Tax accounting in Perth

Proactive tax accounting to enable business growth

Falling behind in your tax obligations is one of the major causes of business 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 accountants in Perth will work with you and your team and share their knowledge and expertise to help provide transparency when it comes to all things tax accounting. 

Whether you are an established business that has been trading for some time or a start-up launching your new business venture, our pro-active 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.

To help with explaining the importance of professional tax advice, we’ll use a real-life scenario to show a what could happen.

A business started trading in July 2017 (the 2018 tax year). The table below shows that no tax is to be paid until March 2019. This is so the ATO can assess the profit of the business. If the business hasn’t put money aside to pay for this tax bill, it could be the difference between surviving or failing!

Although the thought of not paying any tax for a year seems like a great idea, particularly during your first year of trading when you can expect to encounter more costs than following years, there are a lot of pitfalls with not paying tax during this first year.

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, leaving very little time to find tens of thousands of dollars to cover two years’ worth of tax liability. If you want to avoid failing, it’s important to put tax money aside from day one. Stick it in a high interest account or in your home loan offset account. It’s one of the strategies we suggest in our tax planning sessions.

For more tax advice to ensure your business stays on the right side of the ATO, contact our team of accountants in Osborne Park, Ellenbrook, or Roleystone today.
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