Definition of Tax Accounting:
In Australia Tax Accounting is the field of accounting that is focused on the preparation of tax returns as well as tax planning for future taxable years. This includes processes for monitoring compliance with Goods and Services Tax and other regulatory requirements of business entities and employers.
As a business owner tax accounting can be used to manage these areas –
- Goods & services tax (GST)
- Business activity statements (BAS)
- Payroll reporting
- Income tax returns
- Capital gains tax (CGT)
- Fringe benefits tax (FBT)
- Tax planning
- Corporate tax
To arrange a complimentary jargon-free discussion of your accounting and financial reporting requirements please contact us.