Tax Compliance & Advisory Services in Australia
FastLane Group is a fully integrated accounting firm offering comprehensive services in tax planning, advisory, and compliance services. Our extensive network and cross-border expertise empower your business to excel in tax management.
With tailored solutions and insightful advice, we optimize tax strategies, driving efficient cash flows and earnings worldwide. Trust our global perspective and in-depth knowledge to guide you through the complexities of international tax, allowing you to focus on driving your business forward.
Why Choose Us
Profit Tax Computation
Partnering with a professional can help ensure that your tax computations are compliant and hassle-free
Offshore Tax Claims
We are delighted to assist you in determining your specific tax obligations and claiming any available exemptions.
We will prepare accurate reporting financial information on tax returns, as well as complying with other tax-related requirements.
Elevating Financial Confidence with Our Professionals
Profits Tax / Corporate Tax
Assisting businesses with tax filing while ensuring full compliance with the law. By providing professional tax filing and planning, we enable businesses to benefit from tax deductions through eligible claims.
Income Tax / Salaries Tax
Compliance with the tax laws and regulations of the jurisdiction and avoid penalties for late filing or inaccurate reporting.
By properly managing property tax obligations, property owners can ensure that they are in compliance with the law and that they are not overpaying their property taxes.
Providing strategic advice and planning to optimize tax efficiencies, minimize tax liabilities, and maximize tax savings for individuals and businesses.
Trusted by 1000+ business owners since 2013
“FastLane have supported our capital raising round by advising and building our financial models, setting up Xero and Unleashed inventory systems, so we can focus on growing our business.”
“FastLane is the perfect fit for startups that are looking for flexibility, trustworthy consulting, and someone that is willing to work with you to grow the business together.”
“FastLane has allowed us to spend less time on these parts of the business, and hence contributed to our successes in becoming a global music technology brand.”
Frequently Answered Questions
Corporate income tax (CIT) is a tax on the profits of companies. In Australia, the CIT rate is 30% for most companies. However, there are deductions and exemptions that can reduce the amount of CIT that a company owes.
The CIT return for a company is due on the 15th day of the seventh month following the end of the company’s income year. For example, if a company’s income year ends on 31 December 2023, the CIT return is due on 15 July 2024.
The Australian Taxation Office (ATO) may charge you a failure to lodge penalty if you do not lodge your return on time, even if you have been granted an extension. The amount of the penalty will depend on how late you are and whether you have a reasonable excuse for not filing your return on time.
The consequences of not filing your profit tax return on time in Australia are as follows:
Failure to lodge penalty: The ATO may charge you a failure to lodge penalty if you do not lodge your return on time, even if you have been granted an extension. The amount of the penalty will depend on how late you are and whether you have a reasonable excuse for not filing your return on time.
Interest: You will also be liable to pay interest on any outstanding tax liability. The interest rate is currently 8% per annum.
Penalties for late payment: If you do not pay your tax liability on time, you may also be subject to penalties for late payment. The amount of the penalty will depend on how late you are.
Criminal prosecution: In some cases, failing to file your tax return on time may be considered a criminal offence. If you are convicted of a criminal offence, you could face a fine of up to $220,000 or imprisonment for up to 5 years.
The penalties for late filing of tax returns in Australia are outlined in Section 262 of the Income Tax Assessment Act 1997 (ITAA 1997).
The specific penalties that you may be subject to will depend on the circumstances.