Tax Returns (Preparation and Lodgement) – Contact Us
A tax return is a form or forms filed with a tax authority that reports income, expenses, and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the over-payment of taxes. In most countries, tax returns must be filed annually for an individual or business with reportable income, including wages, interest, dividends, capital gains, or other profits.
Company and Trust Setups – Contact Us
A company is an independent legal entity. All companies need to be registered through ASIC (the Australian Securities and Investments Commission).
You will run the business as a director and own the business as a shareholder.
A trust is a structure where a trustee (typically an individual or company) operates a business on behalf of the beneficiaries of the trust.
As a general rule, trusts are a more tax effective structure as a holding entity for investment and commercial real estate and other fixed assets. Individuals are provided a 50% exemption from CGT. This exemption will apply to a discretionary trust where the potential beneficiaries are all individuals (not companies).
Superannuation / SMSF – Contact Us
Personal superannuation (often simply known as super) is money that’s put aside and saved while you’re working, so you can enjoy a regular income later in life when you retire.
A self managed super fund (SMSF) is a superannuation trust structure that provides benefits to its members upon retirement. The main difference between SMSFs and other super funds is that SMSF members are also the trustees of the fund. SMSFs can have between one and four members*, and one of the main advantages is the level of control that trustees have when it comes to tailoring the fund to meet their individual needs.
Bookkeeping – Contact Us
Bookkeepers oversee a company’s financial data and compliance by maintaining accurate books on accounts payable and receivable, payroll, and daily financial entries and reconciliations. They perform daily accounting tasks such as monthly financial reporting, general ledger entries, and record payments and adjustments.
BAS, GST & Payroll – Contact Us
If you are a business registered for GST you need to lodge a business activity statement (BAS).
Your BAS will help you report and pay your:
– goods and services tax (GST)
– pay as you go (PAYG) instalments
– PAYG withholding tax
–other taxes.
When you register for an Australian business number (ABN) and GST we will automatically send you a BAS when it is time to lodge.
GST is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. All Queensland Government agencies are registered for GST. The GST applies to government in the same way as it does to businesses.
Payroll encompasses keeping track of the company’s payroll information to ensure the information is kept up to date and accurate and issuing paychecks at the end of the pay period. Specific duties and responsibilities of a payroll officer include tracking employee work hours, updating records when an employee’s status changes, answering payroll questions clients have and performing calculations with commissions, bonuses, taxes and other deductions.
Taxation Advice and Planning – Contact Us
You have the right to arrange your financial affairs to keep your tax to a minimum. This is often referred to as tax planning, or tax-effective investing.
Tax planning is legitimate when you do it within the intent of the law. However tax minimisation schemes that are outside the spirit of the law may attract the attention of the Australian Taxation Office.
Financial Statement Preparation – Contact Us
The preparation of financial statements involves the process of aggregating accounting information into a standardized set of financials. The completed financial statements are then distributed to lenders, creditors, and investors, who use them to evaluate the performance, liquidity, and cash flows of a business.
TFN, ABN, GST and PAYG Registration – Contact Us
TFN (Tax Filing Number) –An Australian company will have its own Tax Filing Number (TFN) and it will be separate to your own individual TFN.
ABN (Australian Business Number) – When you form a company you will be issued an ACN (Australian Company Number). Once you have this ACN you can then apply for an ABN. When you register for an Australian business number (ABN), your Australian Company Number (ACN) will be used to create your ABN. Your ABN is actually two check digits followed by the nine existing digits of your ACN.
You are able to be issued an ABN if you carry out a business as a sole trader or partnership.
Goods and Services Tax (GST) – GST is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. Registration for GST is compulsory for companies who turn over more than $75,000 per annum. Once registered for GST, a company can charge GST on the products and services it provides and also claim back GST against expenses made for the business.
PAYG Registration -You will need to register for PAYG if:
– You are going to have employees
– Use contractors that you agree to withhold tax amounts from;
– Pay invoices which have not included an ABN
Corporate Services – Contact Us
Activities that combine or consolidate certain enterprise-wide needed support services, provided based on specialized knowledge, best practices, and technology to serve internal (and sometimes external) customers and business partners.
Liability limited by a scheme approved under Professional Standards Legislation.