| Taxation advice and planning
- We advise on the income tax and GST implications of transactions for all types of entities and personal transactions by individuals. We have expert knowledge in the structuring of transactions, business operations and investments to maximise commercial and taxation advantages.
- Taxation planning ensures that tax is minimised as best as possible with any unnecessary tax exposures are dealt with, while meeting commercial and personal objectives and legal requirements.
| Preparation and electronic lodgement of tax returns, including:
- Individual (with a specialisation in negatively geared property investments)
- Typically, our individual clients progress through the following steps in order to have their tax return prepared and lodged:
- We like our clients to come in to meet with us for a thorough interview to determine all income, deductions and tax offsets available to them. This usually takes around 15-45 minutes and we will complete the tax return and explain the result.
- Once our client is happy with their tax return as completed, our fee can be paid straight away or, for added convenience, clients can choose to have the fee deducted from their tax refund and the remainder deposited directly into their bank account - this service incurs a $15 processing fee. Our highly competitive fee includes year round support and is fully tax deductible.
- We supply the client with any record that may help their tax situation for the following year.
- The tax return is then double checked for tax law compliance and calculation accuracy and is then lodged with the ATO on the same day.
- The ATO will send a Notice of Assessment and tax refund in typically 7 to14 days.
- Our services don't end with the preparation of the tax return. As a Greg Singh & Co client, should a clients return be reviewed or audited by the ATO, we'll help our clients respond to all ATO enquiries.
| Preparation and electronic lodgement of Business Activity Statements (BAS)
- Many clients use our BAS preparation service every quarter. By using our electronic service directly with the Australian Taxation Office we are able to provide clients with extensions for the time to lodge their BAS.
| Amendments to previously lodged tax returns and BAS
- We can assist clients with amendments to past tax returns.
- Reasons for asking for an amendment typically include:
ommision of assessable income,
claiming of additional allowable deductions,
certain questions being answered incorrectly and
certain questions not being answered at all.
- A majority of taxpayers have two years to make changes to their tax return.
| Preparation and lodgement of Fringe Benefits Tax (FBT) returns
| Preparation and lodgement of applications for:
- Tax File Numbers (TFN)
- Australian Business Numbers (ABN)
- GST registration
- PAYG withholding registration
| Preparation and lodgement of PAYG withholding variation requests
- A PAYG variation, or Income Tax Withholding Variation (ITWV), is an annual application made to the ATO, typically by clients who have negatively geared property investments, to vary the amount of tax withheld from their salary each pay period by their employer. The variation is valid for the whole of the financial year (1 July to 30 June next). If lodged part way through the year it also takes into account the amount of tax withheld from salary to the date of application, offering additional relief for the remainder of the year. Once an ITWV is processed the ATO will notify the employer of a varied amount of tax to be withheld from the pay each pay period.
- The benefit of a ITWV is that rather than receive a large refund at the end of the income year, after they lodge their tax return, our clients can access their tax refund up front in their regular pay. Releasing the funds each pay period can help meet the regular costs of the investment like loan payments, rates, body corporate fees, etc. It can also relieve potential cash flow restrictions for investors planning to expand their property portfolio.
| Company, trust and partnership formation
- We advise clients on the most effective ways to structure their businesses, that is whether to trade as a sole trader, incorporate, form a partnership or establish a form of trust. We also do all the work (including drafting of deeds etc) to establish these types of structures.
| Dealing with the Australian Taxation Office (ATO)
- We are experienced in dealing with tax audits and reviews, preparing objections and private ruling requests, preparing penalty remission requests and representing clients before the ATO.
| Preparation of annual financial statements
| Accounting system advice
| Regulatory compliance assistance