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Tax Compliance

Navigating tax compliance in Australia.

Tax compliance in Australia requires individuals and businesses to accurately report income, claim legitimate deductions, and meet lodgment deadlines set by the Australian Taxation Office (ATO).

This includes maintaining proper records, understanding applicable tax laws, and submitting various returns like income tax, GST, and superannuation obligations.

Getting tax compliance right is crucial because mistakes or deliberate non-compliance can result in significant penalties, interest charges, and potential legal consequences. The ATO has sophisticated data-matching capabilities to detect discrepancies and unreported income.

We pride ourselves on getting it right, as in no one paying more than they must. Moreover, tax compliance contributes to Australia’s social infrastructure, funding essential services like healthcare, education, and public transport. It assists with fair competition between businesses and maintains the integrity of the tax system. Professional advice can help navigate the complexities, minimize compliance risks and streamline these statutory requirements.

Testimonials

Janey Wu has been my accountant for the past two years, and I couldn’t be more satisfied with her exceptional services. She is incredibly helpful, patient, and pays exceptional attention to detail. With her expertise, she has helped me save a substantial amount of money on my taxes ($$$$ in 2 years). Janey’s professionalism and dedication to her clients are unparalleled. I highly recommend her to anyone in need of a knowledgeable and reliable accountant. Thank you, Janey, for your outstanding support and for going above and beyond to ensure my financial success.

Tom Lingkai

First declare all your income, claim all deductions, then look at your structure i.e where you earn your income, then look at what you invest in.

That requires consultation – family discretionary trust, trading companies, self managed superannuation funds, we can consult on the pros and cons of each.

You’ll here terms like diversification, passive income, financial freedom, target superannuation balance, concessional contibution caps, tax brackets, company tax rates, and more.