Tax obligations done easy
Keep your financial reporting up to date and aligned to ATO requirements. If you’re always stressing about lodging your business tax or personal tax, you’ve come to the right place. Regardless of whether you use Xero, MYOB, Reackon Accounts, your own internal accounting software or a DIY spreadsheet, we can help prepare your financial reporting for ATO lodgement. We’ll work out the administration headaches that are holding you back so you can just tax-it-easy.
Tax preparation strategy
If you’re worried about changing accountants or worse still, how much it might cost to have your accounts processes, we invite you to book FREE 15 minute Tax It Easy consultation with an Ingrams accountant. We want good accounting to be accessible to everyone and believe that providing value for money service is where it starts.
Complex tax strategy
Most businesses are as unique as the individuals that work there. We get that running a business and the finances can be complex and that different managers worry about different things. That’s why we love managing complex tax strategies and educating you on how to make it easier. We essentially prepare strategies with good numbers that are great for your people.
A taxation accountant will help:
+ Optimise your taxation outcomes.
+ You meet your taxation compliance obligations.
+ Identify savings.
+ Highlight opportunities to enhance your business.
Rather than asking why do I need to use an accountant, ask yourself:
+ Do I enjoy doing bookkeeping and accounting?
+ Am I up to date with all the ATO compliance obligations?
If your answer is no, then it makes sense to use a tax agent. Then you can get on doing the things in your business that you’re good at and enjoy doing.
It is always an option to do your own tax, but by doing your own tax you may miss income you may need to declare or even miss deductions.
If you are asking this question, the answer is probably yes. Regardless of whether you are an individual, sole trader, partnership, trust, company or have a self-managed super fund, you are required to lodge a tax return.
First, ask yourself, is the turnover more than $75,000 or $150,000 if it’s a non for profit?
+If yes, then you have to register for GST.
+If no, and your turnover is under the threshold, then GST registration is voluntary.
If you are registered for GST, then the answer is yes. Lodgement of BAS is generally quarterly or monthly, and some instances can be annually.
Businesses that turnover less than $10 million can change choice either option. However, for businesses with over $10 million, the turnover must be reported on a non-cash basis.
When reporting on a cash basis, you report GST that you have received on income or incurred on expenses paid.
When reporting on a non-cash basis, you report GST on income that has been invoiced and GST on expenses invoiced by suppliers.
The type of expenses that are generally deductible are interest on borrowings, insurance, council rates, water rates, land tax, body corporate fees, repairs and maintenance, property management fees etc.
Each Beneficiary/Unitholder will receive a taxable distribution from the trust which then needs to be declared and paid by the beneficiary/unitholder. A beneficiary will typically be an individual but in some instances will be a company.
This is important to understand the potential tax liability and what can be done to help minimise tax. Generally, tax planning would be undertaken a couple of months out from the end of the year.
The Ingrams Accounting process
If you’re ready to have a better relationship with your business’s numbers, get in touch. It doesn’t matter if you are small, medium-sized, a large enterprise, or in between, we can help you no matter how easy or complex your business is.
15 Minute Consultation
We want to know a bit about where your numbers are at, but more than that we want to ask the questions about what makes your business tick and what we can do to make it even greater.
Number Crunching & Reporting
Sure we’ll prepare your tax return and lodge it on your behalf, but more than that we’ll prepare the reports that will inform strategic decisions and get you on track with good number management.
Implementing Processes & Education
After reviewing the number data we move onto the education on how to simplify good numbers towards doing great things for you and your people.