Are you a Sydney-based business owner struggling to understand the complex tax and accounting tasks of your business? You are not alone. Many businesses in Sydney find finance and accounting daunting. However, in this blog, you will learn why you need an expert accountant for your business and how they can help you stay compliant with Australian tax laws and regulations.

Sydney Tax Compliance Key Areas

Company Tax Returns

If you are running a Sydney-based business, you need to ensure that you don’t lodge your company tax returns accurately on the right time and avoid delaying the lodgement and avoid penalties from the Australian Taxation Office. 

Goods and Services Tax GST 

In Sydney, if your business’s annual turnover is $75,000 or more, you must register for GST. It is crucial to lodge Business Activity Statements (BAS) accurately, correctly calculate and report GST, and ensure your business complies with all Australian taxation regulations. Professional accountants can help maintain accurate records and avoid compliance issues. 

Fringe Benefits Tax 

If your company provides employees with benefits like company cars, entertainment, or travel, you have Fringe Benefits Tax (FBT) obligations. Understanding what benefits are taxable allows you to implement effective strategies to minimise FBT liabilities. Consulting with a professional accountant can help you tailor approaches to both compliance and maximising your tax refunds. 

Payroll tax

Accurate payroll calculations and timely payments to the state revenue authority are vital to avoid penalties from the ATO. Be aware of payroll tax thresholds and obligations specific to New South Wales to ensure your business remains compliant. Regular review of your payroll processes with expert support can help you stay on top of changes. 

Superannuation Contributions

Always make timely and accurate superannuation contributions for eligible employees. Missing superannuation payment deadlines can result in costly penalties. Employing knowledgeable Tax accountant Sydney to manage superannuation obligations helps ensure your business meets all regulatory requirements and protects employee benefits.

Why You Need a Professional Accountant

• The Sydney business tax landscape is complex, requiring proactive planning and detailed record-keeping.
• Professional accountants help manage your business finances, financial management, and tax obligations.
• They assist in optimizing your tax position and staying compliant with constantly changing laws and regulations.
• Expert advice helps you avoid penalties, errors, and costly mistakes.
• Accountants provide support during ATO reviews and audits, representing your business and managing the entire process.
• Their ongoing strategic advice ensures you never miss deadlines, keeping your business on track year-round.
• Leverage data-driven insights from your accountant to improve cash flow and make well-informed business decisions.
• Accountants help set up and manage digital records, ensuring your documents are always available and organized.
• They use proactive strategies to minimize deductions, maximize tax benefits, and improve your business structure to align tax strategy with your cash flows.

Expert Business Accountants in Sydney

If you’re seeking expert accountants for your Sydney business, Outback Accounting is here to help. Our licensed professionals have years of experience in helping companies to stay compliant with ATO regulations, make cost-effective decisions, and improve cash flow. Contact us today to book an appointment and discuss your financial goals with our experts.

Frequently Asked Questions.

What are the main types of business taxes in Sydney?

Company income tax, Goods and Services Tax (GST), Fringe Benefits Tax (FBT) (on non-cash benefits to employees), Payroll Tax (state-levied, with thresholds), Capital Gains Tax (CGT), and Land Tax (state-levied) are the main business taxes in Sydney.

What are red flags for ATO?

Missing deadlines, undeclared income, mismatched pre-fill data, unsubstantiated claims, claiming personal expenses, late lodgments, and inflated deductions.

What are the three golden rules of ATO?

Three golden rules of ATO include spending the money yourself and not being reimbursed. The expense must directly relate to earning your income (or for your business, not private use). You must keep a record (usually a receipt) as proof.