Personal Tax.
We prepare individual tax returns daily and can pick up things you may have missed, including deductions and relevant eligible rebates, offsets, and credits. As a Registered Tax Agent, we can negotiate payment plans, extend your lodgement due date from October to May the following year, and ensure you stay on the right side of the Australian Taxation Office (ATO).
Let us take the stress out of tax time by helping you lodge your tax return.
SoleTrader? Employee? No problem, we’ve got you covered.
The simplest way to run a business is as a sole trader. All you need to get started is an AustralianBusiness Number (ABN). Sole traders are required to lodge an individual tax return and are taxed at the same rate as an individual. You are required to declare your business income or loss as part of your personal income tax return. Unlike an employee's individual tax return, there are additional details you need to be aware of that are part of the process of lodging a tax return as a sole trader.
You will need to register your business for Goods and Services Tax (GST) if your annual turnover is estimated to be over $75,000 p.a. and you may be required to enter the Pay AsYou Go (PAYG) instalments system. These instalments are pre-payments of your tax for the following year and are credited as tax credits in your income tax assessment.
Not sure how much you need to set aside for taxes? Having trouble getting all your information together? Uncertain how much you can claim in deductions?
We can help you navigate your tax and compliance obligations and ensure you maximise your deductions and keep up to date with all PAYG instalments, Business Activity Statement (BAS) return lodgements, and ensure you lodge your tax return by the deadline.
BAS Returns.
If you're a sole trader, you'll need to lodge a Business Activity Statement (BAS) generally on a quarterly basis to report any GST you've collected from your clients and claim GST credits. A BAS will also report any PAYG Withholding obligations if you employ people and report any PAYG instalments.
Take the stress out of preparing your individual tax return by working with accountants who will take the time to understand your specific circumstances.
Preparation of financial statements
Compilation of financial statements
Review of financial statements
Analysis of financial statements
Tax Planning.
Are you prepaying your expenses? Are you maximising your deductions, e.g., personal superannuation contributions? Deferring income to the following tax year? Writing off bad debtors to claim a bad debt tax deduction? Do you have Capital Gains Tax (CGT) issues you need sorted to minimise any capital gains by accessing all available exemptions and concessions?
Is it time to consider restructuring your business to ensure you take advantage of the tax planning strategies available to you?
If your current accountant isn't discussing these things with you, we highly recommend you complete the contact form so we can meet and review your tax situation.
Our accountants have a wealth of experience in structuring and implementing personal tax planning strategies.
About Causbrooks.
Causbrooks is a registered tax agent with tax accountants who have decades of experience working with businesses and all tax entities, whether it be trusts, partnerships, companies, or sole traders.
Get in touch with us to setup a consultation or use the contact form on this page to inquire whether ours ervices are right for you.
View our other services.
Corporate Accounting and Tax.
There are multiple structures available when it comes to deciding how to operate your business. It can be important to choose the most suitable structure at the start to avoid costly restructuring and unwanted costly tax consequences.
Self Managed Superannuation Funds.
A Self Managed Super Fund (SMSF) works like any other super fund, with the crucial difference that the responsibility of managing the fund, (including its investment decisions and legal responsibilities) rests solely with the trustee (member).
Contact us today for a consultation.
Contact us today to learn more about how our accounting services can benefit your business. We look forward to hearing from you and helping you achieve financial success!