Tax Services for Businesses

Tax return with ABN Income

ABN is a unique 11 digit number that identifies your business to the government and community. ABN will not replace your tax file number and you can use it for tax and other business. If you have an ABN is registered as a sole trader and this act as individuals for tax purposes, you can also report expenses as a business tax return. ABN is required to track the business transaction for tax purposes. You need to carry an enterprise to be entitled to an ABN, this means you are responsible for your own income tax, super, and GST.

ABN is registered as a sole trader, so you are treated as individuals for tax purposes, you can file your expenses and income in your individual tax return.

Individual taxpayers and sole traders pay the same tax at the individual tax rate. Time to time the rates to get change so you need to stay updated on the year you are reporting on.

It is always advisable to seek advice from your tax advisor for income tax returns..

Businesses

Are you worried about your business tax return obligations with ATO? We at Architax, team of tax experts are here to guide you from your tax time worries and get your Business Tax Returns done.

Our Experienced and qualified staff with all kind of tax structures thus can give you ATO-compliant tax returns and provide advice on how to minimize tax payable by claiming all eligible deductions that you may not have been aware of.

With the constant changes in the Australian tax laws, it is difficult to keep up to date with the rules and regulations of different fields. No matter what field you are in, whether it is in construction, medical or retail, Karvis Accountants are constantly updated with the changes and will ensure that your tax returns are prepared in compliance with the ATO rules.

Achitax Accountants will also remind you of your pending returns every year and thus you will be safe from lodging late tax returns and receiving to avoid a late lodgement penalty.

Small Businesses

The government has introduced a range of tax concessions for businesses with a turnover of under $10 Million. Contact us to learn more about the Small Business concessions like simplified depreciation ($30000 instant depreciation, small business pool etc.) and small business tax offset.The Company will generally pay tax at the rate of 28.5% of its net profit if it has an aggregated turnover is under $10 million. For Companies with an aggregated turnover in excess of $10 million then the tax rate is 30%.

List of documents

GST

Architax is registered to cater to your GST needs as well. We offer a one-stop shop for all your accounting needs and keep you compliant with all the ATO regulations. Please contact us to discuss an annual package for managing your tax affairs.

Deductions

➤ A list of work-related expenses (with receipts). This includes business motor vehicle logs
➤ Receipts of charitable donations
➤ Interest and fees on investment loans
➤ Donations to charities (unless you get a ticket to win something in return, those ones don’t count)
➤ School building levies and library funds
➤ Fee charged for previous year’s tax return
Insurance details

Record keeping obligations

➤ Details of all the directors, shareholders and secretaries
➤ Details of the changes if the persons authorised to act on behalf of the organisation have changed
➤ The date of dissolution (if applicable)
➤ The date of the reconstitution (if applicable)
➤ Variation of business agreement: Keep a copy of any variation to the business agreement for the life of the partnership plus five years.
➤ Business records including: books of account (with accounts for each beneficiary’s capital contribution, drawings and share of profit or loss), minutes of business meetings, and memoranda of decisions reached, especially regarding shares of income and losses.
➤ Depreciation worksheets

Payments

LEGAL

Liability Limited by a scheme approved under Professional Standards Legislation

COMPANY

Architax Pty Ltd is a credit representative (519740) of Australian Finance Group Ltd ACN - 066 385 822 ( Australian Credit Licence 389087 )