Financial accounts preparation:

Financial accounts are used to inform external parties about the financial state of your business.

This can be a complicated process to stay on top of as they can include a number of financial statements such as Statements of Financial Position, Statements of Financial Performance, a statement of cash flows and depreciation schedules to name some. 

We go through an extensive checking process to make sure that these statements correctly reflect what happened in your business financially. We also take care to ensure the financial statements are compliant from a tax perspective and keeping your tax as low as is legally possible. 

We take care of it all for you so you don’t have to stress.

Income tax returns:

Your business’ annual income tax return needs to be lodged correctly to ensure you are paying as little tax as possible.

The forms and processes vary according to the structure and type of your business, so we make sure your tax return is being lodged properly to avoid legal or financial penalties.

Our tax work is always double checked for your peace of mind.

Firstly, it is checked to see that it is complying with the tax law.

Secondly, it is checked to see that as little tax as is legally possible is being paid.

Capital gains tax:

Capital gains and losses are commonly made by selling assets.

Capital gains tax (CGT) is any tax that you pay on your capital gain, and forms part of your income tax.

We can advise you the likely capital gains tax before you sell it and ways of trying to minimise that tax.

Better still before purchasing an asset we can advise you the best structure to own it in to reduce the tax when the time comes to sell it.

We can monitor your capital gains and losses throughout the year and keep them organised to simplify the taxation process at the end of the financial year.

Payroll tax preparation, review and advice:

Payroll tax is a state tax paid by employers according to the amount of wages you pay.  If you pay wages, super, allowances and benefits of over $1,300,000 on an annual basis you will be liable for payroll tax. If you have related entities they will most likely be grouped together for determining the $1.3mill. 

If you are required to pay payroll tax, we can help make the process easier with organised and effective preparation throughout the year, regular reviews and advice.

We can also advise on possible legal ways to keep this lowered to reduce the payroll tax.

Land tax:

This tax is growing in size as property values increase.  It is important to consider this when purchasing property. 

The tax rate and exceptions are different for different legal structures. So it is important to understand and apply the land tax laws and thresholds to be able to minimise the amount of land tax you pay before you purchase the property. 

We talk through the options with you. 

PAYG withholding (withheld from wages) & Superannuation payments:

This system requires your business to withhold a specific amount of tax from your employees’ wages so that they meet their tax requirements.

It applies to you and your business if you have any sort of employee, including contractors.

Our services will ensure you are always withholding the correct amount and that it is being lodged correctly with the Australian Taxation Office.

PAYG instalments:

This system allows you to pay instalments throughout the year towards your expected income tax requirement.

When your actual tax requirement is worked out at the end of the financial year, your PAYG instalments are credited against your income tax return to work out if you need to pay more tax or are owed a refund.

We can monitor these payments for you and ensure they are reasonable and as accurate as possible and that if the amount is too high we can vary it down for you.

Preparation of Business Activity Statements (BASs):

These statements are used to summarise the amounts of tax payable and receivable over a certain period, and they are used to ensure businesses are meeting their tax obligations.

We can prepare these statements for you and make sure they are correctly filled out and lodged.

Training in self preparation of BAS forms, and assistance with setting up an accounting system to correctly record GST:

We can also provide you with training in BASs and how to correctly prepare them and fill them out, so that you can do it all yourself if you wish.

We’ll also help you set up an accounting system that will make the whole process easier for you.

Advice on GST rules including registration, how it applies to your business and property buying and selling:

Our knowledge and guidance will always benefit you and your business by providing you with accurate and timely information and advice about GST.

We’ll show you how you can make the most out of your business without being adversely affected.

Preparation of necessary paperwork and letters to deal with FBT in the most tax-effective manner:

The fringe benefits tax (FBT) is required by employers who provide certain benefits to their employees or their employees’ associates, such as paying for their health insurance, food or drink, or work car.

The tax is based on the taxable value of the provided fringe benefits, and there are a number of things you need to do to provide these benefits such as keeping all FBT records, calculating the amount of money you have to pay, reporting the benefits and lodging returns with the ATO.

In many cases an FBT return does not need to be lodged, as the Fringe Benefit Offset method can be used.

This could save you a substantial amount of tax.

Preparation and lodgement of your FBT return:

We can simplify the whole process for you by taking care of your FBT return.

We’ll correctly prepare, complete and lodge it with the ATO so that you don’t have to worry about it.

Fringe benefits tax advice:

We also provide tax advice regarding the FBT and guide you through the most effective strategies for paying as little as possible.