Income Tax

Deciding how to structure your business activities will impact on the taxation planning options available to you. Our taxation experts will provide advice on the most effective structure for your circumstances whether it be for:

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Companies: A company is a distinct legal entity with its own income tax liability, separate to your personal income tax. However, the treatment of any personal services income may be different . The company must lodge a company tax return, which shows the income and deductions of the company and is used to calculate the income tax that the company should pay.

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Individuals and sole traders: A sole trader is an individual taxpayer and is subject to the same income tax rates that would apply to a wage or salary earner. Income tax is calculated on taxable income, which is the person’s assessable income less any allowable deductions.

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Partnerships: If you are a partner in a partnership that is carrying on a business, all income earned by the partnership and deductions claimed for expenses incurred in carrying on that business must be shown in a Partnership tax return.