Tax Accounting

Tax Accounting for Perth Business

Falling behind in your tax obligations is one of the major causes of business failure for Australian business. What is the reason for this you ask? We have highlighted this for you below.

In the above example it has shown a business which started trading in July 2015 (the 2016 tax year). Note the following points from this:

  • No physical tax will be paid in the first 12 months (ignore GST and employee taxes)
  • Once you finish the financial year, you will need to lodge a tax return
  • The tax liability will be due in March 2017 (up to 18 months after you initially started trading)


You will now be triggered for PAYG instalments (tax in advance for 2017) as well as having to pay the 2016 tax liability

  • The is two years worth of tax in 12 months
  • On top of this, should you lodge your tax return late in 2017 (lets say December) then you have missed two of the quarterly instalments meaning you have only six months to pay two years worth of tax

The above example is typical of a business starting out and unfortunately it is all too common for a business to lodge their first tax return late in the year and have very little time to find 10s of thousands of dollars to cover two years worth of tax liability.

At Carbon Group, our approach to tax accounting is simple. We tailor our solutions for each business we work with. As far as we're concerned, there's no other way to deliver tax accounting services to Perth businesses. We're here to make a real difference that really works to improve your performance and achieve genuine growth and understanding.

Above anything else, our qualified accountants are proactive. After you've worked with us for a short while, you'll be able to relax because you'll know with absolute confidence that your business or personal tax is being handled by the best people.

Whether you are an established business, or a startup, we can help with BAS, tax returns, business and personal taxation advice and more. The advice and service delivered by Carbon is game changing for the businesses we work with.

We don't expect you to believe here and now. We expect you to come and meet us so we can justify our claims. We look forward to it so please call us now on 08 6444 6645 or click here to contact us online.

Tips To Avoid Being A Statistic:

  • Put tax money aside from day one (if you are unsure of how much, start with 25% and go up from there)
  • This money can sit in a high interest account or against your home loan in an offset account
  • Engage in tax planning with your accountant before the end of the year. From this, you can see if you have enough money saved or if you can implement any strategies to reduce your liability
  • Lodge your tax return early. Your liability will still be due in March, but you have a longer time to save any shortfall
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