Meeting the compliance requirements of a range of state and federal legislation is just one of the challenges facing the modern business owner. Health and safety legislation, industrial relations issues, employment discrimination and environmental requirements are just some of the issues that must be dealt with on a daily basis. Taxation legislation is a completely different challenge, and one that affects business owners is company tax.
Background Knowledge Needed to Understand Company Tax
This is an area of compliance that is best left to experts, although some owners with small companies do try to complete and lodge their own returns. Just because they can does not mean they should. This is a complex area that requires a lot of background knowledge that is not necessarily reflected in the documents they are completing.
We know this because they often become our clients when something goes wrong, and they come to us for advice. At Carbon Group we have the qualified staff, the experience and knowledge of current company tax legislation to assist you with all your company tax compliance issues.
Don’t Become Distracted from Running Your Business
With this kind of support so close at hand, we wonder why any busy manager or business owner would even think about handling their own company tax compliance. There are many other problems that arise every day when running a business. Being distracted with tax concerns could result in management not paying enough attention to the operational issues that create their profit.
A Quick Look at Taxes Affecting Australian Businesses
A quick run through of the different types of tax that business managers are responsible for include GST (Goods and Services Tax), CGT (Capital Gains Tax), FBT (Fringe Benefits Tax) and PAYG withholding at a federal level and payroll tax at a state level. Add to that the compliance issues around the superannuation guarantee and we believe that managing these from day to day is challenging enough without adding company tax to the mix.
Taking a Broader Approach to Company Tax Compliance Delivers Benefits
Of course, company tax compliance is just a part of the broader picture in building a successful business. Adopting a narrow focus on just taxation may hold back a business that could be much more profitable if a broader view was taken by the owners and managers. This is an area in which we are actively assisting our clients to take a more strategic approach to their business taxation issues.
We offer restructuring advice that results in a more holistic and long-term approach to running their business. Our clients are still meeting their legal and taxation obligations, but in ways that deliver to them better outcomes. Getting this type of support from experts is a far better solution than going it alone.