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Expert Tax Accountants in Perth
Our team of tax accountants make the accounting process simple, so you can focus your time on doing what you do, better. Whether you need to lodge a tax return, start a business, or require on-going support with your accounts, we crunch the numbers and don’t let opportunities pass you by.
What our clients say
Taxpro always takes the time to explain everything to us so we fully understand how we are going financially and with this information we have been able to grow our business to what it is today.
What I really appreciated most, is I can simply text, email or phone any time if I need advice or support and the job was never too small or too complicated for Joseph and the staff at Taxpro.
Latest news
Stay up to date with all our latest news, guidance and regulatory information from our tax accountants here. We like to focus on the practical implications of changes to tax, insurance and financial planning legislation as well as offering insights on topical issues relevant to our clients.
Streamlining small business accounting
As a business owner, keeping track of your accounts can be very time consuming if you do it manually. Preparing invoices, compiling records and expenses, and gathering information for BAS and GST lodgements, all takes precious time from your day, when you could be working on your business. At Taxpro, we use MYOB - QuickBooks which is an easy online small business accounting software and we advise clients about it. It creates your invoices for you, helps you manage your expenses and importantly report Single Touch Payroll to meet the ATO requirements. As well as speed, it can also improve accuracy, and optimising this process greatly reduces your hours spent on accounting tasks. It is especially useful if you have to produce a report, whether it is for finance, or the ATO, having everything in one place gives you instant access to your financial information. We also advise our clients to use the Receipt Bank app, an online system that automatically converts your receipts into data, making it super easy for you to send your expenses information straight to us. You just have to [...]
Businesses can fully write off new assets
Decrease your businesses taxable income and buy the equipment your business needs If your business turns over up to $5 billion (which is 99 per cent of all businesses in Australia) then you can immediately deduct the full cost of eligible depreciable assets of any value that were acquired from 4.30pm (AWST) 6 October 2020 and will be first used or installed by 30 June 2022. The cost of improvements to existing eligible depreciable assets made during this period can also be fully deducted. This is a temporary tax incentive as part of the Federal Budget and in its response to Covid-19 The scheme allows you to fully write off new assets by claiming a tax deduction for the full value of a purchase (and remember this is any value, there are no limits) rather than claim its depreciation amount of several years. This will reduce the amount of tax you pay as the full tax deduction is claimed in that year. The Government has coined the phrase ‘temporary full expensing’. What’s the difference between the instant asset write off and this new scheme? [...]
Federal budget 2020 business incentives summary
The Federal Budget announced a number of business incentives with the view that it will make it easier for businesses to invest, create jobs, and quickly respond to challenges and opportunities. Business incentives Immediate expensing The Government is providing a temporary tax incentive for over 99 per cent of businesses, to support new investment and increase business cash flow. From 6 October 2020 until 30 June 2022, businesses with a turnover up to $5 billion will be able to deduct the full cost of eligible depreciable assets of any value in the year they are installed. The cost of improvements to existing eligible depreciable assets made during this period can also be fully deducted. Loss carry-back (temporary) Companies with turnover up to $5 billion can now offset losses against previous profits on which tax has been paid, to generate a cash refund. Loss carry-back will be available to around 1 million companies. Losses incurred up to 2021‑22 can be carried back against profits made in or after 2018‑19. Eligible companies may elect to receive a tax refund when they lodge their 2020‑21 and 2021‑22 tax returns. Extending instant asset write off [...]
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