It is a must for every business owner to file an income tax return. In Australia, a correct and accurate tax return is necessary in order to maintain the reputation of your company or business. An erroneous data entry in your taxes could cause your business to lose credibility, or even worse, bring about heavy fines and penalties, even a jail sentence. Due to improved, automated detection methods and the increasingly sophisticated information matching capabilities of the authorities, the chances of anyone cheating the system being able to evade discovery is very low.
The courts view tax cheats very seriously and offenders are pursued to the full extent of the law. Custodial sentences, suspended sentences, community services orders and good behaviour bonds are all handed down to those guilty of tax fraud. Furthermore, it is not only complicated fraud schemes that are viewed harshly. Those who do not lodge their tax forms or who make false or misleading statements are also in the sights of the tax department and can incur significant punishment.
To avoid any of these unwanted scenarios, the business owner should utilize the services of a competent accountant. Tax compliance, tax planning, effective tax structuring and tax consultation are all well within the brief of the business accountant. An experienced accountant is able to provide his clients with professional, up to date tax advice. With an accountant on board, when the time arrives for your tax return to be completed, it should no longer be a burden. An expert, capable tax accountant will ensure your documentation is accurate. Because he is aware of any changes to compliance and obligation laws that have been made, he will be able to help you minimize your tax liabilities and maximize your tax benefits and credits.
When you entrust all your business tax matters to your accountant, you will have more time to focus on managing your business well. You will be able to concentrate on further improvements and developments for your company in order to create a more profitable business.