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Company Tax / GST

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Company Tax / GST

We look after all types of business income tax returns and GST/BAS Return,  including but not limited to the following:  Sole trader, Partnerships, Company tax and Trust…..

GST/BAS Return

The business activity statement (BAS) is a tax reporting requirement for businesses issued by ATO on either a monthly or quarterly or annual basis. It is used for reporting and paying goods and services tax (GST), pay as you go (PAYG) instalments, PAYG withholding tax and other tax obligations.

 1. Sole trader:

If you operate your business as a sole trader, you trade on your own and control and manage the business. You are legally responsible for all aspects of the business, including any profits or losses.

As a sole trader, you can use your individual Tax File Number when lodging your income tax return, and you will need to apply for an ABN for all your business dealings.

You’ll need to pay tax at the same income tax rates as individual taxpayers and pay quarterly Pay As You Go (PAYG) installments to pay off your tax throughout the year. We can advise you how to set up your own super arrangements and for any staff you employ.

  1. Partnership:

If you’re sharing your business with a partner, why not do the same with your taxes and partner with ITP?

We have more than 40 years experience helping small businesses with their finances. Our professionals are experts at partnership accounting and can help you and your business partner navigate your taxes throughout the year.

Under a partnership, you’ll need to submit a tax return both for your business, and an individual return as a partner of the business. This allows you to separate your business expenses and deductions. Some deductions are not available to the partnership, but may be claimed by the partners.

  1. Company tax return

We have more than 40 years experience helping small businesses with their finances. Our professionals are experts at business accounting and can help you and your business navigate your taxes throughout the year.

Under a Company or Trust, you’ll need to submit a corporate tax return for your business and may also need to lodge an individual return.

  1. Trust account Management services

At ITP, our tax professionals are experts at setting up and managing trusts. We can help you understand all your tax liabilities associated with managing a trust and its beneficiaries.

Managing and setting up a trust can be complex. Formal deeds are required and there is administrative work that must be done each year.

Because the trust deed outlines how the trust will operate, it is important to get professional advice. We can advise you on the best way to manage your trust to minimise your tax liabilities.

If managed correctly, trusts can help reduce higher tax rates by distributing the income to the beneficiaries who often are on a much lower, individual tax rate. We can help you set up a Tax File Number for lodging an annual tax return, an ABN for the trust and register it for GST if the annual turnover is more than $75,000, or more than $150,000 for non-profit organisations.