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Preparation of financial
statements and tax returns |
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Financial statements
are necessary to give you an accurate picture of your business assets
and liabilities at any point in time. They also summarise the income and
expense items in your business to calculate your business profits (or
losses!) for the year.
Tax returns are produced from figures in these financial
statements to lodge at The Australian Taxation Office annually.
Part of the process is to ensure you have an adequate,
efficient bookkeeping system which we can help you create. This is necessary
to provide the information to us for preparing the above.
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Business Activity Statement
preparation |
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We encourage clients to have
their business activity statements prepared by us. This simply involves
completing a Checklist and sending the MYOB datafile to us. We do the
rest. A side advantage is the ability for us to monitor your financial
results during the year and offer constructive advice regularly on the
figures you have sent to us.
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Advice on technical
tax issues |
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There is no doubt
that tax law is complex. Despite the Governments constant “simplicity”
talk, it is anything but simple. Taking the wrong advice or not taking
advice at all can lead to costly mistakes. These are often in the area
of property taxes where it is complex. We can provide a clear map for
you in handling all the tax issues by consulting with us on an “as
needed” basis. This is often simply by phone call or by email. Whenever
in doubt, ALWAYS contact us first. If we don’t have the direct answer,
we have a network of colleagues who can provide the answers.
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Business start up
advice, including advice on business structures |
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The set up of
a new business is daunting. We encourage you to consult with us first
before you talk to anyone, including lawyers. We are very experienced
in setting up new businesses. Our initial comprehensive Business Set up
Checklist will highlight all the issues you need to consider in going
down this track. It is full of pitfalls but with our help, we can help
fill in all the gaps. The type of business structure is most important
and is something you MUST understand and be comfortable with. We never
set up complex entity structures that only accountants and lawyers can
understand. The client must understand the reasoning and be totally comfortable
as well with whatever structure is chosen.
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Forecasting cash flow
and profitability |
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This is all part of planning
for success. Forecasting and budgeting are necessary for creating financial
stability and certainty for the future. It can be taught to you or we
can do it for you – just ask!
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Business planning |
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This is an often neglected
area. We have the tools to help you put a plan into place. The importance
of going through the planning process cannot be understated. With any
of our clients, the plan is often “in the head” but we encourage
you to put it on paper in an organised fashion and this is how the Business
Plan is created.
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Adding or exiting a
partner/shareholder |
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Adding a new partner to your
business can be full of pitfalls. The structure is most important here
and it is vital that all parties understand this. A shareholder or similar
agreement is important to put in place. This often involves a lawyer which
we can arrange for you.
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Financing the purchase
of equipment/vehicles |
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Although we do
not provide finance services, we can help you to keep the financiers honest
by providing second opinions on the cost of finance provided by car dealers,
equipment dealers and in general, banks and others. Our advice in seeking
additional quotes can save you thousands over the term of the loan so
it is worthwhile. Also advice is essential about the different types of
lending. This could be leasing, hire purchase or chattel mortgage. The
tax treatment of each is different, and the type of lending arranged should
fit in with your personal tax issues.
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Re-financing loans |
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Often due to various circumstances,
clients can end up with a messy conglomeration of loans due to adhoc decisions
over many years. With our advice, we can offer advice on how to reorganise
these paying particular attention to tax issues which are vitally important.
Although banks and financiers are expert in their knowledge of loans,
they have little knowledge on the tax aspects of their advice, so it always
pays for us to review the advice given to you by them.
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MYOB advice |
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We can provide MYOB consulting
to you via our own staff and outside consultants depending on complexity.
We are very familiar with set up of new businesses and how best to get
you started with MYOB as your bookkeeping tool.
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Property Advice |
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a) Rental Property |
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Whether you are buying or
already own a rental property, we have the expertise to advise on ALL
the legitimate tax claims you can make. We are also aware of the Australian
Taxation Office’s continuing audit focus in this area – an
example of which is holiday properties. We can help you comply in this
area. Advice covers deciding on who will own property (i.e. what structure),
funding, tax claims and pitfalls to watch.
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b) Property Development |
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We can advise
you should you wish to venture into this area. What may seem a simple
idea to develop a property can become a tax nightmare, due to the complexity
of taxes – income tax, capital gains tax, GST, stamp duty and land
tax etc. You need to give serious thought at the start as to your overall
intention, as this affects how you set up your property development business
and all the taxes that do or do not apply. We are well experienced in
advising you in the taxation aspects in this complex area.
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