Taxation & Business Services
Personal Income Tax
Our business is structured to make your tax returns as pain free and cost effective as possible. In order to make tax less of a chore we offer all our clients our personal tax organiser. This deceptively simple tools enables our clients to organise their papers, check the list, then contact us for an appointment. The end result is a personalised, high quality, stress-free service at highly competitive prices.
Individual Tax Returns – explained
Income and Deductions
Almost everyone who earns income must lodge a form with the Australian Tax Office, to work out what tax must be paid or refunded – this is known as a Tax Return.
Very simply the concept of taxable income is based on:
Income less Expenses = Taxable Income
Income: what you received or earned in the year
Expenses: what it cost you to get the income
Your taxable income is then multiplied by your tax rate (which will vary according to how large the total is) to give your tax payable.
It is our job to ensure that the tax payable is minimised wherever possible. Tax minimisation is quite legal and differs from Tax Evasion which is where a deliberate effort is made to ensure that legally required tax is not paid.
We can provide you with a tax organiser to enable easy collection of all necessary documents during the year, therefore reducing your tax and the task of completing your return wherever possible. Contact us for a copy.
What to do I do? Hassle Free – Individual Tax Package
- Contact us for our Mail Order Tax Package
- Use our Personal Tax Organiser to sort your papers
- Complete the Information Collection Summary
- Return the Organiser and Summary to us along with your deposit
- Answer any questions we may ask while we are processing your work
- Check the tax return thoroughly once it is complete
- Sign your tax return and mail it to us for lodgement
- Bank your cheque or pay the ATO once the Assessment is made by the ATO
Personal Tax Organiser
Making completing tax returns easy
Personal tax organiser
In order to help make your accounts less of a chore, we offer a range of information and documents that you may find helpful.
One of the most popular new additions is our personal tax organiser – a folder for our clients to keep their papers in order during the year so tax time becomes easier and less stressful.
We offer to our clients our personal tax organiser free of charge.
The organiser has also allowed us to be able to manage your tax remotely, we are now able to do a “mail order” version of tax processing.
Sydney Accounting provides a full range of Business services for our clients, both big and small. We have experience in all areas of business services in just about every industry you can imagine. We don’t just do – we work with you to ensure you not only get the result you need but also we make sure you understand what is happening at al times.
Because we aim to be hands on with our clients, we plan, organise and structure your Company Taxes throughout the year with a review in June. This ensures the most favorable outcome and cost effective process of tax return preparation.
Services provided by Sydney Accounting include:
- Company Tax Returns
At Sydney Accounting we prepare a full variety of tax returns from basic to highly complex.
- Company Secretarial
As a part of our Company Secretarial work we check company statements, ensure ASIC is kept up to date with any changes to details as well as preparing any necessary forms or paperwork.
- Activity Statements
We have a range of options regarding preparation and lodgment of IAS and BAS. This includes you preparing the return and either lodging it yourself or getting us to lodge it electronically, as well as a full prepare and lodge service.
- Fringe Benefit Tax
We prepare Fringe Benefits Tax Returns and advise on salary packaging to minimise FBT.
- Business Development, Appraisal & Financing
We offer a wide range of services surrounding the development, appraisal and financing of your business
Business Activity Statements (BAS) are used for reporting taxable activities including GST.
These are issued by the ATO on either a monthly or quarterly basis and are used to report and remit payments to the ATO including GST. If you are not registered for GST you will not receive BAS.
Sydacc found many issues with the standard “off the shelf” accounting programs’ methods of handling transactions and so developed some tricks and add-ins to ensure our clients BAS is correct every time.
Regardless of whether we prepare the BAS here using our workflow or if our clients complete the process themselves our methods aim to produce an auditable file every quarter.
What is reported on a BAS?
- Goods And Services Tax (GST)
Complete the Goods And Services Tax (GST) section of your activity statement if you are registered for GST. GST is a broad based tax of 10 per cent on the supply of most goods, services and anything else consumed in Australia. As an entity conducting an enterprise and registered for GST, you generally have to pay 10 per cent GST to the ATO when you make a supply of most goods, services and anything else in the course of your business. These are called Taxable supplies. There will also be GST included in the price of many of the things you purchase or acquire for your business. These are called Credible acquisitions. You can claim input tax credits for this GST on your activity statement. You can also claim input tax credits for GSTpaid on credible acquisitions that have been imported.The difference between the amount of GST you pay on Taxable Supplies you have made and the Input Tax Credits you are entitled to is the amount of GST you owe to, or are owed by, the ATO.
- Pay As You Go (PAYG) Withholding
Complete the PAYG withholdingsection of your activity statement if you have withheld tax from payments to others.The new PAYG withholdingsystem provides a standardised way to help businesses work out which types of payments are subject to withholding. The rates of withholding are usually in accordance with the withholding schedules (Tax Tables) published by the ATO.Withholding arrangements generally apply to salary or wage type payments made to employees, payments to company directors and other office holders and a range of other payments. Withholding arrangements also apply to payments made on invoices where a supplier has not quoted a ABN.
- Pay As You Go (PAYG) Instalment
Complete the PAYG instalmentsection of your activity statement only if there is a figure preprinted at section T2 on the back of your activity statement.Most individuals and entities with business or investment income are required to pay PAYG instalments on that income. If you are registered for GST, you pay PAYG instalments quarterly.
You work out the amount of your quarterly instalment by multiplying your instalment income
for the quarter by an instalment rate provided by the ATO.The instalment rate is based on information taken from the most recent assessment for
your most recent income year for which ah assessment has been made.
- Fringe Benefits Tax (FBT) Instalment
Complete the FBT instalment section of your activity statement if your previous years FBT liability was $3000 or more.FBT is a tax payable by employers in respect to fringe benefits provided to employees in the placeof, or in addition to salary or wages. Instalments for the FBT year are payable on 21 July, 21October, 21 January and 21 April
- Wine Equalisation Tax (WET)
Complete the Wine equalisation tax section of your activity statement if you have made a taxable sale of wine in the current tax period or you have paid wore Wine equalisation tax
than was properly payable.Wine equalisation tax is a tax on the last wholesale sale (that is a sale to a reseller) of wine
in Australia. Wine equalisation tax is imposed at the rate of 29 percent on the wholesale selling price of wine. If wine is not sold by wholesale, alternative values are used to calculate Wine equalisation tax.