At Glance Consultants our experienced team is committed to providing a personalised service to meet our clients’ diverse needs. We offer up-to-date, tailored advice and take great pride in ensuring our clients are well-equipped with the knowledge & skills they need to succeed. Read More
Our Services
We provide a tailor made service to our clients to meet their specific needs.
Business Taxation Services
- Business Taxation Advisory & Planning
- Taxation Audit Support and Australian Taxation Office Liaison
- Preparation & Lodgement of Annual Taxation Returns
Business Advisory
- Management & Financial Reporting
- CFO Services
- Strategic Business Advice & Planning
- Due Diligence Process – Purchase of Business
- Cashflow Management, Forecasting and Budgeting expertise
Individual Taxation Services
- Taxation Advice & Planning
- Preparation & Lodgement of Annual Taxation Returns
- Taxation Audit Support and Australian Taxation Office Liaison
Self-Managed Super Fund
Taxation
- Formation of Self-Managed Superannuation Funds including all required registrations
- Financial Statements and Returns including the preparation of Annual Accounts, Member’s Statements, Income Tax and Regulatory Returns
- Self-Managed Superannuation Fund Audits
Audit and Assurance
- Self-Managed Superannuation Funds (“SMSFs”)
- Owners Corporations
- Solicitors’ Trust accounts/External Examination for Lawyers
- Real Estate Agents’ Trust accounts
Bookkeeping Services
- Xero Accounting Software Integration
- Bank account and credit card reconciliations
- BAS Services
- Payroll Services
Wealth Creation & Risk Management
- SMSF (Establishment & Wind up)
- Financial & Investment Advice
- Property
- Lending & Finance Solutions
- Insurance services
- Estate Planning
Latest News
Client Testimonials
Glance Consultants provided us with invaluable guidance in setting up our unit trust and corporate trustee. We also use their expertise on an ongoing basis for both our business and individual accounting needs. Kavi and the team are always ready to answer our questions. We have no hesitation in recommending their services.
Just wanted to mention how happy I was with your service. Thank you very much for your quick turnaround and a very healthy return, appreciate that you made it so simple and painless. Highly recommend to anyone else who is interested in getting their tax done .
Tax Office Will Begin Issuing Penalties for Overdue Taxable Payments Annual Reports
It’s important to stay on top of your reporting obligations, as the Australian Taxation Office (ATO) is set to begin issuing penalties for overdue taxable payments annual reports (TPARs) starting from 22 March. If you haven’t lodged your TPAR for the 2024 financial year or previous years and have received three reminder letters from the ATO, you may be at risk of incurring penalties.
If your business pays contractors for services that fall under the taxable payments reporting system (TPRS), you are required to lodge a TPAR by 28 August each year. This requirement applies to businesses engaged in sectors such as building and construction, courier services, cleaning, information technology, road freight, as well as security, investigation, or surveillance services.
In the previous year, the ATO issued approximately $18 million in penalties to over 11,000 businesses for late or non-compliance in TPAR submissions. This demonstrates the seriousness with which the ATO views compliance with these reporting requirements.
One of the key purposes of the TPAR is to ensure that contractors report their income accurately. The ATO uses the data collected through these reports to pinpoint contractors who might be under-reporting their income. This data matching enables a fairer landscape for all businesses, ensuring that those who adhere to the regulations are not at a disadvantage against those who do not.
If you find that your business no longer needs to lodge a TPAR—perhaps because you simply do not pay contractors anymore—you can submit a non-lodgment advice (NLA) form. This form allows you to officially indicate that you are exempt from future TPAR requirements. Make sure to act promptly, as proactively addressing this matter can prevent any unwanted penalties.
In addition to monitoring TPAR compliance from businesses, the ATO also uses this data to scrutinize the tax returns filed by contractors. If they identify discrepancies, such as omitted or misreported income, the ATO may reach out to you directly or contact your tax professional. They may ask you to amend your tax return to ensure accuracy and compliance.
Through these measures, the ATO aims to level the playing field, encouraging honesty and transparency within the contracting workforce. While fulfilling your reporting obligations may seem daunting at times, it’s important to stay organized and timely in your submissions to avoid the penalty repercussions.
To summarize, ensure that your TPARs are lodged correctly and by the due date, especially if your business pays contractors for applicable services. If you need guidance on how to lodge your TPAR or how to submit an NLA form, consider consulting with your tax professional. Staying compliant not only protects your business from penalties but also contributes to a fairer taxation system for everyone involved.
Contact Glance Consultants today if you have any queries or need help with your business
