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We’re Here to Help

While insolvency may be unavoidable in some cases, our experience in company restructuring and financial recovery allows us to help many firms recover and thrive.

Do You Have Any Questions

Here are some of the questions that our tax and accounting professionals are asked frequently. Please keep in mind that these are generic questions that may or may not apply to your individual situation. Please seek our advice before making any decisions.

You can file your tax return after the 30th of June each year, with the deadline for filing being the 31st of October. If Meta Tax is registered as your tax agent with the ATO, you will be able to get an extension.

The tax will be 30% of the Nett earnings for a business that utilises a company structure. The tax rate for a superannuation fund is 15% of its Nett earnings. The amount of tax that an individual must pay is determined by where their income falls on the progressive income tax scales; however, it can range from 0% to 46.5%.

Anyone launching a new business has a variety of alternatives when it comes to structuring it for tax and accounting purposes. Setting up a corporation, a trust, or functioning as a lone trader may be the best option. Our Meta Tax accountants will assist you to develop an entity and business structure that is appropriate for your situation.

If a business’s annual turnover/income surpasses $75,000.00 per year, it is only necessary to register for GST with the ATO. Once you’ve registered for GST, you’ll have to add 10% GST to all of your bills to your consumers by law.

Generally, all expenses incurred in the operation of your business, such as costs related to operating a work vehicle, maintenance or repair of assets, and so on, can be claimed as tax deductions. If you are compelled to work from home, you may be able to deduct some of your home office expenses.

The Australian Taxation Office (ATO) is introducing Single Touch Payroll (STP) to simplify the administration of employee payroll, tax, and superannuation requirements. Employers must disclose pay and earnings, PAYG withholding, and super information to the ATO at the same time employees are paid under STP.

Depending on your revenue, you may be eligible for a range of discounts if you are a single trader, partnership, corporation, or trust that the ATO considers to be a small business entity. Every year, your eligibility is evaluated, so talk to one of our advisers about your current status or what small business organisation reductions you may be eligible for.

A Business Activities Statement (BAS) is a document supplied by the Australian Taxation Office (ATO) to all GST registered firms to make reporting of the entities’ GST related activity for the period easier. Small companies’ PAYG withholding requirements, fringe benefits tax liabilities, and any PAYG income tax instalments that may apply to a business entity can all be reported using BAS where necessary.

The structure of a non-profit organisation is crucial, especially when it comes to matters such as its charity status, who sits on its board, its goals and constitution, and so on. If you’re thinking about starting a charity or another sort of non-profit organisation, talk to the experts at Meta Tax to make sure you have the correct structure in place and are in compliance with all current regulations.

Lunch and entertainment, motor vehicles paid for by the business but accessible for private use by people, and other non-business costs paid on behalf of directors and employees of the firm are the most obvious expenses that can be caught under the FBT.

Due to the intricacy of FBT, we frequently advise clients to do all possible to avoid incurring costs that would be subject to FBT income tax legislation. Not only because of the 46.5% FBT tax rate, but also because of the administrative work necessary to guarantee that the legislation is followed.

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