Tax Risk Management

Here at Anne Street Partners we know that the month of June is often a busy one – as it is tax return time! It can instill fear in many as it can seem overly complicated, but we have a few tips to make it easier for you.

With tax returns due at the end of the month it is vital to ensure you have all the relevant documents you need. Start getting all your paperwork together and organize it in a folder so it is easy to refer to. For less-complicated tax returns there are several online options at the Australian Tax Office (ATO) website.

For more information please see: https://www.ato.gov.au/Individuals/Lodging-your-tax-return/Do-you-need-to-lodge-a-tax-return-/

Sending your tax return via mail is also an option for those that prefer paper forms. In order to complete your tax return you will need documents and records from throughout the year as well as your tax file number. For businesses you will need to lodge an annual company tax return. Depending on how your business is structured you will need to supply the ATO with more detailed information compared to an individual tax return.

For help lodging your tax return you can seek advice from a registered tax agent. Though we don’t provide tax advice, Anne Street Partners will help you strategically manage your tax risk, using legal and compliant processes. We can help plan for the year ahead and ensure you are maximizing your financial and revenue streams.

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The term “tax risk management” is usually used in reference to large corporations and simply refers to a deliberate strategy to minimize tax liabilities while complying with all relevant laws and procedures. But putting strategies in place to manage tax risk is a smart idea for small businesses and individuals as well.

In large enterprises, the board of directors, management and other key players must come together to develop the best tax risk management strategy. For smaller organizations or individuals, this could be a one-person assessment of issues and risks.

Risks examined involve uncertainties in tax laws and how to deal with them as well as financial reporting decisions, how acquisitions are handled, tracking sales properly and a host of other issues.

Since an ATO audit can be costly and time-consuming, the primary tax risk to consider is proper compliance with tax laws. A tax professional can’t accurately prepare a return for a company or individual without a complete understanding of how the numbers provided were reached.

Like so many other aspects of business, tax risk management simply comes down to making a plan, following it and constantly reassessing this plan to make sure it complies with all laws, takes into account all eventualities and adequately serves the needs of the person or the organization.

Without good planning, the person or organization is open to undesirable and unnecessary risk — and this kind of risk is a bad business decision.

For advice and strategy, get in touch with our team at Anne Street Partners today and speak to one of our friendly team on 134 977 

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