Being in Business is Very Taxing
Knowing where you stand
Death and Taxes are supposed to be the great equaliser; they are supposed to offer you the only true certainty in the world. Everybody eventually kicks the bucket, and everyone pays taxes.
The thing which interferes with that certainty, however, is that tax laws change every year. You used to be able to deduct “A”, but now you can’t; instead you can deduct “B”, provided you meet some new requirement. It’s hard enough for an individual to figure out, but a Company, Enterprise, or Corporation has an even more complex situation to analyse.
Is a political donation deductible? Can you deduct the value of goods your company donated to the Red Cross or the RFDS, or is it just some portion that has to be calculated? Do you contribute to the Great Barrier Reef Foundation? Whatever it is, does it qualify as a tax deduction, or does it influence your tax position in any way?
You Need Tax Experts
The Accountants and Tax Experts at PushDigits will answer all your questions and provide you with the most advantageous reporting plan. Some things you may forego deducting because it offers a chance to use a much larger deduction elsewhere. But how do you know which one is right for you?
This is another special case. Executives are often burdened with income from granted shares, or the ability to purchase shares at less than market rate; to receive additional compensation outside of salary; to have housing, automobiles, travel and vacation privileges, or other compensation that doesn’t quite fit into the “salary” description.
Did your employer give you a bonus because you didn’t take any “sickies” this year? Did you receive compensation for an injury? Did you have to pay for tools, uniforms, or union fees? Do you work from home and want to deduct part of your home as a business expense?
That is why you need tax experts to make sure you are applying the right deductions that are appropriate for your situation. Still, there is more to it than merely avoiding overpayments.
What if you are passing your company on to your child or children to carry on the family business? Do you jump ship, yell “It’s all yours now!” and head off into the bush? Maybe, but on the other hand, we can help you orchestrate a nice orderly transition, perhaps over the course of a few years, and that could offer significant tax-savings.
Are you financially strapped? We can help you to reorganise to bring in new capital, divest yourself of unneeded financial burdens, reduce taxes, or simply increase profits.
What if you are looking to acquire another company to enhance your company’s capability? This is where Due Diligence comes into play. Knowing what you are getting into is half the battle—but incomplete information could leave you holding a bill for Past Due corporate taxes, sales taxes, VAT, and other fees.
There may be product rulings, or even binding rulings from the ATO just for that one business, that could cripple your clever plans to amalgamate, or cost you a small fortune when discovered later.
Maybe there is some unrevealed ongoing tax litigation with the ATO, and we can help you figure out what the true status is. When you’re surrounded by crocs, is that really a good time to be trying to figure out how to drain the swamp? Be informed before you jump in.
Expansion & Growth
If you’re planning on “going international” (and who isn’t, in this modern age?), what are the tax implications for that? We have accredited accountants and financial experts, with experience from every corner of the Earth; we can show you the advantages and implications of Free Zones, or Free Trade Zones; we can explain the tax breaks and the tax barriers for every country that you want to deal with; we’ll show you how to maximize your profits, and minimize your tax burden.
If you’re just starting out, or even if you’re a well-established organisation, there are still payroll taxes, land transfer taxes, and even individual state-based taxes, and the stamp-duty. Every situation is different, and we can make your options clear.
What is the best way to report depreciation and superannuation of structures or land? When should you sell off unneeded assets? Immediately, or just prior to year-end tax reporting? Sometimes owning something for just one day of the new tax season can provide benefits for the whole year, but it takes someone knowledgeable to recognise it.
There are a lot of options out there, and many people and companies who claim to have all the answers. The simple truth of the matter is that nobody has all of the answers, but the accountants, tax experts, and financial specialists at PushDigits are ready and able to tell you anything that you need to know to make your business better!
Connect with us and find out why smart businesses prefer the experts at PushDigits for all of their financial reporting needs. It will be the best decision that you make today!