Business Accounting, Taxation & Advice
Let’s face it, running a business is hard work. You’re busy jumping from one aspect of the business to the other. You’re tired because you wear multiple hats day in and day out.
In order to succeed and meet your revenue goals you spend most of your precious time building relationships, telling people about what you do so they buy it and then you actually have to do the work or provide the item. You never stop!
So, it’s completely understandable that accounting and finance are the last things on your mind at the end of a busy day but the simple fact of being a business owner you need to have them in tip top order.
Partnering with an Accounting firm will be one of the best investments you can make to ensure you are moving toward your future revenue goals as strategically as possible. It will not only give you time back to focus on other aspects of your business, or more importantly your life, it will give you peace of mind knowing that your business is in expert hands. With forward thinking, planning and consistent evaluation of your current situation you’ll likely make this return on investment back in no time.
Whether you’re an old hand at this business game or a start-up, whether you’re a sole trader, partnership, trust or company, we will take the time to understand your business and your financial goals and advise you on the best possible strategies to move your business forward.
By taking a customised approach to each and every client, we gain a wholistic understanding of your business, can identify areas for potential growth and map out a plan for you meet your financial goals and continue to move forward with your business.
Let us take care of the financial and accounting side of your business so you can get back to doing the things you’re good at, running your business.
We provide the following Business Accounting, taxation and advice tailored to your needs:
We work with an array of difference clients from varying industries. What sets us apart is that we take the time to get to know you and your business personally. It’s our goals to provide you with sound advice and build long lasting relationships.
Business Accounting, TAXATION & ADVICE INCLUDING:
- Business structure and restructuring advice for start-ups and existing businesses
- Wholistic Business Health Checks of not just your finances but also your systems, staffing and cash flow to name a few
- Strategic planning and advice
- Providing a virtual Chief Financial Officer (CFO) services to your business including budgeting, financial planning, management and forecasting, required taxation lodgement
- Company secretarial services – ASIC
- Tax planning and advice
- Business tax returns
- FBT calculations and obligations
- BAS and IAS returns
- ABN and TFN registrations
- ATO debt arrangements and liaison
- ASIC registered agent
- Accounting/Bookkeeping software recommendations and setup
- Compliance with various reporting requirements including; Single Touch Payroll, Superannuation payments, payroll tax, taxable payments annual reporting, Long Service Leave and employee PAYG payment summaries
- Self-Managed Superannuation Fund set up, administration, compliance reporting, $1.6M cap management and taxation advice.
Fairer remuneration for a business with a mixture of associated employees and investors
CLIENT CASE STUDY:
We have provided advice for all types of businesses with different structures and stakeholders. Recently we provided advice on fairer remuneration for a business with a mixture of associated employees and investors in order to ensure all parties to the business were receiving appropriate compensation for their work performed and risk.
What did we do?
Firstly, we worked with all associates within the Company to quantify their expectations – what was the current market value for their role? and how much did each party really need from the business?
Once we knew this information, we were able to do some financial modelling to derive the optimal combination of salary and dividends. This methodology factors in the business’ financial position and also best utilises any company taxes paid to date.
The outcome:
We were able to reduce salary burden, increase cashflow, and eliminate payroll taxes for this company. There is also the human element to this case that everyone within the structure feels that they are being adequately rewarded for their contribution to the business.
Division 7A Issues
CLIENT CASE STUDY:
Division 7A issues can easily occur within business accounts when owners draw monies without running through payroll and paying super.
Simply ignoring Division 7A loan balance can be very costly as the ATO can assess a deemed unfranked dividends which can significantly increase your tax bill!
Unfortunately, we see quite a few of these problems arise in our client’s accounts as often they do not understand the problem or the implications. Luckily, we can often solve this by examining any existing franking account balances or end of year adjustments. We work through multiple scenarios to find what blend of wages, franked and unfranked dividends and other forms of remuneration will yield the best result for you, our client, and your business, while still avoiding the potentially detrimental impacts of Division 7A.