Tax Time 2021 is Approaching: Here’s What You Need to Know

The end of the financial year is fast approaching. For many businesses, this signals the start of the dreaded season known as ‘tax time’.

Fortunately, assistance is at hand. Calibre Business Advisory’s team of trained tax accountants in Sydney have experience guiding businesses large and small through all aspects of taxation. With technical expertise and strong communication skills, we can ably assist you navigate the often complex world of tax planning, audits, and compliance.

Tax planning

In the words of the ATO, “you have the right to arrange your financial affairs to keep your tax to a minimum”. Doing so is what is known as tax planning or smart planning.

Thinking ahead and being aware of your tax obligations is critical if your business is to experience sustained growth. Calibre Business Advisory’s team of expert advisors has the skills and knowledge required to make long-term tax decisions that meet ATO requirements whilst also being in the best interests of your company.

Tax audit advice

The ATO will conduct a tax audit if they feel they require a more comprehensive understanding of your business’ financial operations. For many businesses, the word ‘audit’ instantly induces stress, but it needn’t be that way.

Calibre Business Advisory’s team have extensive experience preparing businesses of all shapes and sizes for an ATO audit. Given the substantial nature of ATO penalties, it’s imperative that you have confidence in your advisory team. Trust in the proven results of Calibre Business Advisory when it comes to preparing your business for an ATO audit.

Tax compliance

As a business owner, you no doubt have a lot on your plate and preparing your tax return is just one of the many responsibilities that you are currently facing.

Fortunately, Calibre Business Advisory is here to help. Our team of trained accountants can assist across all areas of tax compliance, including completion of tax returns, activity statements, and PAYG forms. We’re guessing that tax is probably not your favourite thing to do, so why not leave it to the professionals?

Transfer pricing

Transfer pricing is a complex area of tax to navigate, but it is crucial to get right if you are to avoid attracting the attention of the ATO.

Should you be conducting a multinational operation, it is vital that you seek out the assistance of trained tax experts to monitor and assist your transactions. Calibre Business Advisory aims to protect your profit margins while also ensuring that your business operations meet the ‘arm’s length principle’ ATO requirements.

Small business tax offsets and incentives

Tax is not all bad news. In fact, the Australian state and federal governments provide a range of grants, offsets, and incentives that are designed to assist small companies navigate the complexities and demands of the business world.

Calibre Business Advisory has a long and successful history of assisting small businesses successfully apply for a range of grants, including the ATO’s research and development (R&D) tax incentive and the Australian Trade and Investment Commission’s Export Market Development Grants (EMDG). Tax time need not be a season of stress. Contact Calibre Business Advisory to discuss all of your tax requirements and experience the difference that working with an experienced, professional team of tax accountants in Sydney can make.