Taxes including Income. GST, CGT, FBT
Only a few years ago “taxation” effectively meant Income Tax, today we also need to deal with Capital Gains Tax (CGT), Good and Services Tax (GST) Fringe Benefits Tax (FBT), Pay As You Go (PAYG) and a myriad of other taxes both State and Federal.
This firm views taxation as any other expense of the business which should be reviewed and minimised within the context of the business. Within this framework the firm offers a number of taxation services including:
Basic statutory compliance for all classes of taxpayers Companies, Superannuation Funds, Discretionary, Unit and Hybrid Trusts, Deceased Estates, Partnerships and Individuals.
Assistance with keeping you informed of your tax payments. Today we face a number of payments throughout the year, on assessment of the year’s income, quarterly PAYG (I) in addition PAYG (W), GST and FBT. These all add up and can be a drain on the businesses cash flows.
Taxation planning including interim accounts so we calculate your projected income and plan the best income tax outcome prior to the end of the year.
Tax effective structuring - a critical planning tool in today's complex and ever changing tax environment.
We also have access to a number of specialist taxation solicitors and accountants if and as required.
Tax effective products
Our view is that you should not loose sight of you business aims and direction purely for a tax benefit. Any investment tax effective or otherwise must first stand on it’s own as an investment that meets YOUR fundamental investment criteria. Tax effectiveness should be a by-product. Dealing in tax effective products has changed significantly over the last few years. Under the Australian Financial Services Legislation Chartered Accountants are no longer allowed to advise on their purchase, however our licensed and qualified experts in Pendleburys Financial Planning are available to assist.
Employee related compliance
The employee related compliance that businesses today face is increasing exponentially. With a dichotomy between state and federal governments the regulation and associated compliance does not look like slowing or diminishing in the foreseeable future.
Where once it may have been the case of employing someone, they receive 4 weeks annual leave per year, some sick leave and if they remain faithful to you for 15 years, they took 3 months off.
Now we are faced with the myriad of employee related compliance. We have a series of Acts and Regulations at State and Federal level. In March 2006, we had the introduction of the Federal Workplace Relations Legislation. Spurned by the unions and State Governments we saw, and are still seeing, attempts by the States to offer alternatives and High Court Challenges. The result is an uncertain work place for employers and employees alike.
With these fundamental changes going ahead we also have a variety of other “leaves” creeping into various Awards and Agreements including Maternity, Paternity, Family and Carer’s Leave to name a few. In Victoria, there was recently a change in the Long Service Leave Awards which reduced the entitlement from 15 years service to 10 and makes it pro-rata after 7 years.
In addition to this, we have WorkCare, Occupational Health & Safety, Payroll Tax and the list goes on. It is rapidly getting to the point where the average small business cannot stay abreast of all of these and requires assistance with their compliance.
We run the gauntlet of yet another series of compliance that the investor must deal with today. These range from organisational rules like those of the ASX, through State Government legislation and taxes including Stamp Duty and Land Tax through to the Federal Income and Capital Gains Tax regimes.
All have their compliance obligations with the ASX’s T plus 3 for settlement, recent changes to State government Land Tax in relation to land held within trusts being taxed at a special rate; not to mention tax office compliance rules required of investors in keeping track of their capital gains tax and income tax responsibilities.