Tax Compliance

Taxation law is literally a minefield of partially hidden traps. Whilst the obscurity of the laws provides hidden dangers that are often unintentional hazards, they are administered according to the law in a black and white fashion. Our role is to guide you through the minefield. We can provide you with this expertise and assist you to pursue financially efficient tax compliance.

We strive for our clients to pay the appropriate amount of taxation as required by law and not a cent more. Anything more may as well be donated to your favourite charity.

We provide a wide array of services related to taxation compliance, falling into the following general categories:

Make the right choices in your taxation planning and you will accumulate significant additional wealth from those decisions. Make the wrong choices and your wealth will flow to the government and you will risk audit activity and penal sanctions from government bureaucrats. As professional Chartered Accountants and Tax Agents with over 30 years of experience,  Abbotts can not only assist you with the preparation and lodgement of your tax obligations, but we can also provide comprehensive strategic advice on the management of your taxation risks and opportunities.

As part of your wealth management strategy, careful consideration to taxation efficiency must be present in every decision. By having both financial advisers and tax advisors under the same roof, the team at Abbotts can provide you with a holistic service to manage and maintain your personal wealth, while ensuring there are no unintentional leakages of that wealth caused by taxation.

Choosing your business structure is an important decision because this will determine the foundation for asset protection, the amount of tax you are liable to pay, the costs of running a business, and your ability to maximise profits.  However, to decide which business structure is the best for your business can be confusing as there are advantages and disadvantages to consider for each type.

Abbotts is able to explain and ‘walk you through’ this process to find which structure is most suitable to your circumstances. Once you have decided upon the business structure, we can then assist the establishment of the business structure, and ensure you understand and comply with all of your business’s legal obligations.

Fringe benefits tax (FBT) is a tax employers pay on certain benefits they provide to their employees – including their employees’ family or other associates. The benefit may be in addition to, or part of, their salary or wages package.

Abbotts provide comprehensive advice on FBT and can ensure you meet your obligations with the correct application, reporting and lodging of an FBT return.

Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. It contains a bewildering array of inconsistencies, anomalies and traps for the unwary. When well managed and understood, it can provide a potential risk or reward to business cash flow, depending on which widgets or services are sold.

We can provide comprehensive advice on GST issues that are affecting your business to ensure you understand and meet your obligations as well as minimise your tax liability.

Abbotts can assist with your taxation obligations arising from living in or investing in Australia or managing foreign investments and changing taxation residencies.

With regards to paying tax in a foreign region, we can liaise with your foreign tax advisors on your behalf, ensuring any relevant foreign taxation claims or offsets are declared in your relevant local return. This includes foreign income from sources such as foreign pensions and annuities, employment income, investment income, business income or capital gains that arose on overseas assets.

Australian labour laws are amongst the most complex in the world. Once you add in issues around taxation and superannuation, it just might feel like too much. Abbotts can provide assistance to ensure your legal obligations are both met and understood, so you and your staff can concentrate on your business and its customers. This includes areas such as PAYG, payroll tax and superannuation.

 

Our Tax Compliance Specialists

Chris Higham

Partner, Abbotts Chartered Accountants

Chris has been a part of the Abbotts Team since 1987 and has worked in the accounting profession since 1983. He qualified as a Chartered Accountant in 1991 and was appointed as a Partner in Abbotts Chartered Accountants that year.

David Drake

Partner, Abbotts Chartered Accountants

David is our Tax Specialist and has worked in the tax and accounting field since 1982. David spent several years early in his career working in the ATO. He joined the Abbotts team in 1997 and became a Partner of the Practice in July 2000.

Eric Ballard

Director, Abbotts Chartered Accountants

Eric has in excess of 15 years of experience providing tax and business services having worked in both mid-tier and boutique advisory firms.

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