Due to the complexity of the’ simple’ Australian taxation system everyone needs assistance for tax services.
Whether its Income Tax, GST, BAS or State taxation there are opportunities and traps to be encountered and mastered.
At Connolly & Assoc we remove the mystique and provide a practical yet risk free assessment to your unique taxation needs and matters.
The lodgement of your (usually annual) mandatory returns should be the last phase of appropriate tax compliance which is best achieved through regular planning throughout the fiscal year and particularly for year end tax planning.
It is also noteworthy that tax is only paid on profits. Planning your accounting and strategic business management aims to maximise profits whilst ensuring the minimum tax is involved.
The multiple taxation layers are not simple and contain rebates and exclusions that are not related to “taxable Incomes”. One must be aware and utilise these fiscal policies immersed in the taxation system. Eg R&D. At Connolly & Assoc we ensure it is not only the tax you pay, but the structuring to ensure the tax impost is NET of every possible advantage.
These taxation matters are not static and evolve with your business. There is a need for regular consideration of the following matters:
- How you remove funds from your business (Wages, fees, dividends or Loans)
- The appropriate ownership structure for your various assets,
- The cost and timing of tax payments.
- Reduction of transactional taxes (Capital Gains Tax, GST, Stamp duty)
- The role of Superannuation and other potential tax free environments,
- Negotiation with the ATO when required.
- Maximising tax relief and rebates