Taxation

Specialists in providing accounting and tax advice to businesses, families and individuals

Areas of expertise

Accounting

Comprehensive financial record-keeping and analysis to ensure accurate reporting and informed business decisions.

Specialist advice

Tailored guidance on complex tax matters specific to your individual or business situation.

Financial reporting

Preparation and analysis of financial statements to meet regulatory requirements and inform stakeholders.

Bookkeeping

Systematic recording of financial transactions to maintain up-to-date and accurate business accounts.

Goods and services tax advisory

Expert guidance on GST obligations, compliance, and optimisation strategies.

Capital gains tax advisory

Advice on managing and minimizing tax liabilities arising from the sale of assets or investments.

Overseas repatriation

Assistance with tax implications and compliance when returning assets or income to Australia from abroad.

Corporate restructure

Strategic planning and implementation of business reorganisations to optimise tax efficiency and operational effectiveness.

ATO rulings

Assistance in interpreting and applying Australian Taxation Office rulings to ensure compliance and optimise tax positions.

Property transactions

Comprehensive tax advice and planning for buying, selling, or transferring real estate to maximize benefits and minimize liabilities.

Charities and Not for profits

Specialised accounting and tax services for organisations operating in the non-profit sector.

Tax services

At Palia Partners, we can assist you across all aspects of tax compliance. As we navigate through an environment with everchanging regulations and increasing complexity, our depth of experience as tax accountants in Melbourne can provide you with the clarity and confidence to keep your tax obligations in check.

Our tax compliance services include advice on:

Income Tax
Goods and Services Tax (GST)
Capital Gains Tax (CGT)
Fringe Benefits Tax (FBT)
Self-Managed Superannuation Funds (SMSF)
Payroll Tax & WorkCover
Tax Strategy & Planning

From basic tax return preparation for individuals and small businesses, to complex long-term tax structuring and strategies, you can rely on Palia Partners for tax consultation to arrive at the best outcome between your business and personal tax affairs.

Tax in Victoria

What are the requirements for lodging a tax return in Victoria?

In Victoria, you are required to lodge a tax return if you earn more than the tax-free threshold, which is currently $18,200. Other factors that necessitate lodging a return include having tax withheld from any income, running a business, or receiving income from overseas. It's also required if you have paid private health insurance rebates or claim certain tax offsets. For detailed requirements, you can refer to the Australian Taxation Office (ATO) website.

What deductions can I claim as a small business owner in Victoria?

Small business owners in Victoria can claim a variety of deductions, including:

Operating expenses such as rent
utilities and office supplies
Depreciation of business assets
Employee wages and superannuation
Business travel expenses
Marketing and advertising costs
Costs associated with maintaining a home office, if applicable

For more information, visit the ATO small business deductions guide.

How do I register for GST in Victoria?

To register for GST in Victoria, you need to have an Australian Business Number (ABN). You can register for GST online through the Business Portal on the ATO website, by using the services of a registered tax agent, or by calling the ATO. Registration is mandatory if your business has an annual turnover of $75,000 or more. Detailed steps can be found on the ATO GST registration page.

What is the process for lodging a Business Activity Statement (BAS) in Victoria?

Lodging a BAS involves reporting and paying your GST, PAYG instalments, PAYG withholding tax, and other tax obligations. You can lodge your BAS online through the ATO Business Portal, via your registered tax agent, by mail, or over the phone. The frequency of lodgment (monthly, quarterly, or annually) depends on your business's annual turnover. For more details, refer to the ATO BAS lodgment guide.

How are capital gains taxed in Victoria?

Capital gains tax (CGT) applies to the profit made from the sale of assets such as property, shares, or business assets. In Victoria, CGT is calculated by subtracting the cost base (acquisition cost plus associated costs) from the sale price of the asset. The resulting gain is included in your assessable income and taxed at your marginal tax rate. There are various exemptions and concessions available, especially for small businesses. Detailed information can be found on the ATO CGT guide.

Why choose Palia Partners?

Palia Partners is a dynamic chartered accounting firm in Melbourne focused on delivering exceptional value beyond traditional accounting.

We use modern practices and new technology to increase efficiency to support your success and growth.

Our passion lies in providing tailored, practical solutions that follow best business practices, offering you clarity and direction to achieve your goals.

We're innovative

We believe in using cloud accounting technology to ensure real-time financial data is available to you as and when you need it.

We're experienced

With a combined experience of 30 years, we are well equipped with diverse and specialised knowledge to work with you.

We're proactive

We don't sit back and let matters unfold. We keep you focused, and driven so you can meet your financial goals.