Are you worried about your company tax return obligations with ATO? We at Aussizz Tax, team of tax experts are here to guide you from your tax time worries and get your Company Tax Returnsdone.

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, Aussizz Tax are constantly updated with the changes and will ensure that your tax returns are prepared in compliance with the ATO rules.

Ausssizz Tax 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

Starting 1st July 2015, the government has introduced a range of tax concessions for businesses with a turnover of under $2 Million. Contact us to learn more about the Small Business concessions like simplified depreciation ($20000 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 $2 million. For Companies with an aggregated turnover in excess of $2million then the tax rate is 30%.

The 2016 Federal Budget has proposed to increase the threshold to $10 Million and reduce the tax rate to a 27.5% for small businesses, as part of a Ten Year Enterprise Tax Plan of the current government. Please refer to our blog section for further details. The legislation is pending approval of the budget.

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

GST

Ausssizz Tax 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.

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