Taxation Consulting

Taxation isn’t just about preparing an Income Tax Return or a Business Activity Statement – that’s the easy part. We look at your overall situation and provide you with tailored strategies to suit your individual requirements.

In many instances, businesses do not adopt  the appropriate structure for their particular situation and consequently they are either incurring unnecessary compliance costs, paying more tax than is required or do not have their assets adequately protected.

At Lloyd & Co, we provide advice on:

• Income Tax for Individuals, Partnerships, Companies, Trusts and Self-Managed Superannuation Funds,
• Capital Gains Tax,
• Goods & Services Tax
• Fringe Benefits Tax,
• Tax-effective business structuring, and
• Payroll Tax

INCOME TAX

We offer a broad range of tax advice for all types of entities including Individuals, Partnerships, Companies, Trusts and Superannaution Funds.

We are more than just accountants. We build long-standing relationships with our clients and through careful planning and open communication help minimise your business and personal tax exposure.

CAPITAL GAINS TAX (CGT)

Whether you are selling an asset now or in the future, we will get you the best CGT outcome now and in the future. We advise on all aspects of CGT, including:

• Sale of shares, investments and real estate,
• Sale of your business and access to Small Business CGT concessions,
• Sale of your Principal Place of Residence,
• Access to CGT Rollovers,
• CGT in Superannuation.

GOODS & SERVICES TAX (GST)

At Lloyd & Co, we can assist you with determining if you are required to register for GST. Once this is determined, we can register your business for GST and assist with questions in relation to conducting a business that is registered for GST.  The GST is a fairly simple tax, but it can be complex in certain areas. This is where the expertise of an accountant who has extensive knowledge in the area will assist you and your business.

In addition, we can prepare and lodge BAS returns based on your data. Alternatively, we can set you up so that you can prepare and lodge BAS returns yourself.

FRINGE BENEFITS TAX (FBT)

A fringe benefit is a benefit provided to an employee (or their associate, such as a family member). Benefits can be provided by an employer, an associate of the employer, or by a third party under an arrangement with the employer. An employee can be a current, future or former employee.

Fringe benefits tax (FBT) is a tax paid on certain benefits employers provide to their employees or their employees’ associates (typically family members). FBT is separate from income tax and is based on the taxable value of the various fringe benefits provided.

We advise on FBT for your own salary package or for your employees. We also prepare and lodge FBT returns as necessary.

TAX EFFECTIVE BUSINESS STRUCTURING

Business structures are easy to set up but difficult and costly to unwind, so it’s important to get them right from the outset. If you’re setting up a business or re-structuring an existing one, we can help you to do this in a way that saves you tax and protects your interests.

PAYROLL TAX

Payroll Tax is state tax calculated on wages paid or payable by an employer to its employees and deemed employees. This tax is payable when an employer’s (or ‘group of employers’) total Australian wages exceeds the general deduction threshold level.

Payroll tax is potentially a large outgoing for many businesses. We can prepare or review payroll tax returns to determine whether you should be registered and ensure that you are paying the correct amount of Payroll Tax (if applicable).