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Business Tax Return Services
Do you find yourself dreading the preparation of a business tax return?
Whether you’re a small business owner, sole trader or run a large company with many employees, trying to understand your tax obligations can be confusing and even overwhelming as the Australian business tax environment is governed by constantly changing and growing legislation.
At Crest Accountants on the Gold Coast, we don’t just prepare business tax returns, we ensure that your business complies with all the relevant rules and regulations, and at the same time we also ensure that we legitimately minimise your business tax liabilities.
- Instant business asset write-off – An instant asset write-off allows small businesses (with an annual turnover of less than $500 million) to claim immediate deductions (up to an amount of $150,000 for new or second-hand plant and equipment asset purchases such as vehicles, tools and office equipment. The government has announced it will extend the 150k instant asset write off until 31/12/2020 subject to parliamentary process.
- Claiming depreciation of business asset – A depreciating asset is an asset that has a limited life expectancy (effective life) and can reasonably be expected to decline in value (depreciate) over the time it is used. Generally, you can claim a deduction for the decline in value of depreciating assets each year over the effective life.
- Prepaid expenses – Businesses with a turnover of less than $10 million can claim an immediate deduction for prepaid expenses of up to 12 months. Making these prepayments, means you can bring forward your deductions and reduce your tax liability for the current financial year.
- Business account and loan expenses – In some cases, you can deduct the interest paid on any form of business finance from your taxes. Such forms of finance include business loans, lines of credit, and your business credit card.
- Deductions for personal super contributions – If you made personal superannuation contributions during the year to a complying super fund or a retirement savings account (RSA) you may be able to claim a deduction for those contributions.
Putting your tax return (whether it be an ABN tax return, sole trader tax return, small business or large company tax return) in the experienced hands of Crest Accountants will give you peace of mind whilst you focus on more important things, like the running of your business.
Crest Accountants are here to help with:
How Crest Accountants can help
Company income tax returns are just one of the accounting services that Crest Accountants offer.
Through generations of business success stories, our Gold Coast business accounting team has honed a system that delivers practical wealth solutions backed by personal peace of mind. With business accounting and taxation specialists who provide expert advice through transparent relationships built on trust, we can help you with all your business tax return needs – and all your other accounting needs as well.
In relation to a company, small business, ABN and sole trader tax returns, we don’t want you to dread tax time, we want you to feel at ease knowing we’re here to help you with your business tax returns.
Contact us at Crest Accountants on the Gold Coast today to find out how we can help with your business tax return and minimise your tax liabilities.
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