Company Tax Returns
At Prosperity, we specialise in preparing tax returns for small to medium-sized companies. Whether you are a sole trader or operating as a company, we have the experience and knowledge to add value to your business and find the maximum benefits for you. We keep up to date with legislation changes so we are always abreast with every tax regulation and know how to maximise your tax return. You can be reassured that we will get the best tax returns for you while ensuring you are 100%legally compliant. We value your time and understand the importance of cash flow to a business, so we are fast and efficient in completing your tax returns.
If you are looking for information about how to prepare financial statements, then you have come to the right place. There are three important financial statements that every business needs. The first of the business financial statement is income statement, also known as a profit and loss statement. It shows performance and you can see where money is coming in and where it is going out. Typically this company financial statement is prepared quarterly or yearly. It starts by examining the overall gross revenue generated by the company’s activity by the time period. Balance sheet looks at all the assets and liabilities of the company. Cash flow statement is different from income statement. Cash flow statement allows you to see the movement of money.
At Prosperity, our BAS agent services can help you understand your obligations of lodging your Business Activity Statements (BAS) when they fall due. It is getting more difficult to get away with bring non-compliant. So whether it is monthly, quarterly or annually lodging, out BAS agents can ensure your statement submissions are occurring correctly and punctually. If you are in a business and your turnover is above $75,000 per year, you are required by law to register for GST. Many taxpayers do not understand the concept and the rules behind GST. Let our business accountants handle everything from your BAS statement to taxes, GST and more.
As a sole trader, your business income is treated much like an individual’s income and so you are taxed much like an individual. However unlike working for an employer, you will need to withhold tax from your income yourself. All you need to do is claim your deductions for your business expenses, then simply report your business income and any other income and put it on your individual tax return. Well this is of course taking into account the PAYG, GST, and fringe benefits tax instalments you paid throughout the year towards your expected tax bill, through either the instalment amount or instalment rate. At Prosperity we will simplify the steps for you, so you can have more time and energy focusing on your business.
In theory, capital gains tax in Australia should be simple, whenever you sell an asset, the capital gain is the difference of the price you paid and the price it sold. In practice, however, it is quite different, calculating capital gains tax can be one of the most complex tasks. There are three different methods the Australian tax office has as part of the capital gains tax rules. There is also the issue of capital loss. You can offset your gains by your losses. To minimise capital gains tax in Australia and obtain the greatest number of deductions, you can include our professional accountant in calculating capital gains tax. Prior to selling any significant assets, our professional team can help you plan ahead and keep your taxes low. This is most especially true for business valuation when selling a business.
It is never too late to lodge a tax return. If you have not lodged a tax return for a few (or even many) years or you have a tax return outstanding or overdue, Prosperity Charted accountants can help. The Australian Taxation Office (ATO) may apply a ‘failure to lodge on time penalty’. The penalty is calculated at the rate of one penalty unit for each period of 28 days or part thereof that the document is overdue, up to a maximum of five penalty units. Size test also apply, so that the penalty for larger entities is multiplied by either two or five. The penalty is $170 for every 28-day period for part thereof occurs that the returns remain outstanding. Further, the ATO may issue a default assessment warning letter. This letter will summarise the income on which the default assessment may be based. The letter will also tell you the date by which you must lodge the overdue return if you want to avoid being issued with a default assessment.
At Prosperity Charted Accountants, we will work with you to ascertain what deductions may be relevant and assist you to work out how to locate this information. If for some of the outstanding years, you were not required to lodge a tax return, Prosperity Charted Accountants can submit a non-lodgement advice and make sure you are up to date with the tax office. Finding all the information can be very daunting for most people. Perhaps you were too busy, overseas, or found that I was just too complicated. Did relationship, health or family issues prevent you from lodging your tax return? No matter the reason, getting up to date now will give you peace of mind. Contact us today to see what the Prosperity advantage can do for you and your outstanding tax returns.
As a contractor or consultant you have unique accounting needs. Claiming expenses, keeping track of billing and hours worked and your PAYG and superannuation commitments all take up valuable ’billable hours’. You know accounting and taxation issues are important to getting the best out of your contracting and consulting activities but often, in the reality of your busy day, these receive a lesser priority. Easy Tax Accountants are here to help you to keep up to date with your accounting needs from basic bookkeeping through BAS and GST preparation to the preparation of your Annual Accounts (P&L and Balance Sheet), Annual Tax Returns and more.
We are also on hand when you need to make important purchases or business decisions, advising you on the most effective means of maximising your income and ensuring that you pay the right amount of tax. Our advice is based on over 15 t years’ experience of working with contractors and consultants who make up a key part of our accounting client base.
Take advantage of our small business accounting services during which we will help you to refine your needs and consider an accounting and tax planning solution for your business going forward. Call us today and let us help you solve your accounting or tax problems.