Income Tax is more than simply completing a form.
Access to deductions, rebates, credits and offsets are all of the highest importance. It is also important (however often ignored) to ensure all documentation is in place to support all claims and minimise the risk of ATO reviews/audits and amended assessments.
Not correctly classifying your business description or job title could increase the risk of an ATO review or audit!
Review your key areas of income & expenditure against the ATO's benchmark rates!
Fringe Benefits Tax
FBT is often ignored by small business however, the reality is that almost all businesses need to address FBT issues. Providing employees with motor vehicles, mobile phones and personal expense payments are commonly overlooked. Whilst it may not be necessary to pay Fringe Benefits Tax, it is imperative that the appropriate documentation is in place and payments are reported correctly.
Salary packaging can provide great benefits by increasing your take-home pay through minimising your PAYG Witholding. Care needs to be taken when packaging benefits as there are many traps and not all packaging techniques will benefit everybody.
With an efficent record-keeping system is in place, reporting GST can be easy and stress-free, and make surviving an ATO review a breeze. We can help you develop and maintain an efficient record-keeping system, or we can do it all for you.