We Know The Shortcuts For Your Tax Return This Year

 

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.

Drive Your Business To Success

Are you driving your business, or is it driven by circumstances beyond your control?

Are you at a point where so much time and energy is taken up dealing with the day-to-day running of your business that you have little or no time to think ahead?

If you are, you are no different from the many successful business owners we have helped. 

Over the years, we have developed a sophisticated strategic planning service designed for businesses like yours.

We understand that without sound analysis, precise projections, and well-thought-out plans, businesses can become hostages to fortune. 

Proactive management is replaced by reactive coping. Instead of following a plan, owners and managers are reduced to responding to unforeseen events or catching up on missed opportunities.

Backed by years of experience working with successful business clients, our specialist team can help you get back into the driving seat and stay there. 

Contact us today if you want to keep your business on track and lay the foundation for sustained growth and improvement. 

Get Ready For Your FBT With Us

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. 

Kick Off Your Business’s New Year With A Bang (And Maybe A New Accountant)

With the new year come new challenges for businesses, and we’re ready to bring in the new year with you. 

If your business is growing or anticipating growth and your existing accountancy firm cannot provide the level of service you need to support that growth, you should consider switching to a firm that can.

  • Are you receiving proactive strategic advice on growing your business?
  • Do you have all the support you need for raising more capital, identifying and implementing appropriate technologies, managing human resources, or handling mergers or acquisitions? 
  • Are you on top of the mounting paperwork, payroll administration, and bookkeeping and accounting work that a growing business generates?
  • Are you confident your books and procedures fully comply with the latest legislation?
  • Are you satisfied you are making all the tax savings you are entitled to?

If your answer to any of these is “No”, call us today and we can help.

We pride ourselves on providing specialist services to support and assist growing businesses.

Clients who have transitioned to us are delighted with the level and quality of service we offer.

We guarantee a smooth, professional transfer of accounts with a minimum of disruption.

What’s the risk? Only a missed opportunity!

Talk to us to discover a higher level of accounting services.

Looking For Assistance With Your Holiday FBT? We’ve Got It Handled…

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.

 

Why Take Risks With Your Business? We’ll Help You Grow Your Bottom Line – And Make Sure The Odds Are All In Your Favour…

Going for business growth needn’t be a gamble. With us on your side, you’ll have a wealth of professional expertise and experience at your disposal.

So you know you’ll be making the right decisions for your business.

Our firm can offer much more than tax planning and compliance work. We can help you with such things as:

●        Effective strategic planning – we can help you analyse the big picture, and take the right practical decisions for long-term success 

●        Funding your business – we can help you identify the best sources of finance, and prepare everything from your business plan to your proposal 

●        Winning mergers and acquisitions – we can help you identify targets, prepare a negotiation strategy, raise capital and maximise your financial position

●        Freeing your time – we can relieve you of the routine bookkeeping, payroll and company secretarial burden, leaving you free to concentrate on growing your business.

From a successful business start-up to a profitable exit strategy, our firm can give you the help and assurance you require.

You don’t need to take risks with your business. Contact us today, and we will be delighted to discuss how we can help ensure that the odds remain ever in your favour.

Here Are Two Reasons Why You Should Change Your Accountant:

  • If you are not receiving an appropriate level of service

In our experience, businesses often outgrow their original accountancy firms. As a business grows, it requires more sophisticated services and more customised services – and the existing accountancy firm is not always able to provide these.

  • Does your present firm provide a level of service commensurate with the size of your business?
  • Do they specialise in the sectors in which you operate or plan to operate?
  • Do they provide tailored services to fit your specific needs?

  • If you are not receiving value for money

Our firm believes it is not enough for an accountancy firm to charge simply for providing historical data and ensuring their client complies with the law – they also need to add value to your business.

  • Has your present firm done everything possible to reduce your tax liabilities?
  • Do they provide advice that helps improve your business’s profitability?
  • Are they proactive in helping you develop strategies for future growth?

If your answer to these questions is “No”, contact us, and we can help.

Our firm knows how to work alongside growing businesses. We understand your needs and provide a range of flexible services to add value to your bottom line.

If you like what we have to offer and decide to engage us, we will arrange a smooth transfer of accounts with minimum disruption to you.

When You Can’t Afford To Get It Wrong, Leave It To The Experts

Every successful business reaches landmark points when important decisions have to be made about expansion, mergers, acquisitions, disposals, and so on.

These critical decisions have long-term implications for profitability and sometimes even the business’s survival.

They require thorough appraisals, due diligence, and considerable financial expertise that are often beyond the scope or resources of the management.

That’s where we come in.

We have years of accumulated expertise in advising and supporting clients in all aspects of corporate finance.

Corporate finance’s ultimate purpose is to maximise a business’s value through planning and implementing resources while balancing risk and profitability.

If you are planning to expand your business, whether by organic growth or by a merger or acquisition, this will almost certainly involve raising extra finance and a host of other complex financial and legal considerations. 

Our corporate finance staff can make such transactions easy for you – and give you the peace of mind of knowing that professional judgement and due diligence have been applied throughout the process. 

Contact us today if you want to discover how we can help your business.  

Don’t leave anything to chance – rely on the experts!

How Do We Bring Value To Our Client Relationships?

Our client relationships have had to deepen over the last few years amidst the challenges and tribulations that the pandemic has brought upon all of us. We have had to adapt to a near-daily changing environment alongside you all, learn extensively and be willing to accept and thrive with change. 

As we move forward into our new norm, our relationships with our clients are about the value we continue to build. Most importantly, we can divide it into how we:

  • Show Value
  • Add Value
  • Bring Value

Show Value

We show value to our clients by giving them a concrete analysis of continued ongoing success and savings that have resulted from their relationship with the firm.

Here are some ways we can demonstrate this value brought to our relationship with you:

Five-year Analysis

You may come to us with a question about situations that will affect them over the next few years. Typically, we will recommend strategies to minimize the tax bite, processes to improve, or technology to implement in your situations. Most often, we provide the advice and expect you as the client to go and action this. 

We can make our value more obvious by creating a financial analysis of the situation prior to the advice and then a pro forma financial post-implementation with the expected ongoing savings over the next five years. The client can then see both the immediate and long-term value of that advice. The client will have a measurable return on investment for the advice provided.

Annual “Employee” Review

Along with the other strategies, the annual/ongoing review is a great way to keep all parties apprised of the progress made toward previously established goals. Like an employee review process, we, in conjunction with you as our clients, can establish goals for the relationship annually. These goals can include:

  • Frequent financial check-ins,
  • Estimated tax calculation reviews,
  • Process/technology reviews,
  • New technology updates, and so on.

Add Value

We add value by continuing to evolve and change along with you as our client, for instance, adapting technologies to establish the creation of a knowledge base (information centre for certain processes). Other ideas include posting firm articles about relevant trending topics that impact your clients, highlighting team members to show their personal side, and considering client spotlights.

Bring Value

You are more than a transaction. Our relationship with our clients is about more than fees and advice. We give our clients strong and firm support with their endeavours while providing you with the advice needed.

Prepared For This Financial Year?

As a business owner, you may have spent your end of the financial year undertaking a multitude of activities such as preparing your tax return, working out your deductions or updating your records. 

While these are fresh in your mind, why not take this opportunity to start a conversation with us about reviewing, planning and prioritising your business goals for the new financial year? 

Here are some of the things you could think about.

Check The Finances

Review how your business was progressing financially in the previous year, and look for things such as: 

  • Where money was being spent (and where it was being spent the most)
  • How much was being paid in fees or interest
  • If there are any recurring subscriptions in place. 

There may be multiple ways you could save your money over the next year, such as by bulk-purchasing the most frequently used items, examining suppliers pricing or providing non-monetary-based incentives for your employees (such as WFH opportunities or flexible working arrangements). 

Forecast Your Cash Flow

A profitable business needs a healthy cash flow to cover its everyday expenses. Keep the cash flowing in your business this financial year by looking at different ways to manage your cash flow. This might include:

  • Making all business payments with the same credit card
  • Separating personal and business bank accounts
  • Keeping your financial records up to date

You could update your cash flow projections so you can plan for any potential shortages or consider shortening or changing your payment terms.

Organise Your Records

Accurate record-keeping is vital for

  • Meeting your tax obligations
  • Demonstrating your financial position to lenders if you need to borrow funds
  • Providing a real-time overview of how your business is performing

Keeping your business finance separate, automating your bank feeds, and making sure your superannuation payments to staff are compliant are all ways you can keep your records organised.

Check Your Super Obligations

From 1 July 2022, your superannuation obligations to your employees have changed. The superannuation guarantee contribution rate has increased to 10.5% and any employees who now earn less than the minimum monthly income threshold ($450) will be entitled to superannuation. Make sure that you remain compliant less you face harsh penalties and consequences. 

Hit your goals this financial year by preparing with us, your trusted business advisors. 

If you would like to discuss how we might best help with your business planning needs, you can contact us to arrange a consultation.