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Xero Accounting

What are Annual Financial Statements?

We are here to assist you with your Business Activity Statement (BAS) and help you manage your GST obligations. Our team can handle the preparation and lodgement of your BAS to ensure accuracy and compliance with the Australian Taxation Office (ATO) requirements.

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How Can Amaze Accounting Help You?

Amaze Accounting can provide you with professional advice and guide you through the business registration process required by the various government agencies, saving you time and ensuring your business is set up correctly from the start.

Our Services include:

  • Advice about which business structure best suits your needs: sole trader, partnership, company or trust.
  • Assisting you with the application process for an Australian Business Number (ABN) and a Goods and Services Tax (GST) registration.
  • Helping you register a Pty Ltd Company, Partnership or a business name with the Australian Securities and Investments Commission (ASIC).
  • Guiding you through the process of registering for Pay As You Go (PAYG) withholding with the Australian Taxation Office (ATO) if you plan to employ staff.
  • Assisting you with the licenses and permits required to operate your business.

[FAQ’S]

Top Questions Answered

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A trust tax return is a form that is used to report a trust’s income and claim any tax-related deductions or offsets for a financial year in Australia. It is used to calculate the amount of tax that the trust is liable to pay to the Australian Taxation Office (ATO).

The due date for lodging trust tax returns is generally the 31st of October of the following financial year. However, if you are using a tax agent, you may have additional time to lodge your return.

You will need to include information on all income received by the trust during the financial year, such as dividends, rent, and interest, as well as any tax-related deductions or offsets, such as operating expenses and depreciation. You will also need to provide information about capital gains and losses, foreign income, and any other income and deductions relevant to the trust.

You can lodge your trust tax return online through the myTax portal on the ATO website, or through a registered tax agent.

You may be able to request an extension for lodging your trust tax return if you are experiencing difficulty in meeting the lodgment due date. But you will need to apply for the extension in advance and the ATO will consider your application.

If you do not lodge your trust tax return on time, you may be subject to penalties and interest charges. Additionally, the ATO may take legal action against the trustees of the trust, which can result in fines and penalties.

Yes, you can get help with your trust tax return from a registered tax agent or from the ATO. They can assist you with understanding your obligations and ensuring that your trust tax return is completed correctly. It is also good to consult with an accountant to ensure that all the financial transactions are recorded and reported correctly in the trust tax return.