Are you a small business owner in Australia and want to maximise your tax returns optimally? Then you should be handy with a substantial tax plan before 30th June first. As a result, you can expect to maximise your tax returns with the emergence of every tax season. So, make sure that you follow the subsequent strategies to maximise your profits when managing your tax returns in Perth.
Calculating the potential tax returns is a task which many business owners in Australia find quite confusing. This is because most of them are oblivious about which formula to implement for calculating their returns. Well, there is nothing to worry about as the Australian Taxation Office (ATO) is there to assist you in this matter. The ATO has a set of guidelines adhering to which you can gauge your tax returns impeccably and quickly.
The Australian Taxation Office has a Simple Tax Calculator in place. By optimising this tool you can only gauge the taxes which you owe on your potential income. The residency status for that stipulated income year and your taxable income will serve as the foundation behind this calculation. This calculation will take you a couple of minutes during which you need to do the following:
Alternatively, if you wish, you can also hire a trust tax accountant in Perth if you run trust in the country.
The Australian Taxation Office(ATO) offers another effective tool to calculate your potential tax return. It is the Standard Income Tax Estimator which requires you to provide massive amounts of data. Following are the aspects regarding which you are required to supply data to the Australian Taxation Office.
To get detailed bits of information based on these aspects, it is always advisable to visit the official site of the Australian Taxation Office.
You should have satiated the following criteria to use the Standard Income Tax Estimator:
Seek the assistance of a qualified tax accountant Perth to ensure that you have met all the criteria stated above properly.
The end of a tax year arrives every year on the 30th of June. This is the perfect time when you should steal a glance at your potential allowable deductions as well as your taxable income. The business income of your company should be subtracted from the former amount to calculate your company’s taxable income. You need to complete this task in the existing financial year. As a result, you can even presume your taxable income for the subsequent financial year too. Following are some tips adhering to which you can expect to maximise your tax returns optimally.
The government of Australia offers the privilege of instant asset write-off to certain business owners. You can avail of this facility only if your annual turnover is below AU$500 million. However, as your business expands cumulatively, you may become eligible for an even more remunerative benefit. These include the potential depreciation and deductions which you can’t afford to lose at all.
When you choose to shift to a family trust from a family partnership, the strategy of a small business restructure rollover can be quite effective. Say for instance you can transfer the goodwill of your company if you are a Small Business Entity(SBE) to another SBE effectively. Some state transfer tax can apply although. Nonetheless, there will be no alteration in the possession of the assets. As a result, no capital gains tax is required to be paid as well.
So, do you need more tips and ideas on how to maximise your potential profits in Perth? Then, avail premium accounting services Perth from a qualified tax accountant in Perth. Rest assured that your tax accountant will help you lodge your trust tax return effectively as well.