Tax & Compliance

QAATS professional team provide various services to clients including ITR & CTR, GST/ BAS lodgments, preparing financial accounts, compliance with ASIC, ATO and other external bodies, tax planning, tax returns for all entities and personal returns within the group at very reasonable price.

Tax Rerun (Individual, Company, Trust & Partnership):

A tax return is a documentation filed with an Australian Tax Authority (ATO) that reports income, expenses, and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the over payment of taxes. In Australia tax returns must be filed annually for an Individual, Business entity including Trust and Partnership with reportable income, including wages, interest, dividendscapital gains, or other profits.

Lodgment date: 30 Jun 20XX

FBT Reporting:

A fringe benefit is an extra benefit supplementing an employee’s money wage or salary, for example a company car, private health care, etc. In Australia it is a benefit in respect of employment – a benefit provided to an employee (or associates) by an employer in the respect of the employment of the employee. The ’employee’ may be a current, former or future employee, and treatment of the benefit will be the same whether it is received directly by the employee or by associate of the employee. Note that an employee is different from a contractor, and fringe benefits are only for employees or associates.

There are several specific ‘types’ of benefits listed in the legislation, including car fringe benefits, loan fringe benefits, housing fringe benefits and others. For each fringe benefit type, one or more methods is prescribed for determining the taxable value of the benefit.

The fringe benefits tax (FBT) is a tax applied within the Australian tax system by the Australian Taxation Office. The employer must self-assess their FBT liability for the FBT year (that is, 1 April to 31 March) and lodge an FBT return.

SMSF

self-managed super fund (SMSF) is a superannuation trust structure that provides benefits to its members upon retirement. The main difference between SMSFs and other super funds is that SMSF members are also the trustees of the fund. SMSFs can have between one and four members, and one of the main advantages is the level of control that trustees have when it comes to tailoring the fund to meet their individual needs. 

SMSFs are established for the sole purpose of providing financial benefits to members in retirement and their beneficiaries on death. They have their own Tax File Number (TFN), Australian Business Number (ABN) and transactional bank account, which allows them to receive contributions and rollovers, make investments and pay out lump sums and pensions. All SMSF investments are made in the name of the fund and are controlled by the trustees.

BAS & IAS

BAS: The Business Activity Statement (BAS) is a form submitted to the Australian Taxation Office by registered business entities to report their tax obligations, including GST, pay as you go withholding, pay as you go installments, fringe benefits tax, wine equalization tax and luxury car tax. Strict due dates apply to BAS Returns, and hefty penalties are imposed for late lodgment. GST Registered Businesses in Australia must lodge BAS returns accurately and on time.

IAS:

An IAS or Installment Activity Statement, is a form used by taxpayers who are not registered for Goods and Services Tax (GST). It is also the form required to be lodged by entities that prepare a quarterly Business Activity Statement  but are required to remit their Pay As You Go (PAYG) withholding tax on a monthly basis because they are a medium withholder.

The IAS is a pre-printed document issued by the Australian Taxation Office every month, which summaries the amounts of PAYG installments, PAYG withholding and ABN withholding. If you withhold more than $25k per year, you must do this every month. If the amount is in excess of this amount, it can be done through the BAS. With holders of large amounts have to remit statement seven days after the payment of wages or fees.

Can assist in claiming your tax refund. Our qualified tax return accountants can assist in claiming work related deductions, motor vehicle deductions, self-education expenses, and other deductions to ensure you receive the tax refund you are entitled to. Cruz & Co can be your personal Income Tax Accountant.

Tax Consultancy, Planning & submission:

QAATS tax consultancy provide services such as tax planning, business planning, tax structuring advice, capital gains tax, negative gearing and other taxation advice. We have helped many clients with tax advice in achieving their financial goals. Success stories include:

  • Purchase of investment property, and the tax effect of the type of property that was being considered for purchase. We modeled the tax effect of renting out a number of properties against the taxpayer’s individual income.
  • Selling an investment property – Calculation of estimated capital gains tax and advice on timing of the sale to produce optimal tax outcome.
  • Share sales – Modelling the tax effect of capital gains of selling certain shares held in June, helping a client determine how many shares to sell and the specific tax outcomes of selling different shares.
  • Working visa – Able to get clients thousands of dollars in current and prior year tax returns due to the Medicare levy exemption.
  • Foreign residency – Working through the maze of residency tests and saving a client thousand in tax by identifying their residency status.
  • ABN and sole trader income – Navigating a client through Personal Services Income legislation, non-commercial business losses and structuring the business affairs to wider deductions available to the business.
  • Buying a car vs leasing a car vs car allowance – The tax impact of different purchasing and financing arrangements
  • Working holiday maker deductions – Explain changes in tax law relating to working holiday visa’s, and preparing working holiday tax returns. Although there is a change in tax rates, it may still be beneficial to lodge a tax refund for working holiday makers.

ATO inquiry, investigation and Dispute handling:

Disputes with the ATO arise from time to time. QAATS tax consul provide services in resolving these disputes to achieve the best solution for clients.

Avoiding disputes saves times, effort and money.  A Tax consultant can advise early on any matters that might result in dispute. However, if an individual or business become involved in a dispute with the ATO, tax consultant relieves the burden by acting and managing communication on client’s behalf.

Tax advisory services span a wide range:

  • identifying and mitigating compliance risks by undertaking a taxation risk assessment
  • managing disputes such as ATO reviews, private rulings objections or appeals to tribunals
  • liaising with the ATO on behalf of you or your business
  • advising on alternative courses of action
  • highlighting the likely outcomes and costs involved in the alternatives.

ASIC compliance:

QAATS tax advisor also help clients to comply secretarial obligations with ASIC as follows:

  • Company searches and Company Formation
  • Registration of Company
  • Preparation and filling of Annual Return
  • Preparation of minutes and resolutions
  • Change of address notification
  • Share Restructuring
  • Change of Public Officer, Director, Shareholder, Company Secretary
  • Change of Company Name

STP Reporting:

Single Touch Payroll (STP) is a government initiative that requires all employers to report payroll information to the Australian Taxation Office (ATO). It involves electronically reporting your employees’ payroll information to the ATO each payroll cycle, whether you pay weekly, fortnightly or monthly.

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