Compliance Services Brisbane

Tax

Just the name of this sounds Orwellian right? But the sad fact is you do have to comply, with lots and lots of legislation, never ending deadlines, and mountains of paperwork.  But never fear; that’s where we help businesses just like you navigate the sometimes (ok a lot of the time) grey areas of tax law to not only satisfy your obligations, but to minimise your taxes as we do it. Our compliance services are centred around;

 

We take the hassle out of your compliance obligations, we can take care of everything from finding you an awesome bookkeeper, to lodging your activity statements and tax returns to ASIC notifications and payroll tax returns, we can do it all or just the bits in between, it’s up to. We’re flexible like that. We believe financial education is a key subject that is not taught enough from early enough. Many people come to us with poor money habits and bad tax outcomes that with a little education and understanding could have been avoided.

 

  • Financial Statement Preparation
  • Income Tax Return Preparation
  • Business Activity Statements (BAS)
  • Fringe Benefits Tax (FBT)

 

Click each heading below for more information on each item.

Financial Statements are one of, if not the most important management tool in your business.  They are not only a legislative requirement, they also;

 

  • Provide information on past performance
  • Provide the basis to forecast future performance
  • Tell you whether increasing your price or selling more goods/services is right for you
  • Tell you how much Tax you need to pay now and in the future
  • Tell you who owes you money and who you owe money to.
  • Tell you how many of which product/service you need to sell to make a certain profit amount
  • Tell you if your customers are happy, if you have the right staff, and if your processes are working well or not.

 

Our financial statement preparation service ensures that your financial statements are accurate, timely and informative so they can be used to help you Grow Your Business and Reduce Your Tax.

 

Because your financial statements are so important, we don’t like to wait until the end of the financial year to get involved.  We recommend we review your financials at least quarterly but ideally monthly.  This way we can ensure you can make decisions about your money with confidence and speed like our Business Consultancy clients can with their monthly reports.

There are only two certainties in life; death and taxes, and although we can’t help with the former, we can certainly help with latter.

 

Tax Law is becoming increasingly complex, and with the penalties for getting it wrong becoming more heavy handed, it has never been more important to complete your tax returns correctly.  With the ATO using the data in your return to build a profile about you and your business and benchmarking you against yourself and your industry peers, the ATO identify trends in your revenue, expenses and income tax.  Given this level of ATO scrutiny don’t risk your reputation with the ATO by using a substandard supplier.

 

With a wealth of experience, outstanding reputation with the ATO, and 14 day fast track service, Watson & Watt prepare and lodge income tax returns for businesses and individuals, companies, trusts, partnerships and self managed superannuation Funds (SMSF).

(Goods and Services Tax (GST), PAYG)

 

If you’re in business you know only too well the requirements the Australian Tax Office has placed on you to be their tax collectors.

 

As a consumption based tax, GST is generally not a tax paid by businesses, but a tax paid by individuals and collected by the businesses, on behalf of the government.  Although GST is not your cash, it sure doesn’t feel nice transferring it over to the ATO 28 days after the end of each quarter.  But did you know that BAS submitted by tax agents electronically on behalf of their clients have extended due dates by about four (4) weeks?  Delaying the payment by four weeks can have a significant benefit to your cash flow.

 

BAS preparation & lodgement are a core component of our compliance and consulting services.  Many of our clients choose to package their BAS preparation with their financial statement, income tax returns, and business consulting services.

Fringe Benefits Tax was introduced in Australia in the mid 1980’s to take the fun out of doing business.  It also stopped creative business owners remunerating their employees with non-cash benefits (like providing cars and paying school fees etc) which were not taxed as income to the employee, but allowed as deduction to the employer (You can see why the Government/ATO wanted to put stop to it).

 

These days FBT has evolved to encompass a whole host of traps for businesses to inadvertently fall into. Simple things like the location a sandwich is consumed in means the difference between having an FBT liability and not having one (we aren’t even joking, this is a real part of FBT legislation).

 

We help businesses navigate the complex and at times non-sensical and inexplicable inequities within the FBT regime to ensure they are not only compliant but reducing the cost of doing business, whilst being able to retain and attract the right staff.