Running a business can be overwhelming especially when you're not savvy with business financial records. You'll struggle to keep records, stay tax compliant, balance your finances, track your spending and so much more. However, if you hire an excellent business tax accountant like Perth Tax People, your journey in business will be smoother.
Who is a Business Tax Accountant?
Business tax accountants are professionals who create tax return documents for businesses. In addition, they have to make sure that the business adheres to all tax laws and regulations. They keep their clients up to speed on their tax returns and engage with them before tax season.
In addition, business tax accountants develop tax strategies to help firms achieve their financial goals and objectives. Most tax accountants are busiest during the tax season because they must be available for their clients throughout.
How can a Business Tax Accountant Help Me?
Having a business tax accountant means that you do not have to deal with the stress of calculating and filing your taxes. More importantly, these professionals will enlighten you on the various ways in which you can minimise your tax liability. In the end, you will save more money which is a great benefit for the financial situation of your business.
Australian Business Necessities
If you are thinking of taking the first steps into the challenging world of business ownership, then the key to success is to make sure you understand and meet all your reporting and payment obligations.
As registered tax agents, we manage all tax accounting requirements for businesses, as well as provide tax planning to business owners. Our services include but are not limited to:
- Annual Income Tax Returns
- Annual Financial Statements
- Budget/Cash Flow Projections
- Business Activity Statements
- Business Advice & Structuring
- Capital Gains Tax (CGT)
- Corporate Tax
- Financial Reporting
- Fringe Benefits Tax (FBT)
- Goods & Services Tax (GST)
- Management Accounting
- Payroll Tax
- Superannuation
- Tax Planning & Minimisation Strategies
We believe what makes us different from the rest, is our ability and willingness to develop trusting relationships with our business clients, and in doing so, we can empower our clients to make informed decisions that will improve and grow their businesses.
Important Due Dates For Taxation and Superannuation (2022)
May 17th, 2022
People who have a registered tax agent should file their annual returns by this date. If you fall in this category, this shouldn’t worry you because your agent will take care of everything.
June 30th, 2022
This is when the financial year ends.
July 1st, 2022
This is when tax returns for 2021 will be processed by the Australian Taxation Office.
July 14th, 2022
Employees should receive an annual report of their Pay As You Go payments from their employers on this date. Make sure you check to see if all the details are checked.
July 16th, 2022
Around this time, rebates from the previous fiscal year are issued. Refunds will be issued within 2 to 3 days of this date.
October 31st, 2022
This is the deadline for filing tax returns for the fiscal year beginning July 1, 2021, and ending June 30, 2022. However, if you’re using a tax agent, the deadline is later.
What Happens If I Don’t File Tax Within Deadlines?
If you don’t file tax within deadlines, the Australian Tax Office will issue you an FTL (Failure To Lodge) penalty. ATO calculates the fine at the rate of one penalty unit for every period of 28 days. Therefore, it is much better to lodge your tax return by the due date to avoid the FTL penalty.
How to Avoid FTL Penalty?
Hiring a registered tax agent can help you ensure you do not miss the deadlines and it means you don’t have to pay the FTL penalty. You will never have to worry about lodging your tax returns by the due date. If you are looking for a tax accountant to help you with tax and financial planning, then contact Perth Tax People to help you file your tax.
Why choose Perth Tax People as your Business Tax Accountant?
We are flexible and reliable tax accountants. The fact that we are mobile means that we come to you, wherever you are. Enjoy unimaginable convenience as you take your business to the next level!
