Take the stress out of your business tax return. TaxAssist Accountants Oxley prepares tax returns for sole traders, companies, partnerships and trusts across Brisbane's south-west — with fixed-price quotes and plain-English advice.
Running a business is demanding enough without spending your nights trying to interpret tax rules, find missing records or work out whether you've claimed everything you're legitimately entitled to claim.
At TaxAssist Accountants Oxley, we prepare business tax returns for sole traders, companies, partnerships, trusts and other eligible business entities throughout Oxley and Brisbane's south-west.
Our approach is straightforward.
We help you get your records organised, prepare your tax return accurately, identify relevant taxation issues and explain the outcome in language you can understand.
And because we can also assist with bookkeeping, year-end accounts, BAS, GST and tax planning, your business tax return doesn't have to be an isolated once-a-year exercise.
A business tax return reports information required to determine the taxation position of a business or entity for an income year.
Exactly how business income is reported depends significantly on the structure through which you operate.
A sole trader isn't taxed in exactly the same way as a company, and partnerships and trusts have their own taxation and reporting requirements.
That's why one of the first things we consider is:
TaxAssist Accountants Oxley can assist with tax returns involving:
We can also assist clients whose tax affairs include investments, capital gains, rental properties and other sources of income.
Generally, a sole trader reports business income and expenses through their individual income tax return rather than lodging a separate company-style business income tax return.
That sounds simple, but the underlying calculations can still become complicated.
You may need to account for:
One of the common challenges for sole traders is separating business and private expenditure.
Just because money was paid from a business bank account doesn't automatically make it tax deductible.
Likewise, business expenses paid personally shouldn't necessarily be forgotten simply because they didn't appear in the business bank account.
We can review your records and help make sure relevant business information is correctly dealt with when preparing your return.
Operating through a company creates a separate legal and taxation structure.
A company generally lodges its own income tax return and reports its assessable income, deductions and other required tax information.
Preparing a company tax return can involve reviewing matters such as:
It's also important to remember that company money isn't automatically the personal money of its directors or shareholders.
How money and assets are taken from or used by a company can have taxation and reporting consequences.
That's one reason good bookkeeping and year-end accounting are particularly important for company owners.
Our Oxley accountants can help prepare your company accounts and tax return while explaining the important issues that affect you as a business owner.
A partnership may need to lodge a partnership tax return showing the income, deductions and distribution of the partnership's net income or loss.
The partners then deal with their respective shares through their own taxation affairs according to the applicable rules.
Good records are particularly valuable in a partnership because more than one person has a financial interest in the business.
Accurate accounts can help establish a clear picture of:
TaxAssist Accountants Oxley can assist partnerships with bookkeeping, year-end accounts and taxation requirements.
Trust taxation can be considerably more complex than a straightforward individual tax return.
The taxation outcome can depend on the type of trust, its income, the trust deed, distributions and the circumstances of beneficiaries.
Trusts also require appropriate records and careful administration.
If your business or investments operate through a family trust, discretionary trust or another trust structure, we can assist with the accounting and taxation work and explain what information is required.
Trust decisions can have significant tax consequences, so this isn't an area where we'd recommend simply copying what another business owner does.
This is one of the first questions many business owners ask.
The answer depends on the expense and your circumstances.
As a general principle, an expense needs the appropriate connection with earning assessable business income to be deductible, subject to the tax rules applying to that particular expense.
Some costs may be fully deductible.
Some may only be partly deductible where there is both business and private use.
Some expenditure may need to be treated as a capital asset rather than an immediate deduction.
And some expenses aren't deductible at all.
Depending on the business, potential deductions might involve areas such as:
The key word is eligible.
We don't believe in claiming expenses simply because somebody on social media says they're deductible.
We'll consider the facts and relevant tax treatment.
Business owners frequently ask whether accounting and tax-agent fees are deductible.
Certain costs associated with managing tax affairs can be deductible under Australian taxation law, subject to the applicable requirements.
The treatment can depend on the nature of the work being performed.
We'll deal with relevant accounting and tax-related costs appropriately when preparing your return rather than simply assuming every professional fee receives identical treatment.
Tax returns for trades and construction businesses can involve far more than adding up invoices and subtracting materials.
Depending on the business, we may need to consider:
Some businesses providing building and construction services are also required to report particular contractor payments through the Taxable Payments Annual Report (TPAR).
At TaxAssist Accountants Oxley, we have experience working with small businesses, including businesses operating in construction and trade-related industries.
Whether you're a sole trader on the tools or running a growing company with employees and subcontractors, we can help bring the different parts of your accounting and tax together.
Your tax return is only as reliable as the information behind it.
If your bookkeeping is incomplete, transactions are duplicated or expenses are incorrectly classified, those problems can flow through into your accounts and tax return.
That's why we see these services as connected:
Good bookkeeping provides reliable underlying records.
Year-end accounting helps organise and review the financial results.
Your tax return deals with the taxation position.
Tax planning looks ahead to what can be done before the next year closes.
When those pieces work together, business accounting becomes much more useful.
The exact information required depends on your business and structure.
You may need to provide information such as:
Don't worry if you aren't sure what applies to you.
We'll tell you what information is required for your circumstances rather than giving you an enormous generic checklist and leaving you to work it out yourself.
Many Australian business and tax records generally need to be retained for five years, although some records need to be retained for longer depending on what they relate to and the circumstances.
Records should support the information included in your tax return.
That may include documents relating to income, purchases, expenses, assets, liabilities and other transactions.
Keeping records digitally can make the process considerably easier, particularly when information needs to be retrieved several years later.
If you're unsure whether a document should be retained, ask us before disposing of it.
The due date can depend on factors including:
For example, a sole trader lodging directly has different considerations from a company whose return is being lodged through a registered tax agent.
Rather than relying on a generic date found online, check the deadline applying to your business.
If TaxAssist Accountants Oxley handles your return, we'll advise you of the relevant lodgment requirements based on your circumstances.
First: don't keep ignoring them.
A late tax return rarely becomes easier by leaving it for another year.
Business owners fall behind for all sorts of reasons.
Perhaps the bookkeeping became overwhelming.
Maybe a previous accountant relationship broke down.
Perhaps the business experienced financial difficulties.
Or maybe several years simply got away from you.
Whatever the reason, the useful question is:
We can review what returns are outstanding, determine what financial information is available and work through the accounting and taxation work required.
If records are incomplete, we'll discuss what needs to be reconstructed or brought up to date.
The sooner you address outstanding obligations, the sooner you can move forward.
Lodging a tax return and paying a resulting tax debt are related, but they aren't the same thing.
Don't automatically avoid lodging simply because you're concerned you won't be able to pay the full amount immediately.
Depending on your circumstances, options for dealing with an ATO debt may be available.
The important thing is to understand:
If you're experiencing cash-flow difficulties, talk to us early.
We can help you understand your position and, where appropriate, assist with dealing with the ATO.
An accountant can review your circumstances to identify legitimate deductions, concessions and tax-planning opportunities that may apply.
But there is an important distinction between preparing this year's tax return and planning for next year's tax.
By the time your tax return is being prepared, the financial year has already finished.
Some opportunities may therefore no longer be available.
That's why tax planning should ideally happen before 30 June.
Depending on your circumstances, tax planning may consider matters such as:
The objective isn't to avoid tax.
It's to make informed decisions, claim what you're legitimately entitled to claim and avoid unnecessarily paying more tax than required.
Usually, this is the wrong way to think about a business purchase.
Spending $1 purely to obtain a tax deduction doesn't magically give you your $1 back.
You should generally consider whether the purchase makes commercial sense for your business first.
Then consider its tax treatment.
Tax can be an important factor in a business decision.
It shouldn't necessarily be the only reason for making it.
That transaction may need additional attention when your tax return is prepared.
Capital gains tax isn't a separate tax. A net capital gain is generally included as part of your assessable income.
The calculation can involve matters such as:
Special CGT concessions may also be relevant to eligible small businesses.
If you're considering selling a significant business asset, it's usually better to discuss the potential tax consequences before the sale, not afterwards.
Income tax and GST are different taxes, but the underlying business records need to work together.
If you're registered for GST, your bookkeeping should correctly identify relevant GST transactions so your Business Activity Statements can be prepared accurately.
When we review your business accounts, inconsistencies between bookkeeping, BAS information and year-end records may need investigation.
That's another advantage of having bookkeeping, BAS, year-end accounting and taxation handled within a coordinated accounting process.
Employing staff creates additional reporting and record-keeping responsibilities.
Your business records may include information relating to:
If you're operating through a company, payments to directors or shareholders can also require careful treatment.
We'll consider relevant payroll and employment information as part of the broader accounting process.
We'll discuss your business, structure and what accounting and taxation work you need.
If you're a new client, we'll also look at how your records are currently maintained and whether anything needs attention before the return can be prepared.
We'll explain which records and documents we need.
If we already handle your bookkeeping and year-end accounting, much of the underlying financial information may already be organised.
We'll prepare the relevant accounting and taxation work based on the information available and identify matters requiring clarification.
You should understand what you're signing.
We'll explain the important figures and taxation outcome and answer questions you may have.
Once the return has been reviewed and approved, it can be lodged with the ATO through the appropriate tax-agent systems.
Where appropriate, we'll identify issues worth addressing before the next financial year ends.
Because good tax accounting shouldn't stop when the return is lodged.
We're based at 94b Cook Street, Oxley QLD 4075 and assist businesses throughout Oxley and Brisbane's south-west.
We understand that business owners need practical answers, not pages of accounting terminology.
We can assist with bookkeeping, year-end accounts, BAS, GST, payroll and tax planning as well as your tax return.
Our Oxley practice works with small businesses, including construction and trade-related businesses.
If something matters to your business, we'll explain why.
We'll discuss the work required and provide a fixed-price quote based on the services you need.
TaxAssist Accountants Oxley provides the personal service of a local accounting practice backed by the wider TaxAssist Accountants network.
A sole trader generally reports business income and expenses as part of their individual income tax return rather than lodging a separate company tax return. The business information still needs to be calculated and reported correctly.
Generally, yes. A company is a separate entity and ordinarily lodges its own company tax return.
A partnership carrying on a business may need to lodge a partnership tax return reporting the partnership's income, deductions and other relevant information. The partners then deal with their respective shares according to the applicable tax rules.
Trusts may have income tax return and reporting obligations depending on their circumstances. Trust taxation can be complex, particularly where distributions to beneficiaries are involved.
The answer depends on the nature of the expense and how it relates to earning business income. Some expenses may be fully deductible, some partly deductible and some treated as capital expenditure or not deductible. Business and private portions may also need to be separated.
There isn't one deadline covering every business. Due dates can depend on your entity type, lodgment method, tax-agent status, previous lodgments and other circumstances.
Yes. We can review which returns and accounting work are outstanding and discuss a practical process for bringing your affairs up to date.
Don't assume that means you should avoid lodging your return. Understanding the amount owing and addressing the situation early is important. Depending on your circumstances, payment options may be available through the ATO.
An accountant can identify legitimate deductions, concessions and planning opportunities relevant to your circumstances. Some tax-planning strategies need to be considered before the financial year ends, which is why pre-30 June planning can be important.
Yes. TaxAssist Accountants Oxley can assist with bookkeeping, year-end accounts, BAS, GST and business tax returns, providing a more connected accounting process.
Yes. We assist small businesses, including construction and trade-related businesses, with tax returns, bookkeeping, BAS, GST and broader accounting requirements.
TaxAssist Accountants Oxley is located at 94b Cook Street, Oxley QLD 4075 and assists businesses throughout Oxley and surrounding Brisbane suburbs.
Our local office is at 94b Cook Street, Oxley QLD 4075.
We assist businesses in Oxley and surrounding areas including Corinda, Graceville, Rocklea, Seventeen Mile Rocks, Sinnamon Park, Salisbury, Moorooka, Coopers Plains, Yeronga and nearby Brisbane suburbs.
Whether you're a sole trader preparing your first business tax return, a company with employees, a partnership, or an established business looking for a more proactive accountant, we'd be happy to talk.
Your tax return shouldn't be something you dread every year.
And your accountant shouldn't simply lodge it and disappear until next tax time.
At TaxAssist Accountants Oxley, we'll help you get the numbers organised, prepare the required taxation work and explain the outcome.
Then we can look forward.
Because the real opportunity isn't simply getting last year's tax return finished.
It's using what we've learned to help make next year better organised.
TaxAssist Accountants Oxley 94b Cook Street Oxley QLD 4075
Information on this page is general in nature and does not take into account your individual circumstances. Taxation rules, deductions, concessions, reporting requirements and lodgment dates depend on the taxpayer and circumstances. Obtain professional advice appropriate to your situation.
A sole trader generally reports business income and expenses as part of their individual income tax return rather than lodging a separate company tax return. The business information still needs to be calculated and reported correctly.
Generally, yes. A company is a separate entity and ordinarily lodges its own company tax return.
A partnership carrying on a business may need to lodge a partnership tax return reporting the partnership's income, deductions and other relevant information. The partners then deal with their respective shares according to the applicable tax rules.
Trusts may have income tax return and reporting obligations depending on their circumstances. Trust taxation can be complex, particularly where distributions to beneficiaries are involved.
The answer depends on the nature of the expense and how it relates to earning business income. Some expenses may be fully deductible, some partly deductible and some treated as capital expenditure or not deductible.
There isn't one deadline covering every business. Due dates can depend on your entity type, lodgment method, tax-agent status, previous lodgments and other circumstances.
Yes. We can review which returns and accounting work are outstanding and discuss a practical process for bringing your affairs up to date.
Don't assume that means you should avoid lodging your return. Understanding the amount owing and addressing the situation early is important. Depending on your circumstances, payment options may be available through the ATO.
An accountant can identify legitimate deductions, concessions and planning opportunities relevant to your circumstances. Some tax-planning strategies need to be considered before the financial year ends.
Yes. We assist small businesses, including construction and trade-related businesses, with tax returns, bookkeeping, BAS, GST and broader accounting requirements.
TaxAssist Accountants Oxley is located at 94b Cook Street, Oxley QLD 4075 and assists businesses throughout Oxley and surrounding Brisbane suburbs.