In broad terms what we do for the benefit of our clients is two-fold:
First we assist them to manage their compliance with (state and federal) taxes and related business affairs; and secondly we help them to preserve and build their wealth and that of their families for present and future generations.
The preparation of financial statements and income tax returns is really only a by-product of the wide variety of work we do to help our Clients achieve those goals, examples of which are as follows:
- Advising clients entering and leaving Australia, on their residency status and how that can be managed to include or exclude certain income and expenses for purposes of Australian income tax returns.
- Reviewing double tax agreements with other countries to advise employers on obligations to withhold tax from foreign residents contracting to their Australian business.
Business Structuring & Business Advisory
- Advising Clients on the best structure to accommodate their business and investment activities – to future-proof as best we can the tax outcomes both annually and ultimately upon change of ownership or disposal.
- Taking instructions on establishment of Trusts, Partnerships and Companies, reviewing the documentation and applying for Australian Business Numbers (“ABNs”) and Tax File Numbers (“TFNs”) and other registrations as appropriate such as Pay as You Go Withholding and GST.
- Ensuring that a Client’s business is conducted in the most appropriate type of entity with the best underlying ownership structure and which best suits the intentions, background, business sophistication and family situation of the business owner.
- Giving consideration to whether critical assets such as land or plant and equipment should be held in a related entity and ensuring that appropriate operational documents such as mortgages, leases, licences and other charges are in place to govern income/expenses flowing between the entities.
Self-Managed Superannuation Funds
- Facilitating the establishment of self-managed superannuation funds and related Taxation Office registrations, having received instructions to do so.
- Accounting for contributions and rollovers to the Fund as well as investment income and expenses.
- Advising Fund trustees on compliance with superannuation legislation including minimum annual pension payments and preparation of annual Trustee resolutions, minutes and letters.
- Advising on nature and operation of caps on the different means of contributing to superannuation advising of the taxation treatment of payments from superannuation.
Australian Securities & Investments Commission (“ASIC”)
- Acting as registered ASIC agent and registered office for Client companies
- Ensuring compliance with annual reporting and review obligations and payment of fees
- Attending to changes in company officeholders and advising on share transfers and new share issues.
- Maintenance of company register (statutory file)
State Taxes & Compliance
- Advising on the impact of land tax and stamp duties on particular transactions and advising on structuring of investments and transactions to best advantage.
- Assisting clients with annual returns for Return to Work SA.
Capital Gains Tax
- Ensuring that the timing and nature of sales of assets by small business entities are done in a manner to take advantage of the concessions available to reduce their tax obligations
- Maintaining registers of the cost base for listed shares held by Clients, accounting for changes to cost for corporate actions such as takeovers and de-mergers in order to advise on the optimum timing of any intended sales and manage the tax exposure appropriately.
Year-End Tax Planning
- Usually done after the March quarter BAS has been prepared to assess a business client’s projected taxable income for the forthcoming year-end against tax paid to date.
- Consideration of a range of measures to smooth out a Client’s tax obligations over more than one income year and/or reduce their taxable income such as farm management bonds (for agribusiness clients), superannuation contributions, deferring income or bringing forward deductions.
- Preparing quarterly Business Activity Statements, personal Instalment Activity Statements and advising on adjustments to quarterly tax instalments to manage overall expected income tax obligations.
- Negotiation with the Taxation Office to remit late lodgement penalties and interest and to institute payment plans to pay tax obligations over time.
- Assisting Clients to manage their superannuation compliance obligations for employees.
- Preparation of amended income tax returns for Clients after they had prepared their own return and come to us following receipt of an audit or review by the Taxation Office into omitted income or over-claimed expenses.
- Bringing a client up to date with their lodgement obligations where they may not have lodged returns for some years, very often to their considerable tax advantage.
Administrative, Secretarial and Bookkeeping Services
- Attending to monthly bookkeeping, banking and other administrative services such as raising and paying invoices and following up business debtors.