Business – Tax Returns, Tax Planning

Hauled in before a Senate enquiry, media mogul Kerry Packer famously said,

“Of course I am minimising my tax. And if anybody in this country doesn’t minimise their tax, they want their heads read, because as a government, I can tell you you’re not spending it that well that we should be donating extra!”

The Team at Umbrella Accountants, headed up by Garry Wolnarek have been working with business clients for over 20 years to help grow their businesses. At Umbrella Accountants we provide up-to-day taxation and business advice to ensure –

• business structures are correctly setup to maximise you particular business trading conditions for – Income taxes, GST, CGT, FBT, stamp duty, payroll taxes, etc.
• all tax deductions and tax offsets are claimed
• All taxes (income taxes / GST / CGT / FBT / Stamp Duties / State Based Payroll Taxes) are optimised to your best advantage
• All tax issues are considered – in the current trading environment for any possible mergers / demergers or the Restructuring of the business.

Payroll Tax Rates & Thresholds – 2015/2016

State Rate Annual Threshold Monthly Threshold 29 Days 30 Days 31 Days ACT 6.85% $1,850,000 $154,166 NSW 5.45% $750,000 Not Applicable $59,426 $61,475 $63,525 NT 5.5% $1,500,000 $125,000 QLD 4.75% $1,100,000 $91,666 SA 4.95% $600,000 $50,000 TAS 6.10% $1,250,000 Not Applicable $99,044 $102,459 $105,874 VIC 4.85% $550,000 $45,833 WA 5.50% $800,000 $66,667

Fuel Rebate Schemes

Fuel tax credit rates change regularly. They also vary depending on when you acquire the fuel, what fuel you use and the activity you use it for.

We can also assist our business clients to transition their businesses to the next family generation.

Can businesses get a better tax deal?

The answer is ‘sometimes’ but you need to be proactive.  Larger companies tend to spend more on advice to not only identify current opportunities but to understand the tax impact when acquiring new businesses, selling assets, structuring or restructuring.  We’ve seen many scenarios where businesses seek advice on tax issues once contracts have been signed – at the tidy up stage.  It’s too late at this stage to improve the tax position or unwind a problem.

Understand what’s available to you – concessions exist for small business entities and other entities if you know where to look. Often business just doesn’t have the time or feel the need to invest to explore anything beyond the compliance basics.

• Get your structures right – a lot of companies fall into the trap of looking at their structure once they have achieved a certain level of growth or decide it’s time to make significant changes – like bringing investors or selling part of the business.  By this time the cost of changing structure is prohibitive. If you put a structure in place at the start that creates flexibility and tax efficiency, yes it will cost a few more dollars but you will enjoy the tax benefits as you grow plus your structure will accommodate change as your business builds out.
  • Ensure that income and profits flow effectively – this is a follow on from structure. Once you have the right structure you can optimise the tax efficiency of how income flows to you providing you plan this in advance.

   

We can help with –

All Business Tax  & BAS Returns for Companies, Trust and Partnerships

Fast Business Registration for – Business Names, ABN, TFN, GST, PAYG, FBT

Business Structures to protect your business and personal asset from risk

Cloud Based Business Advice

Home Based Business Setup

 Welcome

Garry Wolnarek and the team at Umbrella Accountants

I and the team look forward to meeting you and making a difference in your business.

All meetings can be either at our office, your business or via Video Conference such as Skype

The initial meeting are on a no obligation no cost basis to your business so you can see if we can work together.

Skpe Name – garry.umbrella   Linkedin Profile