Simplify The Business Tax Returns​

Experience the Simplicity of WISTAX

At WISTAX, we pride ourselves on making things simple for small businesses. In fact, with our premium package, you’ll receive a dedicated accountant who will look after your portfolio throughout the entire engagement process. This ensures that you always have a knowledgeable and experienced professional in your corner, ready to answer your questions and provide expert guidance.

Discover the WISTAX Difference: Your Partner in Business Success

Imagine having an accountant who is more than just a number cruncher, one who truly understands the unique needs of your business and works alongside you to provide tailored solutions. That’s what we believe an accountant should be, and that’s what you’ll find at WISTAX.

Our commitment to your success goes beyond just ensuring the timely lodgment of your activity statements and tax returns. We offer an extensive and holistic range of taxation and accounting services, designed to optimize your business structure for taxation purposes. By employing every legal strategy available, we help you maintain compliance while maximizing your tax returns.

But that’s not all! As a leading professional CPA accounting firm with offices in Inner West Sydney Ashfield, Northern Beaches Belrose, and Adelaide, we also have the expertise to help you supercharge your sales and expand your customer base.

Your Journey to Success Starts with a Phone Call

Are you ready to take your business to the next level? It all starts with a free, no-obligation 15-minute telephone consultation with John and his team. Give us a call at 1800 841 312 today and discover how WISTAX can help you achieve your business goals. 

Don’t settle for just any accountant – choose WISTAX and experience the difference of a true business partner. 

Frequently Asked Questions about Business Tax Return

What are the tax advantages of carry forward loss

There are tax advantages associated with loss carry forward. Losses carried forward can be used to reduce the next year’s net profit and reduce the taxes payable. 

What conditions do you need to meet to be able to claim the carry forward loss

In order to be able to access the carry forward loss in a company, you need to meet the majority ownership test, if you can not meet this, then you need to meet the same business test or the similar business test. If you have any questions, please contact us at hello@wistax.com.au

What is a Consolidated groups

Consolidation enables a fully owned collection of entities to be regarded as a single entity when it comes to income tax considerations. In this arrangement, the head company of the consolidated group is the sole entity acknowledged for determining the group’s income tax liability.

Within a consolidated group, there are typically two categories of losses:

  1. Group losses: These losses are generated by the consolidated group as a whole.

  2. Transferred losses: These are losses that were incurred by an individual entity before it became a member of the group, and they are carried over and utilized within the consolidated group.

Transferring losses to the consolidated group

Transferring losses to the consolidated group refers to the process of utilizing the losses incurred by one subsidiary within a consolidated group to offset the profits earned by other subsidiaries within the same group for tax purposes. This is a common practice in corporate tax planning and can help reduce the overall tax liability of the consolidated group.

In a consolidated group, multiple subsidiary companies are treated as a single entity for tax purposes. When one subsidiary within the group generates a loss, it may be possible to transfer that loss to other profitable subsidiaries within the same group, allowing the losses to offset the profits of those subsidiaries. This reduces the taxable income of the profitable subsidiaries and, consequently, the group’s overall tax liability.

The rules and regulations surrounding the transfer of losses to the consolidated group vary between jurisdictions. Generally, there are certain conditions that must be met to allow for the transfer of losses. These conditions may include:

  1. Common ownership: The subsidiaries must be under the common ownership or control of a parent company or a designated entity.

  2. Group consolidation: The subsidiaries must be consolidated for tax purposes, meaning they are treated as a single entity.

  3. Subsidiary profitability: The subsidiaries that have generated profits must have sufficient taxable income to absorb the losses being transferred.

  4. Legal and regulatory requirements: Compliance with local tax laws and regulations is essential for transferring losses within a consolidated group.

It’s important to note that the specifics of loss transfer rules can be complex and depend on the jurisdiction in which the consolidated group operates. It is recommended to consult with tax professionals or specialists in your specific jurisdiction to understand the exact rules and requirements for transferring losses within a consolidated group.