Tuesday, 3 March 2015
Australia’s income tax system works on the self-assessment principle, which means the information that businesses provide regarding income and deductions is accepted by the ATO as accurate. Businesses must lodge a tax return for any year in which they do business. Deductions may be claimed for any costs incurred for the operation of a business if they are not of a private or domestic nature. Furthermore, most money that is received during the operating of the business is an assessable income. Hiring an accountant in Parramatta can help businesses with any financial challenges if they get too great to handle by themselves. Firms such as Advanced Accounts have experienced accountants and bookkeepers that can help with their tax returns, payroll tax payments, and so forth. Choosing the right accountant is crucial since he or she would be in charge of the company’s books, records, and other information.
Monday, 2 March 2015
The R&D activities of a company are typically led by special centres or units, though they can be outsourced to contract research organizations. An R&D expenditure will most likely hit the Company Tax Return as deductible expenditure and it’s important to make sure that there are no double reductions when the numbers are given again in the Company Tax Return through the R&D Tax Schedule. While R&D expenses are relatively minor, they can rise to rather hefty sums for larger companies. For technological, pharmaceutical, healthcare, and industrial firms, R&D expenses are the highest. For companies who are in need of accounting for their R&D tax and expenses, there are experienced accountants in Parramatta such as Advanced Accounts who offer advanced levels of accounting and bookkeeping services, which can greatly aid companies with their financing issues.