Taxation Sunshine Coast & North Lakes

What is Taxation?

Taxation is money paid to the government to fund the goods and services it provides to the community.

Without the revenue gained from taxes, governments wouldn’t be able to provide essential services such as hospitals, schools, roads and defence.

Businesses are affected by many taxes from both the federal and state governments, including company tax, capital gains and payroll tax.

The level of tax that applies to a business can affect its profits and influence its contribution to the local economy, including how much it can reinvest in its business, and how many people it can employ.

Australia has taxation standards in legislation managed by the Australian Tax Office (ATO).

Tax returns

Australian companies and individuals that earn income are legally required to submit a tax return annually, which details their income and any deductions and/or expenditure that offsets this income.

The information included in completed tax returns determines how much tax an individual or business is required to contribute.

Why is it advisable to hire a tax accountant?

It’s easy to make mistakes when you’re doing your tax return, resulting in costly penalties. That’s why it’s best to engage with a professional.

Hiring a tax accountant means your tax return will be completed in accordance with relevant laws and standards. They’ll also make sure you get the deductions you’re entitled to and that you don’t pay more tax than necessary, saving you a hefty bill.

With newly established programs such as JobKeeper, it’s even more important to have a qualified accountant complete your tax return.

Why choose Total Business Partners?

We have up-to-date knowledge of taxation and will explain things in a way you’ll understand, with the goal of saving you money.

Whether it’s business or personal taxation, we want our relationship with you to be long-term. We’ll take the time to speak with you, ensuring we understand your needs.