SMSF industry is heavily regulated, making the compliance more difficult and complicated. Getting professional advice can help ensure that your SMSF complies with the rules and meets all the legislative requirements Take control of your financial future, We are accounting services Sydney, let us help you set up the most appropriate SMSF structure to fund your dream retirement and assist you in managing your annual tax and compliance obligations.
Monthly Archives: September 2020
Late Returns And Non-Compliance
Need help resolving non-compliance issues? Have fallen behind with your lodgements? We work very closely with the ATO to proactively and professionally manage the whole process of bringing you up-to-date and addressing any other non-compliance issues you may have. If you have multiple years of tax returns outstanding, let our experts take the stress out of the process and reduce your risk of penalties. We did it many times before, professionally, quickly and efficiently.
We will work with you to set a timeline as to when we can prepare and lodge the tax returns and will immediately contact the ATO to request an extension of time and pause any potential actions the ATO may take. We have had great success in negotiating remission of penalties and interest, on many occasions being able to explain our clients’ individual circumstances to the ATO and remove those penalties in full.
BAS And Bookkeeping
We strive to provide you with information about your business that is accurate, timely and easy for you to understand. Our bookkeeping services sydney, impeccable attention to detail and dedication to your business will free up your time, BAS services in Coogee, let you focus on things that are important for you and greatly increase the time you get to spend working on your business.
Our services include:
- Payroll management, including Single Touch Payroll reporting (STP)
- Superannuation lodgement
- Bank reconciliation
- BAS preparation and lodgement
- Debtors management
We offer efficient, accurate and reliable bookkeeping, tailored to your needs. Outsourcing your bookkeeping tasks to our team of experts is life changing. You’ll get confidence in the accuracy of your numbers, extra time to focus on areas of your business where you can make a real difference, on-time lodgement, avoiding interest and penalties from the ATO, and much more. Say goodbye to stressful days and sleepless nights.
Why Choose Freedom Tax Agency for Professional BAS Services in Sydney?
In Australia’s competitive business landscape, ensuring compliance with taxation obligations is crucial for smooth operations and sustained growth. One essential aspect of this is the preparation and submission of a Business Activity Statement (BAS). A BAS is a mandatory form that businesses must lodge with the Australian Taxation Office (ATO) to report and settle their tax liabilities. While the process may appear simple, the reality is that BAS involves a complex web of financial activities. That’s where Freedom Tax Agency steps in, offering professional BAS services in Sydney to help businesses streamline this critical responsibility.
Understanding BAS and Its Broad Scope
A BAS primarily addresses the reporting of Goods and Services Tax (GST), a cornerstone of Australian taxation. When lodging a BAS, businesses report the GST collected from sales and deduct the GST paid on purchases. The difference determines whether the business owes money to the ATO or is eligible for a refund. However, the scope of BAS extends well beyond GST. Depending on the business’s operations, it may also include reporting on:
- PAYG (Pay As You Go) withholding
- PAYG instalments
- Fringe benefits tax
- Fuel tax credits
- Wine equalisation tax
Each of these components has its own set of regulations, making BAS submissions a detailed and potentially overwhelming task. At Freedom Tax Agency, we specialize in unraveling these complexities to provide businesses with tailored, reliable solutions.
Why BAS Is Vital for Australian Businesses
Australia’s economy thrives on its diverse businesses, ranging from small startups to established enterprises. Regardless of size or industry, every business must comply with taxation regulations to avoid penalties and maintain financial stability. BAS is pivotal in fulfilling these obligations and ensuring:
- Compliance: Timely and accurate BAS submissions prevent fines, interest charges, and audits.
- Cash Flow Management: BAS helps businesses monitor their financial health and make informed decisions.
- Credibility: Compliance enhances trust with stakeholders and supports long-term success.
Freedom Tax Agency’s professional BAS services ensure businesses across Australia can focus on growth without worrying about tax-related complexities. We also have a dedicated team of experts delivering bookkeeping services in Bondi.
The Freedom Tax Agency Advantage
At Freedom Tax Agency, we go beyond the basics to deliver exceptional BAS services tailored to your unique needs. Here’s why we stand out:
Expertise You Can Trust
Our team of experienced BAS agents and accountants has an in-depth understanding of Australian tax laws and regulations. From GST calculations to PAYG instalments, we ensure every detail is accurately handled, minimizing the risk of errors or non-compliance.
Comprehensive Support
Freedom Tax Agency doesn’t just help you lodge your BAS—we’re here to support your business year-round. We provide ongoing advice, keeping you informed of regulatory changes and their potential impact. Our goal is to empower your business with the knowledge and strategies needed for financial success.
Tailored Solutions
Every business is different, and a one-size-fits-all approach doesn’t work for BAS services. That’s why we take the time to understand your business and its unique challenges. Whether you’re a small business in Bondi or a large enterprise in Sydney, our solutions are customized to fit your requirements.
GST and Its Integral Role in BAS
For most Australian businesses, GST is the heart of BAS reporting. GST is a value-added tax applied to most goods and services sold or consumed in the country. Businesses act as tax collectors, forwarding the GST they collect from customers to the government. At the same time, they can claim credits for the GST paid on purchases, reducing their overall liability.
Freedom Tax Agency is known for A-grade bookkeeping services in Marrickville. We ensure that your GST calculations are precise and compliant with ATO guidelines. We help you navigate exemptions, reduced rates, and other nuances, maximizing refunds where possible and preventing costly errors.
Reducing Risk and Ensuring Compliance
Errors in BAS submissions can lead to penalties, audits, and financial strain. Freedom Tax Agency mitigates these risks by leveraging our expertise and meticulous approach. Our team ensures your submissions are error-free, compliant, and timely. With us handling your BAS, you can enjoy peace of mind knowing that your business is in capable hands.
Australia-Wide Coverage
Whether you’re in Sydney, Perth, Melbourne, or a remote part of the country, Freedom Tax Agency’s professional BAS services are just a call away. We offer flexible solutions, including virtual consultations and online services, to cater to businesses nationwide. Our commitment to excellence transcends geography, ensuring every client receives the highest standard of service.
Why Businesses Choose Freedom Tax Agency
Businesses across Australia trust Freedom Tax Agency because we deliver results. Here are just a few reasons why we’re the go-to choice for professional BAS services:
- Accuracy: We pride ourselves on getting it right the first time.
- Accessibility: Our friendly team is always available to address your questions and concerns.
- Affordability: Quality services shouldn’t break the bank, and we offer competitive pricing to suit businesses of all sizes.
- Reputation: With a track record of satisfied clients and glowing testimonials, Freedom Tax Agency is synonymous with reliability and excellence.
Contact Us Today
Don’t let the complexities of BAS hold you back. Reach out to Freedom Tax Agency for professional, reliable, and efficient BAS services across Australia. Call us now or visit our website to schedule a consultation and take the first step toward stress-free tax management. Together, we’ll build a foundation for your business’s success.
Annual Compliance For Businesses
Whether you run your business as a Sole Trader, a Partnership, a Company or a Trust, we can take care of all your business tax and compliance needs.
As a sole trader you need to ensure that your BAS and tax returns obligations are met on time. There are further obligations if you employ staff, such as single touch payroll and superannuation, taxable payments annual reports and more. We can help you make sense of those that are relevant for your business and make sure you stay on top of them.
While a partnership itself does not pay tax, tax returns for the partnership, as well as all individuals involved must be lodged. Make sure you speak with our friendly team and we will help you understand the benefits and obligations of running your business as a partnership.
A company structure has many benefits, such as limited liability, asset protection, and the tax rate of 27.5%, 26% or 25% is generally lower than a lot of individuals would pay. At Freedom Tax Agency, we can help you take care of the company tax returns and numerous other company obligations.
Running your business via a trust is a great way to protect your assets, thoughtfully distribute your business income and minimise your tax liabilities. It provides a lot of flexibility in terms of financial planning, allows for the growth of your business and can enable the beneficiaries to get a discount on capital assets held by the trust for more than 12 months, including selling your business. We can help you take care of the trust tax returns and many other obligations of the trust.
Whatever structure you use, you will benefit from the wide range of services we provide, including:
- PAYG reconciliation
- GST reconciliation
- Business schedule preparation
- Depreciation of company assets and maintaining assets register
- Preparation of Financial Statements
- ASIC and secretarial services
- Tax return preparation and lodgement
Business Advisory And Entity Formation
Making sure you are operating the right structure for your business is the key to significantly reducing your taxes, increasing your cash flow and ultimately building your wealth. We will help you select and set up the best structure for your business and monitor it to ensure it fits your current situation moving forward. We are passionate about making sure you use your tax dollars as long-term investments, be it business, shares or property. Using the most tax effective structures will allow you to greatly reduce your income and capital gains taxes and achieve your financial freedom
Tax Planning and Strategic Advice
Proactive tax planning is crucial in building your long-term wealth and achieving financial freedom. We provide independent advice and problem resolution service. Whatever your needs are, we are here for you. Our experts will assist you in identifying opportunities to legally minimise your tax liabilities. We also provide taxation service sydney, advice and thorough research on more complex taxation issues.
Tax Returns
We have an in-depth knowledge of the deductions associated with many different industries and we go through a rigorous process to ensure that we maximise your return. We also conduct a complimentary review of your previously lodged tax returns to identify any missed opportunities or errors.
We prepare and lodge Tax Returns for individuals, including:
- Salary and Wage earners
- Investors in shares and managed funds, including employee share schemes
- Rental property owners
- Small business operators (Sole Trader)
- Personal Services Providers (PSI)
- Performing artists and special professional income earners
- Foreign and temporary residents
