Tax Accounting services with PremierOne
Tax accounting is the means of accounting for tax purposes. It applies to everyone — individuals, businesses, corporations, and other entities. Even those who are exempt from paying taxes must participate in tax accounting. The purpose of tax accounting is to be able to track funds (funds in as well as funds going out) associated with individuals and entities. With a sophisticated Australian Tax System, it’s essential that the tax on the business profits, employment income, capital gains and rental income have to be reported to the ATO in the form of annual tax returns.
PremierOne-with highly experienced and dedicated tax experts can look after all your tax accounting requirements. PremierOne can tailor solutions to your specific need and circumstances.
Tax Accounting for an Individual
For an individual taxpayer, tax accounting focuses solely on items such as income, qualifying deductions, investment gains or losses, and other transactions that affect the individual’s tax burden. This limits the amount of information that is necessary for an individual to manage an annual tax return, and while an individual can use a tax accountant, it is not a legal requirement.
Meanwhile, general accounting would involve the tracking of all funds coming in and out of the persons’ possession regardless of the purpose, including personal expenses that have no tax implications.
Tax Accounting for a Business
Falling behind in tax obligations is one of the major causes of business failure for Australian businesses. In an increasingly complex tax environment, keeping up to date with taxation regulations is an absolute must for businesses of any size or industry. Our team of tax accountants in Melbourne will work with you and your team and share their knowledge and expertise to help provide transparency when it comes to all things in tax accounting.
Whether you are an established business that has been trading for some time or a start-up launching your new business venture, our pro-active accountants work with you to make a real difference that works to improve your performance and achieve genuine growth, all whilst adhering to current taxation laws. You’ll be able to have absolute confidence that your business tax is in good hands.