Australia has a very complicated tax system. Compliance and reporting requirements are very difficult to understand let alone implement. We appreciate that you want to focus on the operation and ongoing prosperity of your business. That’s why we make it our business to take the complexity out of taxation and help your business remain compliant.
The field of taxation is very dynamic as governments struggle with increased spending obligations and revenue shortfalls. Hammoud Partners remains at the forefront when it comes to changes in taxation and regulatory requirements and the correct application of such changes.
The taxation implications of various business structures differ. For example companies are currently taxed at 30%. Individuals are subject to marginal tax rate increases as their income increases. The tax consequences of income distributed from a discretionary trust will depend on the ultimate recipient of the income and the type of income – trading income, capital gains, dividends etc.
When fixed unit trusts are utilised as a trading structure, income flows through directly to unit holders who may be individuals, trusts or companies. Income tax is ordinarily dealt with by the respective unit holders, not the unit trust. The trustee of the fixed unit trust may still be liable for state based taxes and duties such as land tax, payroll tax and stamp duty.
Too often businesses are unfairly hit with an increased tax burden due to incorrect application of tax laws. Our talented team of tax accountants are experts in the field of tax return and financial statement preparation, monthly and quarterly taxation compliance and certain state based taxes. We work hard to ensure the taxation impact on your business is minimised.