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PM Prime Accounting
is a CPA Practice
PM Prime Accounting
is a CPA Practice
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Managing business tax responsibilities is an important aspect of running a business. Along with taxation planning, how you look after them can affect your business’ overall financial situation.
Preparation is key. With the correct advice and prior planning, you should never be surprised by taxation outcomes and it shouldn’t be a burden on your business.
PM Prime Accounting – Tax Accountant Sydney offer tax solutions that are tailored to your business and overall situation. We can assist you during any stage of your business and help keep your business running smoothly.
There’s more to tax than paying your annual bill to the tax office. Tax planning can be a useful tool to create wealth and can begin from the moment you start your own business.
Tax planning is all about being on the front foot with efficient tax management which means no nasty surprises at the end of the financial year. By planning ahead, you can take advantage of opportunities to minimise tax liability when it works for your business.
It’s important to obtain qualified advice to ensure any tax planning aligns with your business goals and is compliant with relevant legislation.
• Tax compliance – You have obligations as a business owner to submit accurate financial information and make tax payments to the ATO.
• Planning ahead – Your tax accountant should be able to give you an indication of your tax liability during the tax planning process.to avoid surprises.
• Tax legislation – Legislation is constantly changing. We monitor changes to ensure your business stays compliant and can take advantage of any that may affect your business.
If you don’t plan well and get the right advice, it could mean trouble for your business. A hefty tax bill could significantly affect your cashflow and non-compliance with ATO legislation could jeopardise the future of your business.
Please call us to find out how taxation planning can help your business.
Lodging your financial information to the ATO is one of the most important obligations of being a business owner. You risk penalties or interest charges if you don’t meet these requirements.
The ATO may impose penalties for misleading or inaccurate information, and interest for overdue lodgements. There may be different obligations and lodgement dates depending on your business structure. PM Prime Accounting offers tax services in Sydney and we can advise you on your specific obligations in relation to ATO lodgements.
Sole trader – Tax return for individuals including the supplementary section of your return.
Partnership – The partnership lodges a tax return, reporting the partnership’s net income. Each individual partner then reports their share of the partnership net income or loss on their individual tax return.
Trust – The trustee lodges a tax return and each trust beneficiary lodges an individual tax return.
SMSF – Once an audit of your SMSF has been finalised, you will need to lodge an annual return. This is used to report super regulatory information and member contributions. As well as to pay the SMSF supervisory levy. Failing to lodge on time may result in penalties and interest charges. If annual returns are neglected it can result in the fund losing SMSF concessions.
Fringe benefit tax – FBT is the tax employers pay on benefits provided to their staff. Common examples of fringe benefits include the use of a company car, car parking, entertainment and loans.
With the ATO now using data matching technology to review lodgements and compare against business benchmarks, it is likely that undeclared income and other reporting discrepancies will be uncovered.
By working with a qualified CPA at PM Prime Accountanting you are assured that your returns will be prepared accurately, and lodgements submitted by due dates.
Ensure your tax obligations are met this year. Contact us to get started.
Lodging your financial information to the ATO is one of the most important obligations of being a business owner. You risk penalties or interest charges if you don’t meet these requirements.
The ATO may impose penalties for misleading or inaccurate information, and interest for overdue lodgements. There may be different obligations and lodgement dates depending on your business structure. PM Prime Accounting offers tax services in Sydney and we can advise you on your specific obligations in relation to ATO lodgements.
Sole trader – Tax return for individuals including the supplementary section of your return.
Partnership – The partnership lodges a tax return, reporting the partnership’s net income. Each individual partner then reports their share of the partnership net income or loss on their individual tax return.
Trust – The trustee lodges a tax return and each trust beneficiary lodges an individual tax return.
SMSF – Once an audit of your SMSF has been finalised, you will need to lodge an annual return. This is used to report super regulatory information and member contributions. As well as to pay the SMSF supervisory levy. Failing to lodge on time may result in penalties and interest charges. If annual returns are neglected it can result in the fund losing SMSF concessions.
Fringe benefit tax – FBT is the tax employers pay on benefits provided to their staff. Common examples of fringe benefits include the use of a company car, car parking, entertainment and loans.
With the ATO now using data matching technology to review lodgements and compare against business benchmarks, it is likely that undeclared income and other reporting discrepancies will be uncovered.
By working with a qualified CPA at PM Prime Accountanting you are assured that your returns will be prepared accurately, and lodgements submitted by due dates.
Ensure your tax obligations are met this year. Contact us to get started.
Tax returns for individuals can range from simple to very complex. All taxpayers have an obligation to submit their individual tax return by the due date specified by the ATO. There may be interest imposed on overdue lodgements and penalties if any inaccurate or misleading information is discovered.
PM Prime Accounting can advise you of deductions or offsets that may be applicable to you based on your specific situation. By using a registered tax agent, you may also be entitled to an extended lodgement date.
Common problems the ATO identifies with individual tax return lodgements:
• Expense claims without receipts or evidence
• Failing to declare income – This includes income earned in Australia and overseas
• Claiming expenses that aren’t allowed. There are strict rules around what you can and can’t claim depending on your employment and investment circumstances
By using the services of an experienced and qualified tax agent, you can be assured of accurate and efficient lodgement of your tax return.
Please give us a call. We’d love to have a chat with you about your tax return.
Level 24, 300 Barangaroo Ave Sydney, NSW 2000
ABN: 46 623 004 544
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