Small Business Tax Returns
You have gone through the gruelling process of registering and aggressively promoting your business. You are now in the middle of completing your first wave of projects. As your income and reputation slowly pick up, the idea of loosening up a bit and waiting for the money to come flowing in seems welcoming--that is, until the end of the financial year sends you scampering again to finish a mountain of paperwork.
If you operate a small business, you've probably experienced this harried situation. In fact, a big percentage of small and medium enterprises (SMEs) in Australia fail at managing their taxes and eventually struggle with huge backlogs. Some, on the other hand, opt for online tax tools but often hit a roadblock as soon as they are faced with unique tax issues that their apps cannot explain nor resolve.
It is more sensible, therefore, to get direct guidance from a real, live tax specialist to avoid getting seriously fined for non-compliance. A tax professional prepares a client's requirements for the past financial year. These include:
- income tax return
- Pay As You Go (PAYG) withholding annual reports
- Fringe benefits tax return
- Goods and Services Tax (GST) annual return
- Taxable payments annual report
Hire a tax agent if you also need assistance with your Business Activity Statement (BAS). All businesses registered for GST are required to submit their BAS on either a monthly or a quarterly basis.
Aside from bringing their knowledge and expertise to these processes, your tax professional is a valuable source of sound accounting advice to maximise your returns. As your trade is just growing, you will need to get the most out of business deductions and tax concessions. When your business grows or diversifies, you'll need someone to explain unfamiliar topics such as restructuring, additional tax registrations, and book keeping.
Does your SME have existing tax issues? Is preparing your quarterly BAS a challenge? C. Borg & Co. knows all too well that it's a struggle to balance your time between your tax obligations and client deliverables. Call us, and we'll take the responsibility of tax compliance off your shoulders. That way, you can keep your business running and running smoothly at that.