- 5 Common Rd Muswellbrook NSW 2333
Registered tax agents are authorized to prepare and lodge tax returns on behalf of individuals and businesses. They must adhere to the Tax Agent Services Act 2009 and maintain professional standards set by the Tax Practitioners Board (TPB).
Business activity statements (BAS) are generally lodged quarterly for most businesses. However, some businesses may be eligible for annual reporting. It's essential to lodge BAS on time to avoid penalties.
Operates as an individual and reports business income and expenses in their personal tax return. They are personally liable for business debts.
A separate legal entity responsible for its tax obligations. Tax is paid at the company tax rate, and directors are not personally liable for company debts, except in certain circumstances.
Individual tax returns are generally due by 31 October each year. Companies have varying deadlines depending on their financial year-end.
Payroll tax is a state-based tax imposed on businesses with total wages above a certain threshold. Each state and territory sets its own threshold and rates.
Businesses should keep records of income, expenses, assets, and liabilities that relate to their tax affairs. Records must be kept for five years from the date of lodgment of the tax return.
GST is a broad-based tax of 10% on most goods, services, and other items sold or consumed in Australia. Businesses with an annual turnover of $75,000 or more (or $150,000 for non-profit organizations) must register for GST.
Seek advice from a qualified tax professional. Strategies may include claiming deductions, structuring income, utilizing tax offsets, and planning for capital gains.
Penalties and interest may apply for late lodgment or non-compliance with tax obligations. It's crucial to meet deadlines and fulfill all regulatory requirements to avoid these penalties.
You register a company through ASIC by completing the forms, showing identification, and paying a fee. On completion, you will receive a Certificate of Registration. You can also do it with H3 Accountants, we offer the easiest, most comprehensive digital platform for registration – you’ll need your chosen business name, then simply fill out forms provided and we’ll file your documents for you.
Yes, if you operate a business in Australia, you generally need an Australian Business Number (ABN). You can apply for an ABN concurrently when registering your business name.
It is a unique 11-digit number that identifies your business to the government and other entities. It is used for tax purposes and to interact with government agencies.
It is a unique nine-digit number issued to companies registered under the Corporations Act 2001. It identifies the company as a legal entity separate from its owners.
Documents typically required include
Selecting a company name in Australia involves several key steps. Start by checking its availability on the ASIC business name register to ensure uniqueness. The chosen name should accurately represent your business, be distinct from others, and avoid restricted terms without approval. Check the availability of a matching domain name for your online presence and consider future growth possibilities. Perform a trademark check for brand protection and ensure alignment with legal requirements for your business structure. Comply with ASIC’s naming guidelines to avoid misleading elements, and consider reserving the name through ASIC. Seeking professional advice ensures compliance with all regulations, helping you choose an appropriate and available name for your Australian company.
As of the current information I have (up to January 2022), the company tax rate in Australia depends on the size and type of the company:
Companies that are base rate entities (have an aggregated turnover of less than $50 million), have a 25% company tax rate. Your company must have 80% or less of their assessable income in that income year that is base rate entity passive income. For entities with more than $50 million aggregated turnover, the company tax rate is 30%
It's important to note that tax rates can change over time due to legislative updates and government decisions. Therefore, for the most current information, it is advisable to check with the Australian Taxation Office (ATO).
Bookkeeping is like keeping a diary for your business’s money. It’s all about writing down and organizing every financial thing that happens, like money coming in and going out.
To register a company in Australia, you need to fulfill several requirements and follow specific steps outlined by the Australian Securities and Investments Commission (ASIC). Here are the key requirements:
Bookkeeping helps you see how much money your business makes and spends. It’s like checking your business’s health.
When you keep good records, it’s easier to follow the rules for taxes. You won’t miss deadlines or pay too much tax.
It shows you where your money is going and helps you plan for what’s next. You won’t be surprised by unexpected bills.
Good bookkeeping helps you decide where to spend and save. It’s like having a map to make better business choices.
If you want to borrow money or get investors, good records show them you’re serious and trustworthy.
To register a company in Australia, you need to fulfill several requirements and follow specific steps outlined by the Australian Securities and Investments Commission (ASIC). Here are the key requirements:
Choose a unique name that is not already registered. It should not be identical or too similar to an existing company or business name.
Choose a unique name that is not already registered. It should not be identical or too similar to an existing company or business name.
Most common for small to medium-sized businesses.
If planning to list on the stock exchange or have more than 50 non-employee shareholders.
For specific purposes, like charities or public authorities.
A proprietary company must have at least one director who resides in Australia. Public companies need at least three directors, and at least two must reside in Australia. At least one secretary must also be appointed (can be the same person as a director).
You need at least one shareholder (also known as a member) for proprietary companies, and at least three shareholders for public companies.
Provide a physical address in Australia (cannot be a PO Box) where official documents can be sent and where the company's register of members and other statutory records are kept.
Prepare a company constitution (optional for proprietary companies) or adopt replaceable rules under the Corporations Act 2001.
Obtain written consent from each director and secretary agreeing to their appointment.
This is a unique nine-digit number issued by ASIC upon registration.
If your company's principal place of business is outside Australia, you must appoint a local registered agent who can accept legal notices and communications on behalf of the company.
ASIC charges a fee for registering a company, which can vary depending on the type of company and how you apply (online or by paper).
Use ASIC's business name search to ensure your chosen name is available.
Complete the application form through ASIC's website or use the services of a registered agent.
Include details of directors, shareholders, and the registered office.
Receive ACN and Certificate of Registration
It is not a requirement to use an accountant as a sole trader however they are helpful and save you time with your tax return, BAS and PAYG instalments. They can also guide you with business deductions to claim and provide advice on tax and super contributions.
As a sole trader, you do not need a formal profit and loss statement however, you do need to keep accurate business records. A profit and loss statement is helpful to your business as it lists your income and expenses, as well as how much profit you are making.
The tax year runs from 1 July to 30 June the next year. Generally you need to do your tax return between 1 July and 31 October, but if you’re up to date and registered with a tax agent like us you will have until the 15th of May to do your tax return.
A tax deduction is something that reduces your taxable income and increases your tax refund. A tax deduction needs to relate directly to earning income.
You can complete and lodge your prior year Tax Returns from 2017 onward, for 2016 and earlier you will need to contact us. Do note that there may be additional fees, as those Tax Returns will have to be done manually by one of our accountants.
There have been new ATO regulations that require tax agents to verify all clients ID. Thus, to protect your potential refund, we are required to ensure that it is you who is lodging your Tax Return, and that you get your refund. We have made the ID check as easy as possible so you can complete your online Tax Return easily.
You can find your TFN on your PAYG payment summary, Notice of Assessment or alternatively, you can contact the ATO by calling 13 28 61. You will need your TFN to complete an online Tax Return.
To complete your tax return, we’ll need a few important documents including your income statements. Don’t worry, we’ll give you a detailed checklist to make sure you have everything you need.
The ASIC Agent is a vital position in Australia, responsible for overseeing a company’s efficient functioning and ensuring adherence to statutory requirements and regulations. Their duties include supporting the board of directors, maintaining a registered office, submitting financial reports to ASIC, and reporting any changes to ASIC regarding office address, members register, share structure, and share issuance.
Payroll tax is a State tax employer pay calculated as a percentage of wages paid or payable to employees (including directors and contractors) when the total Australian taxable wages exceed the threshold amount.
If you need to calculate taxes on your pay, or you are a business doing manual pays, you can use the ATO calculator here. If you are a business owner and use payroll accounting software, the software will automatically calculate the taxes in each pay run.
+61 415263300
info@h3accountants.com.au
5 Common Rd Muswellbrook NSW 2333
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