Category: Taxes

Taxes – A compulsory contribution to state revenue, levied by the government on workers’ income and business profits or added to the cost of some goods, services, and transactions.

Tax Return Services Sydney Accountants & Tax Agent
Website Reviews, Tax Return Services Sydney Accountants & Tax Agent Offering. If you’re in the market for a dependable accountant, Sydney has a lot to offer. From huge accounting companies to small boutique practices, there’s a positive to being an association that meets your needs. In this article, we’ll take you to a few of the nice Accountants in Sydney and explain what makes them stand out.

Here are the articles to explain, Sydney Accountants & Tax Agent Offering Tax Return Services

What is an accountant? An accountant is an expert who helps corporations control their finances. They assist to maintain the tune of what is going on with the cash that is being made and spent. And they make positive that all the bureaucracy carry out efficiently to make sure that the enterprise is walking smoothly.

What are the vital skills for an accountant?

We assume the most necessary skills for an accountant are:
- A diploma in accounting or an associated field
- Previous journey in auditing or monetary management
- Thorough understanding of bookkeeping, accounting software, and monetary statements
How can Sydney accountants assist you?

If you are searching for a Sydney accountant to assist you with your tax return services, tax planning, accounting, and bookkeeping needs, then seem to be no further. Sydney accountants are fantastically skilled in these areas and can furnish you with the assistance and coaching you want to maintain your enterprise jogging smoothly. Whether you are a small commercial enterprise proprietor or a character taxpayer. Sydney accountants can assist you to take the crucial steps to make certain that your price range is in order.

Some Reasons to offer Accountants In Sydney:

Just the truth you aren’t an enterprise proprietor does now not advise that you couldn’t revel in the appreciation of Sydney Accountants. There are cases in our private lives the place it would appear apparent to talk about with an accountant or advisor, inclusive of as soon as we attain an inheritance, or if we’re planning on buying a new residence. however, we shouldn’t revel in a milestone or massive existence exchange.

There is a range of ordinary explanations in which it would possibly gain a character to be looking out for a personal accountant, too. take into account that you don’t need to preserve an ongoing date with an accountant. It’s awesome to be searching for one out on a case-by-case basis, even though it’s continually in your quality pursuits to construct a courtroom with an accountant so that you can set up records.

Investment Portfolio review

Personal accountants are the cross-to-humans when you want an individual to test your funding portfolio. Do remember how big, small, truthful, or complex, a non-public accountant will pour over your information to ensure. That your cash is strolling the hardest for you that it may. A non-public accountant isn’t continually a financial planner, however, they recognize investments. If they see something that doesn’t seem right, or will come again to hold out with you. They may additionally factor it out.

Huge View of Reality

Official private Sydney Accountants will in no way, steer you incorrect about your frequent finances or organization tax return. As soon as an evaluation has stood made about in which you stand financially, an accountant is going to inform you like it’s miles. And provide tangible strategies to enhance your kingdom of affairs, even if you barring a doubt are doing simply fine.

An accountant is aware of the charge of genuine information and, no longer like their personal household and friends. Isn’t going to inform you what they suppose you favor to pay interest to. They may also solely communicate the fact. So, in case you are looking for a man or woman. Who will continuously inform you what you desire to realize. And now no longer what you prefer to pay attention to. Do your future a pick and are in search of the enter of an accountant.

Specialist in Work and Save Your Time

Even as there are a straightforward few DIY online tax equipment obtainable. Nothing beats the comfort of sitting with your tax agent and getting the assignment performed. Whilst taking things into your hands may additionally moreover show up as the quickest way to motel your taxes, DIY is now not the fantastic way. Your standard appointment with a tax agent takes around an hour. During that time, your tax expert will ask you a collection of questions and evaluation your documentation to blissful the first-rate result.

On the floor, you might also assume DIY lodging online is faster. However, for most people, this is no longer the case. After you add inside the time to collate your information, look up your deductions. And test to make sure you haven’t made any mistakes, the method takes a total lot longer than an hour. To make the manner as on hand and problem–unfastened as possible, it’s necessary to return equipped on your appointment. This tax return guideline has a list of all the archives you want to get your taxes finished quickly and correctly.

Non-Public Finance

Personal accountants in Sydney are specific human beings to are attempting to discover suggestions. However, they’re moreover a remarkable useful resource for widespread finance knowledge. If you have questions associated with a well-known strategy. Adjustments in the law, or something else monetary-associated that can affect you, seek advice from an accountant.

Sydney Accountants & Tax Agent Offering Tax Return Services; Photo by Kelly Sikkema on Unsplash.
August 18, 2022
What are Advantages and Disadvantages of GST?
Learn and Understand, What are Advantages and Disadvantages of GST?

Implementation of Goods and Services Tax (GST) was one of the long-awaited fiscal reform and due to various reasons it was only hanging around and could not circumvent the obstacles for the substantially long period of time so much so that people started saying that the reform may not see a light of the day. At this juncture, we need to understand that GST could eventually become a reality only because of the various advantages it brought along. Of course, no reform can be full proof and so is GST and therefore the implementation of GST had its own disadvantages with few being inherent and intrinsic to the idea of GST, few due to the structure in which it is brought and a lot is due to the manner in which it is implemented which could have been largely avoided. Also learn, Benefits of GST, What are Advantages and Disadvantages of GST?

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While we take a stock of GST as of today, we need to acknowledge the efforts taken by the government in making it much simpler from the time first model GST code was released in June 2016 to today when we are at the brisk of 200 days post its implementation. While we take a deeper dive into understanding the advantages and disadvantages of GST, we need to appreciate the fact that this being a transactional tax its advantages and disadvantages cannot be equated for all. For instance, it is possible that one sector or industry is largely benefitted due to the implementation of GST while other sector or industry has taken the exact opposite position. The point that we need to take home is that many advantages and disadvantages of GST can be closely understood only when its impact is measured industry or sector wise.

The list of advantages and disadvantages of GST can be very long, but herein we look at some of the major ones as explained below:

The Advantages of GST (Goods and Services Tax):
- Boosts Foreign Investment and improves the overall investment climate.
- Single assessing authority.
- Increased certainty/ Reduced litigation.
- Erosion of parallel economy.
- Reduced corruption.
- Downslide of prices.
- Common national market throughout the country, and.
- Increase in employment opportunities.
The Disadvantages of GST (Goods and Services Tax):
- Not a one nation one tax in spirit.
- Multiple Tax rates.
- GST Portal issues.
- Hurried implementation of the Law.
- Working capital blockage.
- High compliance burden.
- Elimination of local tax incentives/ schemes, and.
- Disconnect from Foreign Trade Policy.
May 9, 2018
Do you Know Benefits of GST (Goods and Services Tax)?

Learn, How, What is it, Do you Know Benefits of GST (Goods and Services Tax)?

GST stands for Goods and Services Tax which will be levied on the supply of goods or services or both in India. GST will subsume a number of existing indirect taxes being levied by the Centre and State Governments including Central Excise duty, Service Tax, VAT, Purchase Tax, Central Sales Tax, Entry Tax, Local Body Taxes, Octroi, Luxury Tax, etc. Also learn, GST, PDF, Do you Know Benefits of GST (Goods and Services Tax)?

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It brings benefits to all the stakeholders’ viz. industry, government and the citizens. It is expected to lower the cost of goods and services, boost the economy and make our products and services globally competitive. GST aims to make India a common national market with uniform tax rates and procedures and removes the economic barriers, thereby paving the way for an integrated economy at the national level. By subsuming most of the Central and State indirect taxes into a single tax and by allowing a set-off of prior-stage taxes for the transactions across the entire value chain, GST would mitigate the ill effects of cascading and thereby improve our competitiveness.

GST or Goods and Service Tax is common tax system proposed by the government. As the name suggests it is a common tax for Goods and Services. In simple words today we are paying multiple taxes such as excise duty, customs duty, value added tax, octroi, service tax etc.

The Benefits of Goods and Services Tax (GST):

Elimination of Multiple Taxes:

The biggest benefit of GST is an elimination of multiple indirect taxes. All taxes that currently exist will not be in the picture. This means current taxes like excise, octroi, sales tax, CENVAT, Service tax, turnover tax etc will not be applicable and all that will fall under common tax called as GST.

Saving More Money:

For a common man, GST applicability means the elimination of double charging in the system. This will reduce the price of goods and services & help common man for saving more money. It is expected that price of FMCG products, small cars, cinema tickets, electrical wires etc is expected to reduce.

Ease of business:

GST will bring one country one tax concept. This will prevent unhealthy competition among states. It will be beneficial to do interstate business.

Easy Tax Filing and Documentation:

For a businessman, GST will be a boon. No multiple taxes means compliance and documentation will be easy. Return filing, tax payment, and refund process will easy and hassle-free.

Cascading Effect reduction:

GST will be applicable at all stages from manufacturing to consumption. GST will provide tax credit benefit at every stage in the chain. Today at every stage margin is added and tax is paid on the whole amount, in GST you will have tax credit benefit and tax will be paid on margin amount only. It will reduce cascading effect of tax thereby reducing the cost of the product.

More Employment:

As GST will reduce the cost of producing it is expected that demand for the product will increase and to meet the demand, supply has to go up. The requirement of more supply will be addressed by only increasing employment.

Increase in GDP:

As demand will grow naturally production will grow and hence it will increase gross domestic product. It is estimated that GDP will grow by 1-2% due to GST.

Reduction in Tax Evasion:

GST is a single tax which will include various taxes, making the system efficiency with very little chances of corruption and Tax Evasion.

More Competitive Product:

As GST will address cascading effect of the tax, inter-state tax, high logistics cost it will make manufacturing more competitive. This will bring advantage to businessman and consumer.

Increase in Revenue:

GST will replace all 17 indirect taxes with the single tax. Increase in product demand will ultimately increase tax revenue for state and central government.

Goods and service tax is a boon for the Indian economy and the common man. It is a welcome step taken by the government.

May 9, 2018
What is GST (Goods and Services Tax)?

Learn and Understand, What is GST (Goods and Services Tax)?

First, take analysis GST Full Form is Goods and Services Tax. The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the government. Also learn, the Concept of Financial Decisions, What is GST (Goods and Services Tax)?

What is GST? GST (Goods and Services Tax) is the biggest indirect tax reform of India. GST is a single tax on the supply of goods and services. It is a destination based tax. GST has subsumed taxes like Central Excise Law, Service Tax Law, VAT, Entry Tax, Octroi, etc. GST is expected to bring together state economies and improve overall economic growth of the nation.

Before learning more about Goods and Sevice Tax, let’s try to understand how taxes in India work. The Government of any country needs money for its functioning and taxes are a major source of revenue for a Government. The taxes thus collected are spent by Govt. on the public.

History of GST:

The goods and services tax (GST) is an indirect federal sales tax that is applied to the cost of certain goods and services. The business adds the GST to the price of the product; a customer who buys the product pays the sales price plus GST, and the GST portion is collected by the business or seller and forwarded to the government.

France was the first country to implement the GST in 1954, and since then an estimated 160 countries have adopted this tax system in some form or another. Some of the countries with GST include Canada, Vietnam, Australia, Singapore, UK, Monaco, Spain, Italy, Nigeria, Brazil, and South Korea. India is set to join the GST group on July 1, 2017.

Most countries with a GST have a single unified GST system, which means that a single tax rate is applied throughout the country. A country with a unified GST platform merges central taxes (e.g. sales tax, excise duty tax, and service tax) with state-level taxes (e.g. entertainment tax, entry tax, transfer tax, sin tax, and luxury tax) and collects them as one single tax. These countries tax virtually everything at a single rate.

Only a handful such as Canada and Brazil have a dual GST structure. Compared to a unified GST economy where tax is collected by the federal or central government and then distributed to the states, in a dual system, the federal GST is applied in addition to the state sales tax. In Canada for example, the federal government levies a 5% tax and some provinces/states also levy a provincial state tax (PST) which varies from 7 to 10%. In this case, a consumer’s receipt will clearly have the GST and PST rate that was applied to his or purchase value.

India is proposed to have a dual GST set up in 2017, which will be the biggest reform in the country’s tax structure in decades. The main objective of incorporating the GST is to eliminate the tax on tax i.e. double taxation which cascades from the manufacturing level to the consumption level.

Brief History of GST in India:

Introduction of GST is considered to be a significant step in the reform of indirect taxation in India. Amalgamating of various Central and State taxes into a single tax would help mitigate the double taxation, cascading, a multiplicity of taxes, classification issues, taxable event, etc., and leading to a common national market.

VAT rates and regulations differ from state to state. On the other hand, GST brings in uniform tax system across all the states. Here, the taxes would be divided between the Central and State government.

The current system with no GST implies that tax is paid on the value of goods and margin at every stage of the production process. This would translate to a higher amount of total taxes paid, which is carried down to the end consumer in the form of higher costs for goods and services. Implementing the GST system in India is, therefore, a measure that will be used to reduce inflation in the long run, as prices for goods will be lower.

These taxes are broadly classified into two types: Direct Tax and Indirect Tax

Direct Tax – Direct Tax is imposed on the Income of an individual. The amount of Tax payable varies on the income earned by the individual from various sources such as salary, house rent income etc. So, the more you earn, the more tax you pay to the Government which essentially means the rich pay more tax in comparison to the poor.

Indirect Tax – Indirect tax is not imposed directly on the income of individuals. Instead, it is imposed on goods and services which in turn increase the cost MRP) of Goods and Services. Unlike the direct tax, an indirect tax should be borne by the end customer, rich and poor alike., There are many indirect taxes. Some of these are levied by the Central Government whereas some are levied by the State Government making the indirect tax system an extremely complicated system.

GST has been introduced to replace multiple indirect taxes levied by State and Central Governments in order to simplify the indirect tax system. GST has replaced almost 17 of the existing state and central indirect taxes (more to come in the future) such as central excise duty, additional customs duty, VAT, entertainment tax, service tax etc.

It is called as Goods and Services Tax because it is applicable to the supply of both Goods and Services. Click for understanding GST with a simple example.

May 8, 2018