Taxation and Accounting
Proper taxation and accounting practices help organizations make informed financial decisions and maintain accurate financial records, ultimately contributing to their long-term success.
Tax Planning
Tax planning is a proactive process whereby an accountant will sit down with a business owner prior to the end of the financial year and explore every available strategy to legally reduce your tax. At High Numbers, we proactively conduct meeting with our clients and discuss and implement various effective tax planning strategies to ensure they don’t pay more than they need to.
- Contributing profits to superannuation or an SMSF.
- Writing off bad debt prior to 30 June.
- Distributing profits via a discretionary trust (except PSB) to other people or entities who pay tax at a lower rate than you – e.g. retired parents, kids / siblings at university or a spouse.
- Distribution profits to a bucket company.
- Paying Income Protection Insurance from your super.
Tax Compliance
The tax environment in Australia is highly complex and ever changing. Nevertheless, businesses are required to understand and anticipate opportunities and threats, and manage their tax obligations. We are registered tax agents, providing a comprehensive and convenient tax return preparation and lodgement service for individuals and businesses, tailored to one’s needs. With our easy tax compliance service, we’ll take care of all the hassles and leave you with more time into your business. Get your tax done; either through personal consultation, or via email correspondence.
Fringe Benefit Tax
Fringe Benefits Tax (FBT) is might need to paid on certain benefits provided to the employees or the employees’ associates instead of salary or wages. Benefits can be provided by an employer, an associate of an employer, or a third party by arrangement with an employer. An employee can be a former, current, or future employee. FBT compliance is also a part of Annual Tax Compliance, however it is separate to Income Tax and is calculated based on the taxable value of the fringe benefits. Need help with FBT return and professional tax advice? Our team of Melbourne-based tax advisors can help.
Salary Packaging
Salary packaging, or salary sacrificing as it’s often known, is an exciting story, but it can also appear quite complicated. Our experienced team in Melbourne is happy to help structure your package to derive maximum benefits. This allows employees to achieve a financial benefit from salary packaging certain expenses from their pre-tax salary (which would normally be paid from their post-tax disposable income).
BAS and Payroll related compliance
Business activity statement (BAS) is a reporting requirement for businesses issued by the ATO on a monthly or quarterly basis. BAS is reporting Goods and Services Tax (GST), Pay As You Go (PAYG) Instalments, PAYG withholding tax and other tax obligations. We assist our clients in BAS and Payroll obligations and manage the lodgement due dates.