It’s that time of year, everyone is getting their payment summary and getting ready to see if they will get a Tax Refund. Each year you have to prepare and lodge a Tax Return in Australia if you earn a Taxable Income, generally over $18,000. Some other people need to lodge a Tax Return to assist with Centrelink or Child Support payments, or just to get back their Franking Credits from Dividends.
Tax Returns have to be lodged by October 31st each year, however if you come and see Business Edge Accountants you get a time extension when your registered with us. As Registered Tax Agents you have up until the 15th of May in most cases, providing you have registered with us prior to October 15th.
As Registered Tax Agents we’re registered with the Tax Practitioners Board and follow strict regulations to stay registered, as we work for you as your Trusted Accountant. Sure you could probably do it for free on eTax or MyTax with the ATO’s software, but you’ll probably find that you may miss out on certain deductions or tax minimisation strategies or just do it wrong and end up with a tax bill.
We can advise you on which strategy or structure you should choose, and we can show you how different structures will affect the way you will be taxed on your personal or business income. The structure you choose may affect:
- the tax you are liable to pay or refund you get
- asset protection options
- ongoing costs
Whichever structure you choose, make sure you understand the responsibilities that go with that structure. Typically, costs and complexity increase as you move from a sole trader to a partnership to a company or trust and the issues that come with each product. Times change and sometimes it’s key that you can move with them and keep on top of your obligations.
As accountants we understand Tax and the law surrounding it to ensure we can get you the best outcome. It’s what we do for a living, why would you see anyone else or worse someone whom is not even an accountant. Get more back this year or even look to give your business the edge in 2014 by changing to Business Edge Accountants, changing is easy!