AdvisorCorp is registered with the Tax Practitioners Board
We are also a member of a professional accounting organisation Institute of Public Accountants. We abide by professional and ethical standards.
Company tax return
- the decline in value for tax purposes may not be the same as depreciation applied for accounting, especially for companies which are also eligible small business entities utilising the simplified depreciation rules;
- deductions may be allowed for capital items for which there is no accounting expense;
- no deduction may be allowed for certain accounting expenses (such as doubtful debts).
Reconciliation must be performed to convert accounting profit to taxable income, by adjusting for those items where differences occur. Amounts that are expensed for accounting purposes but which are not allowable as deductions must be added back in calculating taxable income. Conversely, amounts that are allowable as deductions for tax purposes but which are not expensed for accounting purposes will then be deducted in arriving at the taxable income figure.
Similarly, if an amount was included in income for accounting purposes that is not assessable income for tax purposes, it must be deducted, and an amount that is assessed for tax but not recognised for accounting purposes must be included in the calculation of taxable income.
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Key topics for business
- keep accurate and complete records of your assessable income and expenses
- use the correct method for calculating and reconciling the amounts you claim
- report all income and deductions to us at the right time
- pay any amounts owed on time.
- allowing an employee to use a work car for private purposes
- giving an employee a discounted loan
- paying an employee's gym membership
- providing entertainment by way of free tickets to concerts
- reimbursing an expense incurred by an employee, such as school fees
- giving benefits under a salary sacrifice arrangement with an employee
- the SG is currently 9.5% of an employee’s ordinary time earnings
- you must pay the SG at least four times a year, by the quarterly due dates
- you must pay and report super electronically in a standard format, ensuring you meet SuperStream requirements
- your super payments must go to a complying super fund – most employees can choose their own fund
- if you don’t pay the SG on time, you may have to pay the super guarantee charge.
- Biller code: 75556
- Reference: Your payment reference number (PRN)
- your payment reference number (PRN)
- a Visa, MasterCard or American Express card.