Tax is an important concern for all companies, irrespective of the size and nature. If you own a business, you need the proficiency of an accountant to provide you with tax services and advice.
With strong advice, proper planning, and strategic implementation, you can expect tax exemptions and waivers, which means cash benefits for your business. Likewise, you can avoid tax problems and obligations, which make you uncomfortable.
Consult your trusted tax accountant to learn more about the tax rates that apply to your business. If you are searching for a reliable tax accountant in Point Cook, then you can simply visit www.mmtaxaccounting.com.au.
For the most part, your business is taxed based on how it was formed. The company is basically responsible or subject to what is called a corporate tax. Corporate tax is charged with all profits arising from business operations. Trade income is taxed at 12.5% while non-trading income is taxed at 25%.
Calculating the right tax to the last penny can be a complicated process when other factors are involved such as when rates change during the accounting period.
Also, you must take into account the costs that can be set against your profits and thus generate tax deductions.
If your business is not a legal entity and you operate as a sole trader, you will be subject to personal tax. If you own small business as a sole dealer, foreign income, profit from rent, investment income, and similar income, you must pay and file a tax return on a particular filing date.