Taxation Services

Tax…we understand that the word might not stir up positive emotions for you. But with Sapphire Accounting and Taxation, tax time doesn’t have to be a headache. We can take care of all your taxation needs, getting you the best returns possible. And we can do it at a time and location that suits you. Let us change your opinion about tax time.

Personal income tax returns (including rental properties)

People who get their income tax done by an accountant are treated to an overwhelming sense of relief. Relief that they don’t have to grapple with numbers and deductions. Relief that they don’t have to struggle to lodge their returns online. And the relief that comes with being confident that they’re not paying the tax department more than they should be.

Don’t lose sleep over whether you’ve met all your tax obligations.

Don’t miss out on legitimate deductions that could put money in your pocket.

Contact Sapphire Accounting and Taxation. We’ll do the hard work for you.

 

Business Income tax returns

Do you find trying to keep up with, let alone understand all your business tax requirements exhausting? Most business owners dread tax time. Why? We think it’s because it’s so complicated. And not only that, the rules and the legislation are continually changing. What you did quite rightly one year may no longer be allowed the next financial year.

We’ve got a little confession to make…we couldn’t do what you, as a business owner, do. It’s not our area of expertise. But we do know how to prepare business income tax returns. Don’t feel overwhelmed. Let us prepare your business income tax return. We’ll make sure it complies with the rules and regulations, and we’ll make sure you get the maximum return possible. Let us do what we’re good at. You’ve got enough to do.

 

Capital gains tax

Capital Gains Tax (CGT) can be super confusing. That’s not surprising. It’s really complicated. The experts at Sapphire Accounting and Taxation are here to help bring clarity to your CGT obligations.

Put simply, if you have assets, you could be subject to CGT. Capital Gains Tax doesn’t generally apply to your principal place of residence or your car. But it can apply to other real estate, property improvements and things like shares and personal assets, just to name a few.

If you’re uncertain as to whether you need to pay CGT or whether buying an asset will make you liable for CGT, get in touch with Sapphire Accounting and Taxation. We can provide you with clarification and help you to lodge and plan for payments of CGT.

 

Fringe benefits tax

Did you know that Fringe Benefits Tax (FBT) is one of the main areas for business tax non-compliance? We believe this is due to a lack of technical knowledge and professional help. It’s not about businesses deliberately flouting their tax responsibilities in this area. But the problem is, the ATO doesn’t distinguish between deliberate and unintentional non-compliance.

FBT relates to benefits employees receive over and above their wage. It can include things like travel, expenses, loans, and company cars that are also used for private purposes. It’s quite complicated and can be difficult to grapple with. With Sapphire Accounting, your FBT troubles are a thing of the past.

We can:

  • Explain how FBT works and what it applies to
  • Prepare your FBT returns
  • Ensure you are compliant in this area
  • Formulate salary packages that take FBT into account
  • Find FBT exemptions and show you how to reduce your liabilities in this area

PAYG withholding

Failure to adhere to your PAYG withholding responsibilities can cost you in a big way. It can mean that you aren’t eligible for thousands of dollars in tax deductions, and it can also invite an ATO Audit into your life. You don’t want to get it wrong.

What is PAYG withholding? Well in simple terms, businesses are required to withhold a certain amount of their payments to employees and other businesses in certain circumstances. You must get your PAYG withholding responsibilities right when it comes to:

  • Paying employees their salary, wages, commission, bonuses, or allowances
  • Paying director fees
  • Paying individuals under labour hire arrangements
  • Paying for personal services
  • Paying religious practitioners
  • Paying suppliers where they have not supplied their ABN

It sounds scary, but it doesn’t have to be. At Sapphire Accounting and Taxation, we’ve got a thorough understanding of what PAYG withholding means for your business. We can help you to:

  • Register for PAYG withholding
  • Comply with your reporting requirements
  • Make payments to the ATO

Land Tax

There’re no two ways about it; land tax can take a hefty chunk of your hard-earned money. We’re talking thousands of dollars. But there are tax concessions and deductibles available.

Sometimes cost savings come down to the way that you structure the ownership of the land/property, for example, creating a trust structure. Sapphire Accounting and Taxation can help you to lessen the burden of land tax. And we do this in a completely ethical and legal manner. We are extremely experienced in property tax matters, so make sure you talk to us before you buy a property.

 

Payroll Tax

A lot of businesses overlook payroll tax. But Revenue NSW doesn’t. Revenue NSW regularly carries out audits to ensure businesses are meeting their obligations concerning payroll tax. Payroll tax is a percentage of your business’ wage bill. If your wage bill exceeds your state or territory’s threshold, you are required to pay payroll tax. And you need to pay it monthly.

Many businesses get the calculations wrong. They’re not sure what is and isn’t included in their wage bill. They don’t know whether to include superannuation, director’s fees, fringe benefits or contractors’ payments.

Sapphire Accounting and Taxation can run the numbers and tell you whether you need to pay payroll tax. They can make sure that you are registered and that the correct payments are made on the due dates. Don’t be left in the dark when it comes to payroll tax. Talk to Sapphire Accounting and Taxation today.

 

GST/BAS Preparation

BAS or Business Activity Statement – a term that makes business owners across Australia shudder. You don’t want to spend hours or even days wading through invoices and receipts trying to figure out what’s what every three months.

But we do. We thrive on it. And the best part is, we’re brilliant at reducing your overheads and making sure you’re compliant. You won’t have to lose sleep worrying that you’re going to be hit with a fine or that your BAS won’t stand up to the ATO’s scrutiny. We’ll look after your BAS preparation and lodgement, and we’ll get it done on time.

Contact Sapphire Accounting to talk about your next BAS and save yourself the time and stress of going it alone.

 

Tax planning

When we prepare your tax returns, we can only work with what’s happened over the previous financial year. We can’t rewrite history. But with our tax planning service, you can plan for the upcoming financial year. Tax planning means that when tax time rolls around, we’ve got good numbers to work with. Tax is a proactive action towards reducing your tax liabilities and increasing your wealth. We can work together to devise and implement strategies that will allow you to make structured tax savings.

Tax planning makes sense for everyone – people and businesses alike. Most people and businesses can legally reduce the amount of tax they pay with a bit of planning. This might mean contributing money to superannuation, purchasing a business asset or salary sacrificing. The finer details come down to the individual’s circumstances.

Rental properties

Owning a rental property can be financially rewarding. But savvy investors make sure they have an expert accountant on hand to help maximise their returns. Sapphire Accounting and Taxation can help you with your rental property in many ways.

We can provide:

  • Advice on the best way to fund your investment
  • Guidance on ways to minimise your tax
  • Suggestions about how you should structure the ownership of the property
  • Assistance with depreciation
  • Lease agreement reviews from a financial standpoint

You know that you’re going to incur expenses when you own a property, houses need maintenance and repairs and landlords are legally required to maintain their properties. Sapphire Accounting and Taxation can identify any tax deductions you are entitled to so that you get the most out of your rental property. After all, you don’t want to see all that income get eaten up in tax and expenses.

 

GET IN TOUCH

We’re here to help! Do you have a question about what you need assistance with and what it is we can offer? We’d love to hear from you and book in an obligation free consultation.