Taxation compliance is often looked upon as a “necessary evil” that has to be done to comply with the current taxation legislation. Navigating the complexities of tax laws can be challenging, given their constantly evolving nature.
At Parallax Accounting, we specialise in staying current and complying with the latest tax regulations and are committed to guiding you through this intricate landscape with confidence and clarity. We know that your business and especially the fruits of your labour – your profits – are precious to you.
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If you can't find the answer to your question below, reach out to our team.
Yes, we can guide you in choosing the right structure (sole trader, partnership, company, trust) based on your goals, personal circumstances, and tax considerations. Scheduling an appointment is easy!
We offer flexible options to suit your schedule.
BAS (Business Activity Statement) helps you report GST, PAYG withholding, and other taxes. It’s calculated based on your sales, purchases, and payroll. Your bookkeeper or accountant can help you calculate and report your BAS to the ATO, ensuring you meet deadlines.
GST (Goods and Services Tax) is a 10% tax on most goods and services. You must register if your business earns over $75,000 annually or if you choose to voluntarily register.
PAYG withholding is a system where you deduct tax from employees’ wages and remit it to the ATO.
You need to register for PAYG withholding if you have employees.
The FTC is a credit businesses can claim for fuel used in business operations. Claims can be made through the BAS if your business uses fuel for eligible activities.
STP is a reporting system where businesses report employees’ pay, tax, and superannuation details to the ATO directly after each pay run. Compliance involves using STP-enabled software.
Superannuation is calculated as a percentage (currently 11.5%) of employees’ ordinary earnings. It must be paid to their nominated super fund at least quarterly.
The distinction depends on factors like control over work, independence, and the nature of the relationship. It’s important to classify workers correctly for tax and legal purposes. The ATO have a tool on their website designed to help determine whether a worker is an employee or a contractor.
FBT applies to non-cash benefits provided to employees (e.g., cars, loans, and entertainment). It’s calculated and paid annually by the employer.
We recommend cloud-based accounting software like Xero, MYOB, Reckon or QuickBooks, which are easy to use and integrate with other business systems.
As a director or owner, you’re responsible for ensuring compliance with tax, employment, and financial regulations. This includes lodging tax returns, managing payroll, and maintaining accurate financial records.
As tax professionals, we strive to provide you with tax planning advice to ensure you are maximising your return for your business. We work with the business owners to effectively and legally structure their business affairs to boost wealth creation and minimise tax payable.
Come in today and see how we can make a difference for you. Enjoy simple to understand, hassle free accounting services that remove stress and optimise your investments to achieve the growth you deserve.
To make an appointment, please phone our office on 07 4613 5400.
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