Federal income tax is calculated and hence paid on the taxable income of the company and for individuals. The calculation is been made on assessable income after the deductions are done. Assessable income is the income your business being made excluding the GST payments on sales or any of the GST credits.
We, at our company help our client to sort the payments, profit and credits so that the calculation for tax done would be made accurately. Also, we believe in earlier preparation of work, so, kept the books ready with entries throughout the year so that no payment would be left.
We also make done possible allowable deductions for the business that are the expenses which you would have made in relation to your business. Paying taxes on time would make you eligible for the tax savings and get the tax concessions that they are entitled to by the Australian Government. The key factors that affect the taxes for business are GST and CGT and they are also handled by our team of experts.