Business taxation compliance

Pigot Miller Wilson specialise in Taxation Planning and Minimisation.  This is incorporated with the provision of sound business taxation advice and preparation of statutory reports, such as:

• Income tax returns
• Business activity statements
• Instalment activity statements
• Fringe Benefits Tax returns
• State Tax reporting

Frequently Asked Questions

• What are my requirements for registering a business?

Firstly, you need an Australian Business Number (ABN) through the Australian Taxation Office (ATO) this will incorporate GST registration, Pay As You Go (PAYG) registration, Fringe Benefits Tax (FBT), Fuel Tax Credits, Wine Equalisation Tax and others, however it will not register you for State based taxes.  For this you need to register with the Office of State Revenue.

• How do I register a business name?

In NSW business names are registered with the Department of Fair Trading.  It is a matter of simply filling in a form, which is accessible on-line, or you can visit your local branch.

• Do I need to register to collect GST?

If your annual turn-over is greater than $75 000 you are required to be registered for GST.  You can voluntarily register if your turnover is less than $75 000, this can be advantageous in certain circumstances and should be discussed with an accountant.

• What are my responsibilities if I am registered to collect GST?

You will be required to lodge a quarterly or monthly Business Activity Statement (BAS) to report and remit GST.

• How do I structure my business?

Determining what type of entity or entities you chose to trade through is as important and essential as having an ABN.   Making this decisions should be made in consultation with an experienced Chartered Accountant.  Please see our information on Business structuring.

• When is the tax return for my business due?

This depends on the type of business entity and your accountant will be able to advise you.  Here is a useful link to the ATO for your information.