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An effective tax strategy needs to align with your business goals. We can help you plan your tax, stay compliant with the ATO, and achieve your goals.
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With over 40 years of experience, we understand when you need to minimise your tax and when you need to demonstrate profitability.
Tax compliance is an essential part of any successful business. We can help you keep the tax office happy and ensure you meet your business goals.
Running a successful business is a long-term journey, and we can help you every step of the way with a range of financial services.
We have been on the forefront of industry developments for over 40 years. We're up to date with all the relevant legislative changes and technologies.
It isn't always the smartest move to minimise your tax as much as possible. We look deeper, and consider your long-term business goals to make sure your tax plan is not only compliant, but in line with your business goals.
Not only that, but we stand by the work we do with our audit guarantee.
Our team can even travel to your premises to consult with you face-to-face. It's all part of our commitment to our clients.
We have worked with Liston Newton's Accountancy and Advisory Team for over a decade. During that time, our business has grown substantially both organically and through purchases. This wouldn’t have been possible without Liston Newton Advisory to assist with our business planning, providing proactive advice and ensuring our accounts were always compliant in a complex and volatile industry.
Liston Newton's Accountants analysed our financial and business situation and helped us implement strategies to improve our position. Their strategies turned our business from making a loss, to recording a 6-month net profit of 36 per cent. And we are now on track to show a 240 per cent increase in turnover over the next financial year.
Liston Newton helped us move our accounting over to Xero. Their Accountant managed the set up and training so we felt comfortable with the software. We now have all our processes streamlined which gives us improved visibility of our business performance. This has allowed us to open 2 more stores without a significant increase in administration effort.
We don't look at your tax without considering the other factors. Taking a holistic approach to business taxation and accounting is the best way to ensure you're on track to grow your business and meet your goals.
We can make sure your tax plan is compliant, minimised to the appropriate level, and helping you reach your business goals.
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We are experts in business taxation, and you don't need to take our word for it.
Nobody gets excited about paying tax, but we can help you pay the right amount.
We restructured Papermill Media and moved them to cloud accounting. Papermill was listed at number 43 in the Australian Financial Review's Fast 100 List in 2017.
Take a lookWe have helped Cambridge Plumbing to manage and forecast cash flow. We've also provided the director with advice on wealth creation and asset allocation.
Take a lookAfter helping them transition to Xero, we conducted quarterly business coaching with Quality Energy and helped increase their profits by 90 per cent.
Take a look
For individuals, the ways to minimise tax can be split into two categories:
1. Reduce your tax assessable income.
The most common way people do this is with salary sacrificing arrangements. If your employer allows salary sacrificing, you can use this to make additional contributions to super, pay for car or other expenses with your pre-tax income. This reduces your taxable income.
2. Increase your deductions.
The main way people do this is with work related deductions. If you can argue a nexus between your employed work and an expense you incur, you can usually claim a deduction for it. For example, you can keep a log book for work related travel and claim this expense.
Donations to registered charities are also fully deductible.
Individual tax rates are marginal and they increase dependant on the level of income you receive as a wage. The individual tax rates can be found on the ATO website.
Company tax rates have just been revised by the federal government in the 2017/2018 budget. Companies with less than $10 million in turnover will be considered a small business entity and will be eligible for a 28.5 per cent tax rate in the 2017 income tax year, and a reduced rate of 27.5 per cent in the 2018 income tax year and beyond. These rates go into more detail at the ATO website.
Capital Gains Tax is the tax an individual or respective entity pays on the gain made from disposing of an asset. Your Capital Gain is the difference between the proceeds you receive and the cost base of your asset. The gain can be subject to a 50% discount if the asset has been held longer than 12 months. If the asset has not been held for 12 months there is no discount available.
Any business operator will need to consider registering for GST once they estimate that within any income tax year they will be exceeding $75,000 in annual turnover.
Most businesses lodge a Business Activity Statement (BAS) on a quarterly basis. Based on your annual turnover you may be required to lodge either an annual BAS, quarterly BAS, or monthly BAS.
FBT stands for Fringe Benefits Tax. FBT is a tax that employers incur when they provide certain benefits to their employees. FBT is separate to income tax and GST, and it is calculated on the taxable value of the fringe benefits which are provided.
