Need a better tax strategist?
Accounting and tax advice from everyday compliance to complex challenges
Accounting and tax can seem like a burden on business owners. However, we look at it as an opportunity to unlock key financial information and use it to make better business decisions.
Our business accountants work with clients to make sure their ATO responsibilities are met and paid on time. We also make sure your tax liabilities are minimised using all the legal strategies at our disposal. Which means you don’t pay a cent more than you have to.
Think one accountant is pretty much the same as the others? We’re here to prove you wrong. Frequent changes to tax legislation and regulations mean your business requires an accountant who is both informed and agile. Great business accountants look for opportunities, limit your exposure to risk and provide hands-on help to keep your business moving forward.
Read about some of the problems our clients have faced and see how we’ve helped.
Gus and Rebecca started their business 3 years ago as a sole trader and had successfully grown it to over $2 million in gross income per year. A lot of small businesses start off as a sole traders. It’s easy to set up, cheap to run and requires less ongoing compliance.
Why was the tax structure ineffective for them? A sole trader structure has some drawbacks, particularly for Gus who was now turning over a substantial income and had multiple investments outside of the business. Gus and Rebecca had no asset protection and were taxed on 100% of the profits.
We transitioned them from a sole trader business to a company structure. We also set up a family trust to buy his business premises. They now have a clear separation between their business, investment assets and personal assets. This gives them peace of mind that they their hard-earned assets are protected as much as they can be from potential business risks.
Restructuring of a business involves careful planning and consideration due to stamp duty, capital gains tax, business licensing and administration requirements. We were able to provide Gus and Rebecca with the right advice and a transition plan to minimise disruption to their business and finances.
John had been operating through a company for over 40 years. He approached Marsh & Partners to assist him to get his business “ready for sale” in the next 5 years. We implemented a profit improvement plan to help him maximise the value of his business.
On review of the accounts though, there was a large Division 7A loan account that John would have to pay back to the company. This was not an attractive scenario for potential purchasers so we needed to work out strategies to reduce this loan. We also reviewed how much money John needed to be paid as wages so he could stop withdrawing the money from the company and creating more loans.
A lot of our new clients have approached us after getting a “Division 7A surprise” because they weren’t aware of the consequences of taking money out of their company. Do you have a loan problem in your business? Contact us to find out how we can help.
George was getting surprise tax bills each year.
We put a plan in place that in May each year, we would sit down with George and his financial accounts and prepare a tax plan. We worked out strategies to legally minimise tax as businesses and tax laws change each year. We then showed him his estimated tax liability and prepared a timeline of when the payments are due.
By knowing this and preparing a cashflow budget, he knew how much money he had to invest in growing his business or creating wealth in other ways. And, most importantly, this simple strategy reduced his level of stress.
This tax planning process is now an integral part of his wealth creation plan.
Susan approached us after receiving a letter from the ATO requiring the lodgement of outstanding Business Activity Statements (BASs) for the last 2 years.
We engaged with the ATO to obtain an extension of 2 months to allow us enough time to assist Susan with the lodgement of all the outstanding BASs.
As we expected, the ATO issued penalty notices as well as applying general interest charges of approximately $18,000. We then met Susan to obtain all the extenuating circumstances that led to the non-lodgement of the BASs. She explained that over the last few years, she had separated from her husband and was battling stress and anxiety as well as trying to support her children and keep her business. We further engaged with the ATO and were successful in obtaining a full remission of all penalties and interest.
Susan is now lodging on time, successfully growing her business and sleeping a lot better knowing everything is under control.
Note: These are real case studies of clients we’ve worked with, though we have changed their names to protect their privacy.
Not sure what needs tweaking in your business?
We'd love to discuss your accounting and tax needs and give you some solutions.
Accounting and tax services
We make sure your ATO responsibilities are met and paid on time. We also make sure your tax liabilities are minimised using all the legal strategies at our disposal.
We can liaise directly with the ATO on your behalf to organise payment arrangements, lodgement extensions and help with audits or complex rulings.
We make sure our clients have the right business and investment structures to take advantage of tax minimisation and asset protection strategies.
Our business accountants engage in tax planning sessions with clients each year to maximise the flexibility their business structures afford and minimise their tax position.
Company shareholders and directors need to be vigilant about identifying and correcting potential Division 7A issues as they arise. We help by taking a proactive approach to minimising and educating you on your personal risk and the long-term consequences.
We can offer advice on Fringe Benefits Tax minimisation strategies, alternatives and opportunities. From salary packaging advice, to the annual lodgement of your FBT returns, our accountants know the ins and outs of this complex area.
Capital gains tax law becomes more complex with the more assets you own. When you sell an asset, our experienced team will help you utilise concessions and business structures to help maximise your earnings.
Our Tax Consulting team combines technical strength with many years of experience to provide solutions to complex and challenging tax matters. We can assist in family law issues, audits, special rulings, R & D matters, estate planning and inter-generational transfers.
