Compliance
Dotting your i’s and crossing your tax compliance t’s is an obligatory business requirement for everyone, no matter the size of your operation. Unless you love reading ATO articles in your spare time (we’ll hazard a guess that’s not the case), this is likely the first thing you’ll outsource to us. The ultimate in boring-accounting-things-that-you-gotta-take-care-of. We’ll take one for the team!
Complying with tax laws and regulations
This is arguably one of the most important roles we play for clients. Being non compliant can land you in some seriously hot ATO water – something we all want to avoid. And we *can* avoid it – pretty easily – because we’ve got these things called accounting degrees. Huh, handy.
Paying tax on time
This seems like a pretty obvious one, but paying tax on time is easily forgotten. You get the bill, you think “hmm I really don’t want to part ways with that cash today, it’s a next week problem” and then your to-do list fills up again, and that transfer is at the bottom of it. We make sure all your tax obligations are calculated and lodged by their due dates.
Paying the correct amount of tax
A DIY tax bill might be okay when you’re younger or have a very straightforward individual return to sort out, but as soon as you become a business owner there’s all sorts of tricks of the trade to be aware of. Don’t pay more tax than you need to, and don’t pay less than you owe.
Why do compliance and tax laws exist?
Whilst we, like the rest of you, like to have a whinge now and again about tax and what it means for business. It’s important to remember that tax is really what makes our Australian world go round. Your tax bill funds our healthcare system among many, many other things.
The tax system can be complicated
There’s a reason we study for 3 years and then a couple more to nab a CPA or CA. The Australian tax system is very complicated. There are all kinds of details and niche areas that we need to be able to sift through and apply for each client. No two tax scenarios are the same.
Compliance and tax laws are always changing
When we say always changing… we mean every year, sometimes every month. Compliance and tax is an evolving beast and staying on top of the law is enough to keep us all busy for years to come. It’s our job to understand these changes so you don’t have to. It’s about saving your time, and your money.
We provide compliance and taxation services for the following structures:
- Corporate taxation (including sole traders, partnerships, trusts, companies)
- Individual taxation
- Taxation of trusts
- Superannuation taxation
- Partnership taxation
- Fringe benefits taxation
- Withholding taxes and operational taxes
- Financial statement preparation
- Payroll services
- Fuel tax credit claims
- Tax file number applications and other tax compliance matters
Frequently Asked Questions
Tax compliance means meeting all your legal obligations to the ATO, lodging returns on time, paying the right amount of tax, and keeping accurate records. It sounds straightforward, but for business owners it’s a moving target. Tax laws change constantly, obligations vary by business structure, and the penalties for getting it wrong can be genuinely painful. At Future Advisory, we make compliance the least stressful part of running your business. Which, let’s be honest, is saying something.
Nothing good. The ATO has broad powers to investigate, audit, and penalise non-compliant businesses, including interest charges, financial penalties, and in serious cases, prosecution. Beyond the ATO, non-compliance can affect your ability to get finance, sell your business, or attract investors. The good news is that with the right accounting firm in your corner, compliance issues are almost entirely avoidable. Prevention is a lot cheaper than fixing a mess.
More often than you’d think and that’s not an exaggeration. Changes can come through the Federal Budget, ATO rulings, court decisions, or legislative updates. Some years bring sweeping changes; others bring dozens of smaller tweaks that are easy to miss but still matter. It’s literally our job to stay on top of these so you don’t have to. Think of us as your personal tax law radar, always scanning so nothing sneaks up on you.
They’re related but different. Compliance is about meeting your obligations, lodging returns, paying on time, following the rules. Tax planning is about strategy, legally structuring your affairs to minimise what you owe in the first place. The best outcomes come when both work together. We make sure you’re always compliant, and we use our deep knowledge of the tax system to make sure you’re not paying a cent more than you should.
All of them. We handle tax compliance for sole traders, partnerships, trusts, companies, and superannuation funds. Each structure has its own set of obligations, lodgement deadlines, and tax treatment, and we know them all. Whether you’ve just registered your first ABN or you’re managing a complex group structure, we’ve got the expertise to keep you on the right side of the ATO.
Quite a comprehensive list, actually. Our tax and compliance services cover corporate taxation, individual taxation, trust taxation, superannuation taxation, partnership taxation, fringe benefits tax (FBT), withholding and operational taxes, financial statement preparation, payroll services, fuel tax credit claims, and tax file number applications. In short, if it involves the ATO, we’ve got it covered.
A Business Activity Statement (BAS) is how you report and pay GST, PAYG withholding, and other tax obligations to the ATO. If your business is registered for GST, which is mandatory once your turnover hits $75,000, you’ll need to lodge a BAS either monthly or quarterly. Missing a BAS lodgement date is one of the most common compliance slip-ups we see, and it attracts interest charges fast. We handle BAS preparation and lodgement as part of our compliance service so it never falls off your radar.
Fringe benefits tax (FBT) applies when you provide certain non-cash benefits to employees, things like company cars, entertainment, gym memberships, or low-interest loans. It’s calculated separately from income tax and has its own lodgement cycle. FBT is an area where businesses regularly overpay or underpay simply because the rules are genuinely complex. We make sure you’re only paying what you actually owe and that everything is documented correctly if the ATO comes asking.
If you have employees, you’re required to withhold tax from their wages and report and pay it to the ATO through Pay As You Go (PAYG) withholding. The amount depends on each employee’s circumstances, and it’s reported through Single Touch Payroll (STP) every time you run payroll. Getting it wrong, even accidentally can create significant headaches. We manage PAYG obligations as part of our payroll and compliance service, so every lodgement is accurate and on time.
Great question to ask before it becomes relevant. Common triggers include large or unusual deductions relative to income, discrepancies between BAS figures and tax returns, cash-heavy businesses with low declared income, and lifestyle indicators that don’t match reported earnings. We structure your compliance work to be audit-ready at all times, accurate, well-documented, and defensible. If the ATO does come knocking, you want your records to speak for themselves.
Yes and without judgment. Falling behind on tax lodgements is more common than you’d think, especially for growing businesses where compliance gets pushed down the priority list. We can work with the ATO on your behalf to bring your lodgements up to date, minimise any penalties, and set up a manageable path forward. The sooner you address it, the better the outcome. We’ve helped plenty of businesses get back on track, it’s fixable.