We understand how hectic life can get. Your business is booming or your career is finally taking off, putting your focus elsewhere which can hinder you from doing things such as handling your taxation responsibilities as dutifully as you wanted to. No matter how you set your mind up to the task of doing it, you still cannot get yourself to deal with them. We don’t blame you, dealing with numbers can be daunting for most people.
Is there a way to catch up to all the paperwork piling up at your desk? Do you think handling your finances is a burden that you would rather not bear? Here’s the secret to staying on top of things: sometimes, you have to acknowledge the fact that you cannot do it all.
The bad news is that you simply cannot turn the other cheek and neglect your taxes, you have to do them and do them right. The good news, on the other hand, is that there are a lot of capable accountants who are more than willing to do the heavy lifting for you. Practical Accountants, for instance, is home to some of the best tax agent Sydney has to offer. Under our taxation and liaising services, we can do the following:
Tax Planning requires careful analysis of your financial situation or plan in the context of your current taxation status. Doing this step ensures tax efficiency, meaning all the elements of the financial plan work together in the most tax-efficient manner possible. In the long run, this will hopefully lead to a reduction of tax liability while maximising your superannuation contributions, among others.
This process considers factors such as your income source, size, timing of purchases, and planning for other expenditures. The kinds of investments and types of retirement plans are also carefully selected to complement the tax filing status and deductions, creating the best possible outcome.
Every business operating in Australia is required by law to lodge a tax return each year. Even if there is a recorded loss or you don’t meet the standard tax threshold, you still have to go through it. More importantly, how you prepare and lodge your tax returns will depend on your business structure. Does your business operate as a sole trader, partnership, company, or trust?
As early as now, you have to identify which structure your business follows to avoid complications further down the line. These are your tax returns and they should not be taken lightly. Any sloppy paperwork could come bite you in the back when you least expect it.
As a precaution, get help from experts like Practical Accountants to investigate the best way to prepare and lodge your income tax returns. Finding help from a tax agent Sydney is even recommended by the Australian Tax Office (ATO)
Another thing all Australian businesses have to go through is the business activity statement (BAS) form which help you report and pay for your goods and services tax (GST), pay as you go (PAYG) installments, PAYG withholding tax, and other taxes.
As soon as you register for an Australian business number (ABN) and GST, the Australian Taxation Office will automatically send you a timeline for when your BAS is due. BAS also applies to individuals, partnerships, companies, trust or self-managed super funds (SMSF).
Though the process for submitting a BAS is straightforward, you might need help ensuring that everything is accurate from the perspective of a tax agent Sydney. This way, you make sure that your BAS is always professional and accurate.
The Australian Taxation Office conducts audits when their systems detect signs that someone is cheating, making suspicious claims, or reporting fraudulent tax returns on their taxes. Most of the people and business are flagged not because of genuine fraud but because of wrong or missing information.
These errors can lead to delays in the processing of their taxes and cause a whole bunch of issues and complications. This could all be stressful on your part. Hiring a tax agent Sydney would minimise the instances of errors and might even eliminate them totally.
Any business owner has heard of how things can get complicated in the Australian Taxation Office. Should things go down south, Practical Accountants will make sure that all issues are resolved properly. This includes negotiating tax compliance on your behalf and protecting the integrity of your business at all costs. We prioritise consultations which allow us to get to know each client better.
When it comes to taxation and liaising with ATO, you cannot afford to make mistakes. Having one could spiral into more complications. Spare yourself the hassle and hire professional help from expert tax agents in Sydney, Alexandria, Tempe, Darling Harbour, Mascot, and Pyrmont.
Practical Accountants is an expert team of tax agents Sydney and account managers who specialise in handling any tax-related affairs, such as tax planning, outsourced bookkeeping and accounting, and business structure and assistance in ATO audits. In everything we do, we ensure that our clients get the service they deserve. Practical Accountants is your trusted accounting firms Sydney.
Call +61 2 9517 4726 or email us on firstname.lastname@example.org to start working with us today!
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