Overview
Taxation Services
Like most people taxation is probably not your favourite aspect of running a business, but here at Latter Kennedy, we get a kick out of helping clients reach their full potential with effective taxation strategies. We keep up with the ever-changing Australian tax code and dig down into the details so you don’t have to.
Instead, you can focus on the aspects of your business that only you can handle. When it comes to your day-to-day operations, buying and selling, restructuring and even expanding overseas, our professional taxation advice can help to optimise and safeguard your position, both now and in the future.
Estimates & Tax Planning
We invest time working with you before the end of the financial year preparing estimates and tax planning information to allow you to make decisions and know your position before 30 June. We provide you with options and suggestions along with any updates where possible from budget announcements that may impact upon your situation.
We also ensure that our planning includes looking forward and associated planning if there has been sale of assets and capital gains to be dealt with or distributed. For trusts, we will take care of the trust distribution minute documentation before 30 June as part of this planning process to ensure that your trust is compliant.
Income Tax
Our team is experienced with all sections of income tax law. We help and service all types of clients from someone who requires just a basic tax return to multiple entity groups. We regularly undertake professional education to keep updated on a variety of topics including legislation changes to ensure we are providing current and quality information.
We can help you to better understand your tax position, answer your income tax related queries, and assist with installment activity statements and variations if required. We can also handle all of the Tax Office correspondence and matters on your behalf.
Goods & Services Tax (GST)
Goods and Services Tax applies to all businesses who are registered for GST. We can assist with the preparation of the Business Activity Statement (BAS) to ensure it is lodged by the relevant due date regardless of whether you are registered on an annual, quarterly or monthly basis.
We can also assist with providing information and answering your questions surrounding the operation of GST, how to record it correctly, making adjustments, cancelling GST, or situations when GST may or may not apply to transactions depending on your activity.
Fringe Benefits Tax
If you are providing benefits to employees including yourself as an employee of your business, you may be caught with Fringe Benefits Tax. Common benefits include use of a motor vehicle, novated leases, housing benefits, use of a business asset, car parking, entertainment any many more.
We can assist by reviewing benefits you may provide to assess if any potential fringe benefit may apply and look at what exemptions or concessions we may be able to use to minimise the consequences. We can also assist with preparation and lodgement of Fringe Benefit Tax returns and associated documentation and declarations required.
Payroll Tax
Payroll Tax is a state based tax that is applicable where an employer has taxable wages for payroll tax purposes over the relevant payroll tax threshold. This can be a complex area to understand the definitions of what is included in taxable wages definitions, whether you are a grouped employer and also if you employ both in Queensland and other states.
We can help to provide information regarding payroll tax and help with identifying when this may become an issue for your business. We can assist with registration and calculation and lodgement of returns to ensure compliance.
