Business Tax Returns
Tax returns are synonymous with accountants. It’s the first thing we think of when we 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 business tax works specifically for their particular situation. Everyone is different so it’s important to understand yours.
We also assist with making sure that you are registered for the correct taxes in Australia for businesses.
Tax Planning & Minimisation
The more you earn or profit, the more tax your business generally has to pay.
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 square’ strategies allow us to plan for the tax before they become a cashflow nightmare.
We can also provide you with a New Wave Tax review, or a second opinion on your business tax. In most cases, we have found that new clients that we have taken on board 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 Returns
At New Wave we go to the highest level of compliance to ensure we keep you out of jail! We want to give you the best outcome on your tax return 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.
We refuse to cut corners and take every tax return on its merit and make sure we cross every T and dot every I. When it comes down to it, you sign off on your tax return so most of the risk is transferred to you. You want an accountant you can trust 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. 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 take a little more time than the average accountant, but 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.
We look not only at the outcome of your tax return, but we advise on all risks as well.
Our accounting team has regular training to make sure we are all up to date with compliance and rule changes within the ATO, so you can rest assured we have the most up to date processes in place.