Tax Advisory and Compliance
We provide professional & friendly advice
At Chatham House Accounting we have a depth of experience and knowledge of both the federal and state-based tax systems. We provide professional and friendly advice to ensure you minimise your taxation outgoings, have the right group taxation structure in place and adhere to your business and taxation compliance requirements. These are key factors to maximising your cashflow and achieving your financial goals.
We are proactive in looking for opportunities to save you time and money and will always respond to your emails and phone calls in a timely manner.
We administer all types of entities and prepare Income Tax Returns, Business Activity Statements and all other federal and state-based compliance obligations including Payroll Tax and WorkCover.
Frequently asked questions
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As an employee you are limited in the tax minimisation strategies you can employ. However there are 3 main areas we would look at and give you advice on. These relate to the following:
Work Related Deductions – We would make sure you are claiming all of the work related deductions you are entitled to. These may relate to the use of your home office, mobile phone, home internet, motor vehicle travel etc., depending on what your profession is and the nature of your earnings.
Superannuation Contributions – Are you maximising your deductible super contributions each year. Maximising your super contributions each year reduces your taxable income. However depending on your age and family circumstances you may not want your money tied up in super at this point in time.
Investment Strategies – Whilst we cannot give you investment advice around what investments to purchase (we can refer you to a financial planner for this purpose) we can give you in depth tax advice around the best ownership structure to invest in, to minimise tax and give you the best asset protection.
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This will depend on the nature of your business and the work that you do. There are 2 main reasons to restructure into a company or trust. These are income tax minimisation and asset protection.
Trading as a sole trader leaves your personally held assets such as your family home, more at risk to creditors/law suits, than if you were incorporated (trading as a company or a trust with a corporate trustee).
Depending on the nature of the work that you do, you may also benefit from income tax savings, utilising the company small business tax rate of 25% (from 1 July 2021 onwards) or alternatively by utilising a family trust structure for tax planning purposes.