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REPORTING AND COMPLIANCE
INCOME TAX RETURNS, BUSINESS ACTIVITY STATEMENTS, FRINGE BENEFITS TAX RETURNS

Every business, indeed every taxpayer, has a responsibility to lodge Returns and Statements and comply with various laws.

When we help you with yours it's a responsibility that we take very seriously.  It is important that you lodge correctly and free of error.  We work with you to ensure that you pay the least amount of Income Tax, or Fringe Benefits Tax, or Goods and Services Tax, or Capital Gains Tax (oh dear ... there's a few of them isn't there?).

And you have to lodge these Returns on time.  It is important that you stay under the radar and free of penalty.

Importantly too, the non-lodgement of a Return can have significant ramifications in relation to insolvent trading and personal liability claims against you.

And finally ... it's important that we, together, don't simply report your tax obligations but we plan for your tax payments.  By meeting with you and talking with you we can help minimise the impact on your cashflow while still properly reporting your obligations.

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FINANCIAL STATEMENTS PREPARATION

Your formal year-end Financial Statements have to be correct!  My Dad used to say to me there is no point in doing anything half-arsed, and while he was talking about general life stuff it is especially so with Accounting work.

You see, Financial Statements tell a story.  The Profit and Loss records how the business has traded for the period and the Balance Sheet, my particular passion, records what the business owns and what it owes.

We will use these Financial Statements as the start of your Business Improvement work and the start of your income tax calculation.  You will use them to review the year's results and make some business decisions.  Your bank will use them to finance your new home or investments.

And importantly, a prospective purchaser will consider them when looking to purchase your business (and that's why you created your business in the first place ... to sell it!).

These Financial Statements have to be correct ... and we absolutely understand that.

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PAYG SUMMARIES FOR STAFF, DECLARATIONS OF WAGES FOR WORKCOVER AND OTHER REPORTING

During the year other forms need to be prepared.  Your staff will need their PAYG Payment Summaries (what used to be called Group Certificates) and the Tax Department needs a copy of these.

WorkCover needs a Declaration of Wages and on occasion insurance policies require reporting of historical numbers.

Then there's Annual GST Reports and Withholding Tax Reports and ASIC also have a handful of forms that need to be managed.

We can help you with these and any other specific reporting requirements you may have.

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This article is not a substitute for independent professional advice. We do not warrant the accuracy, completeness or adequacy of the information or material in this article. All information is subject to change without notice. We and each party providing material displayed in this article disclaim liability to all persons or organisations in relation to any action(s) taken on the basis of currency or accuracy of the information or material, or any loss or damage suffered in connection with that information or material. You should make your own enquiries before entering into any transaction on the basis of the information or material in this article. Please ensure you contact us to discuss your particular circumstances and how the information provided applies to your situation.

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