Tax Compliance Services
Kingston Knight’s tax compliance services offer a cost-effective way to improve the way that your business works by ensuring that it is structured appropriately. Our tax team is committed to delivering exceptional tax advice and due diligence services that minimize your costs and reduce the risk of costly disputes or audits.
Some of our key tax and compliance services include:
• Personal Income Tax
• Corporate Income Tax
• Stamp Duty and Property
• Employment Taxation, including PAYG advisory and payroll services
• Trust Taxation
• Fringe Benefits Tax
• Capital Gains Tax
• Compliance Services
• Tax Due Diligence
Registered Tax Agent
Kingston Knight Accountants are registered tax agents who are able to conduct your tax affairs on your behalf. We can do this by preparing and lodging your tax returns for you, and by giving you advice on tax matters. In Australia, only registered tax agents are able to charge fees for the preparation and lodgment of tax returns.
Registered tax agents undergo registration through the Tax Practitioners Board. The Tax Practitioners Board publishes a list of registered tax agents on their website, allowing you to verify whether a person is in fact a registered tax agent or not.
The Tax Practitioners Board requires all registered tax agents to abide by certain rules and standards of professional conduct, providing consumer protection through the following:
• Ensuring that registered tax agents comply with the Tax Practitioners Board Code of Professional Conduct.
• By maintaining a minimum standard of experience and qualifications that are required for registration with The Board.
• By ensuring that registered tax agents discuss the nature of the services they provide for clients so that both parties know what to expect.
Registered tax agents also have access to special tax return lodgment rules, which allow them to lodge tax returns on behalf of clients after the October 31 deadline. The extended due date depends on your circumstances, so contact us for advice if you believe you might not meet the normal deadline for lodging your tax return.
If you have missed one or more tax returns in previous years, that is, you did not lodge them with the ATO, then you will need to get back on track as quickly as possible to avoid any penalties. A registered tax agent is able to prepare tax returns relating to prior years, and lodge them with the ATO on your behalf. If you believe you have missed a tax return in previous years, contact us for advice, we may be able to lodge the missing return for you and avoid/minimize any penalties.
What Is Tax Compliance?
Tax compliance is the assurance that a taxpayers financial reporting, deductions claims, and tax return information is in line with their obligations as members of the Australian community. Not all those who receive an enormous tax bill, or a penalty for unmet tax liabilities, are deliberately avoiding their obligations. The system which sets out and enforces these obligations is subject to change, and it does change in significant ways almost every year. It can be difficult to stay up-to-date with the relevant changes and what they mean for your tax liability.
Investments and Tax Compliance
Return on investments is generally part of your assessable income, meaning that expenses related to the acquisition and maintenance of your investment may be tax deductible. In Australia, you may be taxed for investments which are held overseas, including the acquisition, ownership, and disposal of these assets.
By gaining an understanding of how your investment activity may affect your tax liability, you will ensure that you never pay more tax than required. We can discuss your investments with you and examine the appropriate records in order to calculate your liability, and discuss ways in which this may be offset or reduced as appropriate. If you do not meet your tax obligations on investment income, whether deliberately or because you were not aware of those obligations, you may face penalties or an increased liability. Speak to us today if you are unsure about how your investments might be affected by tax.
Tax for Businesses and Standard Business Reporting (SBR)
We are able to advise and assist businesses, brand-new or well-established, on tax matters relevant to their circumstances. We can assist you by preparing and lodging tax returns, as well as calculating and forecasting your overall tax liability and providing relevant advice.
Standard Business Reporting is the current standard approach to digital and online record keeping for business’ financial and tax records. As registered tax agents, we use SBR-enabled software, and can provide you with cloud access to our digital services. This allows us to collect and compile your reported information into a standardized form which we can submit directly to the ATO.
Standardized Business Reporting is a highly efficient means of preparing and submitting your tax details to the ATO. As we invest in the software, your cost is limited as we are not required to perform the administrative and paperwork tasks that were once required. This said, SBR may not be suitable for use in given situations, which is why the work of registered tax agents remains so important. We are able to sift through the details for you and give you the clearest picture of your tax obligations, and ways in which they can be met.
Claiming Tax Deductions
Many of the taxes listed above included exemptions or discounts for certain taxpayers in given circumstances. As registered tax agents, we are able to assist you in claiming all the discounts, deductions, and exemptions which you may be eligible for. If you are unsure about what you might be eligible to claim, we can assist you in identifying the tax structure of your business and/or the components of your assessable income and expenditure to give a clearer picture of your tax liability.
Income tax deductions are often much broader and unique to individual taxpayers, though the ATO does monitor benchmark expense levels for taxpayers in different income brackets. This means that if you claim an unusually high amount in income tax deductions, you may attract follow up action from the ATO. This is why it is important to enlist the assistance of our tax compliance practitioners.
Contact Kingston & Knight Accountants today on 1800 283 481 to learn more about our Melbourne tax compliance services, or email us at firstname.lastname@example.org.