Tax compliance is important for every business, yet whether you are an industry leader or a small business start-up, it can be hard to understand your obligations, be it GST compliance, or your overall business taxation responsibilities. Our specialised small business advice guides our clients in fulfilling industry-specific tax obligations. Rest easy knowing the ins and outs are taken care of by Growth IQ.
What is tax compliance?
Tax compliance is the process of abiding by the laws surrounding tax in a country or jurisdiction. Part of this process is sharing key financials with the tax office. In Australia, this is the Australian Tax Office (ATO). The primary information and activities the ATO require from a small business is the declaration of income and the filing of a tax return – and of course, the paying of taxes.
Why is tax compliance important?
In its purest form, the paying of taxes helps to support the essential services of the industry and country in which you live. For the purposes of your small business, ongoing tax compliance is important as it helps you to ensure you understand your responsibilities as a business. Understanding your tax obligations and tax planning, ensures that you can prevent any surprise debts to the ATO, which may upset cashflow and even the financial position of your business.
Growth IQ’s Approach
At Growth IQ, we are qualified tax advisors and we exist to make your tax compliance requirements a non-issue, by helping you understand your obligations. Let us tick the boxes and file the paperwork for you. Taxation duties are yet another thankless administrative task, that often falls to the small business owner, even without a full understanding of what’s required. Delegating your accounting and tax responsibilities to the Pros (read: us) means you have more time to spend growing the parts of your business that truly require your expertise.