Income Tax

Taxation can be a major cost to you or your business. As Registered

Tax Agents with the tax Practitioners Board, DSR Partners' can offer

advice based on recognised qualifications, proven knowledge and

experience. Our proactive approach ensures we deliver a consistent

service and build solid relationships which stand the test of time.

 

The Australian Taxation year is from 1 July to 30 June the

following year and individuals and entities that have assessable

income are required to lodge an income tax return each year. 

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We will work in partnership with you to minimise your tax and help

you achieve your key objectives including asset protection and tax

minimisation.

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GST Compliance

The changing landscape of the GST system is a complex and confusing one. For this reason DSR Partners ensures its team are continuously educated and able to offer you accurate and real-time advice.

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Every transaction brings with it a GST issue. We have experience with these issues and are able to offer expert advice on the implications of GST for your business. 

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Payroll Tax

Payroll tax is a state and territory tax assessed on wages paid by an employer to its employees, when the total wage bill of an employer (or group of employers) exceeds a threshold amount. The payroll tax rates and thresholds vary between states and territories.

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This is not to be confused with PAYG Withholding tax which is payable to the Australian Taxation Office and is deducted from individuals salary & wages and reported on an Activity Statement (BAS or IAS).

Land Tax

Land tax is an annual tax payable by owners of land and is administered by your state or territory government. The laws are comparable between states and territories but there are some variations.

Land Tax does not exist in the Northern Territory. 

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The amount of land tax you pay is determined by the combined unimproved value of taxable property less any threshold determined by the state or territory. The state or territory has allowable exemptions on the payment of land tax. 

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Generally, your permanent residence is exempt and other circumstances may be applicable on other land you may own. 

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Fringe Benefits Tax

A Fringe Benefit is a benefit provided to an employee, or an employee's family or associate. The benefit may be in addition to or part of their salary or wages package.

 

Fringe Benefits Tax (FBT) is a tax paid on these benefits that employers provide in place of salary or wages. FBT is separate from income tax and is based on the taxable value of the various fringe benefits provided. The FBT year runs from 1 April to 31 March. 

Various categories of fringe benefits apply, and specific valuation properties apply to each category. Additionally, some Fringe Benefits are exempt and receive concessional treatment. 

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Salary Sacrifice

Salary sacrificing is one of the most effective ways to reduce your taxable income and there are no restrictions on the types of benefits that can be sacrificed... but beware of the traps.

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Sacrificing items that attract Fringe Benefits Tax (FBT) can make salary sacrificing less attractive and it can work out you would be better taking  your money in the form of after tax income.

Common items that do attract FBT include:

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• Motor vehicles

• Expense payments (ie loan repayments, school fees, child care cost and home phone costs)

• Property (including goods, real property such as land and buildings and share or bonds)

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Good news is that many items that you sacrifice for your personal

benefit are exempt from FBT. These work-related items are commonly

provided in salary sacrifice arrangements:

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• Superannuation (read more)

• Portable electronic devices

• Computer software

• Items of protective clothing

• Tools of trade

• Reimbursement for parking expenses

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We can advise you about a salary package that best optimises your current pay situation.