The Australian winter brings two inevitable things: taxes and the flu. If this year is anything like the last – which was the largest influenza season in a decade, according to The Department of Health – this time of year is going to be particularly busy.
If you’re a small medical practice, juggling sick patients and crunching the year’s numbers can get stressful fast, so we’ve got some ways to help you prepare your practice for tax season.
1) Understand your obligations with the ATO
The Australian Taxation Office (ATO) has recently passed new tax concession rules for small businesses which you should be aware of in order to be adequately prepared to file taxes. The 2016-17 financial year saw lower company tax rate changes, but there are still more changes to implement this year.
According to the ATO, a base rate entity is eligible for the lower 27.5 per cent company tax rate for those considered small business. Here’s how you can tell if you are eligible:
- Your turnover is less than the $25 million turnover threshold; and
- You operate a business for all or part of the income year.
Understanding your obligations to the ATO is vital to ensuring your business stays compliant with all relevant tax regulations, so ensure you’re extra vigilant with how much tax you pay.
2) Support yourself with technology
Running your own businesses is hard as it is without trying to figure out your tax obligations as well. Luckily, the digital age means there are a number of easy-to-use online tools any business can use at tax time to help. The ATO offers a simple calculator device to help your work out your annual return, with this process taking as little as 10 minutes.
Digital options that allow organisations to access up-to-date tax reminders are also invaluable when business is booming and you need a nudge to refresh your memory that relevant dates are approaching. DFK Crosbie offers a Financial Dates smart device app which is updated each year with the relevant deadlines you need to remember.
3) Work with a professional
Working with the experts at DFK Crosbie, we will do all the hard work for you. We’ll ensure you know when all the tax deadlines are, helping you prepare in advance for them, and when to file.
Not only that, but we’ll assist you with all your tax and accounting needs, helping streamline your processes to maximise profits and reach your specific company objectives. Our trusted advisers are dedicated to learning your business and helping you improve.
To learn more about DFK Crosbie’s services, contact our team today.