cygnusaccountants

Tax planning and management is a core service of our business and we focus on tax minimisation and asset protection in almost everything we do. Whether you need your annual tax return done, you have a business based partly overseas or you’re setting up a new business, Business Tax & Money House can help. Tax is part of the everyday and extraordinary events in your life: You need to plan and minimise the effect that tax has on your investments, business and day-to-day living. Our specialists have the skills and experience you need, and a real passion for tax. Business taxation and tax planning:  Business transactions and operations are strongly tied with taxation. Employment, timing of income, expense or capital purchase, workers compensation, holding of assets, dividends, distributions, superannuation – all these have their sections in relevant Tax Acts. One simple transaction may be subject to two or even more transactions. Having your tax management in order is critical, as

Superannuation in Australia is the arrangements put in place by the Government to enable people to accumulate funds to provide them with income in retirement. Superannuation in Australia is partly compulsory, and is further encouraged by the government and supported with tax benefits. The government has set minimum standards for contributions for employees as well as for the management of superannuation funds. It is compulsory for employers to make superannuation contributions for their employees on top of the employees' wages and salaries. SMSF property investment  SMSF property investment has gained considerable momentum since the amendment of borrowing provisions to allow for the purchase of residential real estate. The ability to obtain a limited recourse loan to buy income-producing property in a favorably low tax environment, has affected a rapidly emerging incidence of direct property investment within SMSF structures in recent times.

When you are starting a new business it's important to find out what registrations and licenses apply to your business. Having the correct licenses and registrations is fundamental to your business. They allow you to operate without fear of closure from non-compliance and are the foundation to successful business. ACN (Australian Company Number):  The Australian Company Number (ACN) is a nine digit number with the last digit being a check digit calculated using a modified modulus 10 calculations. ABN (Australian Business Number):  An Australian Business Number (ABN) is a unique 11 digit number that identifies your business to the government and community. An ABN doesn't replace your tax file number, but it is used for various tax and other business purposes. GST (Goods and Service Tax): Goods and services tax, often known as GST, is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. GST applies to most Australian businesses

Book keeping :-Book keeping is the analyzing , classifying and recording of the financial transactions and information pertaining to a business. It ensures that records of the individual financial transactions are correct, up-to-date and comprehensive. Book keeping provides the information from which accounts are prepared. It is a distinct process that occurs within the broader scope of accounting. Business Activity Statement (BAS) :-  BAS has been designed to provide one statement for most taxes and allows for the offset of the different taxes in a period. Instalment Activity Statement (IAS) :-   An Instalment Activity Statement is a form used by taxpayers who are not registered for the GST. IAS is also the form required to be lodged by entities that prepare a quarterly BAS but are required to remit their PAYG withholding tax on a monthly basis because they are a medium withholder. Annual GST Return :- An annual return has to be filed once in a year by the registered taxpayers