These are the standard services that all accounting firms provide to ensure that clients are complying with the requirements of Australian income tax and GST legislation. We provide a large range of compliance services for individuals, companies, trusts, partnerships, and self managed superannuation funds.
After the end of every financial year, we use our quality control working papers to ensure that your business's profit and loss statement and balance sheet are reasonable. This process will ensure that your business's financial statements accurately reflect the financial performance and position of your business, which is important when preparing the business's tax return and applying for finance from banks.
Every entity that earns assessable income is required to prepare and submit an income tax return annually. We use various checklists and working papers to ensure that the returns prepared by us are correct and that the final tax positions are optimised. We prepare individual, company, trust, partnership, and self managed superannuation fund income tax returns.
All entities that are registered for GST and/or PAYG Withholding are required to prepare and submit activity statements on a monthly and/or quarterly basis to report GST and PAYG Withholding Payable. We use a well designed process to ensure that GST returns are correct and are not affected by incorrect data entry. In addition to ensuring that GST is not under or overpaid, all our clients get an extra four weeks to pay their GST liabilities.
Businesses that provide benefits to employees, in addition to their taxable salaries, are required to prepare and lodge annual fringe benefits tax returns by 25 June each year. We are able to prepare these returns for our clients, as their tax agent.
Self Managed Superannuation Funds are required to have their annual financial statements audited. We have a relationship with an independent registered auditor who audits our clients self managed superannuation funds.
We are able to act on behalf of clients and deal with the authorities during income tax, GST, FBT, workers compensation, and payroll tax audits. We have experienced various types of audits and we understand how to approach these audits and what the various authorities are looking for. We have successfully managed many positive audit outcomes for our clients. Our clients also have the option of being insured by a tax audit insurance policy, which covers our fees in managing the audits.
Businesses with NSW employment costs in excess of $750,000 per year are required to register for and pay a state tax called "payroll tax". The current rate of payroll tax in NSW is 5.45% of employment costs exceeding $750,000. We are able to register our clients for payroll tax, prepare monthly calculations, and prepare and submit the annual reconciliation which is due on 21 July each year.
Businesses are required to provide all employees with a PAYG Payment Summary by 14 July each year and report the same information on a PAYG Payment Summary Statement to the ATO by 14 August each year. We are able to reconcile the PAYG Payment Summaries to your accounting system and amounts previously reported to the ATO to ensure that the summaries provided to employees are correct.
All Australian companies are required to maintain a company register at the company's registered office. All changes in the company need to be correctly documented and notified to ASIC within set time periods (usually 28 days). We provide our "ASIC Service Package" where we act as the company's registered office, maintain the company register, and ensure that the company is notifying ASIC of changes within the time limit. We use top of the range cloud based software to proactively manage this process and download daily reports from ASIC.
These are the services that most clients want from their accountant but their accountants don't provide them. These services proactively add value to the profitability of clients businesses and their personal financial positions. We recognise the current needs of our clients and are well positioned to provide these services to our clients.
Why wait until after 30 June to find out your tax position, when you can plan and optimise it before 30 June? Our annual tax planning service involves projecting your tax position for the year during the last quarter of the financial year. After projecting and understanding the position, we will meet with you to advise you on strategies you can implement before 30 June to optimise the tax position. Most clients obtain value from this service.
It is important for all business owners to allocate time to working "on" the business as well as "in" the business. We support you in doing this by holding monthly, quarterly, or half yearly management meetings with you. These meetings are run like board meetings with an agenda and minutes, and we take the position as your external chief financial officer. During these meetings we show you how your business is performing, we tell you whether it is on track or not, we advise you what you should change and what you should do more of, and we assist you in planning strategies that will improve your business's performance. We do all of this by using budgets, benchmarking, and various business analysis tools. With this service, we have assisted many businesses in achieving their financial goals.
All businesses should prepare annual budgets so they know exactly what they have to achieve each month of the year. This sets a target for owners/managers to work towards and is an important factor in achieving financial success. We can assist you in preparing budgets and showing you how to implement them into your accounting system for regular financial reporting.
It is important for all businesses and investments to be structured correctly - this reduces tax, protects personal and business assets, and minimises capital gains tax when the business or investment is sold. We are very experienced in advising on appropriate structures and implementing them. We can assist you in reviewing and restructuring your current structure or setting up a new structure for a new business or investment activity.
We can supervise your bookkeeper by implementing a bookkeeping checklist, which will ensure that they prepare your books to a reasonable standard. This allows you to proactively use your books during the year and not wait until your accountant makes all the changes after year-end. For companies requiring financial audits, we can prepare an audit file and work with your external audit to ensure the audit process is quick and efficient.
The key to accurate management reporting is having an accounting system that is correctly setup so that after the data is entered, the system can provide you with meaningful reports which you can use in managing your business. We are certified partners/advisers in some of the latest cloud based systems and add on products and can implement a system that will achieve efficiency and give you the right information to assist you in growing your business.
Checking up on your business's health is the same as going to a doctor to check on your own health. When we perform this service, we use advanced business analysis software to identify the key positives and negatives in your business, which we then report to you and advise you on what you can do to change the negatives to positives.
Sometimes when we engage new clients, we find that the previous accountants have not proactively reviewed the business's compliance requirements as the business has changed and/or grown. This leads to compliance errors as well as missed opportunities to optimise the business's tax position. We are able to perform a review of historical compliance as well as current compliance requirements and assist with ensuring that the business is complying with all tax legislation and missed opportunities are picked up and corrected.
We have assisted many clients in puchasing their ideal business. We assist our clients by checking that the purchase price reflects the true value of the business, supporting our clients throughout the negotiation process, and doing a detailed review of the business financial information before completion of the purchase to ensure our client's risk is minimised. Many business owners have a goal of growing and selling their business at some point. We have assisted many clients in successfully preparing their business for sale and maximising the value, supporting our clients through the negotiation and legal phase of the sale, and working with the purchaser's accountants during due diligance. We work with clients selling small businesses to individual purchasers as well as clients selling their larger businesses to large corporate groups.
Business planning is an important factor in the future success of a business. We assist startup businesses in putting together a detailed plan, which supports them in "staying on track" while they grow their business as well as supports them in pitching to investors and banks for funding. We also assist existing businesses in reviewing, updating, and implementing ongoing business plans as their business develops, grows, and changes.
We have the skills, experience, and qualifications to provide various types of written income tax and GST advice to clients. Our clients use this advice to ensure they are complying with the relevant laws and to support them and reduce their risk in the event of a future ATO audit. We have successfully advised on tax residency issues, exempt fringe benefit matters, GST margin scheme matters, non-resident GST matters, employee share scheme matters, small business CGT concession matters, start-up concession matters, and many other areas of tax and GST law.
T +61 2 8064 5362
F +61 2 8064 5364
We are located at Suite 5.01, Level 5, 655 Pacific Highway
St Leonards, NSW 2065
(corner of Christie St)