RBK Advisory - Tax and Compliance

Preparing and lodging your tax and compliance documents correctly can be time-consuming and complicated; unless you work with us.

Keeping on top of your accounting and tax compliance responsibilities

Keeping on top of your accounting and tax compliance responsibilities is a role of its own. For business owners with limited internal support, this is an unwelcome addition to your existing responsibilities.

This is often why people use a tax accountant. Melbourne business owners with a complex company structure or financial situation have benefited greatly over the years by handing their tax planning and administration needs over to the income tax professionals at RBK Advisory.

By letting our expert accountants remove this task from your to-do list, you are also benefiting from our specialist knowledge, proven business tax strategies, and efficiency. Read on to learn a little more about our tax and compliance services and why they can help your business get ahead today.

Our business accounting and tax compliance services

Our tax compliance team can take care of the preparation and lodgment of the following documents for your business to the ATO or ASIC:

  • Annual income tax returns
  • Activity statements
  • Fringe benefits tax (FBT) returns
  • Special purpose financial statements
  • General-purpose financial reports
  • Annual GST reporting
  • Management reports monthly, quarterly, or as required
  • Small business capital gains tax concessions
  • Employee share schemes
  • Planning and transaction advice
  • Assistance with ATO tax audits and investigations
  • Statutory reporting requirements for businesses
  • Self-managed superannuation fund administration
  • Other regulatory compliance requirements

Tax planning for the future of your business

With proactive tax planning and structuring, you create flexibility for your business. A plan and efficient structure are a must for everyone, from startups to those looking to acquire a new business, expand overseas, or simply be more proactive with tax management.

At RBK Advisory, we couple both tax and compliance services with our team’s in-depth business advisory knowledge to consider the complete picture of your company. The right business structure significantly impacts tax planning and regulatory compliance, asset protection, wealth creation, and efficient expansion. With our team on your side, you can find peace of mind knowing the correct steps are being taken from the beginning.

Penalties for inaccurate business records

If you’ve ever wondered what are the penalties for a business not keeping the required records, the answer can be costly. One of the main reasons why business owners hand their tax and compliance requirements over to income tax professionals is to avoid an expensive mistake.

In Australia, the ATO may impose record-keeping penalties if proper records are not kept. The penalty amount can be in the thousands if no attempt is made to keep proper records or they are deliberately destroyed. Severe cases of non-compliance may be referred to the Director of Public Prosecution, and this can result in a fine of up to $10,000. More information about this can be found via the ATO.

Our pro tip: Keep your records up to date

Many business owners find it hard to fulfil their tax obligations simply because their records aren’t up to date. There is no greater stress than leaving things to the last minute at tax time, struggling to meet deadlines then lodging an incorrect return.

We can work with you to design a process that makes it easier to keep, manage and regularly review your records (see the case study at the end of this page for an example of how). With monthly reviews and an easy-to-use cloud-based accounting system, you can ensure that the process of lodging taxes is never overwhelming.

Why is RBK Advisory the tax agent Melbourne trusts?

RBK Advisory is one of only two BCorp certified accounting firms in Australia, and we pride ourselves on taking an ethical approach to everything we do. Our team brings various skills to the table as we are made up of:

  • Lawyers
  • Accountants
  • Advertising professionals
  • Architects
  • Financial advisers
  • Engineers
  • Consultants
  • And more

So what does this mean for you?

It means your business gets an outside-of-the-box approach to problem solving and strategy, with a knowledge base that is second-to-none.

We don’t want to just submit your taxes; we want to make sure your business is operating efficiently and positioned for growth. By adding our team to yours, you gain decades of experience to navigate the areas of tax sensitivity and compliance requirements with ease. We look forward to helping your business grow today!

Here are a few of the most recent questions we had regarding; Tax and Compliance. There's no such thing as a silly question, that's what we are here for, so please, ask away.
What is the Company Tax Rate?
The company tax rate for 2019/2020 is 27.5% for base rate entities, and 30% for all other business. You can find out more about changes to company tax rates here.
What is tax compliance requirements?
This involves understanding state, federal, and international tax laws. These are requirements set out by Government officials and tax authorities, that we must all comply with. Every business and people within that business needs to comply with these laws. Our team is all over this and we can inform you of what needs to be addressed by you, as the time comes.
What are the consequences of tax non compliance?
If you happen to not comply with tax law (something we don't advise you willingly do), otherwise known as Violating the Criminal Finances Act 2017, it can have unforgiving and lasting consequences for your business. There are some hefty penalties and fines that can be incurred. To avoid these nasty surprises, it's best to speak with your trusted accountant to review any areas of your business that you feel may need a look over.
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