Taxation

Taxation

The ever changing taxation laws and what it means for your business

Australia’s constantly changing taxation environment creates new opportunities and challenges for businesses. Keeping up with these tax changes is time consuming, and can place a heavy burden on your resources.

CM Accountants have the skills and resources to assist with all of your taxation requirements. Through many years of industry experience, we have developed a wide range of skills and services to work with
you in business and personal taxation.

Tax time can be stressful, so our aim is to reduce the stress and free up your time to pursue the
operation of your business.

Payroll Tax

As an employer you may have payroll tax obligations.

Each state and territory has a different tax threshold and registration process. From the 1st of January 2019, the payroll tax for small business has been removed in South Australia.  South Australian business earning up to $1.5 million are no longer liable for payroll tax.  To identify where your payroll tax stands, you can find out more information at Revenue SA.

PAYG

The purpose of Pay As You Go (PAYG) withholding is to pay your employee or contractor’s income tax obligation on their behalf. Businesses are obligated to withhold some of their payment and send it to the ATO at regular intervals. CM Accountants can assist your withholding tax obligations.

Entities may need to pay quarterly instalments of income tax on their business profits or investment incomes. If the situation arises, we can assist with your PAYG instalment tax obligations.

Capital Gains Tax

Do you know exactly what Capital Gains Tax (CGT) is or if you will incur it? And if CGT applies to you,
how much will you have to pay?

Capital Gains Tax occurs when you generate a profit through the sale of a business asset or investment.
 It’s a complex part of our taxation system and is heavily regulated and subject to close monitoring.

If you‘re ready to sell your business, it’s crucial to understand Capital Gains Tax and how it
may affect your optimal outcome.

CM Accountants can help calculate your CGT when it’s time to sell or invest.

GST Compliance

Businesses are required to register for GST when their turn over reach is $75,000 per annum.

At CM Accountants, we support registration for GST, compliance, and reducing GST debt.

Personal Taxation

If you’re looking for assistance with personal taxation, CM Accountants can offer tax advice about deductions to your personal circumstances. To find out more about our personal taxation service, click here.

Payroll Taxation

  • We can help you stay up to date with payroll tax changes.
  • Great accounting software like Xero can help manage your business payroll smoothly.
  • Always check employee’s details are accurate and up to date.

PAYG, BAS, GST Compliance

  • PAYG requires you to pay incremental amounts of business’s income
    to the ATO.
  • GST Compliance protects business, taxpayers and the community.
  • BAS is needed when submitting a form to the ATO.

Capital Gains Tax

  • Introduced in 1985 and applies
    to any assets since that time.
  • A capital gain or loss is the difference between what it costs you and what you receive when you dispose of it.
  • Home businesses and those who work from home can trigger some
    form of CGT.

Make tax time less stressful.

CM Accountants can help you with your taxes and tax questions year round.
Get in touch with us today about how we can help.

Contact us