Accounting Services Sydney | Chartered Tax Advisor

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Accounting Services Sydney Chartered Tax
Advisor

• As a Chartered Tax Adviser firm, we are very
  proud of our knowledge and skills level with tax
  and always strive to catch up the continuously
  changing taxation laws and the ATOs positions.
  As active members of The Tax Institute, the
  leading tax professional body in Australia, our
  team never stops to put extra efforts to provide
  the best tax compliance and advisory services to
  our clients with cost effective strategies. Our
  result oriented strategy has helped our clients
  who had complex tax issues against the ATO, and
  delivers future focused tax planning and advice.

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Tax Compliance Litigation Support

• With our extensive experiences in tax litigation
  supports, we are fully capable of delivering tax
  litigation support to our clients and their legal
  representatives. Our team has worked number of
  large scale of tax audits and voluntary
  disclosures with great outcomes for the clients.
  Our works are fully incorporated with tax laws
  and regulations, and we have been closely working
  with number of tax lawyers in Sydney to resolve
  our clients tax matters with the Australian
  Taxation Office.

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Tax Audits

• Operations Wickenby
• Phoenix Investigations
• Income Tax Audit
• GST Audit
• Tax related litigation support

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Voluntary Disclosures 

• Multi-Year Income Tax Returns
• Offshore Income Declarations
• Remission of Penalties and Interests from the ATO

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General Compliance

• Income Tax Returns for Individuals, companies,
  trusts, partnerships and SMSF
• Business Activity Statements and Annual GST
  Return
• FBT Return
• Payroll Related Reports including PAYG
  Withholding Tax
• WorkCover (Workers Compensation) Audit and
  Compliance
• Superannuation Guarantee Audit and Compliance

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Tax Advisory Service

• Corporate Income Tax
• For tax purpose, the definition of a company
  differs from its definition in the Corporations
  Act. It could include building societies,
  sporting clubs and limited partnerships. Also the
  Division 7A is only applied to private companies.
  Allowing deductions of business losses and bad
  debt is required special care as there are tests
  involved to be eligible. Also companies pay
  income tax under the pay as you go (PAYG) system
  based on installment rate notified by the ATO.
• Dividend payments to companys shareholders
  require great attention. Also the Division 7A of
  Income Tax Assessment Act 1936 and other sections
  requires companies to put extra attention with
  regard to deemed dividends. This could include
  related trust distributions and forgiveness of
  debts to shareholders and associates.
• A group of wholly-owned Australian resident
  company can elect to form a tax consolidated
  group to reduce tax compliance costs. The
  calculation of consolidated tax is complex
  procedure and may require expert advice.

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International Tax

• The increasing globalisation causes tax
  regulators attention around world to secure the
  tax revenue from their residents as individuals
  and businesses move easily from one country to
  another for jobs and business interests. It is
  important to consider whether taxpayers or amount
  fall within Australian tax jurisdiction. It is
  matter of residency and source for income tax
  purposes. When a taxpayer is a resident of
  Australia for income tax purposes, they are
  assessable on income from all sources. If a
  taxpayer is not a resident of Australia for
  income tax purposes, then generally only
  Australian-sourced income is taxable. The tests
  of residency for both individuals and companies
  and determination of income source is critical
  part for this issue. However, there are some
  exemptions available to companies in relation to
  non-portfolio dividends and branch profits. Also,
  only CGT assets that are taxable Australian
  property give rise to capital gains and losses
  for temporary resident in case of individuals.
• There are withholding taxes for dividends
  payments by resident companies as well as
  interest and royalty payments to non-residents.

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R D Tax Incentive

• New registration of R D Tax Credit allows
  eligible businesses for a tax incentive including
  a 45 per cent refundable (150) tax credit. To
  eligible for this, the entitys annual turnover
  must not over 20 million. For larger businesses,
  the program gives a 40 per cent non-refundable
  credit. The process of claiming for R D Tax
  Credit is complex and time consuming. The entity
  must register with AusIndustry each year before
  it claims tax credit through tax return. Not all
  entities are eligible for this.
• Our experiences for R D tax incentive have been
  proven with our clients businesses. We support
  our clients with R D Planning, registering with
  AusIndustry with accurate R D Expenditure
  calculation and preparing for compliance program.
  For further information, please contact our
  office.

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Goods and Services Tax

• Issues in relation to Goods and Services Tax
  (GST) are getting complex ever since we have GST
  in Australia since July 1, 2000. Registration
  turnover threshold has been increased during the
  period, and it is a requirement for businesses
  whose turnover exceed this threshold. Businesses
  exporting or importing goods or services from
  overseas have special GST issues in relation to
  GST free and GST deferral scheme.
• There are special GST rules for the supply of
  real property. Taxpayers who sell real properties
  must acknowledge these special rules. Also if a
  business is about to be sold, and certain
  conditions are met, the sale of the business is
  GST-free.

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Fringe Benefits Tax

• Fringe benefits are taxed under the Fringe
  Benefits Tax Assessment Act 1986 separate from
  income tax law. If fringe benefits are given to
  employees and their associates in relation to the
  employment, fringe benefit tax issue arises.
  Though there are exempt benefits, most of the
  employment related benefits are subject to FBT.
  Also employers who provide fringe benefits to an
  employee having a total taxable value exceeding
  2,000 for an FBT year must record the grossed-up
  taxable value of the benefits on the employees
  payment summary. Employers should put extra care
  when they provide fringe benefits to employees
  whether it is entitled to the otherwise
  deductible rule as it reduces the value of
  fringe benefits.

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Capital Gains Tax

• Capital Gains Tax (CGT) is not a separate tax,
  but it is included net capital gains in a
  taxpayers assessable income. The amount of the
  taxable capital gain could be reduced by 50 per
  cent in the case of individuals and trusts and by
  33.33 per cent in the case of complying
  superannuation funds but not companies.
  Understanding CGT events (currently 53 CGT
  events) and cost base is very complex and
  requires great attention to calculate correct
  capital gains and losses. Any taxpayers
  (regardless of their residency in Australia) who
  have a taxable Australian property are required
  to consider any possible tax consequences before
  it is sold or transferred. We provide a quality
  tax advice in this area including options to CGT
  rollover reliefs to reduce the tax payable for
  our clients.
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