mtEssentials

Limiting risk while minimising tax burden

Insert Overview of Service

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Key Selling Point One

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Key Selling Point Two

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We can handle all this for you:

Financial Statements, BAS, IAS

Business Activity Statements (BAS) and Instalment Activity Statements (IAS) are activity statements that need to be lodged with the ATO on a quarterly, monthly or annual basis.

If you are registered for GST – you will have to complete a BAS. If not registered for GST, you may still have to complete an IAS for your business where you have liabilities or entitlements to pay or report.

Without an expert accountant, this can be an extremely confusing process and when you’re reporting frequently this can be very time consuming.

Tax Returns

There’s no denying that we don’t like taxes – let alone filling in a number of forms each year so we can pay it. There’s tedious deductions, regulations, and rules that we need to consider – but who has time for that?

Tax – CGT, FBT, Payroll Tax

Capital Gains Tax (CGT) – This is the tax that you are required to pay due to an increase in the value of an asset, when a ‘capital gains’ event happens. A ‘capital gains’ event can occur due to the sale of shares or a property, transfer of property/shares within the family, when a person permanently leaves their home country, or for many more reasons. Contact us to find out more.

Fringe Benefits Tax (FBT) – Proper management and advice about using FBT to your advantage can help to increase an employee’s take home pay and effectively manage your tax. According to the fringe benefits tax (FBT) legislation, a fringe benefit is a benefit provided in respect of employment. This effectively means a benefit is provided to somebody because they are an employee. The ’employee’ may even be a former or future employee. Some examples of fringe benefits can be:
(For a full explanation of Fringe Benefits Tax, please see the ATO’s webpage)

  • Allowing an employee to use a work car for private purposes.
  • Giving an employee a cheap loan.
  • Paying an employee’s gym membership.
  • Providing entertainment by the way of free tickets to concerts.
  • Reimbursing an expense incurred by an employee, such as school fees.
  • Giving benefits under a salary sacrifice arrangement with an employee.

For full and complete advice on how you can make the most of Fringe Benefit Taxes for your business, contact us today.

Payroll Tax: – This is standard (state) tax that is levied onto wages, salaries and other costs to business owners once a certain threshold is reached. It applies to the all Australian states and territories. This must be properly completed, and is easily handled by your Marsh Tincknell Accountant.

Tax Planning/Advice

How our tax planning service works

1. First, we request from you details of your expected income and business profits for the tax year (1 July – to 30 June the year after). This includes all:

• Wages / employment income

• Interest, dividends and rental income received

• Business profits / losses; and

• Any capital gains / losses you expect to make.

Based on this information, we estimate your taxable income and your tax payable before any tax planning strategies. For example, we may calculate (based on your information) that you have a taxable income of $100,000 for 2017. This would result in $26,947 tax and Medicare levy payable.

2. Secondly, we discuss all your tax planning options. Some of these may be things to do in your business, and some of these may depend on your investment / wealth creation options.

3. Third, we provide you with a report that explains in plain English the tax planning strategies we recommend and exactly how much tax you will save.

4. And finally, we provide you with an easy-to-follow action plan to ensure that both you and we can do everything that needs to be actioned before 30 June.

Tax Audits

Don’t face an audit on your own, when you can have the experts standing behind you. Often the idea of a Tax Audit can leave people feeling unsure, fearful or unnecessarily worried. There’s no need for that when Marsh Tincknell Accountants can provide you ultimate peace of mind and deal with the ATO on your behalf.

Negotiation with ATO

Without the appropriate expertise and knowledge, it can be hard to negotiate with the ATO to your best interests. With over 25 years of experience, Marsh Tincknell’s seasoned experts can negotiate with the ATO on your behalf, and make sure your best interests are upheld.

Audit Fee Protection

In the event that you are subject to an audit – we can deal with the authorities on your behalf. Since this can possibly be unexpectedly costly for you, we offer Audit fee protection which means that for a small annual fee – we will handle an audit for you, at no sudden extra cost to you.

ASIC Annual Statements

All companies are required to report to ASIC (Australian Securities and Investments Commission) every year – advising them about continued operations for the next 12 months. You also need to advise ASIC of any changes to your officeholders or addresses or you may incur late lodgement charges.

Corporate Secretarial Duties

Corporate Secretarial Duties can be a difficult process when you do not know what’s required, yet these duties play a crucial role in the governance of a company. The discharge of information regarding the board’s leadership and director’s duties is essential to proper compliance with the tax office and relevant legislation (Corporations Act). This includes obligations to keep records (including financial records) and to pass solvency resolutions. Company officeholders are also required to lodge annual statements with ASIC and keep them informed of changes to their company. There are also restrictions on who can be a director or secretary of a company.

Corporate Governance

In a broad sense, corporate governance covers the relationships, rules, systems, process and policies that typically larger organisations use to dictate how they govern themselves. This can be determined by a range of factors both ‘internal’ (eg. firm policies etc.) and ‘external’ (eg. legislation, community expectations and regulations) to the firm. The goal is to have the best framework around effective governance to meet the particular firm’s specific needs. Corporate governance will strongly, positively, effect the performance of an organisation if carried out correctly. But if not carried out correctly it can bottleneck and slow performance. This is a strong point of the Marsh Tincknell service offering and we can ensure you get the best framework for corporate governance.