necessary tax services: the must do’s.

All Australian businesses have reporting and payment obligations to any number of governing bodies each year. While mundane, they are a necessary part of operating a successful business.

Cherry Black can assist and deliver the right solutions on any of the following matters:

• Annual Income Tax Returns (individual and business)

• Annual Financial Statements

• Business Activity Statements

• Fringe Benefits Tax Returns

• Payroll Tax Returns

• Superannuation Services.

tax advisory services: there’s no time like the present

Getting sound advice is a much better option than retrospective rectification. The areas of the tax law work in conjunction with one another and it is our job at Cherry Black to ensure we consider the big picture to come up with the right result for you.

Our advisory capabilities are extensive and, wherever possible, are driven by our vision towards creating a better future. Our services include, but are certainly not limited to:

income tax

We advise on all areas of income tax from personal tax to large corporates. A large part of our income tax advice is covered in our structure set up, but other areas of focus include:

• Remuneration Packages and Salary Packaging

• Employee Share Schemes

• Division 7a (shareholder loans)

• Tax Minimisation

• International Taxation (see below).

capital gains tax (cgt)

Capital Gains Tax is an area fraught with danger due to the complex nature of the legislation. As such, it’s often prone to errors, and it’s easy to appreciate how the wrong advice in this area can have significant consequences. We want to avoid a scenario where one small error could result in thousands of dollars being paid un-necessarily.

Cherry Black are well equipped to give you the right advice – whether it be the simple sale of an asset (say shares), to the use of the complex Small Business CGT Concessions.  We encourage you to chat to us early to make sure you are in the best possible position regarding CGT.

goods & services tax (gst)

The correct understanding of GST legislation is a tool to use to our advantage to minimise your GST exposure.

As well as the usual GST compliance services, Cherry Black are able to assist in all matters GST. Some common examples of GST related scenarios are:

• Conducting a property development? Then have you considered the margin scheme?

• Purchasing a business? Then have you considered whether payment of GST is actually necessary?

We encourage you to communicate with us early, have the correct structure from the outset, and keep communicating as your situation changes. That way, we’ll be at our best for you.

international tax

Technology is ever changing and businesses have endless capabilities allowing them to work overseas quite easily.  Businesses considering international expansion have a number of factors to consider when taking the plunge.  At Cherry Black, we have the experience in this area and are here to help. Considerations include:

• Transfer Pricing

• Equivalent GST in overseas jurisdictions

• Double Taxation Agreements

• Withholding Tax Obligations

• Feasibility of desired locations

• Employment and contractor obligations

• Repatriation of profits.