The 3 Biggest Mistakes Business Owners Make with Tax Minimisation

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Accounting And Tax

Accounting And Tax

ACCOUNTING AND TAX 

SMALL BUSINESS KNOWHOW-HOMEPAGE-02Think about what happens when you don’t do the housework. Mayhem, chaos, confusion come to mind? As much as we might not like it, we all admit that life runs more smoothly and effortlessly when the house is clean and tidy. It’s the same with your accounts. An efficient business needs up to date and “clean” financials to stay in control.

Making good business decisions hinges on a reliable set of accounts. If you don’t know where you are, how do you know if you’re on track to meet your goals? Comprehensive and timely financial data is not only essential for staying in control it also helps you to meet your compliance obligations on time.

You will know how your business ticks so much better by understanding your accounts. The starting point of strategies such as minimising waste, increasing revenue and tracking profit/cost centres is with your accounts. Whatever business you’re in, whatever size you are, we have solutions for you.

Other benefits you might not have attributed to reliable, timely accounts are ability to source bank finance, readiness to sell, and joint venture opportunities.

One of our clients was really finding it difficult to meet their debt repayments. Cash flow was really tight at that time. The problem was they couldn’t easily refinance their debt, because their accounts were in a bit of a mess. (Actually their accounts didn’t exist at all). We were able to quickly get their accounts in shape and present a tidy and accurate Balance Sheet and Profit and Loss Statement that their financier liked and they got the loan. Yee ha!

Accounting services we offer are:

  • Bookkeeping in the cloud or at your place
  • preparation of financial statements for statutory and management purposes
  • annual, quarterly or monthly management meetings to go over your accounts
  • training and support for your accounting staff and management
  • assistance with management of groups and inter-entity transactions

Taxes

Bah humbug! As they say, there is nothing surer in life than death and taxes. We can’t help you with the death one, but we sure can help you with tax. Tax doesn’t have to be scary and difficult. Our efficient systems and procedures ensure minimal cost to you without sacrificing quality. Your peace of mind is paramount to us – we take care of a complicated issue without cutting corners.

You won’t pay more tax than you absolutely have to. Our methodical approach to minimising tax using ethical and legal strategies ensures you are always aware of opportunities and stay clear of risk.

For example we were able to do a cost versus benefit analysis of whether the directors were better off to take a wage from the company or pay themselves via dividend. We were able to show them, in this instance, that taking a dividend was a better option for them at that time. They paid less tax and even got a refund. Sweet!

Compliance services we offer:

  • preparation of income tax returns
  • GST and business activity statements
  • fringe benefits tax
  • payroll tax
  • ATO reporting

Corporate tax

  • management buyouts
  • tax due diligence reports for Initial Public Offerings
  • transaction based advice
  • compliance reviews
  • tax planning
  • cross border issues
  • employment taxes

Capital Gains Tax

When you’re about to buy or sell an asset, especially your business, you need comprehensive, expert guidance on what to do, when to do it and how. We are your guardian angel when it comes to how to capture all the advantages you are entitled to. There is no transaction too big or too small when it comes to your assets and your wealth that doesn’t deserve great advice.

Just recently we were able to advise our client how to restructure their business and then retire very tax advantageously by taking advantage of the Small Business Capital Gains Tax Concessions. They saved $1,000s in tax by taking this advice.

 

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