Unfortunately, paying tax is often inevitable. Good planning, however, can save many thousands of dollars. That’s why it is critical that tax calculations and returns are lodged in an accurate and timely manner.
Australia’s taxation system in one of the most complex in the world. Under the government’s ‘self assessed’ system, it is essential that tax is prepared and calculated correctly, and that lodgements of returns happen on time, otherwise severe penalties are imposed. Parker Crofts & Co are registered tax agents. With the current level of data matching done by the ATO sales of crypto, shares property, boats, cars, caravans and income from dividends, interest, Air B and B, online gambling etc is already known by the ATO so having these discussions with your parker crofts and co tax advisor can mitigate future penalties for omissions. Parker Crofts & Co are registered tax agents
Business Structure. The starting point to minimising tax, asset protection and wealth accumulation is having the correct business structure. Jose and Darren can advise you on the best structure for you to achieve the best outcome. With the ever changing tax rules its important that these structures are reviewed und updated as the rules change. Getting the structure right at the start or early on can save a large amount of tax and cost in restructuring at a later date.
Income Tax. Parker Crofts & Co are proficient in the preparation and lodgement of income tax returns for companies, trusts, partnerships, self managed superannuation funds and individuals. We can also offer advice on how to best manage your business to minimise taxation consequences.
GST. Introduced in 2000, GST has created a headache for all business entities and is one of the most active audit areas conducted by the ATO. The team at Parker Crofts & Co can assist in the preparation and lodgement of monthly or quarterly BAS’s. As a registered tax agent, our clients can also benefit from lodgement extensions of up to four weeks.
Fringe Benefits Tax. Another level of tax not fully understood by many, Parker Crofts & Co can help relieve the burden of FBT in an efficient and professional manner.
Payroll Tax. With the booming economy many businesses are now paying wages to a level that attracts payroll tax. The team at Parker Crofts & Co can assist with the preparation and lodgement of these returns.
Estate Planning. As assets grow structures increase in number, its important to make sure that tax is minimised in passing on assets to family members. Darren and Jose can discuss your wishes and as we understand your assets and structures and can attend a meeting with you and the solicitor to make sure the wills cover your wishes.
SMSF. Superannuation is a very tax effective environment for retirement savings. Self Managed Super Funds (SMSF) offer a vehicle that gives the owner options as to where to invest their super.
Contributing to superannuation remains a tax effective way to achieve retirement savings. With a low tax rate of just 15% on concessional contributions and earnings in accumulation phase, the superannuation fund is an excellent vehicle to look after your investment.
Self Managed Super Funds (SMSF) are a popular choice for those investment savvy persons who have at least $200,000 to invest. Investment decisions are made by the trustees which squarely puts the retirement future in the hands of the member.
Parker Crofts & Co offers a range of administration services to the owners of Self Managed Superannuation Funds. These include:
- Preparation of financial statements and taxation returns for the fund.
- Keeping detailed records of member balances.
- Assisting with document preparation.
- Tax planning for retirement
- Super fund audit
With careful tax planning, including the use of the correct business structures, many thousands of dollars can be saved in both income tax and capital gains tax. The laws are also very complex around retirement exemptions and incorrect structures could cost the opportunity to minimise tax payable.
