Business Tax Overview

Business taxes can be tricky, but with the right support and smart planning, it’s easy to stay on track and make the most of tax-saving opportunities.

Your business tax obligations are extensive, often complex and generally time consuming and they include responsibilities that range from managing GST and preparing quarterly BAS statements, logging annual tax returns and Fringe Benefit, Payroll and SMFS tax reporting to Captial Gains Tax (CGT) and its impacts on business and asset sales.

Then there are numerous other taxes that also apply which may be specific to certain industries and/or the Australian state or overseas jurisdictions in which your business operates.

Essentially there are two key tax functions: tax compliance reporting and tax planning.

Tax compliance reporting is an after-the-fact summary of your tax obligation, while tax planning provides opportunity for implementing tax strategies in advance that can minimise the amount of tax you are obligated to pay, how and when you pay it.