At Investax, we understand that staying on top of your tax obligations is vital for the success of your business. Falling behind in tax compliance can lead to serious consequences, which is why we offer comprehensive tax planning and compliance services to ensure your business remains on the right track.

Our clientele spans a wide range, from small businesses to medium-sized enterprises (SMEs) with up to $50 million in turnovers. No matter the size of your business, we have the expertise to assist you in navigating the complexities of business taxation.

STEP Business Tax Compliance Services

We handle the preparation and submission of your business tax returns, ensuring compliance with all relevant tax laws and regulations. Our meticulous approach helps you maximise your eligible deductions, reduce audit risk and avoid late lodgement penalties.

STEP Financial Accounting for Business

We provide accurate financial accounting services, maintaining your business’s financial records and generating comprehensive reports that offer valuable insights into your company’s performance.

STEP Management Accounting

Our team assists you in making informed financial decisions by providing timely and reliable management accounting information. We analyse your financial data and offer strategic recommendations to optimise your business operations.

STEP Corporate Insolvency Advice

We work with industry experts and trusted partners in the field to bring you comprehensive solutions, helping you navigate through challenging times and explore potential strategies for financial recovery.

STEP Bookkeeping Services

We provide comprehensive bookkeeping services to ensure your financial records are accurate, up-to-date, and compliant with relevant accounting standards. Our bookkeeping solutions streamline your financial processes, saving you time and allowing you to focus on your core business activities.

STEP Cloud Accounting Services

Embrace the convenience and efficiency of cloud-based accounting with our assistance. We help you leverage modern accounting software and technology, enabling real-time access to your financial information and enhancing collaboration between your team and ours.

STEP Comprehensive Exit Strategy

At Investax, we recognise the significance of a well-executed exit strategy for your business’s long-term success. Our expert team is here to assist you in developing a comprehensive plan that encompasses various scenarios, including transferring your business to the next generation, facilitating the sale of your business to a third party, or implementing an employee share scheme to foster future leaders within your organisation. Additionally, we provide guidance to navigate the complexities of capital gains tax on the sale of your business, ensuring optimal financial outcomes.

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Frequent Asked Questions
Got questions? Well, we’ve got answers.
What evidence should I have to support my business deductions?

To ensure valid deductions, make sure that your claimed expenses are directly related to your business operations. Keep all necessary evidence, such as receipts, invoices, and documentation, to support your claims. Consulting your tax professional can help you determine which deductions are eligible and provide guidance on proper documentation.

What qualifies as a small business for tax purposes in Australia?

In Australia, a small business for tax purposes, is generally defined as one with an annual turnover of less than $10 million. This threshold applies to various tax concessions and benefits, including the Small Business Income Tax Offset, simplified depreciation rules, and the Small Business Capital Gains Tax concessions.

What is the simplified depreciation method for small business tax returns?

The simplified depreciation method is a streamlined approach designed for small businesses in Australia. It includes an instant asset write-off for eligible assets and a general small business pool for assets that don’t qualify for immediate deduction. This method simplifies the calculation of depreciation deductions, reducing administrative complexity for small business owners.

How does the instant asset write-off work for small businesses?

The instant asset write-off allows eligible small businesses to immediately deduct the cost of eligible assets up to a certain threshold. This deduction is claimed in the year the asset is first used or installed ready for use. It allows businesses to reduce their taxable income by deducting the cost of assets such as equipment, vehicles, and machinery.

How can I determine if my business is eligible for simplified depreciation?

If your small business has an aggregated turnover of less than $10 million (since 1 July 2016), you are generally eligible to use the simplified depreciation rules. However, eligibility criteria and thresholds can vary based on the financial year and specific circumstances.

What is the significance of keeping good records for my business?

Accurate and up-to-date records are essential for effective tax reporting and compliance. It enables you to track income, expenses, and financial transactions, making it easier to report to the ATO accurately. Good record-keeping also helps you identify potential discrepancies, support your claims, and demonstrate your business’s financial position.

What advantages does accounting software provide for businesses?

Accounting software streamlines financial tasks, automates processes, and enhances accuracy. It helps businesses manage invoicing, expense tracking, payroll, and financial reporting more efficiently.

What is a Division 7A loan?

A Division 7A loan refers to a loan or financial arrangement made by a private company to a shareholder or their associate, where the terms and conditions of the loan are not at arm’s length or are less favourable than what would be available in a commercial transaction. Such loans are subject to Division 7A rules.

How can a private company avoid Division 7A implications?

To avoid Division 7A implications, private companies should ensure that loans and financial arrangements with shareholders or associates are structured in accordance with the Div 7A loan requirements. You can take out dividends and wages to avoid Div 7A Loan.

Where can I find more information about Division 7A?

For comprehensive information and expert guidance on Division 7A, we recommend reaching out to Investax accountants. We specialise in taxation matters and can provide you with the most up-to-date and tailored advice to ensure compliance with Division 7A rules. You can also visit the Australian Taxation Office (ATO) website for additional resources and information, but consulting with an Investax accountant can offer you personalised guidance specific to your situation.

Trust the Leading Small Business Tax Specialist. Contact us today to discover how we can assist you.
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