Every entity that operates a business is required to lodge an annual income tax return. The financial year begins on 1st July in one year and ends on 30th June of the following year. In general, tax returns need to be lodged with the Australian Taxation Office by 31st October following the end of the financial year except for those entities registered with a tax agent. Any business entity registered with a tax agent gains a lodgement concession that extends the lodgement due date to May of the following year.
Your annual income tax return needs to include details of your assessable income and business deductions. Most money you receive in carrying on your business is classified as assessable income, with the exception of loan proceeds, money contributed to the business by business owners and any GST you have collected on behalf of the Australian Taxation Office. Deductions can be claimed for the costs you incur in running your business excepting funds the business has loaned to other parties, drawings or borrowed money by the business owner, any expenses of a domestic or private nature and any GST credits you have claimed. Business deductions can be claimed as either a one off deduction, for most general expenses, or deductions over a period of time, such as depreciation on capital items purchased.
Our tax accountants will collect, collate, reconcile and analyse your raw business data to ensure that your business lodges complete, accurate and compliant figures with the Australian Taxation Office whilst employing tax minimisation strategies to ensure the future viability and growth of your business. During this process we will also offer our expert advice in any areas we identify as being problematic for your business and record keeping requirements.
Our accountants keep up to date with the very latest tax and accounting laws, as well as being well versed in most electronic accounting packages, no matter what your query, we can help. We will prepare your financials and income tax return with the best possible outcome, negotiate with the Australian Taxation Office on your behalf should you have a debt you are unable to pay by the due date, assist you with future tax and business planning strategies, and assist and advise on all aspects of your business’ legal obligations. From the setting up of your business to paying your employees and their entitlements to your ASIC obligations, trustee obligations and reporting your GST, Fringe benefits and Payroll Tax, we are here to help.
If you have any questions about your business, or setting up a new business, our accountants are always on hand to give you the very best advice. We guarantee a personal, professional experience and believe our friendly team offer unrivalled service.