The right accountant can help you save time, money, and potentially grow your wealth.

Everyone knows accountants help with tax, but few know the diverse roles accountants perform. 

There are so many ways an accountant can help you sort out your personal finances or help you grow your business.

Working with a practice that is experienced and trustworthy is vital to ensure the security of your finances. An accountant in private practice can help you foremost with compliance work and completing and filing your tax return. They can also help you with:

• Starting A Business: Ask your accountant for suggestions on what form the business could take, business planning and specific tax and legal advice. They could also assist you with business acquisition and financing asset purchases down the line.
• Setting Up A Bookkeeping System For Your Business: They could help you set up a computerised bookkeeping scheme to keep track of sales, debtors, cash, etc. An accountant can also prepare audited accounts and financial statements.
• Financial Planning, Business Advice & Auditing: Accountants can work with you to anticipate growth and change. They can help improve your business through better financial management.
• Commonwealth and State Tax Planning: Your accountant could help you with tax planning and compliance to minimise your tax bill. They will also keep you informed about changes to tax and superannuation legislation.
• Personal Finance: They can guide you on matters of personal wealth. For example, estate planning, advice on wills and inheritance tax.

Choosing an accountant is an important decision that should take time and consideration. Being informed of what you want from an accountant can help determine the right fit for you.

When was the last time you had a good look at the way you run your business?

You may be your own boss, but occasionally, having someone critique your performance is helpful. Your accountant can do a management audit to ensure you maximise your opportunities.

Like a financial audit, a management audit can give you a chance to reflect on your skills and practices. This type of audit aims to detect potential managerial problems and find effective ways of addressing these issues.

You, as a business owner, should create a plan for improving the company and evaluate strengths and weaknesses in a candid and honest manner.

Some difficult questions can come with a management audit. 

Here is a list of what you could expect to hear:

• Are you qualified to manage a small business effectively?
• A manager can learn a lot from listening to others, do you listen well? 
• Do you monitor and adapt to changes in the market that effect your operation?
• Do you belong to a trade association or other business organisation?
• Do you have a written description of your firm’s target market?

Could your business benefit from a management audit? Would you benefit from an outside perspective? Why not chat with one of our business advisors and find out how they can help you with your business? 

But they won’t include the ‘shortcut’ method! Why not ensure you’re doing the right thing this tax return season with our assistance? 

From tax returns to business planning, setting up a trust, and so much more, we are the people you can turn to when you need a question answered or a solution found.

As one tax year approaches the end, it’s the perfect time to come to us for assistance in reducing your tax liability. Though tax time might seem to be a confusing and onerous process, we are here to help.

Our expert team will ensure that your questions are answered and your taxes handled most efficiently to benefit you.

Preparing our clients’ returns and dealing with their tax issues appropriately is fuelled by our experience. We can help you improve your tax position by providing tax planning services to augment the tax preparation service you already receive.

Tax planning involves working with you to identify ways to improve your tax position. Our team of specialists has years of experience in this field and regularly help clients reduce the amount of tax they pay.

If you want to discuss how we might help you reduce your tax liability, contact us to arrange a consultation.

Don’t let tax be a cause of stress; let us handle it for you.

Regardless of whether you provide or not you provide fringe benefits to your employees, FBT season is approaching, and we’re ready to assist you with your tax return once again. 

There are various types of fringe benefits:

• Employees being able to use a work car for private use
• Discounted loans
• Paying an employee’s gym membership
• Providing entertainment (e.g. tickets to concerts)
• Reimbursing expenses (e.g. school fees)
• Giving benefits under a salary sacrifice scheme

You pay FBT on certain benefits provided to your employees or employees’ families. FBT will apply even if the benefits are provided by a third party through an arrangement with the employer. 

It is your responsibility to pay FBT on certain benefits provided to your employees and their family, regardless of whether the benefits are provided by a third party. 

Employers must self-assess their FBT liability for the FBT year – from 1 April to 31 March. It is calculated separately from income tax, based on the taxable value of the benefit provided. 

Usually, employers can claim a tax deduction for the cost of providing fringe benefits and for the FBT paid. Employers will generally also be able to claim GST credits for the items they provided as fringe benefits.

As an employer, you can reduce your FBT liability by providing income-tax deductible benefits. You may also consider an agreement in which the employee contributes to the cost of the fringe benefit. Finally, providing a cash bonus can also help reduce your FBT liability. 

Let us assist with your FBT liability and remove the stress and hassle associated with it from you. We’re professional advisers who can address your tax concerns. 

Are you considering giving your employees a treat this year as a thank-you for their hard work? Certain gifts given to your employees may be claimable as a tax deduction under strict conditions and rules.

During this time of giving, a Christmas gift can reward both the employee and the employer. 

Any gift classified as entertainment cannot be claimed on your tax, regardless of the time of year.

If you wish to claim your gifts as a tax deduction (generally a good idea), it’s best to give items classified as non-entertainment gifts. These types of gifts that are given to staff or associates are usually exempt from fringe benefits tax (FBT), with the item cost, as well as the GST, being claimable.

Certain gifts fall within the ATO’s guidelines on what is a tax-deductible gift. If you’re looking for ideas on what to give your staff this Christmas, consider the following: 

• Hampers
• Skincare
• Beauty products
• Flowers
• Wine
• TV
• Computers
• Crockery
• Gardening Equipment
• Gift Vouchers
• Groceries 
• Games

However, these gifts should not be more than $300 to claim the GST credit and not incur FBT. If the gift costs more than $300, you will still be able to claim a tax deduction and the GST credit. However, FBT will be payable at the rate of 49% on the grossed-up value of the gift.

If you’re feeling more generous and really want to thank your staff, bear in mind that any gifts that you give to your staff that could be considered a personal gift may not be claimed as a tax deduction.

Keep records of the expenses associated with purchasing gifts this holiday season for your staff so we can assist with your business’s tax return next year. 

Our staff are well-versed in FBT’s complexities and can assist you with queries surrounding the area.