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Annual Compliance Australia: A Guide for Businesses

Staying compliant in Australia is crucial for businesses of all sizes. Understanding your annual compliance obligations can save you time, money, and avoid penalties from the Australian Taxation Office (ATO) and the Australian Securities and Investments Commission (ASIC). Contact Australian Accountants today to know the key annual compliance requirements for businesses in Australia!

What Does Annual Compliance Australia Entail?

Annual compliance Australia involves various tasks and reports submitted to the Australian Taxation Office (ATO) and the Australian Securities and Investments Commission (ASIC). The specific requirements depend on your business structure (sole trader, company, partnership, trust) and activities.

 

Key Annual Compliance Areas in Australia:

  • Business Activity Statements (BAS): BAS reports summarise your business’s activity for a specific period, typically monthly or quarterly. They report on:
    • Goods and Services Tax (GST): You report your GST activity via monthly or quarterly statements or by paying regular instalments with an annual report at the year’s end.
    • Pay As You Go (PAYG) Withholding Tax: This tax is withheld from employee salaries and reported on your BAS statements.
    • Pay As You Go (PAYG) Instalments: Prepayments towards your income tax liability.
    • Fringe Benefits Tax (FBT): Certain employee benefits may be subject to FBT, also reported on your BAS statements.
    • Wine Equalisation Tax (WET) and Luxury Car Tax (LCT): These are applicable taxes reported on BAS statements for specific industries.

 

Other Key Annual Compliance Areas in Australia:

  • Annual Income Tax Return:  Due at the end of the financial year (June 30th), this report details your business’s income and expenses based on your profit and loss statements. The format differs for sole traders, companies, partnerships, and trusts.
  • Fringe Benefits Tax (FBT) Return: Due by March 31st, this report details any taxable fringe benefits provided to employees by your company.
  • Annual Payment Summary (APS) Reports:  Due by August 15th, this report summarises your employee’s PAYG Withholding and Salary and Wages information for the ATO.
  • ASIC Annual Company Statement:  Due on the anniversary of your company’s formation. This involves paying an annual fee to ASIC and confirming your company’s ability to meet its debts.
Annual Compliance Australia_1

Contact our professional team today.

Why Choose Us for Your Annual Compliance Needs?

We understand that staying compliant can be time-consuming and challenging.  That’s where we come in!  Our team of experienced professionals in Australia can handle all your compliance needs, ensuring:

  • Accuracy and Efficiency: We ensure your reports are accurate and filed on time, minimising the risk of errors and penalties.
  • Peace of Mind: Focus on running your business with the confidence of knowing your compliance is in good hands.
  • Expert Guidance: We provide clear and up-to-date advice to navigate any compliance complexities specific to your business.
  • Industry-Specific Knowledge: Our team stays current on industry-specific regulations, ensuring your compliance adheres to the latest requirements. (This is the new point)

Contact us today to get our expert advice.

 

Ready to Streamline Your Annual Compliance in Australia?

Don’t let compliance become a burden. Contact our professional team today for a confidential discussion about your business needs. We’ll ensure your compliance is handled efficiently and accurately, allowing you to focus on what matters most – growing your business!

Contact us today for a free consultation! Call us at 02 9415 1118 or book an appointment online.

Frequently Asked Questions

Penalties for late or inaccurate lodgments can vary depending on the offence.

While possible, it can be time-consuming and error-prone. We recommend seeking professional assistance for peace of mind.

The cost depends on the complexity of your business structure and activities. Contact us for a personalised quote.

Business structures, activities, and regulations can evolve. We can help you stay compliant as your business grows and adapts.

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Who We Are

Who We Are

Rasika Dayananda is the CEO of Australian Accountants which has over 25 years of experience in helping Australian and International business owners to overcome the complexities of tax, accounting, business structuring for growth and other regulatory challenges.

We use our highly specialised advisory and personalised services in taxation, businesses growth , outsourced accounting and CFO services to build a successful Australian business, achieving the goals of it’s owners with all compliance and tax matters professionally managed.

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Why Choose Us

Why Choose Us Why Choose Us Why Choose Us Why Choose Us

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Accounting &
Tax Expertise

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& Growth

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Specialist

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  • Many thanks for your assistance with my debt to the ATO,
    the enthusiasm and commitment you brought to the task
    greatly relieved the stress that I was under. The outcome
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    Once again many thanks and kind regards.

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  • Rasika and I both worked for PricewaterhouseCoopers and legacy firms, Rasika worked first in Colombo, then in Fiji, and lastly in Southern Africa. Rasika left PWC and migrated to Australia to join a Sydney-based second-tier firm, where he was soon made a partner. During his tenure at PWC Rasika worked directly with me in the middle market Assurance Division. Rasika played a leading role in growing the practice not only by providing excellent service to existing clients but also by pursuing new clients and business development opportunities.

    R P De Silva R P De Silva
  • I have known Rasika for many years and worked with him closely over a long period. Rasika is tremendously hard-working and extremely focused on getting the best result he can for his clients. Whether it is an audit or a complex tax problem, Rasika will work tirelessly to achieve an outstanding result. He has vast experience obtained in Australia and overseas and consistently delivers outstanding service and results. I am very happy to see Rasika in Charge of Australian Accountants professional services firm as I believe there are few professionals like him.

    David Lamb FCA David Lamb FCA
  • Rasika’s advice and guidance on corporate structuring, transaction structuring and tax and general accounting has been invaluable to us right from the outset of our incorporation through to our successful listing on the ASX. His constant focus is on providing solutions that work for business.

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What Our Clients Say

We will work
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the complexities of taxation, accounting, and
all other regulatory compliance challenges,
while helping you strategically to build
a successful Australian business.

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If you wish to contact Australian Accountants to arrange a meeting about your accounting and taxation requirements, please do not hesitate to contact us.






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