What we do...
Our Focus
The focus of the practice Is small business and we can provide advice and assistance regarding:
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Selecting a suitable business structure(s);
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Necessary registrations;
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Record keeping requirements;
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Suitable accounting software including assistance with the initial set-up and ongoing assistance if required.
Getting Started
We offer a complimentary one hour initial consultation to all prospective business clients regardless of whether there is an existing business or a new venture is being considered.
This also provides us with the opportunity to assess needs and for both parties to determine whether we are a ‘good fit’ on an obligation free basis.
Telephone Support
Calls of relatively short duration to the office are not charged.
The philosophy of the practice is to not ‘turn on the clock’ as soon as the phone is answered in an effort to encourage clients to seek advice before acting rather than after.
Financial Statements
Financial statements are generally prepared at the end of each financial year. Whilst they are part of a formal reporting process they provide feedback on performance (Profit and Loss) for the period and the financial position (Balance Sheet) as at the reporting date.
We can:
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Prepare your financial statements from a variety of sources ranging from manual records through to accounting packages such as MYOB.
Financial statements can be prepared more frequently if required.
[Note - Accountant prepared financial statements are preferred by banks and other financial institutions]
General Accounting
Other things you may need from time to time:
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Assistance with data entry/processing;
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MYOB Support;
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Review and discussion of periodic operating results.
Education
If there is anything you don’t understand in what we produce for you it is your duty to seek an explanation and our obligation to do so to the best of our ability.
If there are other areas such as understanding the Profit and Loss account or reading the Balance Sheet we can assist.
Income Tax Returns
Generally speaking, the taxation system imposes an obligation on all businesses and individuals in receipt of assessable income to lodge an income tax return.
We can prepare and lodge (electronically) income tax returns for Companies, Trusts, Partnerships individuals and Superannuation Funds.
Copies of documents
Full copies of financial statements and income tax returns are provided in paper form.
We can also provide electronic copies (PDF) on request.
Management or Periodic Accounting
As noted previously we can prepare financial statements at any interval required. It is generally more cost effective to utilise client accounting systems for periodic reporting.
We can:
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Provide standing journals to enable items such as loan interest and depreciation estimates to be taken up in the accounts on a periodic basis;
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Review accounting information generated from your system;
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Analyse results and report/discuss with management at required intervals.
Goods and Services Tax (GST)
GST has been in place since 1 July 2000 and continues to evolve in scope and complexity.
We can assist you with:
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Australian Business Number (ABN) application;
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Evaluating your options regarding GST registration;
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Registering for GST;
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Understanding your obligations;
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Preparation and lodgement of Activity Statements.
Fringe Benefits Tax (FBT)
FBT is a tax that may be imposed on employers when they provide benefits to employees other than directly as wages/salary or superannuation (including salary sacrifice superannuation).
We can:
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Advise you of your obligations;
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Suggest alternate strategies;
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Complete FBT Returns.
Wages/Salaries
We are able to provide assistance with:
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Preparation of PAYG Payment Summaries (manual or electronic);
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Balancing wages between company records and Activity Statements lodged;
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WorkCover renewal.
Resolutions (‘Minutes’)
Where activities are undertaken through a company or trust, various resolutions are required. We can prepare resolutions for your consideration to address:
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Approval of the financial statements;
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Director bonuses;
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Declaration of dividends;
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Whether an auditor is to be appointed;
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Ratifying the actions of the trustee;
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Documentation of trust distributions as determined by the trustees.
Company Secretarial
Companies are required to have a registered office (particularly for service of legal documents) and are required to promptly report relevant changes to the Australian Securities & Investments Commission (ASIC).
We can:
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Act as your Registered Office;
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Check your Annual statement and prepare the required solvency resolution for your consideration;
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Carry out ad-hoc maintenance as required due to such things as address changes and appointments and/or resignations of company offices;
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Assist with share transfer documents, consent to act, resignations and relevant resolutions (‘minutes’).
Building Services Authority (BSA) Reporting
The BSA has specific financial requirements for licensing.
Generally speaking an Independent Review Report, prepared by an account, is required where turnover (actual or expected) is or is deemed to be between $300,001 and $12 million.
We can:
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Explain your obligations;
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Attend to the Independent Review Report;
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Recommend an auditor if turnover exceeds or is expected to exceed $12 million.
Facilitating
It is quite common for business owners to find themselves in a position where they cannot see the wood for the trees.
We offer facilitating as a guided brain-storming (or perhaps dumping) process.
It is NOT coaching.
Sessions are on a one-off basis with a fixed fee and duration of approximately one hour.
You do not have to be a client of the practice to utilise this service.
Attendees are limited to a maximum of 3 from your organisation and it is essential that mobile phones be turned off for the duration.
Looking for something else?
If there is anything not covered here please ask. If it’s something we don’t do we will endeavour to recommend someone who can.
Privacy
We respect the confidentiality of any dealings we have with others and will not disclose any information to any other party unless compelled to do so by law or for the purpose of public safety.