Portfolio Archive - Auditax Accountants Business & Tax Accountants Wed, 15 Nov 2023 03:25:20 +0000 en-AU hourly 1 https://wordpress.org/?v=6.7.5 https://www.auditax.com.au/wp-content/uploads/2020/03/favicon-32x32-2.jpg Portfolio Archive - Auditax Accountants 32 32 2023 Tax Return https://www.auditax.com.au/services/2023-tax-return/ Tue, 15 Jun 2021 05:30:17 +0000 https://www.auditax.com.au/?post_type=avada_portfolio&p=7300 Need your2023 Tax Return done? At Auditax, we strive to [...]

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Need your
2023 Tax Return done?

At Auditax, we strive to minimise your taxes and maximise your tax returns. Our highly trained accountants can help you with:

  • Lodging your Tax Return
  • Finding all the applicable deductions
  • Tax planning for the next Financial Year
  • Negotiate payment plans for any tax liabilities incurred
Book an Apppointment

Are you looking for a DIY Solution with advice?

OR

Are you looking for a Tax Agent to do your Return?

Consultation Only

$50 for 20 Minutes

Phone Call | Zoom | In Person

Are you doing your own Tax Return this year?

Do you just need some advice to clarify whether you can claim certain deductions? Maybe you are unsure about a certain part of the Tax Return?

This package is perfect for you!

There will be 0 obligation for you to do your Tax Return with us. Even if you change your mind later on and decide to do your Tax return with us, we will deduct this fees from your Tax Return fees.

Complete Tax Return

Starting at just $150

Phone Call | Zoom | In Person

Would you like us to take care of everything?

Do you just want to have a chat about your expenses and let our accountants take care of the rest? Think life is too busy to be doing all that paperwork?

This package is perfect for you!

Our tax accountants will have a 1-on-1 sitdown with you to take care of everything including going through your deductions, completing and lodging your Tax Return.

Book Now
  • "When are my taxes even due?!?"
  • "What can I claim on my Tax Return?"
  • “Can I deduct work from home expenses?”
  • “When do I need receipts?"

These are just a few of the concerns that we’ve heard from people looking to find a new and more reliable tax agent. These are perfect examples of why it’s so vitally important to find a firm that will take the time to get to know your needs and provide services specific to your circumstances.

At Auditax, our primary goal is to offer you an exceptional experience and go the extra mile to ensure that your expectations are not only met but exceeded.

Here's what our customers have to say about us:
"Auditax have helped me save thousands over the last few years by going over my expenses with a fine toothed comb. Can't recommend them enough!"
MarkCannington
"Dharam's advice has been worth every penny, I can't wait to come back next year!"
LauraOsbourne Park
"One of my friends recommended Auditax to me as I had a few years worth of Tax Returns left and they made the entire process seem so easy."
LukeNorthbridge

Handy Tax Return Calculator

Use our handy Tax Calculator to estimate your 2022-2023 Tax Return.

Please enter the amounts on the left. The calculator will update automatically.

Taxable Income

 $  

Calculated Tax

 $  

Tax Payable

$  

Want to minimise your Tax? Choose Auditax.

Why Us?

Cut down your taxes

Hate paying extra? Us too! That's why our experts are always up to date with the latest tax return deductions for 2021.

Excellent Support

Our team will keep you updated throughout the process so you do not have to stay in the dark ever again.

Finish Taxes From 1990-2021

We can not only do this year's tax returns but also previous ones as well.

Specialised Experts

No chances of error or omission of any deductions or claims. We have a dedicated team of tax accountants with years of experience with tax returns.

Plan Ahead

At the time of lodging a tax return, all we can really do is help you identify everything that is eligible for a tax deduction. However, where we really excel is helping you plan ahead and determine what you can spend over the next year to minimise your tax liability!

Starting at Just $150

Ready to cut down your Taxes? Call our expert tax accountants or use our convenient online tool below to securely book an appointment.

1300 762 329

Best part about our service?

The Money Back Guarantee​

If you are unhappy with the tax advice provided to you during your consultation session. Or if you no longer want to proceed with your Tax Return after talking to us. We will give you a full refund - no questions asked!

Some Commonly Asked Questions

Yes, if you were employed and were working from home, you may be eligible for some tax deductions. These can include expenses such as electricity, decline in value of equipment/furniture and phone/internet expenses.

From 1 July 2022 there are 2 methods available to calculate your claim – a fixed rate or the traditional actual cost method. The ATO has revised the fixed rate for work from home expenses to 67 cents per hour. This allows you to claim a flat 67 cents per hour you worked from home. However, if you use this option, you will be ineligible to claim any additional expenses for working from home.

Yes, if you fail to pay your taxes on time, you may be liable for a ‘Failure To Lodge penalty’ from the ATO.

The penalty is charged @ 1 penalty unit for each period of 28 days or part thereof for which the return is overdue, up to a maximum of 5 penalty units. The value of one penalty unit is $210. This means that the minimum penalty that you can be charged if you delay your tax returns is $210 and the maximum penalty that can be levied is $1,050 i.e. 5 times the minimum penalty.

There are various factors that the ATO considers while charging a penalty for the overdue tax return. These include:

  • Number of overdue tax returns;
  • Your history of filing overdue tax returns; and
  • The fact whether the taxpayer has not fulfilled the appeal to file their tax return or not.

Usually the penalty is applied automatically unless there was NIL tax payable or if there was a net refund from the Tax Return. We may be able to negotiate the penalty depending upon your circumstances.

Well, first of all  we will try to find all the possible deductions applicable to you to minimise your tax liability as much as possible (legally of course!). If you then get a refund…great! Otherwise we can negotiate a payment plan for you with the ATO.

Find out here if you need to lodge a tax return or not. If you usually lodge a tax return but don’t have to for one or more years – we recommend that you submit a non-lodgement advice (we can do this for our clients) because otherwise the ATO may assume you needed to lodge a tax return and commence compliance actions. 

For consultation sessions that have been paid for up front, we will simply refund your amount if you are unhappy with our service.

If you haven’t paid for your Tax Return or Consultation session yet, we will simply stop if you ask us to and not charge you anything.

As simple as that!

For every Financial Year ending on the 30th of June, the deadline to lodge a Tax Return is 31st of October unless an exemption applies to you. Therefore, your Tax Return can be lodged anytime between 1st of July 2023 and 31st of October 2023.

If you are residing in Australia and are liable to pay taxes then you must file your tax return on or before the deadline, unless your income is exempt or falls below the tax-free threshold limit.

Tax Rates for 2023

Did we miss a question? Got any others?

You can use our convenient Chat Tool, which is down in the bottom right corner of your screen, call us directly at 1300 762 329, or simply use the form below to reach out to us. We’ll be happy to discuss your overdue taxes, how you’re currently managing your accounting, and how we can help. So reach out to us today to get started.

Our Blog

Mythbusters! Busting The Biggest Myths about Self-Managed Super Funds

19/09/2022

Self-managed superannuation funds (SMSFs) are a great way to take complete control over your retirement. However, in recent years, SMSFs have come under a lot of scrutiny after the COVID-19 pandemic, leaving many Australians to question the legitimacy and safety of having a SMSF. Fear no more – Auditax Accountants have laid out 5 of the biggest myths surrounding SMSFs, so you can consider whether having one is right for you. Myth #1: You Need To Be A Millionaire To Open An SMSF While there are some general advice floating around about how much you should have to create and

Read More »

Buying a House? Use Your Super to Save!

12/09/2022

What? Use your Super to buy a house? Since when are you allowed to do that!? Since 2017! You may have heard of the First Home Super Saver (FHSS) Scheme, which was introduced in the 2017/18 Federal Budget, designed to help first-home buyers leverage their Super to save a house deposit. As of July 1st, 2022, individuals can withdraw a total of $50,000 from their Super if their previous contributions create the interest. For couples, this works out to be $100,000 that you can add to your home. Not half bad! Here are the basics! First home buyers can divert

Read More »

The post 2023 Tax Return appeared first on Auditax Accountants.

]]> Overdue Tax Returns https://www.auditax.com.au/services/overdue-tax-return/ Sun, 18 Apr 2021 10:43:08 +0000 https://www.auditax.com.au/?post_type=avada_portfolio&p=7087 Want to lodge your Overdue Tax Return? Having overdue [...]

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Want to lodge your Overdue Tax Return?

Having overdue tax returns isn’t exactly what anyone wants hanging over their head. Lodging your late tax returns can be an overwhelming process as you try to catch up on all the admin! At Auditax our accountants will:

  • File any late tax returns
  • Minimise taxes legally
  • Negotiate with the ATO if required
Book an Apppointment

How to lodge your Overdue Taxes today

If you are residing in Australia and are liable to pay taxes then you must file your tax return on or before the deadline, unless your income is exempt or falls below the tax-free threshold limit. It may happen that you forget to lodge your income tax return for a particular financial year.

You’re probably wondering what happens if you don’t lodge your Tax Return? Well, if you don’t lodge your tax return on time or are late for it, the ATO may:

  • Contact you after the due date by SMS, myGov messages, letters or phone;
  • Apply a penalty; and
  • If you still fail to respond, take stronger actions including but not limited to prosecution!
  • "When are my taxes even due?!?"
  • "What can I claim on my Tax Return?"
  • “They don’t respond to my phone calls or emails!”
  • “Will I have to pay a penalty for a late tax return?"

These are just a few of the complaints that I’ve heard from clients looking to find a new and more reliable accounting service. These are perfect examples of why it’s so vitally important to find a firm that will take the time to get to know your needs and provide services specific to your circumstances.

At Auditax, our primary goal is to offer you an exceptional experience and go the extra mile to ensure that your expectations are not only met but exceeded. We offer comprehensive accounting services that cover submission of Overdue Tax Returns, Penalty Negotiations, Tax Advice and liaison with the Australian Tax Office. 

Starting at Just $110

Ready to cut down your Overdue Taxes? Call our expert tax accountants to get an easy solution customised to your circumstances.

- Free Initial Consultation-

1300 762 329

Haven't filed a tax return in years? Choose Auditax.

Why Us?

Reduce Late Tax Return Penalty

Hate paying extra? Us too! That's why our experts can negotiate with the ATO to minimise your late penalty, or in some cases have it removed all together!

Excellent Support

Our team will keep you updated throughout the process so you do not have to stay in the dark ever again.

Finish Taxes From 1990-2020

Our team will keep you updated throughout the process so you do not have to stay in the dark ever again.

Specialised Experts

No chances of error or omission of any deductions or claims. We have a dedicated team of tax accountants with years of experience with overdue tax returns.

Maximise your Deductions

Our accountants are highly knowledgeable and will work hard to ensure you get every applicable tax deduction to minimise your tax liability.

1300 762 329

Tax Return Due Dates

Use our handy infographic below with all the Individual Tax Return Due Dates to make sure you are never late again!

Tax Return Due Dates

Some Commonly Asked Questions

Generally, you do not need to lodge a tax return if your income was less than the tax free threshold ($18,200 as of 2021) AND there was no tax withheld from your income. 

Contact us to see if you actually have an overdue tax return or whether you weren’t requried to submit one.

Find out here if you need to lodge a tax return or not. If you usually lodge a tax return but don’t have to for one or more years – we recommend that you submit a non-lodgement advice (we can do this for our clients) because otherwise the ATO may assume you needed to lodge a tax return and commence compliance actions.

If you are residing in Australia then you must lodge your tax return on or before the deadline unless your income is exempt or falls below the tax-free threshold limit. If you fail to lodge your tax return by this date, yIt may happen that you forget to lodge your income tax return for a particular financial year. If this happens then your tax return becomes overdue.

Overdue tax returns can be filed with the ATO however you might be penalised by the ATO for the delay in the lodgement of your tax return.

Yes, if you fail to pay your taxes on time, you may be liable for a ‘Failure To Lodge penalty’ from the ATO.

The penalty is charged @ 1 penalty unit for each period of 28 days or part thereof for which the return is overdue, up to a maximum of 5 penalty units. The value of one penalty unit is $210. This means that the minimum penalty that you can be charged if you delay your tax returns is $210 and the maximum penalty that can be levied is $1,050 i.e. 5 times the minimum penalty.

There are various factors that the ATO considers while charging a penalty for the overdue tax return. These include:

  • Number of overdue tax returns;
  • Your history of filing overdue tax returns; and
  • The fact whether the taxpayer has not fulfilled the appeal to file their tax return or not.

Usually the penalty is applied automatically unless there was NIL tax payable or if there was a net refund from the Tax Return. We may be able to negotiate the penalty depending upon your circumstances.

Are you worried about a penalty notice from the ATO for not submitting your tax return on time? Our experts can get in touch with the ATO and may be able to request for a remission of the penalty in full or in part depending upon your circumstances. This may not be guaranteed and we will usually let you know up front whether there is a possibility of reducing your penalty or not. 

In addition to the penalty, the ATO may also seek legal prosecution for failing to lodge one or more tax returns. This can result in a maximum penalty of $9000 or up to 12 months of prison time!

Did we miss a question? Got any others?

You can use our convenient Chat Tool, which is down in the bottom right corner of your screen, call us directly at 1300 762 329, or simply use the form below to reach out to us. We’ll be happy to discuss your overdue taxes, how you’re currently managing your accounting, and how we can help. So reach out to us today to get started.

Our Blog

Mythbusters! Busting The Biggest Myths about Self-Managed Super Funds

19/09/2022

Self-managed superannuation funds (SMSFs) are a great way to take complete control over your retirement. However, in recent years, SMSFs have come under a lot of scrutiny after the COVID-19 pandemic, leaving many Australians to question the legitimacy and safety of having a SMSF. Fear no more – Auditax Accountants have laid out 5 of the biggest myths surrounding SMSFs, so you can consider whether having one is right for you. Myth #1: You Need To Be A Millionaire To Open An SMSF While there are some general advice floating around about how much you should have to create and

Read More »

Buying a House? Use Your Super to Save!

12/09/2022

What? Use your Super to buy a house? Since when are you allowed to do that!? Since 2017! You may have heard of the First Home Super Saver (FHSS) Scheme, which was introduced in the 2017/18 Federal Budget, designed to help first-home buyers leverage their Super to save a house deposit. As of July 1st, 2022, individuals can withdraw a total of $50,000 from their Super if their previous contributions create the interest. For couples, this works out to be $100,000 that you can add to your home. Not half bad! Here are the basics! First home buyers can divert

Read More »

The post Overdue Tax Returns appeared first on Auditax Accountants.

]]> Small Business Accounting Services https://www.auditax.com.au/services/small-business-accounting/ Wed, 24 Mar 2021 23:23:05 +0000 https://www.auditax.com.au/?page_id=6964 Accounting Services Tailored to Meet Small Business Nee [...]

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Accounting Services Tailored to Meet Small Business Needs

This includes, but is not limited to:

  • Bookkeeping
  • Tax Returns
  • Payroll
  • Business Activity Statements
Learn More

Finding the right accountant or accounting team for your small business is no small feat

While there are many accounting firms out there, not all of them understand the specific needs of a small business or startup. And even if they do, they still might not understand your unique business needs or be a good fit for your brand.

  • They don’t respond to my phone calls or emails!
  • The advice they gave me was not at all applicable to my specific industry!
  • “They don’t respond to my phone calls or emails!”
  • “They don’t respond to my phone calls or emails!”

These are just a few of the complaints that I’ve heard from clients looking to find a new and more reliable accounting service. These are perfect examples of why it’s so vitally important to find a firm that will take the time to get to know your company, your industry, and your specific small business needs in order to ensure that the services they provide will support your company and not hold you back from the potential of future growth.

At Auditax, our primary goal is to offer you an exceptional experience and go the extra mile to ensure that your expectations are not only met but exceeded. We offer comprehensive accounting services that are tailored to meet small business needs and further customisable to further your unique company goals.

Give us a call today to learn how we can assist you with your specific small business accounting and tax-related needs, ensuring that you have access to the right tools you need to help your business grow and thrive.
1300 762 329

Our Small Business Accounting Services

Whether you’re looking for day to day assistance, annual tax support, or a wide range of accounting services that can grow right alongside your business, our team of expert business accountants is eager to help in Perth.

Business Accountant in Perth Offering

Bookkeeping

Includes day to day accounting, reconciliation, and compliance management.

Tax Returns

Includes assistance for companies, partnerships, and sole traders.

Payroll

Includes calculations, processing, and timely reporting.

Business Activity Statements

Includes monthly, quarterly, or annual lodgement.

1300 762 329

Our Pricing

Essentials

Our most basic package
$ 400 Quarterly (exc. GST)
  • BAS
  • PAYG & Superannuation Return
  • Fortnightly Payroll (2 Employees)
  •  

Startup

Cover your bases
$ 800 Quarterly (exc. GST)
  • BAS
  • PAYG & Superannuation Return
  • Fortnightly Payroll (4 Employees)
  • Bank Reconcilliation (Quarterly)
  • Transaction Posting (Quarterly)
  • Management Reports (Annual)
  • Limited Business Advice
  •  
Popular

Pro

All Inclusive Package
$ 1500 Quarterly (exc. GST)
  • BAS
  • PAYG & Superannuation Return
  • Fortnightly Payroll (19 Employees)
  • Bank Reconcilliation (Monthly)
  • Transaction Posting (Monthly)
  • Management Reports (Quarterly)
  • Accounts Payable (Monthly)
  • Business Advice
  •  

All Packages come with a 50% Discount on the Annual Tax Return and Financial Report and are customisable to your business needs

Hire Perth Accountant for Your Business

We prefer to get to know potential clients before offering a quote. It’s our firm belief that there is no “one-size-fits-all” solution when it comes to meeting a small business’s accounting needs. You need professional business accounting services that can support your business through growth, ensuring that you always have access to the tools, resources, and services that you need to grow and thrive in our ever-changing business climate.

You can use our convenient Chat Tool, which is down in the bottom right corner of your screen, call us directly at 1300 762 329, or simply use the form below to reach out to us. We’ll be happy to discuss your business, how you’re currently managing your accounting, and what types of services you need to be able to advance your business. So, reach out to us today to get started.

Our Blog

Mythbusters! Busting The Biggest Myths about Self-Managed Super Funds

19/09/2022

Self-managed superannuation funds (SMSFs) are a great way to take complete control over your retirement. However, in recent years, SMSFs have come under a lot of scrutiny after the COVID-19 pandemic, leaving many Australians to question the legitimacy and safety of having a SMSF. Fear no more – Auditax Accountants have laid out 5 of the biggest myths surrounding SMSFs, so you can consider whether having one is right for you. Myth #1: You Need To Be A Millionaire To Open An SMSF While there are some general advice floating around about how much you should have to create and

Read More »

Buying a House? Use Your Super to Save!

12/09/2022

What? Use your Super to buy a house? Since when are you allowed to do that!? Since 2017! You may have heard of the First Home Super Saver (FHSS) Scheme, which was introduced in the 2017/18 Federal Budget, designed to help first-home buyers leverage their Super to save a house deposit. As of July 1st, 2022, individuals can withdraw a total of $50,000 from their Super if their previous contributions create the interest. For couples, this works out to be $100,000 that you can add to your home. Not half bad! Here are the basics! First home buyers can divert

Read More »

The post Small Business Accounting Services appeared first on Auditax Accountants.

]]> ABN Tax Return https://www.auditax.com.au/services/abn-tax-return/ Tue, 07 Jul 2020 15:51:58 +0000 https://auditax.com.au/?post_type=avada_portfolio&p=5834 ABN Tax Return Send Your Query ABOUT US Ke [...]

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ABN Tax Return

Send Your Query

Comments

ABOUT US

Keeping up with tax laws may not be an easy task and that is where tax professionals like us have a significant role to play. We ensure that your business tax returns are filed with utmost care leaving no scope for any discrepancies. This helps you avoid any query from the ATO and you stay compliant. Here are some reasons why you can consider Auditax for your business tax returns:

  • We are registered with the Tax Practitioners Board and thus you can appoint us as your registered tax agent.
  • It is easy to connect with us and you can reach us through our online tools, chats, and mails. Our team will reach out to you to handle your concern.
  • We help you maintain your tax documents such as documents substantiating business expenses so that you can retrieve the same when required.
  • If your tax return is in an overdue state then we can file the same with the ATO and can also communicate on your behalf with the ATO for remission of penalties.
  • We help you correct your previous tax returns if any error is there.

You may reach out to us if you have any further queries about how we can help you with tax matters.

Different Ways to Lodge your Tax Return

There are four ways through which you can lodge your business tax return. These include:

  • Taxpayers can lodge the returns through a registered tax agent such as Auditax that is registered with the Tax Practitioners Board (TBP). However, you need to intimate to your tax agent before 31st October if you choose to lodge your tax return through them.
  • A sole trader can also file their tax return online with myTax. If you also file your sole trader returns yourself then you may reach out to us for help if you face any complications regarding any matter. Our team will advise you about lodging your tax return through myTax.
  • Companies, partnership firms, and trusts can use the standard business reporting (SBR) enabled software.
  • Taxpayers also have an option to lodge the returns through paper mode via mails. If you lodge your return through this mode then the refunds are generally issued within a timeframe of 50 days of the lodgement.

Sole Trader Tax Return

The simplest way to set up a business is through a sole trader structure. Talking about tax returns, sole traders are required to lodge a sole trader tax return. You can use your individual tax file number when you lodge your tax return. The tax rates that apply to sole traders are the same that applies to individual taxpayers and you may also set claim small business set off if the eligibility criterion is met.

We at Auditax make sure that each and every deduction is taken into consideration after all the components of your income including

  • Rental income,
  • Dividends,
  • Income in the form of salary and wages, and
  • Business income

are added up and expenses are claimed.

Partnership Tax Return

If you are carrying out your business through a partnership firm consisting of 2 or more partners, then you need to lodge an annual partnership tax return disclosing the details of the incomes earned and deductions claimed during the year. It is worthy to note that the partnership firm although files the annual return but doesn’t pay tax on the net income that it earns. Instead, the partners pay tax on their respective share of the firm’s profit by including the same in their individual tax return.

Tax returns for partnership firms are quite different and that is why their lodgement requires special consideration of tax laws. For example, the amounts that the partners draw from the partnership firm can’t be claimed as a deduction by the firm.

At Auditax, we have a dedicated team of tax professionals who can handle your partnership tax returns so that you stay ATO compliant and avoid any litigation. In case of a partnership arrangement, it is important to disclose the share of each partner in the profits, salary paid to the partners, and any dividend paid to the partners. This information is critical when it comes to lodgement of a partnership tax return.

Company Tax Return

Every company registered in Australia is under an obligation to lodge their annual tax return. Company tax return represents your net income that is calculated by deducting all expenses from the gross income and then adjusted for tax deductions, if any. The corporate tax rate stands at 30% of the net taxable income. Further, a lower rate may apply if the company is a base rate entity.

It is important that your company tax returns are managed by professionals so that chances of any discrepancies are eliminated and tax liability is minimized after taking the benefit of every deduction allowed under the tax laws. That is how Auditax helps you and our professionals can also guide you with the tax rate that shall apply to your company along with other additional matters that may arise.

ABN Tax Return

Businesses or other enterprises need to apply for an ABN (Australian Business Number). It is a unique 11-digit number that is issued to businesses that identify them to the government as well as other parties. The ABN can be used for the following purposes:

  • It helps in identifying the business in various instances.
  • ABN helps in avoiding pay as you go (PAYG) tax on payments that you get.
  • The number helps in claiming goods and services tax (GST) credits on expenses.
  • With the help of an ABN, a business can claim energy grants credits.
  • It can also help your business get an Australian domain name.

Most businesses that have an ABN are obliged to lodge an annual tax return. Failure to do so can lead to levy of penalties by the ATO. Irrespective of the fact whether a business is in losses or profits it is required to lodge its tax return. If you are not sure how to obtain ABN then you can contact us and our team will secure the registration for you in the least time involved.

Tax Tips For You

Disclose all incomes and do not conceal any income

The purpose of lodging tax returns is to disclose the details of all the incomes and expenses to the ATO and pay the applicable taxes. If you miss out on any information about the incomes earned by you during the year then you may get into unnecessary litigation later on.

Keep proper records to substantiate the claim of business expenses

The expenses that you claim in your business tax returns ought to be genuine. For establishing the correctness of your claims, it is important that you keep proper backup documents that serve as a piece of evidence. If you feel any difficulty in maintaining your tax documents, you may take our help as we keep your documents and files safe in our clouds so that the same can be retrieved whenever required.

Do not claim personal expenses as business expenses

When lodging business tax return, you can only claim a deduction for business expenses. Make sure you do not make any claim for personal expenses. If you are incurring any expenses for partly business purposes and partly personal purposes, then you must proportionate the same and claim only the business-related expense.

OUR SERVICES

Auditax Accountants offer a wide array of Accounting services to businesses throughout Australia.

Individual Tax Return

From preparing and assisting you with your tax return and providing tax accountant services we go the extra mile to help you avoid late payment fees and other penalties.

Tax Returns

We provide complete Tax Return services for Individuals, Businesses and SMSFs including filing and providing effective advice to reduce your tax liabilities.

Overdue Tax Returns

We have considerable experience in helping clients with Overdue Tax Returns and minimising their penalties including negotiating with ATO .

BLOG

EMAIL

info@auditax.com.au

CALL

1300 762 329

HOURS

9:00am-6:00pm

The post ABN Tax Return appeared first on Auditax Accountants.

]]> Business Tax Return https://www.auditax.com.au/services/business-tax-return/ Fri, 03 Jul 2020 10:05:59 +0000 https://auditax.com.au/?post_type=avada_portfolio&p=5689 Business Tax Return Send Your Query ABOUT US [...]

The post Business Tax Return appeared first on Auditax Accountants.

]]>

Business Tax Return

Send Your Query

Comments

ABOUT US

Keeping up with tax laws may not be an easy task and that is where tax professionals like us have a significant role to play. We ensure that your business tax returns are filed with utmost care leaving no scope for any discrepancies. This helps you avoid any query from the ATO and you stay compliant. Here are some reasons why you can consider Auditax for your business tax returns:

  • We are registered with the Tax Practitioners Board and thus you can appoint us as your registered tax agent.
  • It is easy to connect with us and you can reach us through our online tools, chats, and mails. Our team will reach out to you to handle your concern.
  • We help you maintain your tax documents such as documents substantiating business expenses so that you can retrieve the same when required.
  • If your tax return is in an overdue state then we can file the same with the ATO and can also communicate on your behalf with the ATO for remission of penalties.
  • We help you correct your previous tax returns if any error is there.

You may reach out to us if you have any further queries about how we can help you with tax matters.

Different Ways to Lodge your Tax Return

There are four ways through which you can lodge your business tax return. These include:

  • Taxpayers can lodge the returns through a registered tax agent such as Auditax that is registered with the Tax Practitioners Board (TBP). However, you need to intimate to your tax agent before 31st October if you choose to lodge your tax return through them.
  • A sole trader can also file their tax return online with myTax. If you also file your sole trader returns yourself then you may reach out to us for help if you face any complications regarding any matter. Our team will advise you about lodging your tax return through myTax.
  • Companies, partnership firms, and trusts can use the standard business reporting (SBR) enabled software.
  • Taxpayers also have an option to lodge the returns through paper mode via mails. If you lodge your return through this mode then the refunds are generally issued within a timeframe of 50 days of the lodgement.

Sole Trader Tax Return

The simplest way to set up a business is through a sole trader structure. Talking about tax returns, sole traders are required to lodge a sole trader tax return. You can use your individual tax file number when you lodge your tax return. The tax rates that apply to sole traders are the same that applies to individual taxpayers and you may also set claim small business set off if the eligibility criterion is met.

We at Auditax make sure that each and every deduction is taken into consideration after all the components of your income including

  • Rental income,
  • Dividends,
  • Income in the form of salary and wages, and
  • Business income

are added up and expenses are claimed.

Partnership Tax Return

If you are carrying out your business through a partnership firm consisting of 2 or more partners, then you need to lodge an annual partnership tax return disclosing the details of the incomes earned and deductions claimed during the year. It is worthy to note that the partnership firm although files the annual return but doesn’t pay tax on the net income that it earns. Instead, the partners pay tax on their respective share of the firm’s profit by including the same in their individual tax return.

Tax returns for partnership firms are quite different and that is why their lodgement requires special consideration of tax laws. For example, the amounts that the partners draw from the partnership firm can’t be claimed as a deduction by the firm.

At Auditax, we have a dedicated team of tax professionals who can handle your partnership tax returns so that you stay ATO compliant and avoid any litigation. In case of a partnership arrangement, it is important to disclose the share of each partner in the profits, salary paid to the partners, and any dividend paid to the partners. This information is critical when it comes to lodgement of a partnership tax return.

Company Tax Return

Every company registered in Australia is under an obligation to lodge their annual tax return. Company tax return represents your net income that is calculated by deducting all expenses from the gross income and then adjusted for tax deductions, if any. The corporate tax rate stands at 30% of the net taxable income. Further, a lower rate may apply if the company is a base rate entity.

It is important that your company tax returns are managed by professionals so that chances of any discrepancies are eliminated and tax liability is minimized after taking the benefit of every deduction allowed under the tax laws. That is how Auditax helps you and our professionals can also guide you with the tax rate that shall apply to your company along with other additional matters that may arise.

ABN Tax Return

Businesses or other enterprises need to apply for an ABN (Australian Business Number). It is a unique 11-digit number that is issued to businesses that identify them to the government as well as other parties. The ABN can be used for the following purposes:

  • It helps in identifying the business in various instances.
  • ABN helps in avoiding pay as you go (PAYG) tax on payments that you get.
  • The number helps in claiming goods and services tax (GST) credits on expenses.
  • With the help of an ABN, a business can claim energy grants credits.
  • It can also help your business get an Australian domain name.

Most businesses that have an ABN are obliged to lodge an annual tax return. Failure to do so can lead to levy of penalties by the ATO. Irrespective of the fact whether a business is in losses or profits it is required to lodge its tax return. If you are not sure how to obtain ABN then you can contact us and our team will secure the registration for you in the least time involved.

Tax Tips For You

Disclose all incomes and do not conceal any income

The purpose of lodging tax returns is to disclose the details of all the incomes and expenses to the ATO and pay the applicable taxes. If you miss out on any information about the incomes earned by you during the year then you may get into unnecessary litigation later on.

Keep proper records to substantiate the claim of business expenses

The expenses that you claim in your business tax returns ought to be genuine. For establishing the correctness of your claims, it is important that you keep proper backup documents that serve as a piece of evidence. If you feel any difficulty in maintaining your tax documents, you may take our help as we keep your documents and files safe in our clouds so that the same can be retrieved whenever required.

Do not claim personal expenses as business expenses

When lodging business tax return, you can only claim a deduction for business expenses. Make sure you do not make any claim for personal expenses. If you are incurring any expenses for partly business purposes and partly personal purposes, then you must proportionate the same and claim only the business-related expense.

OUR BUSINESS ACCOUNTING SERVICES

Auditax Accountants offer a wide array of Accounting services to businesses throughout Australia.

Small Business

Our Small Business Accounting services include Payroll, Tax Returns, BAS and Bookkeeping. We are Small Business specialists and have helped grow multiple businesses around Australia.

Bookkeeping

We provide bookkeeping, payroll processing, employer super guarantee and management reporting solutions for businesses with constant support to ensure compliance.

Business Startup

Starting your own business can be daunting, especially with multiple business structures available. We ensure
your business is off to the best possible start.

Tax Returns

Get your Company, Trust, Partnership or Sole Trader Tax Return done with our up-front packages which include filing and providing effective advice to reduce your tax liabilities.

BLOG

Lessons From Pirates – The Importance of Good Accounting for Small Business Growth

In 19th century China, Ching Shih (Also known as Zheng Yi) is working aboard a floating brothel off the coast of Canton, now modern-day Guangzhou and British Hong Kong. It is here around circa 1800 she meets Cheng I, a captain of the pirate flotilla, The Red Flag Fleet, operatin [...]

EMAIL

info@auditax.com.au

CALL

1300 762 329

HOURS

9:00am-6:00pm

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Business Bookkeeping

Business Bookkeeping

ABOUT US

Bookkeeping entries are to be accounted for carefully and any deviation or discrepancy can invite penalties from ATO or Fair Work Australia. Our team provides customised bookkeeping solutions. We can help you with maintaining day to day accounting records and reports. Our accountants understand the bookkeeping best practices and can maintain your accounting records in various software such as Xero, MYOB, Quickbooks, and Receipt Bank. Further, if you are a bookkeeper based in Australia, then you can avail our backend bookkeeping support. As part of our bookkeeping services, we provide the following solutions:

  • Recording entries on a regular interval
  • Bank reconciliation with simplified formats
  • Payroll calculations and record-keeping
  • Handling accounts receivables and accounts payables
  • Tax accounting
  • Periodic accounts review

SPECIAL BAS PRICE!

Get an experienced Business Bookkeeping Accountant.

Business Activity Statement

From $100exc. GST
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Business Activity Statement

If your business is registered for GST then you are required to lodge a Business Activity Statement (BAS) on a monthly, quarterly, or annual basis, based on your GST turnover. We are registered BAS Agents that can help you set up compliance systems, guide you with various areas of law, and represent you before the ATO for any compliance matter that may arise. As your BAS Agents we carry out the following activities:

  • Check GST payable on your sale bills and GST input on your expense bills.
  • Ensure that the GST and PAYG obligations are properly calculated and paid on time.
  • Reconcile GST and PAYG amounts against the balances appearing in ATO records.
  • Prepare BAS reports and the lodge the same with the ATO.

With our BAS lodgement services you minimise your tax liability legally and we ensure that correct records are maintained in case ATO asks for the same.

Payroll Processing

We understand that payroll processing involves complex calculations and accuracy with every data entry Our team can help you manage payroll processing for your clients whether you are a large company or a small business or franchise.

Here is an overview of what we have to offer as part of our payroll services:

  • Payroll processing
  • Ensuring compliance with respect to payroll
  • Calculating and processing superannuation amounts
  • Supporting in PAYG calculations and processing
  • Overall payroll management

After you share your employee records with you we prepare the payroll sheet for regular wages as well as employee expense claims and process the payrolls on a weekly or fortnightly basis through STP (Single Touch Payroll). Not only this but we also take onus for the Employee Super Guarantee and PAYG (Pay As You Go Tax) calculations and report them to the concerned authority as these amounts fall due.

Payroll processing should be a hassle-free experience and that is how Auditax can help you. We keep you updated about the payments that you are required to do as a part of payroll management.

Management Reporting Solutions

 

Proper checks and controls are required in any business for ensuring that the overheads, sales, incomes, expenses, and other line items are properly accounted for and checked on a daily basis. If checks are not maintained, then, in that case, discrepancies might arise and the situation might become very stressful. Auditax provides you with the solution by way of customized reports. Our team maintains management accounts, management reports, and cash flows statements for your business which also helps in tax finalization and lodging income tax return at a later stage.

Tax Returns

 

Taxes are simple when you leave it for Auditax to handle it for you. We can help you from the scratch and assist you in tax return preparation, corrections in the previously lodged returns, estimate the tax amounts, and tax accounting. Have a look at the areas that we can help you with:

  • Business Tax Returns: All businesses are under an obligation to lodge an annual income tax return. With regular accounting and bookkeeping services, we make it easy for you to file your year-end business tax return.
  • BAS Return: A business in Australia that is registered for GST is mandatorily required to file a business activity statement (BAS). Business accounting firms like ours will help you calculate, report, and pay the following taxes:
  • Goods and services tax (GST)
  • PAYG tax installments
  • PAYG withholding Tax
  • Other miscellaneous taxes

Why Should You Choose Auditax?

Our expert services lead to a reduction in the costs since we ensure that you need not pay any penalty.

You can fill a Contact Us form given at our portal, or give us a phone call, or make use of the Online Booking Tool to get in touch with us and our team would arrange a call back within 24 hours.

Our team of accountants are trained and specialized in their work and are supervised by CPAs. They ensure to provide your error-free work every time.

OUR BUSINESS ACCOUNTING SERVICES

Auditax Accountants offer a wide array of Accounting services to businesses throughout Australia.

Small Business

Our Small Business Accounting services include Payroll, Tax Returns, BAS and Bookkeeping. We are Small Business specialists and have helped grow multiple businesses around Australia.

Bookkeeping

We provide bookkeeping, payroll processing, employer super guarantee and management reporting solutions for businesses with constant support to ensure compliance.

Business Startup

Starting your own business can be daunting, especially with multiple business structures available. We ensure
your business is off to the best possible start.

Tax Returns

Get your Company, Trust, Partnership or Sole Trader Tax Return done with our up-front packages which include filing and providing effective advice to reduce your tax liabilities.

BLOG

Lessons From Pirates – The Importance of Good Accounting for Small Business Growth

In 19th century China, Ching Shih (Also known as Zheng Yi) is working aboard a floating brothel off the coast of Canton, now modern-day Guangzhou and British Hong Kong. It is here around circa 1800 she meets Cheng I, a captain of the pirate flotilla, The Red Flag Fleet, o [...]

Read More

EMAIL

info@auditax.com.au

CALL

1300 762 329

HOURS

9:00am-6:00pm

The post Bookkeeping appeared first on Auditax Accountants.

]]> SMSF Setup https://www.auditax.com.au/services/set-up-superannuation-fund/ Sat, 25 Apr 2020 07:37:01 +0000 https://auditax.com.au/?post_type=avada_portfolio&p=4125 Self Managed Superannuation Fund Setup Send Your Quer [...]

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Self Managed Superannuation Fund Setup

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ABOUT US

Establishing an SMSF does not end with the creation of a trust and appointing trustees.  There are a lot of moving parts within an SMSF and strict regulations that apply. As a member of an SMSF, you’re in charge of every aspect of the fund. That means filing taxes, searching for investment opportunities, and every other responsibility assumed by a professional fund manager. Here’s a glimpse of what you’ll be responsible for after setting up an SMSF:

  • Filing tax returns;
  • Managing fund investments;
  • Cashing benefits to members;
  • Filing annual returns;
  • Preparing annual financial statement;
  • Preparing trustee minutes;
  • Appointing an SMSF auditor; and
  • Ensuring compliance to the constantly changing superannuation and taxation legislation.
Perth Accountants

Those are just a few things you’ll be doing as an SMSF trustee, enough to make anyone come out of retirement. Most of these roles are assigned to a single professional in a professionally managed fund. Having four people attend to these obligations in an SMSF may be asking a lot of them. We find that this can be a leading cause of people being turned off with the idea when researching on how to set up SMSF.

Pain Free SMSF Setup

Saving a percentage of your income for retirement sounds like a great idea until you realize the $100,000 you have tucked away today may not buy as much 10 years into the future. A great nest egg needs to be resistant to inflation, securing its future value.

A Self Managed Super Fund (SMSF) may be your key to securing your financial future when you retire.

What is an SMSF?

Think of an SMSF as a do-it-yourself superannuation fund. Like most DIY projects, you’re in charge of every aspect of the fund, and for the most part, you and other fund members fly solo. As a trustee of the SMSF, you decide on how the SMSF Investment Strategy. Setting up an SMSF involves establishing a trust and appointing two to four individual trustees or a corporate trustee. The trustees are ultimately responsible for the management of the fund.

What benefits does an SMSF offer?

Most people opt to set up an SMSF for the degree of control it provides because you and other members of the SMSF decide on the best investment decisions to maximise benefits. Since setting up an SMSF gives you full control over investment decisions, you are not at the mercy of a fund manager you don’t even know, constantly praying they don’t blow up your investment.

All the Benefits Without the Obligations

With our help, you can have the best of both worlds. You can enjoy the control that comes with being a member of an SMSF while we take care of the compliance obligations. Our SMSF Accountants do all the heavy lifting, while you enjoy the benefits of your SMSF investment strategy. You will never have headaches surrounding compliance, auditing, tax filing, and other administrative aspects of an SMSF with our help. You get to have full knowledge that you’re in complete control of your future and that of your nominees. Setting up an SMSF has never been easier with our professional accountants there to help at every step of the way.

Secure your future today with the help of our SMSF Setup specialists.

How to Set Up an SMSF

Setting up a SMSF can allow you to be in-charge of the SMSF investment strategy rather than someone else making decisions for your retirement savings. But setting up an SMSF ceases to be an attractive prospect for most people when they realise the sheer amount of effort involved including:

  • Choosing whether to have individual trustees or a corporate trustee;
  • Creating the trust and a trust deed;
  • Checking if your fund is an Australian superfund;
  • Registering the SMSF and getting an ABN;
  • Setting up an SMSF Bank account;
  • Getting the electronic service address; and
  • Preparing an exit strategy.

You need a trusted SMSF adviser to figure out the best setup strategy and Auditax Accountants have a lot of experience in setting up an SMSF. From paperwork to handling SISA and SISR compliance matters, we will ensure your SMSF gets the best possible start. It is the ATOs final decision whether to approve a SMSF. They review the setup process from start to finish and make sure that the trustee understands their responsibilities completely. If there is any doubt, they have the right to interview the trustee. This interview can be very detailed and our SMSF advisers can help you prepare for the interview. Our ongoing compliance services will also lead to a smoother transition from setup to regular operation.

OUR SERVICES

Auditax Accountants offer a wide array of Accounting services to businesses throughout Australia.

SMSF Setup

Auditax Accountants have a lot of experience in setting up an SMSF. From paperwork to handling SISA & SISR compliance matters, we will ensure your SMSF gets the best start.

SMSF Audit

We provide trusted, efficient and cost effective SMSF Audit services to SMSF Trustees and Accountants. Our audit professionals have a breadth of experience and technical expertise.

SMSF Compliance

Our team consists of qualified Chartered Accountants who provide tailored financial advice in relation to all your Superannuation matters including Self Managed Superfunds.

BLOG

EMAIL

info@auditax.com.au

CALL

1300 762 329

HOURS

9:00am-6:00pm

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Business Setup

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We at Auditax can help you choose a structure for your business that suits your business needs and also set up the same for you.

  • Auditax helps you ascertain whether a license is required for your business and also assists you with complying with the licensing requirements.
  • Our professionals provide you guidance regarding the taxes and lodgement of annual tax returns.
  • You can get your business names registered with our help.
  • Based on the kind of business structure that you finalize; we advise you regarding the payment of salaries and wages to the employees and the applicability of Pay As You Go (PAYG) taxes.
  • We assist you with setting up initial administration including HR policy and employment agreement.
  • Our team helps you understand the treatment of profits and losses of the business and ascertainment of liabilities and assets of the business.

All these activities require a careful analysis that we carry out for you. Apart from this, you can also trust us with the paperwork as we file the required documents with the concerned authorities on your behalf.

Business Setup

Are you planning to start a new business? Setting up a new business unit is an exciting opportunity for all but the process also comes along with a lot of challenges. You need not worry as the Auditax team is here to guide you through all the aspects of business set-up as well as management.

If you are planning to set up a business then here is a general guide that you must refer to before you set up your business:

  • You should ensure that you are ready for the business so that you give your soul to it.
  • Take major decisions regarding your business regarding its structure, name as well as location.
  • Start developing business plans and strategies for building a road map.
  • Obtain necessary registrations and licenses for your business.
  • Have a general understanding of the taxation laws concerning your business.
  • Get to know what all laws will apply to your business.
  • Decide how your business is going to finance its operations.
  • Keep your business name and other intellectual rights protected.

Start deciding your business operations such as staff selection, vendor selection, sales marketing, and so on.

If you are confused about why it is a good idea to start your own business, then you can refer to the following discussion. It is going to give you the much-needed motivation for setting up your own business.

Advantages of Setting Up A Business

  • If you are a skilled person then why not use those skills for your own business. It will give you freedom of work and the results will be much better. It is true that when you are set free to work you create better!
  • Owning a business will mean that you are your own boss and can take decisions independently without being answerable to anyone. This means that you are free to choose your vendors, work style, strategies, and even staff.
  • You get a source of income that not only runs your household but also makes you financially independent.
  • When your business grows, it brings you goodwill and you build a brand to which the audiences relate.

Now that we have seen why you must aspire to start your own business, let us understand what are the various business structures that you may adopt for your business.

Factors Affecting Consideration of a Business Structure

Deciding the structure of the business involves a consideration of several facts. The structure of the business depends on several factors such as

  • Type and nature of business
  • Size of the business
  • Plans for future expansion and diversification
  • Who will run the business and how it is to be run?
  • Costs of setting up a business
  • Tax liabilities
  • Employment expenses, and so on.

Choosing the business structure may sound complicated since setting up a business involves a lot of decision making and paperwork. That is why it is advisable to seek professional help from certified accountants and financial analysts.

COMMON BUSINESS STRUCTURES

After you have decided that you are going to set up a business unit, you need to decide the structure of your new business. If you are planning to set up your business unit in Australia, then there are four structures that you may choose from

Company

Carrying out business through a company becomes a little complex. In a company, the ownership is determined by the way of holding of shares and the liability of the owners remains limited. This is because the company has a legal entity that is separate from its owners.

Sole Trader

This is the simplest business structure that gives the owner full control over the entire business. If you don’t want to get involved in many formalities and are looking for a simple arrangement then you can carry out your business as a sole trader.

Partnership

This structure involves an agreement between two or more partners who come together for carrying out a common business. The allocation of incomes and losses is done in the ratio of capital contributed by each of them or any other ratio that is mutually agreed upon amongst them.

Trust

In case of a trust, the trustee is held accountable for all the business actions. An advantage in setting up a trust is tax benefits generated on account of income splitting.

Sole Trader

If you plan to set up a sole trader business, then you must consider the following facts about a sole trader business:

  • Complete control over the business assets and decisions lies with the sole trader.
  • It is a relatively simpler form of business whose formation requires less paperwork and formalities.
  • You can file your individual tax file number to file your tax return.
  • Regarding the bank account, you are free to choose between opening a separate business bank account to keep track of cash inflows and outflows or you can continue to use your personal bank account.
  • The most important feature in the sole trader structure is that the owner incurs unlimited liability. This means that the owner’s personal assets can be utilized to settle business liabilities.

Auditax has a team of experienced tax accountants and financial analysts that can help you calculate taxes payable on your business income and lodge your income tax return. We make sure that you don’t have to spend a penny on penalties. Maintaining business records is a must and we help you maintain your records for 5 years.

Partnership

Two or more people can set up a partnership business where they contribute to the capital and distribute the profits and losses among themselves based on the profit-sharing ratio.

There are three types of partnerships that you might consider:

  • General partnership (GP)
  • Limited partnership (LP)
  • Incorporated Limited Partnership (ILP).

Here are some factors that you might need to take care while forming a partnership form of business:

  • Partnership requires separate tax file numbers (TFN).
  • Profit-sharing is an important consideration in the setting up of a partnership. It is usually arrived at after considering the capital contributions done by the partners.
  • A partnership tax return needs to be filed annually with the ATO.
  • If the turnover of the partnership business is $75,000 or more, then you are required to obtain GST registration.

Our professionals can help you secure TFN and other necessary registrations such as ABN and GST without any hassle. Partners need to consider the income that they earn from the partnership to calculate their final tax liability and we can help you with the finalization of tax returns of all partners. You can take our help for the formation of superannuation arrangements based on which the partners will be required to pay their own superannuation.

Company

Following are some factors that you need to consider while forming a company form of business:

  • Set up cost is relatively higher than other forms of businesses.
  • It requires you to comprehend and fulfil all commitments under the Corporations Act 2001.
  • Although business activities are conducted by the directors, the business is owned by the shareholders.
  • Company members have limited liability and their personal assets can’t be attached for payment of business liabilities.
  • An annual company tax return is to be lodged with the ATO after considering the various tax incentives available to the company.
  • Declaration of solvency is required to be filed by all the directors.
  • A company needs to register itself for GST.

Complicated business structures require professional solutions. Auditax helps you register your company and comply with the various requirements under different laws like Corporation Act 2001 and GST. You can file your company tax returns with us as we help you minimize your tax liability within the legal framework.

Trust

Trust is a structure that works for the benefit of others and here are some key facts relating to trusts:

  • It is the most expensive business structure as the set-up costs are high and various legal formalities are required to be complied with.
  • A trust deed is to be formed which contains the details about the operation of the trust.
  • Trustees are to be appointed who are responsible for protecting the assets of the trust.

We have partnered up with legal service providers as well to finalise the trust deed that serves as a basis for the operation of the trust. Also, we can help you appoint trustees for your trust.

OUR BUSINESS ACCOUNTING SERVICES

Auditax Accountants offer a wide array of Accounting services to businesses throughout Australia.

Small Business

Our Small Business Accounting services include Payroll, Tax Returns, BAS and Bookkeeping. We are Small Business specialists and have helped grow multiple businesses around Australia.

Bookkeeping

We provide bookkeeping, payroll processing, employer super guarantee and management reporting solutions for businesses with constant support to ensure compliance.

Business Startup

Starting your own business can be daunting, especially with multiple business structures available. We ensure
your business is off to the best possible start.

Tax Returns

Get your Company, Trust, Partnership or Sole Trader Tax Return done with our up-front packages which include filing and providing effective advice to reduce your tax liabilities.

BLOG

Lessons From Pirates – The Importance of Good Accounting for Small Business Growth

In 19th century China, Ching Shih (Also known as Zheng Yi) is working aboard a floating brothel off the coast of Canton, now modern-day Guangzhou and British Hong Kong. It is here around circa 1800 she meets Cheng I, a captain of the pirate flotilla, The Red Flag Fleet, operating in the [...]

Read More

EMAIL

info@auditax.com.au

CALL

1300 762 329

HOURS

9:00am-6:00pm

The post Business Setup appeared first on Auditax Accountants.

]]> SMSF Audit Services https://www.auditax.com.au/services/smsf-audit/ Wed, 15 Nov 2017 08:59:33 +0000 https://auditax.com.au/?post_type=avada_portfolio&p=3758 SMSF AUDIT SERVICES SMSF Auditors in Perth [...]

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SMSF AUDIT SERVICES

SMSF Audit Services

SMSF Auditors in Perth

Auditax are SMSF Auditing experts and provide superfund audit services to SMSF trustees and accountants throughout Australia. We make sure that:

  • We provide a simple, customised Audit checklist for document submission. This improves our audit efficiency and makes life easier for you;
  • Our experience in auditing Self Managed Superfunds has allowed us to be proficient in identifying superannuation compliance matters including:
    • Limited Recourse Borrowing (LRB)
    • In house asset issues
    • Contribution caps
    • Transfer Balance Account Report (TBAR)
    • Pension/Lump-sum benefit payments
    • Investment restrictions
    • Non-arms length transactions
  • Our highly experienced auditors not only identify complex SIS Compliance Issues but also provide useful tips to SMSF trustees and accountants. This helps you avoid costly mistakes!
Call 1300 762 329

Don’t risk it!

Get an experienced & independant SMSF Auditor.

Just SMSF Audits

From $440exc. GST

Our Audit Service

Online Availability
 You can email your docs to our email address or drop them off at our office in Perth.
Approved
We take Australian Auditing Standards very seriously and our SMSF Auditors are the best in field.
Cost Effective
We ensure high accuracy in our work through our strict quality management system but keep costs low.
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Just SMSF Audits

Are you looking to just get your SMSF Audit done? Our fees are affordable and customisable to your super fund.

You can reach out to us by giving us a call and directly talking with one of our SMSF auditors who would be happy to assist you with your queries. Alternatively, you may fill out the contact us form below and we will give you a call back after reviewing your query. The live chat functionality can also be used to reach our admin staff.

Professionalism

Our accountants have a lot of experience in conducting SMSF Audits. One of the most important aspects of ensuring SMSF Compliance is its audit. Since all SMSFs require an annual audit, therefore it is very important to involve a professional auditor.

Auditax provide trusted, efficient and cost effective Self Managed Superfund Audit services to Trustees and Accountants. We are proud to say that we are well versed with the required expertise and hands on experience.

Self Managed Superfund Audits should be done by an independant SMSF auditor registered with the Australian Securities and Investment Commission (ASIC). Approved Self Managed Superfund auditors are required to carry out the financial as well as compliance audit for the superfunds.

We look through the SMSF documentation and are checking compliance with the Income Tax Act and the Superannuation Industry Supervision Act and Regulations. These are more commonly known as the SIS Act and Regulations. They require that all super funds regardless of their size of type to be audited in two parts, a financial and a compliance audit.

There are various topics we need to look out for but some of them include the sole purpose test, financial assistance checks, prohibited borrowings check and arms length dealings.

As per the current requirement, a Self-Managed Superannuation Fund needs to be audited annually. One should also consider the following requirement regarding the SMSF audit:

  • An approved independent SMSF auditor must be appointed by the SMSF trustees at least 45 days before the superannuation fund’s return is lodged at the Australian tax office (ATO).
  • The audit is a mandatory requirement even when there was no contribution made and no benefit paid in the financial year.

We are responsible to ASIC for our SMSF Auditor certification and registration and are expected to maintain extremely high professional standards in the conduct of these audits.

Our audits are scheduled within a day or two of being assigned with completion within 5-10 working days. It really helps if queries are answered to quickly, allowing us to complete the work faster.

We have been able to fastrack audits previously for clients based on their requirements and state of readiness so let us know if you want your Self Managed Superfund to be audited faster!

As the principal of the Auditax Audit team, Dharam spends a lot of time training and upskilling our staff to be specialised in SMSF Audit and Tax. This allows a specialist team to be assigned to SMSFs who have deeper insights into what could go wrong. There really is a perception of auditors trying to catch trustees out however on the contrary, we are there to help them identify issues before they get sent to the ATO and really cause issues in the long term.

We maintain constant communication with trustees throughout the process and because we have experience within the wider SMSF domain, we are able to provide advice on complex issues to both trustees and accountants. In a lot of cases, we find that trustees wanted to rectify the issue anyways.

This is important because a lot of the time, we find that “Magic 24 hour” auditors are really just outsourcing to foreign countries and are unable to advise trustees on anything that breaks their checklist. Whilst we do have handy checklists for quality management, our professionalism and efficiency relies on the team, not paper work.

Clouds on the independence of SMSF auditors are now cleared with the release of a new independence standard guidance by APSEB. As per the new standard, an SMSF auditor must comply with some independence requirements. SMSF trustees must know these requirements so that the self-managed super fund auditor that they select meets the independence criterion.

Threats to the SMSF auditor’s independence can be due to self-interest, self-review, intimidation, and advocacy, or familiarity, etc. which can be eliminated or reduced to an acceptable level by discontinuing the audit engagement. Things that can count as a threat to independence include the following:

  • When the SMSF auditor is a trustee or director or a corporate trustee or member of the fund.
  • When self-managed super fund auditor is also a relative or business partner of the trustee, director of a corporate trustee, or member of the fund.
  • When the auditor has prepared the account and statement of SMSF that is being audited.
  • When the auditor is reliant on the fees generated from the referral source.
  • When the SMSF auditors are in a reciprocal arrangement i.e., where two SMSF auditors audit each other’s personal SMSF.
  • When the auditor served as a financial or investment auditor for the funds being audited.

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Buying a House? Use Your Super to Save!

What? Use your Super to buy a house? Since when are you allowed to do that!? Since 2017! You may have heard of the First Home Super Saver (FHSS) Scheme, which was introduced in the 2017/18 Federal Budget, designed to help first-home buyers leverage their Super to save a house deposit. As of July 1 [...]

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