Business Financials & Tax Returns

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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.

Experienced and qualified tax accountants

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).

What is a company tax return?

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.

What is capital gains tax (CGT)?

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.

Fringe Benefits Tax (FBT)

How Carbon can help

If you reward your employees with benefits other than their salaries, you are then required to pay fringe benefits tax (FBT). The two go hand-in-hand, but how do you determine what is and isn’t taxable, and how do you calculate the taxable values when lodging your FBT return?

Carbon Accounting & Tax’s team of qualified 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, the FBT year differs from the financial year and is from 1 April to 31 March).


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