The concept of taxation appeared many centuries ago in ancient states. Over the years, it has transformed but its main idea still remains the same. Depending on one’s income, a certain amount of money should be transferred to the national taxation organization.
Whether you are an individual employed in Sydney or an owner of a business in Sydney, you definitely need to do a tax return annually. The Australia Taxation Organization (ATO) establishes certain rules that indicate the amount or percentage that an individual or business has to pay annually. Taxpayers often find that exhausting to follow all the updates and make a tax return correctly. In order to do everything properly, refer to Sydney accountants that will help you with your tax return and take the burden off your shoulders.
Income tax return in Australia
The tax amount depends directly on the income, but it might also deviate depending on a variety of factors. Our Sydney accountants and tax return accountants will help to define which factors are applicable to you and how they influence tax. Whether you are an individual or a company, they will assist you with a tailor-made tax return that suits you best.
For individuals, such factors as the residence status in Australia, annual income, marital status, number of children in the family matter the most for the tax return. For instance, non-residents who get earnings from Australian companies have to pay higher taxes at least until they receive the resident status.
The tax amount for businesses is related to the annual turnover of the particular company. In case the turnover is higher than 10 million Australian dollars, then the percentage of tax is usually higher than for the companies with lower turnover.
Some part of the tax should be refunded because of the claim for the company expenses if any. Sydney accountants will help to figure this out by explaining in which cases an individual or business is eligible for a tax refund.
Company registration in Sydney
If you want to start a business and register a company, Sydney accountants can help you with that task as well. They will guide you through all the steps for registering your business and will guide you through further steps. Our professionals specialize particularly in guiding small and middle-sized companies in Sydney with their financial and tax return operations.
Some companies have to complete the business activity statement required by the ATO. Our Sydney accountants at Cross Accountancy Services will clarify whether completing this activity is necessary for your company, especially if you are a new business owner. Our experts have plenty of experience in preparing business activity statements for companies in various industries, including the medical sphere, mining, education, and others.
Keeping the business records safe and organized is an important and essential aspect for any company. This makes it easier to prepare an annual tax return and even a tax refund. Bookkeepers and accountants in Sydney will help you with organizing all the records properly and advise what business expenses are subject to a tax refund.