- Advice on the most appropriate business structure to operate your business, taking into consideration taxation implications, asset protection, potential risks, employer obligations, future capital gains tax, relationship of owners.
- Structure options include sole trader, partnership, trust or company etc.
- Getting the right structure to suit your needs
- Setting goals
- Establish compliance obligations
Australia Business Number application for companies, trusts, partnerships and sole traders
- Help companies, trusts, partnerships to register and apply an ABN.
Tax File Number application for companies, trusts, partnerships and sole traders
- Help companies, trusts, partnerships to register and apply a TFN for their business.
Bookkeeping (Traditional Accounting System & Cloud Accounting System)
- Keeping account of sales and purchases, income and payments. Reconciliation of bank accounts, and preparing Profit & Loss statements and Balance Sheets using spreadsheets, computer accounting systems or cloud accounting system.
- Using cloud accounting software from any device (PC/MAC/Androidcompatible) with an internet connection. Cloud accounting allows business owners, bookkeepers,and we access the data and files at any time, no need to send files away. The software can integrate with a whole ecosystem of add-ons. It is easy to produce reports, and output to PDF for compatible sharing and security. It is easy to manage payroll up to 50 employees. In the cloud, there is no need to install and run applications over a desktop computer, and you always have the latest version without payments. It’s scalable, cost-effective and easy to use.
- Trust your work is being processed correctly
- Time to focus on others areas of the business
- Up to date lodgements
- Up to date information
- Debtor/creditor management
Benefits of Cloud Accounting
- No more USD drives, CDs, emailing files
- Overview of your current financial position from any devise in real-time (PC/MAC/Android compatible)
- Multi-user access
- Reduced data entry
- One ledger, you do not have to move figures between ledgers
- End of year data is kept. You will always have previous year’s figures on hand
- Cost effective
- Free updating
BAS / IAS Lodgement
- Preparation of monthly or quarterly Business Activity Statements (BAS) and Instalment Activity Statements (IAS) and lodgement with the ATO.
- BAS – reporting sales, purchases, GST, wages, PAYG withholding and income to the ATO.
- IAS – reporting wages, PAYG withholding and income to the ATO.
- Reporting compliance
- Avoid penalties
- Lodgement extensions
- Tax agent liaison with ATO
Tax Analysis & Planning
- Preparation of interim Financial Statements part way through financial year in order to estimate likely taxation profit prior to the end of the financial year.
- Advice and recommendations based on these interim Financial Statements to minimise and plan for the likely tax payable.
- Tax minimisation
- Proactive management
- Advice on future tax liabilities
- Cashflow opportunities
- Projected Profit & Loss
Tax Returns for Companies
- Preparation of annual Income Tax Returns for sole traders, partnerships, trusts, companies and superannuation funds and lodgment with the ATO.
- Compliance obligations
- Ensure deduction entitlements are claimed
- Maximise deductions
- Tax agent liaison with ATO
- Preparation of Financial Statements, including Profit & Loss Statements, Balance Sheets and Depreciation Schedules to provide financial information on the performance of the business to the owners.
- Compulsory compliance
- Historical information for benchmarking
- Comparative information (this year vs last year)
- Information on hand for:
- Finance applications
- Business sales
Tax File Number (TFN) application for individuals
- Help individuals to register and apply a TFN.
Individual Tax Return
- Fusion Accountants & Partners as a registered Tax Agent offers theindividual tax return service to help meet your Tax obligations in Australia, all with the benefit of competence and security, offered by our professional advisers.Our success comes from tailoring our services to suit our individual clients’ needs, and in most cases we can identify legitimate tax deductions that you may not be aware of.
- Should the Taxation office conduct an Audit on your tax returns done by us at any time during the next five (5) years, our compulsory Audit Cover is included to pay our fees (up to a maximum $1,000) for time spent assisting you.
Super Fund Structure
- One of the significant decisions to be made when establishing an SMSF is whether to appoint an individual or a corporate trustee to be responsible for the fund’s compliance and legal obligations.
- If an individual trustee is used, the members are also the trustees. When a member dies, all assets have to be re-registered, because all assets in your SMSF must be held by the trustees.
- If a corporate trustee is used, the company is a trustee and the members are directors. This means that it is much easier to add or exit members with a corporate trustee. It also means that when a member dies, the assets do not have to be re-registered and you do not need to have to find another trustee. This is because individual trustees must have two members, whereas corporate trustees need only have one Director.
Super Fund Taxation & Accounting
- Annual Accounting and Tax Returns for self-managed superannuation funds, including reporting on member balances, investment placement and investment returns.
- Audit services for SMSF will be done by specialist independent auditors.