If you are going to start a new business, or you just want to update your knowledge in business taxes, you should seriously consider using a tax accountant company to help you.
Taxation is a complex field and, with regulations that change regularly, it is almost impossible for every individual business owner to stay on top of everything.
On the other hand, using a tax professional is the only way you know you are doing things correctly and fulfilling obligations, while at the same time ensuring that you don't pay too much tax. You can also find your best tax accountants in Sydney for professional tax return services.
Every Australian business must register a tax file number and file an annual tax return. In many cases, you also submit the Australian Business Number used to complete the activity report and submit it to the Australian Tax Office (ATO) on the due date.
This return ensures that you pay the correct amount of GST. If you have employees, or pay yourself as an employee, you must record all payments made and include them in your business activity statement. At the end of the financial year you must also file a refund for the PAYG installment.
This is used by the ATO to calculate the correct amount of withholding tax your business must pay. This means that you must also register for a PAYG reduction if you make payments and must reduce taxes from your employees.
This amount must be paid quarterly, alternatively, every time your BAS is due.