Small Business Tax Accountant: Business Tax Returns & Financials
WealthVisory is proud to offer exceptional quality business bookkeeping in Mandurah. With years of experience handling small business accounting as well as business reporting requirements for larger firms, we’re the only accounting support you’ll need for your business to thrive.
As a registered tax agent in Mandurah, WealthVisory can assist businesses with:
- Business income tax returns
- PAYG withholding annual reports
- Fringe benefits tax return
- GST annual return
- Taxable payments annual report (TPAR)
- Business activity statements
Unsure if you need to make any of these reports? WealthVisory’s business accountants are ready to help you understand your business reporting requirements.
Business Tax Returns
WealthVisory is a registered tax agent, available to complete business tax returns in Mandurah for sole traders, partnerships, trusts and companies.
Income tax returns for businesses are lodged in a few different formats depending on the kind of business structure you’re operating with.
Sole Trader Tax Returns
Sole trader tax returns are covered under individual income tax returns for the business owner, covering both business income for tax purposes and all other sources of income. Similarly, sole trader tax deductions include business-related tax deductions and all other relevant deductions the business owner is eligible to claim.
Sole traders will also need to complete the supplementary section on their income tax return, and lodge a business and professional items schedule.
As the local expert for both personal and business tax returns in Mandurah, WealthVisory’s accountants can assist with preparing and lodging sole trader tax returns. Our experienced team can help you identify all relevant deductions, small business tax concessions and immediate deductions for asset purchases.
Partnership Tax Returns
Partnership income taxes are applied to the business partners on their personal income tax return, according to net share of income each partner receives. The partnership also needs to submit a partnership tax return.
Many small business tax deductions, tax concessions and other benefits will also apply to partnerships. It’s a good idea to seek advice on small business tax benefits well before the end of financial year, giving your business time to implement tax planning strategies.
Trust Tax Returns
If you operate your business through a trust, each party in the trust structure will need to lodge a tax return. The trustee will need to lodge a trust tax return and report net income or loss. Beneficiaries of a trust need to lodge a personal tax return, covering income received from the trust and all other forms of assessable income for the tax year.
WealthVisory has many years of experience setting up and managing the financial requirements of trusts, including both family trusts and unit trusts. As business tax accounting specialists, we can assist with both the trust tax return and trust beneficiaries tax returns, making your tax time financials simple and convenient.
Company Tax Returns
If you operate your business as a company, you need to lodge a company tax return. Company income is considered separate from the personal income of owners or shareholders.
An Australian company is required to report taxable income, tax offsets and credits, PAYG instalments and the amount of tax it needs to pay (or is eligible to receive as a tax refund).
These extra requirements can make company tax returns tricky, so it’s always best to consult an expert in business accounting to ensure company income tax requirements are properly met.
WealthVisory is an experienced accounting firm and registered tax agent in Mandurah, offering reliable company tax return completion and lodging for local companies.
Our team of tax accountants aim to make business tax returns simple and convenient for all of our clients. If you need efficient, detailed and well-informed tax assistance, trust WealthVisory to complete your business income tax return this year.
Business Financial Reporting
Wherever you are in Australia, the same reporting standards apply across all Australian states and territories. Businesses in WA may be required to report to the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC) or the Australian Securities Exchange (ASX).
One of the most important steps towards proper financial reporting isn’t the reporting itself – it’s ensuring your business keeps adequate, up to date financial records day in and day out. Without these records, you’ll be unable to report on the financial affairs of your business accurately or in a timely manner, with the potential to receive penalties or fines.
Whether you need an experienced accountant to get your bookkeeping in order, or looking for a Mandurah accountant to handle your financial reporting, WealthVisory is the reliable accounting partner who can step in and get the job done with excellence.
Business Financial Reporting And Bookkeeping Tips
To make financial reporting and BAS requirements easier, consider the following:
- Keep appropriate records of all day-to-day financial activity involving your business – including sales and other income, expenses, wages and other outgoing payments
- Ensure bookkeeping and accounting methods adhere to best practices in Australia, including correct GST accounting methods
- Keep all records regarding business assets and expenses, such as stocktake records and vehicle logbooks
- Ensure all records, receipts and invoices are kept for a minimum of five years
Business Activity Statements
Every Australian business registered for GST is required to submit a Business Activity Statement (BAS) to the Australian Taxation Office (ATO).
Failing to submit your Business Activities Statement to the ATO may mean your business is subject to interest and penalties, so it’s crucial to partner with a reliable business accountant to submit BAS statements regularly.
These reporting obligations may include:
- goods & services tax (GST)
- pay as you go withholding (PAYGW)
- pay as you go instalments (PAYGI)
- fringe benefits tax (FBT)
- wine equalisation tax (WET)
- luxury car tax (LCT)
There are a variety of different BAS forms which an organisation can complete, depending on your business structure and income bracket. WealthVisory can advise on which BAS form to use for your business.
When Do I Need To Submit Business Activity Statements?
Business Activity Statements are typically issued on a quarterly basis. Some small businesses are eligible to lodge GST statements annually, subject to eligibility criteria being met.
WealthVisory is a registered BAS agent in Mandurah for lodgement and payment of business activity statements. If you’re in need of a registered tax agent to ensure you never miss a BAS submission, get in touch to make an appointment with one of our friendly team.
As a registered tax agent for GST, WealthVisory can assist with advice and reporting on all GST matters, including:
- Claiming GST credits (and when to claim GST credits)
- Proper accounting methods for GST
- GST annual returns
If your business needs a reliable GST agent or tax agent, contact one of WealthVisory’s experienced tax accountants. We take pride in making business financial reporting convenient for small businesses, with exceptional attention to detail.
Financial Reporting Requirements for Companies
In addition to completing a company tax return, companies in Australia must prepare and lodge financial reports with ASIC. Annual financial reports are required to be audited according to Australian Accounting Standards unless an exemption applies.
Reporting requirements for public companies also differ, as special disclosure rules also apply to any company listed on the Australia Stock Exchange (ASX).
A business accountant can help you find out which financial reporting requirements apply to your business. If you have any enquiries regarding business reporting in Australia, the WealthVisory team are happy to help. You can contact us via the website or by giving our office a call.
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To find out more about the services that we offer at WealthVisory, book an appointment online with us today.