Due to the complexity of our taxes and their rapid changes in the past few years, many people are uncertain of their responsibilities and liabilities. Others are uncertain how to legally minimise their tax burden. Indeed, your business goals may be dashed through failure to plan for the effect of taxes.
Even if you sincerely believe you are already taking advantage of all practical tax planning opportunities, you could benefit from a second opinion.
In today’s cost conscious environment, the obvious impact of tax on profitability and competitiveness requires all persons to thoroughly take account of tax in their business plans.
Under the self-assessment procedures, which also apply to your BAS/IAS, your tax returns will initially be accepted on face value, with reviews taking the form of a tax audit. Where income is omitted from a return or claims are not satisfactorily substantiated, additional tax of up to 200 per cent may be imposed. This penalty is not tax deductible.
In line with their concentration on tax audits, the Tax Office has greatly expanded its investigation/audit sections. This is necessary in order to achieve their objective of auditing every business. Of audits carried out so far a high percentage revealed non-compliance with the Tax Act.
In most circumstances, a Tax Office audit concentrates on underpayments of tax. Any overpayments of tax, which may cause you to be un-competitive, and subsequently lead to your downfall, will not be highlighted by the Tax Office.
SPM Business Consultants, offer a comprehensive tax physical specifically designed to provide that “second opinion”.
Our ‘physical’ identifies tax saving opportunities you may not have taken advantage of, and points out areas where you are susceptible to large penalties.
Our tax consultants meet with you to gain an understanding of your operations and goals. In addition to discussing your business activities, we will review recent tax returns plus financial statements and other relevant documents, thus enabling us to discover new tax savings opportunities and identify your exposure to tax risks. You may even qualify for a refund of previous years’ taxes.
You will receive a report listing potential tax savings plus, areas susceptible to action by the Tax Office.