Everything You Need to Know

Are you an individual feeling uncertain about lodging your tax return? Or a business owner worried about meeting tax deadlines and keeping up with income tax obligations? For many Australians, “tax time” is stressful. While we all want to protect our hard-earned money, navigating the complex rules of the Australian Taxation Office (ATO) can be overwhelming without expert help.

That’s where Outback Accounting comes in. As registered tax agents in Sydney, we simplify the process, reduce your risks, and help you take advantage of every legal tax-saving opportunity. This guide will walk you through the essentials of Australian tax and show you how our team can help.

Overview of Key Taxes in Australia

Here are the most common taxes and obligations that individuals and businesses need to understand:

• Income Tax: Paid by individuals and businesses earning over the tax-free threshold.
• Goods and Services Tax (GST): A 10% tax on most goods and services. Businesses collect GST from customers and remit it to the ATO.
• Pay As You Go (PAYG) Withholding: Employers must withhold tax from employee wages and some contractor payments, then remit it directly to the ATO on behalf of workers.
• Pay As You Go (PAYG) Instalment: Businesses and individuals with significant income may need to prepay their expected annual tax in instalments throughout the year, helping to manage cash flow and avoid a large bill at year-end.
• Business Activity Statement (BAS): A regular report (monthly or quarterly) that businesses submit to the ATO. BAS is used to report and pay GST, PAYG withholding, PAYG instalments, and other obligations such as FBT instalments or fuel tax credits. Accurate and timely BAS lodgement is crucial to remain compliant and avoid penalties.
• Fringe Benefits Tax (FBT): Paid by employers on certain non-salary benefits provided to employees or their families.
• Payroll Tax: A state-based tax on wages for businesses that exceed the relevant threshold (e.g., in NSW).
• Land Tax: An annual tax on land ownership above the general threshold, applied at the state level.

Common Tax Mistakes 

Many individuals and businesses fall into avoidable tax traps. The most common include:

• Missing deadlines or lodging late: Leading to ATO penalties and interest charges.
• Overlooking Division 7A obligations: Division 7A is a set of rules designed to prevent private companies from making tax-free loans, advances, or payments to shareholders or their associates. If not managed correctly, these can be treated as unfranked dividends, creating unexpected personal tax bills.
• Mismanaging GST obligations: Particularly common in e-commerce businesses, where high transaction volumes make reconciliation tricky.
• Overclaiming deductions: Due to poor record-keeping, which raises ATO audit risks.
• Ignoring payroll tax rules in NSW: A frequent mistake for growing businesses that exceed the state threshold.

Outback Accounting, Your Trusted Tax Accountants in Sydney

With more than 10 years of experience, Outback Accounting provides professional tax services backed by modern tools and practical expertise. We go beyond annual returns, offering year-round compliance, planning, and strategic advice tailored to individuals and businesses.

Individual Tax Services

• Preparation and lodgement of employee, contractor, and investor tax returns.
• Maximising deductions for work-related, travel, and education expenses.
• Advice on Capital Gains Tax (CGT).
• Tax planning for high-income earners.

Business Tax Services

• BAS & GST preparation and lodgement.
• Compliance with FBT and Payroll Tax.
• Specialist support with Division 7A issues.
• Guidance for companies, trusts, and partnerships.

Specialist Industry Support

We work with a wide range of industries, including e-commerce, real estate, hospitality, Tradies,  Fashion & wholesale, and sports & education. Whether you’re a startup, established business, or managing multiple entities, our team can support you with both compliance and proactive planning.

Why Choose Outback Accounting?

The ATO’s tax landscape is constantly evolving — but you don’t need to navigate it alone. Here’s how we add value:

• ATO Compliance & Accuracy: Every BAS, FBT return, and income tax lodgement is thoroughly reviewed to minimise errors and penalties.
• Cloud-Based Tax Management: Access your records anytime via secure platforms like Xero, MYOB, and QuickBooks.
• Strategic Tax Planning: We help you prepare before EOFY, optimising income timing, super contributions, and trust distributions.
• Real-Time BAS & GST Tracking: Stay on top of GST obligations and avoid last-minute stress.
• ATO Liaison & Audit Support: We manage correspondence, audits, and negotiations with the ATO on your behalf.
• Paperless, Secure Processing: Enjoy e-signatures and encrypted document storage for a smoother, greener experience.

Contact Us Today

Tax doesn’t need to be stressful. Partner with Outback Accounting, and gain peace of mind knowing you’re compliant, protected, and maximising every opportunity.

 contact us now. 

Frequently Asked Questions

Is it worthwhile to hire a tax agent in Sydney?
Yes, a registered tax agent ensures compliance, accurate lodgements, and tailored strategies to improve your tax position.

What’s the difference between a tax accountant and a tax advisor?
A tax accountant prepares and lodges returns. A tax advisor focuses on planning, compliance, and strategies for more complex matters.

What is Division 7A?
Division 7A is an ATO rule preventing private companies from making tax-free loans or payments to shareholders or associates.

What happens if you don’t register for GST?
If your turnover requires registration and you fail to do so, you can face back-dated liabilities, penalties, and interest.