Business Tax Returns
Do you need to file your business tax return?
Tax returns are synonymous with accountants. It’s often the first thing people think of when they hear the word accountant. With that in mind, you’d be forgiven for thinking it’s a practice that is done well by all accountants because it’s their bread and butter right?
Would it surprise you to learn that the majority of clients we have that bring business tax returns to us for a second opinion usually have errors or they haven’t got the best outcome?
Why does this happen? Usually it comes down to the accountant not having the expertise and experience, or they’re charging so low that they don’t have the team or time to spend to get the right outcome for their clients.
Setting up for Business Tax Returns & Registrations
Transitioning from employee to a business owner is far from easy, and business tax returns can be confusing for a new business.
Tax surprises are a common pain point when it comes to new entrepreneurs and business owners. They often make their first year of profit and then realise they have not saved enough (or nothing) for Tax, GST and PAYG.
We help our clients understand (in simple terms), how their business tax return works specifically for their particular business. Everyone’s business finances are different so it’s important to understand yours.
Alongside your business tax return, we will also make sure that you are registered for the correct taxes in Australia for businesses and complying with all the right regulations.
Business BAS (Business Activity Statement Services)
At New Wave, our Business Activity Services go beyond simply lodging your BAS. We provide a complete review and reconciliation of GST, PAYG, and payroll compliance to ensure accuracy and peace of mind. What sets us apart is our semi-automated review system, designed by accountants, that identifies discrepancies, flags anomalies, and helps prevent costly mistakes before lodgement. We combine the precision of technology with expert oversight, giving business owners confidence in their numbers and the freedom to focus on growth.
Business Tax Planning & Minimisation
The more you earn or profit, the more tax your business generally has to pay in taxes.
Our goal in business tax planning and minimisation is to ensure that you are not paying more tax to the ATO than you legally have to. Our ‘outside the box’ strategies allow us to plan for the tax before they become a cashflow nightmare.
If you’ve had someone look at your company taxes already, we can provide a second opinion. In most cases, we have found that our new clients have paid too much in tax.
Our biggest success story was saving a client over $188k in overpaid tax which we were able to reverse and recover!
Why Choose New Wave for Your Business Tax Return
At New Wave, we go to the highest level of compliance to ensure we keep you out of the eyes of the ATO!
We want to give you the best outcome on your business tax return that we possibly can. We know that you want to be paying the least amount of tax legally possible. We take the time and effort to ensure everything is compliant and recorded in the correct way and above board.
When it comes down to it, you sign off on your business tax return, so most of the risk is transferred to you in the end. You want an accountant you can trust who has made every effort to be compliant and true. The mindset of ‘the accountant’s done it so it must be right’ can get you into strife if your accountant isn’t up to par.
If you get picked for a tax audit a few years down the track and your accountant hasn’t done the job correctly, you’re going to run into trouble with the ATO. No one wants that. At New Wave, we have several layers of review processes within our firm to make sure your tax return is right so if the ATO comes knocking, they won’t find anything at fault. We refuse to cut corners and take every tax return on its merit and make sure we cross every T and dot every I.
While we sometimes take a little more time than the average accountant, if this makes a difference between thousands of dollars and actual tax saves, or a potential audit fee/penalty down the track, it’s worthwhile.
And we don’t just look at the outcome of your tax return but advise on all risks as well.
Our accounting team is regularly trained to make sure we are all up to date with the latest compliance and rule changes within the ATO, so you can rest assured we have the most up-to-date processes in place.
Contact our team today to get started on your company tax return.
