OST Accountants

Advice and guidance for a new company

Fringe Benefits Tax

OST Accountants provide advice and guidance with new business structures and registering companies.
When a company is registered under the Corporations Act 2001 ('Act') it is automatically registered as an Australian company. This means that it can conduct business throughout Australia without needing to register in individual State and Territory jurisdictions.
Businesses that are not companies (eg, sole traders and partnerships) that use a business trading name are required to register their business name with the appropriate State/Territory authority. A business conducted using the name of the person or persons involved; that is, first name and surname, or initials and surname does not need to register a business name.
We will guide you through the steps:
• Planning on your business structure
• Choosing a company name
• Determining if you will operate under replaceable rules or a constitution or a combination of both
• Obtaining consents - member(s), director(s) and secretary(secretaries)
• Completing and lodging the application form
• Getting a commemorative record of registration
• Acquainting you with your legal obligations

Business entities that employ people, including directors and shareholders, need to consider the requirements of FBT legislation in relation to any payment made to or on behalf of employees.
Tax is payable by employers who provide fringe benefits to their employees or to associates of their employees. This is the case whether or not the employer is the actual supplier of the benefit (for example, where the benefit is provided by an associate or under an arrangement with a third party).
If you provide a fringe benefit to your employees or to associates of your employees (typically family members), you may have a fringe benefits tax liability. This is separate from income tax and is calculated on the taxable value of the fringe benefits provided. Even if you are exempt from income tax, you may still have to pay FBT.
You may well need advice on
• Common fringe benefits
• Common exempt benefits
• Registering for FBT
• FBT returns and payments
• Public benevolent institutions (PBIs) other than hospitals
• Public and not-for-profit hospitals
• Religious institutions, practitioners and others
• Non-profit companies and live-in residential care workers
• What organisations are eligible for a rebate?
• Reportable fringe benefits

BAS Returns

Company Secretarial

Advice to individuals, partnerships, trusts and companies on how to best prepare Business Activity Statements (BAS) is invaluable. The use of our skilled practitioners offers the opportunity to remove the confusion and reduce the work required when lodging BAS to Australian Taxation Office (ATO).

We are able to provide a range of corporate secretarial and support services for all types of organisations. We can interface with the ASIC in general compliance matters.

General Advice - Tax Planning

Records maintenance

General taxation services for businesses

• GST

Businesses and other enterprises may be required to register for GST or may do so voluntarily. Registered entities are required to charge GST at the rate of 10% on goods and services that they supply to customers. The GST payable is included in the price paid by the recipient of the goods and services. The supplier must pass on this amount of GST to the Tax Office.
If the payer for the goods or services is also GST registered, it will normally be able to claim a credit for the amount of GST it has paid, provided it holds a tax invoice. This credit is offset against any GST payable by that entity. The net GST payable is then recorded on a BAS return and a payment or refund made to the Tax Office.
The net effect is that businesses charge GST but do not keep it, and pay GST but get a credit for it. This means that they act essentially as collecting agents for the tax. The ultimate burden of the tax falls on the private consumer of the goods and services, as this person gets no credit for the GST he or she pays.
We provide advice and service in
• Registration for GST
• Who is obliged to pay GST
• Returns and tax periods
• Refunds

• Income Tax Returns

Our practice offers general and specialised taxation advice and prepares taxation returns for individuals, partnerships, trusts, companies and superannuation funds. Returns are lodged electronically with the Australian Taxation Office (ATO).

We are able to offer a service that provides a record of your affairs through the current accounting period and can respond to your compliance obligations and provide advice as you require it.