Business Financials & Tax Returns

Proactive tax accounting to enable business growth.

The government dishes out a long list of chores for business owners: Business Activity Statements (BAS), income tax returns, fringe benefits tax returns, just to name a few. The better your numbers are, the more streamlined this process can be.

Businesses come under pressure when owners don’t understand their compliance liabilities, and when they are due. This is particularly relevant for new business owners, who often don’t realise what’s required.

Falling behind in your tax obligations is one of the major causes of failure for Australian businesses. In an increasingly complex tax environment, keeping up to date with taxation regulations is an absolute must for businesses of any size or industry. Our team of tax accountants will work with you and your team and share their knowledge and expertise to help provide transparency.

Whether you are an established business that has been trading for some time, or a start-up launching your new business venture, our proactive accountants work with you to make a real difference that really works to improve your performance and achieve genuine growth, all whilst adhering to current taxation laws.

You’ll be able to have absolute confidence that your business or personal tax is in good hands.

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Ensuring your income tax return and fringe benefits tax return are lodged correctly, and on time, are important. With Carbon, you will be able to rest assured the work is being completed accurately and by the deadline to the Australian Taxation Office (ATO).

  • Avoid penalties for late lodgment.
  • Accurate preparation of all work.
  • Preparation of your financial statements.
  • Reduced stress from trying to do it yourself.
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Frequently Asked Questions

Maintain accurate financial records, file tax returns on time and stay updated on tax laws. Consulting with a tax professional can also help ensure compliance.

As a business grows, individuals often look to set up various structures to own the business. With a company comes a few more responsibilities.

As a company is separate from its owners, there is the need to lodge a separate tax return for the company.

Income and expenses are calculated for the company, with the major difference being the tax rates applied. This is all calculated through the submission of your company tax return.
The degree of separation between the owners of the company, and the company itself does have other advantages, such as a layer of protection between the personal assets of the owners, and the dealings of the company itself.

 

If you would like to know more about whether a company is right for you, contact our team at Carbon Accounting & Tax, where we tailor business structures to your needs.

A capital gain or loss is the difference between the cost of an asset and the sales proceeds you received when you dispose or sell the asset.

You pay tax on your capital gains as it forms part of your income in your tax return. If you make a capital loss, you can’t claim it against your other income, but you can use it to reduce a capital gain in the same year. If your capital losses exceed your capital gains in an income year, you can generally carry forward the loss and deduct it against capital gains made in future years.

All assets acquired from 20th September 1985 are subject to CGT unless specifically excluded. Most personal assets are exempt from CGT including your home, car and most personal use assets such as furniture. CGT also doesn’t apply to depreciate assets such as business equipment.

Businesses may be required to pay income tax, goods and services tax (GST), payroll tax and fringe benefits tax (FBT), among others.

Yes, you can claim deductions for expenses directly related to earning your income such as operating costs, travel expenses and equipment depreciation.

Strategies include maximising deductions, taking advantage of tax offsets and credits, and effective tax planning with a tax accountant.

PAYG withholding is a system where businesses withhold amounts from payments made to employees and contractors and remit them to the ATO.

You can register for GST through the Australian Taxation Office (ATO) if your annual turnover is over $75,000.

Late payments can result in interest charges, penalties and potential legal action by the ATO.

Find out how Carbon can help your Business Financials & Tax.

Fringe Benefits Tax (FBT) How Carbon can help

If you reward your employees with benefits other than their salaries, you must pay fringe benefits tax (FBT). Our tax accountants are here to help. Together, we’ll maximise the tax savings you’re entitled to, identify potential fridge benefits and create effective strategies to reduce your FBT liability. Don’t forget that the FBT year differs from the financial year and is from 1 April to 31 March.

Download our eBook for free!

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Contact us today Book a free consultation

Find out more about our Business Financials & Tax service and learn how it can benefit your business.

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