Taxation

There are two things in this world you can not avoid: death and taxes. We can assist with taxation matters by advising how to legally minimise your tax liability. Tax law is constantly changing and it is important to be aware of the current law and proposed future changes which may affect your situation.

Most individuals and entities are required in Australia to lodge annual tax returns.

The tax return determines the total tax liability for the year.

The ATO issues a Notice of Assessment advising any refund or tax payable after allowing for tax withheld and instalments paid during the year.
We can prepare and lodge tax returns for

• individuals
• partnerships
• trusts
• companies and
• SMSF

See the due dates to meet your tax obligations as well as other reporting requirements.

TFN

Tax File Number (TFN) is the number the ATO uses to identify an entity. This number should not be disclosed to anyone other than your employer, tax agent, bank, and other Governmental bodies.

Individual

Individual tax returns include information that we can access via the ATO portal together with information supplied as well as any distributions from Partnerships and or Trusts.

Partnership

A partnership must have a TFN and lodge a tax return showing the amount of taxable income or loss distributed to each partner.

Company

A Company must have a TFN and lodge annual tax returns based on Financial Accounts. A Company is liable for its own tax.

Trust

A Trust must have a TFN and lodge a tax return showing the amount of taxable income based on Financial Accounts showing the taxable income distributed to each beneficiary.

Self Managed Super Fund

A Self Managed Superannuation Fund must have a TFN and lodge a tax return based on Financial Accounts showing pension and lump sum payments to members.

• BAS/IAS
• Any individual or entity registered for the below must lodge a BAS/IAS either monthly or quarterly
• GST
• PAYG Withholding
• PAYG Instalments
• Fuel Tax Credits
• Fringe Benefits Tax
• Wine Equalisation Tax

TPAR

Any payments to contractors should be reported to the ATO via a Taxable payments annual report (TPAR).
Contractors can include subcontractors, consultants and independent contractors. They can operate as sole traders (individuals), companies, partnerships or trusts.
A TPAR must be lodged by 28 August each year.

ABN

An Australian Business Number (ABN) is a number that identifies your business. Each entity conducting business must apply for an ABN. This number should be displayed on your documentation.

The ABN does not replace your tax file number.

Tax Audit 

The ATO conducts audit following a review, where they consider a more in-depth examination of an issue is required.

The ATO will also request information from other Government departments and third parties. The audit program ranges from relatively quick examinations of source documents to more intensive analysis of complex arrangements and transactions.