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Self-Improvement & Wellness

Impala Tax Navigator

Our methodology helps business owners plan and comply with their ever-increasing obligations while minimising tax.

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Peace Offering

Overview

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The Tax Minimizing Blueprint
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Review

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Records and systems for adequacy – Record Keeping

Keeping clear, accurate, current financial records is the easiest way to view your business performance at any time. For example, it shows the business’s overall profit and trends in expenses or income so that you can predict when trading conditions may change.

The Impala Accountants’ record-keeping system will regularly confirm that your data is reconciled correctly and provide you with feedback for constant improvement. You will also be shown which reconciliation items are the most important for your goals and how to track these.

Identify needs, opportunities & risks – Macro Review, business Review, Risk Review

It is essential to evaluate the current risk environment of your business regularly. This can involve external risks or threats or internal weaknesses to your business.

We offer a risk review system to identify the needs of your business, how we can meet these needs and goals, and what may be standing in the way of this success. We can show you how certain risks can be minimised through better business practices.

Lodgement history and Debts – Review tax position, Lodgement review, Review Obligations

We understand how easy it can be for tax obligations to pile up and how confusing the various due dates can become. However, as a business owner, it can sometimes feel like you have too many “top priority” tasks, and we hope to take some of the tax pressure off you. Additionally, certain compliance bodies and lending facilities can require recent tax documents to approve and can ask for these within short time frames.

Our obligation review can summarise your obligations, both submissions and payments,  and simplify this process. We can outline exactly what information is required to get up to date and assist in creating payment plans with the ATO, all in a timely manner to meet deadlines.

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The Tax Minimizing Blueprint
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Plan

Alan Lakein said, ‘Planning is bringing the future into the present so that you can do something about it now.’ The same can be said for your TAXES. The Impala Tax Navigator can help you establish a practical plan, whether you’re anxious about the tax bill that follows a strong year, considering going into business and unsure which STRUCTURE works best, or searching for advice regarding a sizable INVESTMENT for your business. 

We will help you navigate through multiple scenarios and establish a practical plan that will impact the future SUCCESS of your business.

There is something to be said here about the certainty of death and taxes. More importantly, though, a business must PLAN for TAX. The Impala Tax Navigator will provide CLARITY on that dreaded tax bill or those ATO deadlines you’ve been anxious about. One way this can be achieved is through FORECASTING, not to be mistaken for the weatherman’s dismal outlook on the week ahead, which is a useful technique to make informed PREDICTIONS and business DECISIONS based on past and present data.

Forecasting can help assess where you are now, where you are heading and if there are OPPORTUNITIES to MINIMISE your taxes. Tax Planning places you behind the wheel and in CONTROL of the outcomes and ATO deadlines that lay ahead.

So rightfully said by Ronald Koeman, ‘When you build a house, you don’t start with the roof’. So likewise, to BUILD a successful business, you must begin with a PLAN before you even lay the foundation. The Impala Tax Navigator will guide you through multiple scenarios to determine which business structure will be sufficient to allow for your business’s expected ADAPTATION and GROWTH. 

When choosing an ideal structure, it is vital to consider the costs involved in the setup and ongoing maintenance of the structure, assess the level of exposure or risk, protect your personal assets, and evaluate whether the tax position of the structure is OPTIMISED. The Impala Tax Navigator can assist in ensuring that the business is structurally sound so you can continue building on the foundations you lay.

What is tax advice, and how will it BENEFIT your business? Separated from Tax Planning, it covers an array of questions you may have before making IMPACTFUL business decisions. The Impala Tax Navigator can be a point of contact before diving head first into a pool’s shallow end. Together we can assess where you are, where you plan to be, and how this decision will impact the business. 

Are you selling or purchasing a sizable INVESTMENT? Have you addressed potential tax consequences, such as Capital Gains Tax? The Impala Tax Navigator can provide advice on the impact of such an investment purchase or sale and advise of any OPPORTUNITIES that may be more tax effective.

The Tax Minimizing Blueprint
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Comply

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Tax Returns and Financial Reports
  • With constant regulatory and legislative changes accurate tax compliance can be difficult to keep on top of. Our team is always across the latest taxation developments and regulations. One  less thing for businesses to worry about.
  • We can help you prepare, manage and lodge all your tax obligations.
  •  It is important to keep on top of your tax obligations and have an idea of your future tax liabilities so you can be financially prepared. 
  • We like our clients to be on the front foot and not always trying to play catch up. We can help your business handle the tax compliance workload and meet important deadlines. 
  • Regular reviews and updates throughout the year means being ahead of any business decisions that will affect your tax position.
  •  We provide tax effective advice including tax minimisation strategies. We offer a personal approach and can provide expert tax advice as well as meeting your compliance requirements. 
  • We want to help you grow your profits and wealth by taking a proactive approach.

BAS & IAS – Activity Statements

  • Business Activity Statements are a tax reporting requirement that is most usually prepared and lodged quarterly and is for reporting and paying goods and services tax (GST), pay as you go (PAYG) instalments and PAYG withholdings tax.
  • If your business turnover is over $75,000 you will need to register for GST which is something Impala Accountants can help with.We can ensure your business is compliant with all ATO obligations to avoid any failure to lodge penalties. 
  • Instalment Activity Statement (IAS) is if you have a pay as you go (PAYG) withholding obligation only and are not registered for GST.
  • These are both typically lodged quarterly 
  • We often find clients make a lot of mistakes in this area, with regular reviews and a good process we can help you lodge your BAS’s on time and claim the deductions you are entitled to.
  • Ensuring you are reporting the correct amounts on your BAS’s
  • Regular reminders and reviews means you won’t miss a deadline
  • Plan ahead of time to know what your financial obligations will be so there are no surprises
  • Tax agents receive a four week due date extension on quarterly lodgements

STP, TPAR, FBT – Payroll Compliance

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