Taxation law is literally a minefield of partially hidden traps. Whilst the obscurity of the laws provides hidden dangers that are often unintentional hazards, they are administered according to the law in a black and white fashion.Our role is to guide you through the minefield. We can provide you with the expertise in the areas of taxation management that is not practical or economical for you to personally develop yourself and we can assist you to pursue efficient tax compliance.
Our objective is for our clients to pay the appropriate amount of taxation as required by law and not a cent more. Anything more may as well be donated to your favourite charity.
We provide a vast array of taxation compliance services which broadly fall into the following categories:
- Income Tax
- Joint Ventures
- Superannuation Funds
- Fringe Benefits Tax
- Employment Taxes
- GST/ BAS /IAS
- State Taxes
- Foreign Taxes
- Carbon Tax
- Withholding Tax
Make the right choices in your taxation planning and you will accumulate significant additional wealth from those decisions. Make the wrong choices and your wealth will flow to the government and you will risk audit activity and penal sanctions from government bureaucrats.As professional Chartered Accountants and Tax Agents with over 30 years of experience Abbott’s Chartered Accountants can not only assist you with the preparation and lodgement of your taxation obligations, but we can also provide comprehensive strategic advice on the management of your taxation risks and opportunities.
As part of your wealth management strategy, careful consideration to taxation efficiency must be present in every decision.Abbotts Wealth Management in conjunction with your taxation advisors can structure your wealth management requirements in a manner that ensures there is no unintentional leakage of your wealth due to taxation costs.
Companies are often a very misunderstood business structure. They suit some circumstances very well and they are terribly inefficient in other circumstances. We can provide comprehensive advice on strategic tax planning and company tax compliance issues to ensure you have the opportunity to maximise your taxation outcomes and the use of company structures is only recommended when it has an appropriate benefit for your family wealth plans.
In the end your business and investment profits are intended to flow to you and your family so that your personal goals in life are achieved. Our role is to ensure the flow of these profits is carefully managed to balance your personal financial objectives with maximum taxation efficiency. This is a process that takes skill and experience to optimise. We can provide comprehensive advice on your individual tax compliance requirements and strategic tax planning needs.
Trusts are complex legal structures that are highly efficient for taxation management, asset protection and wealth management. When used in the right circumstances these structures can achieve results that no other structure can come close to, but they are often misunderstood and underutilised by financial advisors. Abbott’s Chartered Accountants has been providing advice on trust related taxation matters for over 30 years. We can provide comprehensive advice on the strategic planning and compliance issues relating to fixed and discretionary trust structures.
Partnership structures are very common structures in small business. They are historically referred to in connection with the Mums and Dads type of business or in respect to jointly owned properties.They are simple and flexible structures but are not suitable where the partners or the business is exposed to commercial risk as the partners suffer from joint and several liability to that risk.
Abbott’s Chartered Accountants utilises partnerships in hybrid structures where the features of partnership relationship are desired, but the joint liability aspect is not acceptable from a risk perspective.
We can provide comprehensive strategic and compliance for partnership structures to comply with partnership tax laws whilst overcoming some of the inherent deficiencies of partnership law.
For concise or project based business relationships a joint venture agreement may be suitable.
We can provide comprehensive advice on strategic matters pertaining to the useof Joint venture structures and their taxation implications.
We can provide comprehensive advice on Superannuation Fund structures and their taxation implications, including self-managed superannuation funds (SMSF’s).
Our taxation specialists in conjunction with our financial planning and securities specialists are able to offer a complete range of advisory services dealing with the establishment and management of your superannuation and retirement planning needs. Abbotts Wealth Management holds an independent Australian Financial Services Licence (AFSL) and will work in close conjunction with your taxation and accounting advisors to achieve best practice outcomes for your superannuation needs.
Superannuation and superannuation fund structures are often an integral part of long term taxation strategies and Abbott’s Chartered Accountants can provide professional accounting, administration, audit and compliance services in respect to your SMSF in addition to the strategic tax advice that is associated with the use of these popular structures..
As the old saying goes, there is nothing more certain than death and taxes. Australian tax laws relating to the management of deceased estates is complex and invariably has to be dealt with at a most stressful time of your life. Abbotts has extensive experience in planning for estate management and for managing the practicalities at the time.
Fringe Benefits Tax (FBT)
Fringe benefits tax legislation can be a nightmare tax cost to your business or an opportunity to achieve excellent strategic tax planning outcomes. Abbott’s Chartered Accountants specialise in the management of FBT and can structure your business affair’s to gain maximum benefit from these complex tax rules with minimal disruption or complexity at your business end .
There are often competing forces at work with employment taxes and obligations. There are the interests of your employees to get the best deal for themselves and there are the objectives of governments to raise taxes or regulate employment markets. Overriding all of these are your interests as a business owner to comply with the rules and regulations and provide a basis for loyal and motivated effort from your employees. Our role is to help you find the balance in these competing forces that will help you achieve maximum efficiency in your business. We can provide comprehensive advice on employment taxes that relate to your business such as payroll tax, workers insurances imposts, HECS and HELP taxes and PAYG Tax.We can assist you to ensure your business comply with the human resources laws and meet your tax obligations.
GST/ BAS /IAS
The tax base is complex, highly regulated and subject to close scrutiny and audit by the government. Get the management of this aspect to your business wrong and you can guarantee you will spend a lot of uncomfortable time with the tax office instead of pursuing profitable business activities.
We can assist you with all the GST issues that are affecting your business and ensure you meet your GST obligations including preparing BAS and IAS.
We can assist you by explaining the various state taxes to you in the simplest terms so you have a good understanding of your taxation affairs and ensure you meet your obligations. Abbott’s Chartered Accountants has a wealth of experience in managing state taxation issues and can provide comprehensive strategic advice on the efficient management of these imposts.
Non Residents investing in or moving to Australia. Foreign taxes is one of our specialties, if you have foreign interests or are planning to invest or settle in Australia we can provide comprehensive advice and assistance you to make sure you comply with the Australian tax laws and achieve the most efficient taxation outcome’s in your current tax regime and in Australia. We can introduce you to taxation strategies that take into account your residency status and foreign interests and ensure your taxation outcomes are achieved at the most efficient level possible.
Australian residents investing in or moving overseas. There are complex tax laws dealing with the consequences of becoming a non-resident or holding foreign sources of assets or income. Abbott’s Chartered Accountants has extensive experience in managing international taxation matters and can provide strategies to deal effectively with your income and capital assets taxation risks while you are overseas. We can assist with the lodgement of foreign tax returns and can liaise for you with foreign specialists to attend to all manner of financial issues associated with your global business interests.
In a fast moving and evolving business and taxation landscape you need experts on your side to maximise your opportunities in the carbon markets.
We can provide comprehensive advice on tax compliance for carbon tax.
There are a variety of domestic and foreign oriented withholding taxes that could affect your business and taxation planning.
We can provide comprehensive advice on withholding taxes dealing with income streams from interest, dividends and royalties in addition to PAYG, trusts, contractors, ABN and foreign withholding obligations.