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
- 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 & Superannuation
17th May 2021
Individuals, who use a registered tax agent to lodge their annual tax return, need to lodge their tax returns before this deadline. It does not have to bother you since your agent will care for it on your behalf.
30th June 2021
It is the official end of the fiscal year.
1st July 2021
The Australian Taxation Office starts processing tax returns from the previous fiscal year.
14th July 2021
Employers send annual Pay As You Go payment summary to their employees. Therefore, you need to ensure you receive this and make sure everything is in order.
16th July 2021
Rebates from the previous fiscal year are issued around this date. You will get refunds 2 to 3 days around this date.
31st October 2021
This is the deadline for lodging tax returns for the financial year from 1st July to 30th June 2021. If you are using a registered tax agent, the deadline is later. However, you need to talk to your tax agent to avoid penalties. It is even much better to apply for an extension.
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.