Our Tax Advisory Services
MPM provides a comprehensive package of tax planning and advisory services that align with all legal compliance obligations. We guarantee the precise and punctual preparation and submission of our clients’ tax returns and statutory documents. Moreover, we prioritize keeping our clients fully informed about their financial outcomes and all relevant compliance requirements.
Income Tax Returns
Irrespective of whether your business operates as a sole trader, partnership, company, or trust, our team is here to assist you in preparing all the necessary components for your income tax return. The tax reporting requirements and deadlines may vary based on your business structure, but you can be confident that our experts will ensure your business meets all compliance obligations. This will allow you to focus on the growth of your business.
Rest assured, we will diligently identify and claim all eligible tax-deductible expenses and tax offsets for your business, ensuring you do not pay more taxes than necessary. It’s crucial to recognize that tax minimization is a legal and intelligent business strategy, whereas tax avoidance is not permitted and incurs severe penalties. Additionally, late lodgment of income tax returns also attracts penalties.
GST
Our team is available to assist you in fulfilling your reporting and payment obligations for the Goods and Services Tax (GST) by preparing and submitting your Business Activity Statement (BAS) to the Australian Taxation Office (ATO). The frequency of GST reporting and payment, whether it’s monthly, quarterly, annually, or not required at all, depends on your business’s annual turnover. If your business generates over $75,000 in annual turnover, GST registration with the ATO is mandatory. Failure to lodge your BAS and make timely GST payments can result in significant penalties.
For businesses with an annual turnover below $10 million, we can also provide assistance in accounting for GST on a cash basis. This method allows you to claim GST credits in the same tax period as your sales and purchases occur, thereby aiding your cash flow.
CGT
If your business realizes a capital gain from asset sales within the fiscal year, you will be subject to capital gains tax (CGT). Our team is available to provide guidance on methods to eliminate, minimize, or defer your CGT liability. This includes utilizing advantageous concessions such as the CGT 15-year exemption, CGT 50% active asset reduction, CGT retirement exemption, and CGT rollover.
Avoid paying unnecessary CGT by consulting our team of experts when considering the sale of an asset. We can assist you in devising a tax-efficient disposal strategy. Additionally, we will ensure that you optimize the cost base of your asset to reduce your CGT liability.
FBT and Payroll Tax
To ensure smooth reporting and payment processes for your business’s Fringe Benefits Tax (FBT) and Payroll Tax obligations, it is essential to have efficient systems in place. Our assistance in FBT reporting and payment includes the preparation and submission of your Business Activity Statement (BAS), or we can help you implement automated accounting software that allows you to manage this task independently.
Payroll tax rates and compliance obligations vary across different states and territories in Australia. Our knowledgeable team stays updated on the latest payroll tax rates and compliance requirements, regardless of your business’s location. We can also assist you in preparing your Installment Activity Statement (IAS), which aids in meeting your Pay-As-You-Go (PAYG) tax obligations on behalf of your employees.
Tax Planning
Optimal tax planning enables your business to avoid unnecessary tax payments and effectively budget for your tax obligations, ensuring timely payments. These obligations encompass various taxes, including Goods and Services Tax (GST), payroll tax, company tax, Pay-As-You-Go (PAYG) income tax for your employees, Capital Gains Tax (CGT), Fringe Benefits Tax (FBT), and Stamp Duty.
MPM is dedicated to assisting you in minimizing your tax liabilities by maximizing tax-deductible business expenses, leveraging tax offsets (rebates) and concessions, and offering advice on tax-efficient investment and operational strategies. With our expertise, you can effectively manage your tax obligations while optimizing your financial resources.
