Companies in business

It’s no wonder most businesses have been set up as companies – they have the obvious benefit that income is accumulated at 30% tax and the business benefit of limited liability.

But the government (through the ATO) is concerned that business owners are not following the rules of the game. You should consider the following issues as a minimum when looking at the tax risks of your company:

  • do you have loans to shareholders or their associates?
  • does the company have a loan to a related trust?
  • are payments to family members on market terms?
  • do all GST and income tax returns match what has been provided to banks and the final financial statements?
  • has the right amount of fringe benefits tax been paid?
  • have losses tests been passed?
  • are any capital gains tax concessions available?

We are knowledgeable in all areas of company taxation. We can relate the rules back to how your business works and help take care of the tax compliance and risk management for you. Most importantly, we strive to make sure you understand how it all works. Contact us to help with your taxation compliance, GST compliance and tax planning.