Taxation Specialist
“Smart Accounting – Maximum Tax Refund“
Australia is one of the highest taxing countries with a strong, reliable and credible taxation system. The Australian Taxation Office aims to improve Australia, by contributing their part to social and economic policies. The office takes care of the fund services for Australians, which include controlling and outlining excise, tax and superannuation systems.
Taxation & Accounting
“We works on these principles “
- Assists and give expert advice to individuals, companies, partnerships, SMSF, trusts, start-ups and established businesses by advising on structuring, tax, accounting and business operations.
- Providing a full range of tax and accounting compliance services to business and individuals.
- Focus on specialised business advisory services from extensive experience, in-house CFO. Keeping customers up to date with all ATO policies and changes new trends and procedures.
Whether you are a sole trader, company, family trust or individual, income tax can involve complex and confusing calculations. We have the knowledge and expertise to provide both you and your business with easy to understand accounting and taxation advice.
Faisal Shamsi (principal)
Taxation services we offer
- Preparation of Individual, Company, Partnership, Trust & Superannuation Income tax returns
- Year End Tax Planning & Tax Structuring including Company / Trust Formations
- Preparation and Reviewing management accounts for tax planning purposes
- Advising on tax effective structures
- Advising on GST, FBT, Capital Gains Tax & Annual Compliance
- Assisting in preparation of Business Activity Statement (BAS) returns
PB Harrison is a specialist tax consultancy, offering a full range of tax planning services. Our services are certified, based on proven knowledge and experience. Our detail oriented approach allows us to provide a consistent and results driven services. By giving you a fixed price, we can take the worry away when it comes to self-assessment tax returns; allowing you to concentrate on running your business.
Preparation of Individual, Partnership, Company, Trust and SMSF income tax returns
- Australian tax returnsfor the tax year beginning 1 July and ending 30 June of the following year are generally due on 31 October after the end of the tax year.
- Our team can assist in preparation of individual, partnership, company, trust & SMSF taxpayers to file their returns with the assistance of an experience tax agent.
Year End Tax Planning & Tax Structuring including Company / Trust Formations
If you have a good idea for a new business venture but don’t have expertise in the legal or financial aspects of creating a new business, we can help you:
- Decide on the most suitable structure for your business — Sole trader, partnership, or limited company and Trust
- Prepare a business plan, cash flow projections, budgets, and trading forecasts
- Assess your finance requirements, advise on the best sources of finance, and draw up the necessary proposals
- Establish a good working relationship with your bank
- Register for a Tax File Number and Australian Business Number with the ATO
- Complete registration procedures with the Australian Securities and Investments Commission
- Deal with company secretarial issues
- Set up a recording system for your internal use and for complying with statutory requirements
Our team can assist you with year end tax planning and Tax Structuring for individual and also can form Company or Trust in reasonable cost.
Reviewing management accounts for tax planning purposes
Accounting is a complex and confusing one. Consequently, our team remain up to date with any changes, enabling us to offer you accurate advice. Our team can advise best way how you can take your company by reviewing management accounts for tax planning purposes.
- Advice on tax
- Advise on registering for GST
- ATO audit assistance
Advising on tax effective structures
There is a range of factors to be considered when choosing a structure and these will vary according to each case. It is important to collect all the information necessary to ensure that all the relevant factors are considered.
It is often difficult to adopt a structure that will suit all the needs of the client. Therefore, it is necessary to determine which are the most important factors for the client and choose the structure that best suits their needs. Both the advantages and the disadvantages of the structure chosen should be clearly explained to the client – preferably in writing.
We worked on main four key factors:
- Asset Protection –
Asset Protection can take two forms:
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- Protection of the assets of the owner
- Protection of the assets of the venture
- Bankruptcy Rules to Consider in relation to Transfers of assets for less than market value:
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- Provision of services for less than market value
- Transactions to delay, defeat or hinder a creditor’s claim
- Income Tax Minimisation –
Income tax minimisation can take the form of ensuring that income derived by the structure is taxed at the lowest possible rate. Ensuring the maximum amount of deductions can be claimed is also important. When considering income tax minimisation, both the application of the general anti-avoidance provisions (“Part IVA”) and the Personal Services Income (“PSI”) legislation should be considered.
- Capital Gains Tax Minimisation –
If the venture is to derive income that is capital in nature, the main way that capital gains tax (CGT) minimisation can be achieved is by structuring a venture so that both the CGT 50% discount and the small business concessions can be accessed.
- Ease of Administration –
Any structure put in place will give rise to costs. Such costs include but are not limited to:
- The cost of purchasing the entity
- The cost of initial registrations
- The costs of ongoing review process
- The cost of accounting and tax return requirements
Our expert team can advise with best and effective way of structuring your tax.
Advising on GST, FBT and Capital Gains Tax
GST – Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. Our team can assist you on any kind of advises and ATO lodgements.
FBT – Fringe benefits are an important part of business and can be a useful way of attracting quality staff. However, if you’re going to provide fringe benefits to your staff, you need to be aware of your taxation obligations.
Fringe Benefits Tax (FBT) is a tax payable by employers for benefits paid to an employee (or an employee’s associate e.g. a family member) in place of salary or wages. This is separate to income tax and is calculated on the taxable value of the fringe benefits provided. Our team can advise you on FBT for your benefit.
Capital Gains Tax – Capital gains tax (CGT) is the tax you pay on a capital gain. It is not a separate tax, just part of your income tax. Selling assets such as real estate, shares or managed fund investments is the most common way you make a capital gain (or capital loss). Our team can assist you to save maximum tax on your capital gain.
Assisting in preparation of Business Activity Statement (BAS) returns
- A business activity statement (BAS) is a form used to report business or investment income to the ATO so that related tax obligations can be met.
PB Harrison Pty Ltd offer a complete service to assist you with the Preparation and Electronic Lodgement of Business Activity Statements. Our professional and expert team will ensure that you meet your reporting obligations accurately and on time.
Advising on various State Taxes including Payroll Tax
Payroll tax is a tax on the wages paid by employers. Employers are liable for payroll tax when their total Australian wages exceed a certain level called the ‘exemption threshold’. Exemption thresholds vary between states and territories.
The payroll tax obligations for not-for-profit organisations are the same as for businesses, except in certain circumstances.
Payroll tax should not be confused with the pay as you go (PAYG) withholding system. Payroll tax is payable to the relevant state or territory by an employer, based on the total wages paid to all employees. Wages include salary, allowances, super contributions, fringe benefits, shares and options and certain contractor payments.
Some organisations may be exempt from payroll tax provided specific conditions are satisfied. These organisations may include religious institutions, public benevolent institutions, public or not-for-profit hospitals, not-for-profit non-government schools and charitable organisations.
Our professional and expert team will ensure that you meet your reporting obligations accurately and on time.