Business Tax Returns Perth

Estate Planning - Pen

Preparing business tax returns requires special expertise which takes into account the structure of the business, the nature of the transactions involved and the legislation which determines what and how expenses can be claimed. All of these factors will affect the end result which is how much tax you will have to pay.

Financial Statements

The business tax returns process is more than just reporting to the Australian Taxation Office (ATO) about your tax obligations. An essential part of this process is to prepare good informative financial statements which report on the financial position and performance of the business. Financial statements often tell us more about the business’s performance than the business tax returns. Financial statements can provide key information about the business to external users such as banks, potential buyers and auditors.

Many small business owners do not necessarily see the value of their financial statements until they decide to take out a loan or to sell/restructure a part of their business. For these reasons, it is imperative that quality financials are prepared each year as part of the business tax returns process to report on financial activity of the business.

Small Businesses

We often here about the tax benefits available for small businesses. When we talk about small business in accounting terms, this generally refers to the ATO’s definition of a small business which includes businesses with a turnover under $2 million. It is important to understand whether and to what extent your business qualifies as a small business as there are a range of concessions which may be available to you, including:

      – depreciation write-offs for assets;

        – simplified trading stock rules;

          – lower tax rates or offsets; and

            – capital gains tax concessions.

          Many small business owners also have what is known as a self-managed superannuation fund (SMSF) to help their superannuation work for their business in a tax concessional environment. More information about SMSFs can be found on our Self-Managed Super Funds page: Self Managed Super

          Business Tax Returns

          As a business owner, there is a lot of information to consider when it comes to compliance and reviewing your business tax returns. Often businesses will need ongoing guidance about their tax obligations and how to optimise their position from a tax and overall wealth perspective. At Forty Seven Accounting, our advisors will guide you through all these factors and help you to understand the key compliance and financial aspects of your business. We understand that many businesses are in the dark when it comes to understanding your business tax return needs. We provide a valuable and personal service to our clients with access to a professional chartered accountant for all your queries and concerns.

          As a client of Forty Seven Accounting, you will also have access to our other Forty Seven professional services which include financial planning, legal and mortgage broking. Our integrated services allow our teams to work together to identify broader and “bigger picture” issues and provide a complete, holistic solution across our service disciplines.