When it Comes to Tax Compliance,
Severe fines and penalties are likely in response to non-compliance in accounting, returns, filing processes, tax laws and reporting. However, ensuring and retaining compliance requires knowing about, and adhering to your state, national and international business laws, potentially including several deadlines.
In addition, you’ll need to ensure compliance on income taxes, sales, property, excise, employment and payroll, franchise, shareholder dividend, and other administrative taxes. Failing to pay or report on any of these tax types carries severe consequences for your business, including potential harm to the company corporate reputation.
Your tax professional will help ensure compliance through the following tax administration processes, including:
Correct and comprehensive calculations: Your tax consultant will start by calculating the amount of tax your business owes using current tax rates tables. These rates can change over time, so it’s essential to refer and adhere to the most updated versions, which your large and small business tax accountants will be able to access. They will also know how to apply international rates should your business operate beyond your nation’s borders.
Coping with challenges and complications: Completing returns can feel like navigating a maze filled with dead-ends, long winding pathways, pitfalls and worrying gaps. Submitting information with errors in calculation or overlooked details may also be judged as non-compliance and result in penalties. However, your professional will know which laws and requirements have changed within the state, national and international tax legislation, thus preventing inaccuracies and omissions and avoiding punitive consequences.
Proper preparation and planning: Compliance doesn’t start when tax season begins; the process requires preparation and planning throughout the year. Your tax consultant has the knowledge, experience and insight to advise on how best to prepare, plan and comply with regulations and timelines for a pain- and penalty-free optimised outcome for your organisation.
Your Platinum Advisory Burwood accountants have experience in taking care of all facets of business taxes, with the capability, resources and network to offer all-around financial consulting and advice. Consider taking advantage of our informed advisors for a business financial health check and regular business accounting.
About Platinum Advisory
We are a multidisciplinary taxation and accounting firm. Our principal, Yousef Barry, has been dealing with tax matters for ten years with Platinum Advisory operating for two and a half with a broad client portfolio including industries such as professional services, pharmaceuticals, commercial, investment, construction, retail and more. In addition to tax consulting and accounting, we also advise on financial and management reporting and cash flow analysis.
So why not let us do your taxes and keep you compliant while saving you money and time or provide a business health check? You won’t regret it. Book your free appointment today or contact us to find out more.