Business Taxation
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.
Tax Planning
Imagine what you could do with your saved tax!
Financial Statements
Life is like accounting...everything must be balanced.
Capital Gains Tax
Secure the best CGT advice!
Other Taxation Services
Behind every good business is a GREAT accountant.
Individual Tax Returns
Claim your tax refund. Really, you earned it!
FAQs
If you can't find the answer to your question below, reach out to our team.
Can you help with setting up a business structure?
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!
- You can contact us by phone or email.
- Alternatively, use the contact us form on our website and our administration team will contact you.
We offer flexible options to suit your schedule.
How do I calculate and report BAS?
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.
How does GST work, and do I need to register?
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.
What is PAYG holding, and how does it work?
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.
What is the Fuel Tax Credit (FTC), and how can my business claim it?
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.
What is Single Touch Payroll (STP), and how do I comply?
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.
How do I calculate and pay superannuation for employees?
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.
How do I determine whether a worker is an employee or a contractor for tax purposes?
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.
What is fringe benefits tax (FBT), and when does it apply?
FBT applies to non-cash benefits provided to employees (e.g., cars, loans, and entertainment). It’s calculated and paid annually by the employer.
What accounting software do you recommend?
We recommend cloud-based accounting software like Xero, MYOB, Reckon or QuickBooks, which are easy to use and integrate with other business systems.
What are my obligations as a director or business owner?
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.
STOP PAYING SO MUCH TAX
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.