We know that most people cringe when they hear the word ‘tax’. Tax returns and compliance aren’t fun things for anyone. But that’s exactly what we specialise in. Our team at S & H Tax Accountants have seen firsthand just how stressed people can get when they think about their taxes. We’re here to change that.
Tax doesn’t have to be stressful. Our nationally accredited tax specialists can take care of your tax returns for you, so you can get back to what you love. We handle all types of returns including company, partnership, trust and individual returns.
Many people start as a sole trader when they begin their business. It is cheap to setup and maintain. We at S & H Tax Accountants can help you to lodge your Sole trader Tax return on time. You may have to register for GST if your turnover is more than $75000.
Partnership is a very common business structure for businesses where two people are engaged in a business activity. It is not uncommon for a husband and wife to setup a partnership to split the income between them to minimise their tax liability. Our experienced staff at S & H Tax Accountants will help you to prepare and lodge your partnership tax return.
Most small business when they start growing prefer to trade under a Company structure. Companies in Australia are proprietary companies limited by shares and regulated by Australian securities and investment commission (ASIC). A Company is legal separate entity and has its own income tax liability.
Incorporating a Company is a complex structure and expensive to set up. But it has benefits for asset protection to directors. Companies pay a flat rate of 27.5% tax. A Company needs to have its own ABN, TFN, PAYG withholding and may be registered for GST. Our staff at S & H Tax accountants can help you to set up company for your business. We can also lodge your company tax return.
A Trust is an agreement between parties (Individuals or company) to hold the assets for the benefit of others. The person who controls the trust is called a Trustee and those who benefit from it called beneficiaries. The terms must be set out in the written document called trust deed. The assets are separately controlled by the trust. Normally a trust doesn’t have to pay tax but the beneficiaries are required to add the distributed income in their personal tax returns. Please note the undistributed funds are taxed at highest rate.
If a trust is used for trading or investment then it is required to have its own ABN and TFN. A Trust is the best tool to minimise tax liability. Trusts are allowed to have CGT discount available for small businesses.
The different types of Trusts are:
This is the most common type of trust used in Australia. Trustee have the discretion to distribute the income to family members based on the terms set out in trust deed.
In this trust the income is distributed based on the units set out in trust deed. This is not as flexible as a Discretionary trust. Unit trust is not as good in asset protection as well.
This is the Trust which includes mix of both trusts above
The burden of tax and compliance can be a heavy one to bear…and impossible if you’re doing it alone. We see many business owners come to us burnt out from the stress of dealing with tax, debt and the ATO. S & H Tax Accountants can help. We make the process of staying compliant each month and each year a stress-free one. Just talk to us to see how we can help you.