your cash flow:
We talk you through your options to reduce the amount of tax you pay while keeping your cash flow steady and strong.
We guide you through the finer details so you understand the technicalities and intelligently evaluate all your options to come to decisions that work best for your business.
Get an action plan for likely tax problems early:
The best way to avoid tax problems is to catch them in advance. Our tax accountants review your situation with you and point out possibilities for potential problems so you can fix them early.
Integrate tax planning with your investment plans:
Good tax planning does not drain your cash. A good way to achieve this is to integrate tax planning with your investment plans
We take the time to understand your investment and personal plans and then work out what is the most tax effective way to undertake them.
For example if your plans are to have an acreage rural property we can explore ways this could be tax deductible.
Or it could be that you want to purchase your business premises. This could be structured in a way that some of the principal payment could be deductible.
Get the right structure from start of the financial year:
The right structure can make a big difference to the tax you pay. For example a company has a lower tax rate and is also the only structure by which you can get R & D tax incentives through. However there are negatives with a company that may make not the appropriate structure. We can help you work out which is best for you and for your tax.
Our advanced tax planning gives you peace of mind that your tax bill is under control and you can focus on your business.
Financial accounts preparation:
Financial accounts are used to inform external parties about the financial state of your business.
This can be a complicated process to stay on top of as they can include a number of financial statements such as a balance sheet, an income statement, a statement of retained earnings and a statement of cash flows.
We take care of it all for you so you don’t have to stress.
Income tax returns:
Your business’ annual income tax return needs to be lodged correctly to ensure you are paying as little tax as possible.
The forms and processes vary according to the structure and type of your business, so we make sure your tax return is being lodged properly to avoid legal or financial penalties.
Our tax work is always double checked for your peace of mind.
Firstly, it is checked to see that it is complying with the tax law.
Secondly, it is checked to see that as little tax as is legally possible is being paid.
Capital gains tax:
Capital gains and losses are commonly made by selling assets.
Capital gains tax (CGT) is any tax that you pay on your capital gain, and forms part of your income tax.
We can advise you the likely capital gains tax before you sell it and ways or timing to minimise that tax.
Better still before purchasing an asset we can advise you the best way to own it to reduce the tax when the time comes to sell it.
We can monitor your capital gains and losses throughout the year and keep them organised to simplify the taxation process at the end of the financial year.
Payroll tax preparation, review and advice:
Payroll tax is a state tax paid by employers according to the amount of wages you pay every month.
If you are required to pay payroll tax, we can help make the process easier with organised and effective preparation throughout the year, regular reviews and advice.
We can also advise on legal ways to keep this to reduce it.
If you own or jointly own property (other than your home) you may be required to pay land tax on the value of that property.
The tax rate and exceptions are different in every state and territory, so it’s important to understand and apply the land tax laws and thresholds to be able to minimise the amount of land tax you pay.
We make sure this is all looked after for you.
PAYG withholding (withheld from wages) & Superannuation payments:
This system requires your business to withhold a specific amount of tax from your employees’ wages so that they meet their tax requirements.
It applies to you and your business if you have any sort of employee, including contractors.
Our services will ensure you are always withholding the correct amount and that it is being lodged correctly with the Australian Taxation Office.
This system allows you to pay installments throughout the year towards your expected income tax requirement.
When your actual tax requirement is worked out at the end of the financial year, your PAYG installments are credited against your income tax return to work out if you need to pay more tax or are owed a refund.
We can monitor these payments for you and ensure they are reasonable and as accurate as possible and that if the amount is too high we can vary it down for you.
Preparation of Business Activity Statements (BASs):
These statements are used to summarise the amounts of tax payable and receivable over a certain period, and they are used to ensure businesses are meeting their tax obligations.
We can prepare these statements for you and make sure they are correctly filled out and lodged.
Training in self preparation of BAS forms, and assistance with setting up an accounting system to correctly record GST:
We can also provide you with training in BASs and how to correctly prepare them and fill them out, so that you can do it all yourself if you wish.
We’ll also help you set up an accounting system that will make the whole process easier for you.
Advice on GST rules including registration, how it applies to your business and property buying and selling:
Our knowledge and guidance will always benefit you and your business by providing you with accurate and timely information and advice about GST
We’ll show you how you can make the most out of your business without being adversely affected.
Preparation of necessary paperwork and letters to deal with FBT in the most tax-effective manner:
The fringe benefits tax (FBT) is required by employers who provide certain benefits to their employees or their employees’ associates, such as paying for their health insurance, food or drink, or work car.
The tax is based on the taxable value of the provided fringe benefits, and there are a number of things you need to do to provide these benefits such as keeping all FBT records, calculating the amount of money you have to pay, reporting the benefits and lodging returns with the ATO.
In many cases an FBT return does not need to be lodged, as the Fringe Benefit Offset method can be used.
This could save you a substantial amount of tax.
Preparation and lodgement of your FBT return:
We can simplify the whole process for you by taking care of your FBT return.
We’ll correctly prepare and complete it, and lodge it with the ATO so that you don’t have to worry about it.
Fringe benefits tax advice:
We also provide tax advice regarding the FBT and guide you through the most effective strategies for paying as little as possible.
Your tax doesn’t have to be a nightmare!
Let us take care of it for you so you can sleep at night!