Income Tax Returns
Do you need professional assistance to file your income tax? All Australians who earn a tax-free threshold above $18,200 are required to file an income tax return as per the law. At KPG Taxation, we are here to file a fast and efficient tax return on your behalf. Our wealth of experience allows us to provide the right guidance for tax planning and lodgement. We are here to make the whole process easy and stress-free. Our approach includes:
- Thorough analysis of your financial situation.
- Detailed reviewing to identify tax-efficient opportunities.
- Preparing your income tax return securely.
GST & BAS Statements
Goods and Services Tax (GST) is a value-added tax charged 10% only on the supply of goods and services manufactured and imported in Australia. If you own a business, it is important to get it registered for GST, though it doesn’t apply to every business. A company should register for GST, if:
- It is running as a profitable business.
- Its annual turnover exceeds $75,000.
- It meets the GST turnover threshold.
Business Activity Statement (BAS) is a quarterly or monthly report submitted by a small entity or business to the Australian Taxation Office (ATO). It generally contains the details about the taxes a business needs to pay. This statement must be submitted to the ATO before the due date to avoid financial penalties.
At KPG Taxation, we assist businesses in filing and submitting GST and BAS statements for final submission. You can rely on us for secure and efficient tax planning.
TFN and ABN Registration
To file taxes and to make sure you are complying with all the business regulations, it is important to register a business. To ensure you are complying with all regulations it is important to know which registrations apply to your business. Tax File Number (TFN) and Australian Business Number (ABN) are two common registration required by a small business in Australia.
Tax File Number (TFN) is a nine-digit number that is unique for every business and issued by the Australian Tax Office (ATO). In case, you have a business as a sole trader, TFN is used for business and personal dealings with the ATO. If you are running your business on a partnership or trust basis, you’ll receive a separate TFN.
Australian business number (ABN) is a unique 11-digit number which is generally used by the businesses to interact with the government at different levels when needed. ABN is used to:
- Confirm your business identity when ordering or invoicing
- Avoid pay as you go (PAYG) tax on payments you receive
- Operate in the GST system, such as claiming the GST credits
For all sort of TFN and ABN registration needs in Dandenong, Derrimut, Craigieburn, Geelong, Pakenham, and Hobart rely on Parampreet Singh Rajput and team at KPG Taxation.