The Australian government (and worldwide governments for that matter) regulate mandatory contributions for individuals and businesses to adhere to. This, as you might have guessed, is tax.

Follow the rules and you won’t get caught out. However, even unsuspecting individuals and businesses may struggle come tax time, as keeping tax compliance isn’t as straight forward as you would think.

Thankfully, a team of Belmont tax experts are here to provide a straightforward guide to maintaining tax compliant.

Want to know more? Read on from the Belmont accountant and tax specialists at Llara Tax & Accounting to find out.

Educate yourself

With all the day-in and day-out activities that go into running a business, it’s only fair that not all business owners fully comprehend complex taxation legislation and other obligations.

It’s not necessary to know everything, but it helps a lot to know the basics, and more importantly, what you should be doing.

Here’s some important considerations to make in business for easier tax compliance:

• All businesses, regardless of their structure, need a Tax File Number (TFN), even sole traders.
• An Australian Business Number (ABN) is also essential.
• Employers paying wages or salaries must register for Pay as You Go (PAYG) withholding.
• Businesses who buy and sell goods and services must register for Goods and Services Tax once the annual turnover equals to or exceeds $75,000.

Ensure accurate and up-to-date record keeping

Did you know that one of the top reasons why business owners fail to fulfil their tax obligations is due to poor, incomplete record keeping? Leaving the books to the last-minute leads to struggling to meet deadlines which equates to lodge incorrect information and tax returns.

If only there was another way…

Don’t have time to balance your own books? A Belmont business accountant will be able to ensure accurate, up-to-date record keeping for your business.

Sole trader? Separate your bank accounts

While this isn’t a legal requirement, but rather a strategic business move for sole traders.

Creating and operating a separate bank account can make it easier for you to:

• Track and control your incomings (income) and outgoings (expenses).
• This information will also be easily accessible when tax time presents itself.

Declare properly, declare legally

It’s only natural for taxpayers to want to maximise their deductions. However, declaring dubious tax claims could get you in trouble with the Australian Taxation Office (ATO).

So, do the right thing and if in doubt, seek help from a tax professional.

Keep tax compliant with a Belmont accountant

Llara Tax & Accounting are the tax and accounting to turn to for your individual and business needs.

Why Llara Tax & Accounting?

• We’re the Belmont tax accountants trusted by many individuals, families and businesses
• As a family-owned, small knit team, we have the time and genuine passion to help our clients
• Our services incorporate accounting and advisory, bookkeeping and taxation solutions.

Most importantly, we know what it takes to get to and maintain tax compliance.

Contact Llara Tax & Accounting today for professional tax and accounting solutions for individuals, families and businesses.

References:

https://www.mckinleyplowman.com.au/uncategorized/5-tips-to-ensure-your-business-is-tax-compliant/