Tax Services

Sound management of taxation affairs is an important driver of wealth, and should be an ongoing process rather than a year-end one.

 

The first step is to establish the most appropriate legal structure, such as a trading company or discretionary family trust, through which to derive income given the opportunities for income splitting and protecting your personal assets from the potential liabilities inherently involved in running a business. Within any given structure, operational tax requirements need consideration:

 

  • An ABN, while not a legal requirement, is normally a practical necessity

  • GST registration is required where annual turnover exceeds $75000, with Business Activity Statement lodgments monthly, quarterly or annually as appropriate

  • PAYG Withholding registration is needed if wages are paid, and as from 1 July 2019 Single Touch Payroll is compulsory for all employers

  • PAYG Instalments are assessed to those deriving income above certain levels from which tax is not deducted at source or that tax is insufficient

  • Fringe Benefits Tax applies to many non-cash benefits supplied to employees

  • Salary sacrifice arrangements can be a valuable means of achieving tax savings and attracting staff

  • Annual income tax returns need to be lodged for all business entities and individuals, which might involve also property investment, capital gains tax (including small business CGT concessions), shares, managed funds and foreign income

  • Dealing with Australian Taxation Office disputes and negotiations.

 

We can assist with all of these areas and more, including self-managed super funds if you want to have more control over your superannuation investment choices.

 

Business Services

Running a small business successfully requires skills in many areas that not all owners may possess

 

themselves or they may simply not have the time.  We can assist with:

 

 

 

  • Preparation of financial statements to show the profitability and financial position of the business

 

  • Manual, desktop or cloud-based bookkeeping solutions to maintain accurate and up-to-date records

 

  • Cash flow projections

 

  • Business planning

 

  • Budgeting

 

  • Payroll

 

  • Employee superannuation obligations

 

  • WorkCover registration and reporting

 

  • ASIC and ATO lodgment and reporting compliance

 

Self Managed Super Funds

According to Australian Taxation Office statistics, there are now around 600,000 self-managed super funds holding $750 billion of assets for over 1.1 million members. SMSF’s continue to be utilized by those who want greater flexibility and control over their savings and investments in retirement while enjoying concessional tax rates on contributions and income. They offer members a choice of – and responsibility for – where their savings are invested, including direct shares, managed funds, real estate and alternative investments, and the flexibility to make timely investment decisions when market conditions change.

 

We facilitate a quick and simple establishment of your Fund, providing within a couple of business days the required trust deeds, minutes and other documentation relating to the set-up of the Fund, admission of members and applications for income tax file number and Australian Business Number.

Post-implementation, we can handle the Fund’s accounting and administrative records, including:

 

  • Preparation of periodic financial statements

  • Annual tax returns and regulatory documentation

  • Preparation of all minutes and associated documentation

  • Maintenance of detailed capital gains tax records

  • Pension administration

  • Arranging for external audits