Question

Advise the financial management strategies the business followed that assisted optimum tax position?

As an accountant what organisational policy and procedures you must follow in relation to the preparation of tax documents of a company ?

As a part of the document management process what would you do to ensure that your tax return satisfies the compliance requirements?

Based on your finding above what is the BAS lodgement due dates of a company ?

Answer 1

1. Plan your taxes from the beginning of the year and not wait till the end of the year as this helps in various matters such as where you are planning to do donations or charity work which helps the company and in turn helps you save some taxes.

Consult your tax consultant and take advise on how to make investments and further take benifit on taxes

Pay your advance taxes on time to avoid interest and penalties.

2. As an accountant prepare budgeted sales and expenses on which you can estate your profit and further calculations of taxes which helps in payment of advance tax

Maintain all the relevant documents for expenses and also documents where the tax laws require you to maintain any such documents  

3. The following are the basic documents that ensure compliance requirements Tax Computation, all the supporting for revenue capital expense and revenue expense, tax payment challans, any communication from the tax authorities etc.

4. BAS Lodgement can be done quarterly due dates for come is 28th of the subsequent month in which quarter ended that is for first quarter April to June due date is 28th July.