Accurate bookkeeping services are an integral part of any business and Taxmaster focuses on detail when it comes to keeping your accounts in order.

The bookkeeping services offered by Taxmaster are ideal for small to medium businesses as we work with the most well-known accounting software packages and take the time to ensure you are aware of what is going on with your accounts. Our experts are able to offer you valuable insights into the world of bookkeeping for your business.

Bookkeeping Services Delivering Value

• Checking your accounts information for accuracy and compliance;
• Preparing data for your suppliers, customers, payroll, bank reconciliations, and day-to-day operations;
• Preparing draft profit and loss, balance sheets, and other key reports for your management team; and,
• Supplying your accountant with pre-screened documentation to maximise the efficiency of their time and expertise.

Onsite Bookkeeping Services

The onsite team of bookkeepers at Taxmaster can come to your business or log in remotely to ensure all your bookkeeping needs are met.

Taxmaster services will ensure that you are not left in the dark about the financial position of your business and the specialised skills the team have acquired through years of training and experience will help your business grow and most importantly, save you stress and worry.

All bookkeepers at Taxmaster are certified and undergo ongoing training to stay ahead of the competition. A great bookkeeper will work with you to manage your business’ financial information in a way that saves you money as you will no longer be paying an accountant to do the basics.

An IAS or Instalment Activity Statement, is a form used by taxpayers who are not registered for Goods and Services Tax (GST). It is also the form required to be lodged by entities that prepare a quarterly Business Activity Statement, but are required to remit their Pay As You Go (PAYG) withholding tax on a monthly basis because they are a medium withholder.

The IAS is a pre-printed document issued by the Australian Taxation Office every month, which summarises the amounts of PAYG instalments, PAYG withholding and ABN withholding.

If you withhold more than $25k per year, you must do this every month. If the amount is in excess of this amount, it can be done through the BAS. Withholders of large amounts have to remit statement seven days after the payment of wages or fees.

The ATO has a dedicated section about the IAS and lodgement time frames. If you are stressed out at tax time, Taxmaster can help to make all the necessary preparations so you can focus on your business.

Budgeting and forecasting are important elements of a strategic business planning process. Budgets are financial plans used to express strategic goals in measurable terms such as revenue, expenditure and cash. While budgets model financial performance outcomes of a business given the strategies it pursues, the environment it operates in and the resources it has; forecasts track the achieved and projected results, signalling shortfalls and calling for action.

Benefits of professionally prepared Budgets:​

• Budgets translate the organisation’s strategic goals and plans into numbers and communicate it to the departments, managers, employees and other stakeholders.
• Budgets plan resources by establishing cost constraints for a business or a project.
• Budgets highlight periods when the business may need extra funds.
• Budgets plan resources by identifying potential cash surpluses and the ways to use it for the company’s benefits.
• Budgets set financial performance targets for the organisation, its departments and managers.
• Budgets help evaluate performance of the organisation, its departments and managers.
• Budgets help motivate managers and keep them accountable by setting specific budget goals.

While working on your budget, we look closely at your projected cash flow and determine when the business may need a cash injection or when a cash surplus may eventuate, enabling your next move. At the end of the budgeting process, we provide you with a working document – Corporate Budget Pack – which you will be able to use straight away and in the future, updating it when required.

Taxmaster is an ASIC (Australian Securities and Investments Commission) registered agent. This matters.

Registration by ASIC ensures you can have complete peace of mind. ASIC is Australia’s corporate, markets and financial services regulator, ensuring that Australia’s financial markets are fair and transparent, supported by confident and informed investors and consumers.

ASIC enforces regulatory control over its registered agents such as ourselves, and in the unlikely event of a dispute, you have the right to register any complaint to ASIC.

CONVENIENCE AND HASSLE FREE

Incorporating a company and establishing a trust is easy. Let Taxmaster show you how. It can be completed by email, fax or with a face-to-face consultation. Taxmaster provides all the necessary documentation in-line with the current legislations. Taxmaster can help you complete all aspects of the process within 24 to 48 hours.

Corporate Compliance Services offered by Taxmaster include, but not limited to:

• Corporations
• Discretionary Trust
• Fixed Trusts
• Hybrid Trusts
• Business Names
• Deeds of Variation
• Individual & Corporate Extracts
• Secretarial/Administrative Services
• Reinstatement of Deregistered Companies
• Update of Company Details
• Change in Structures

BAS (Business Activity Statements) can be very daunting for a lot of small business owners, but never fear, Taxmaster can sort it out for you. Our registered BAS agents can assist you with all record keeping associated with BAS and help you manage payments.

Taxmaster can free up your time with our BAS services:

• Helping you create quarterly BAS statements;
• Reviewing coding for GST and reporting on the GST requirements of your business;
• Reconciling your GST account with tax payable to assist with your accountant’s end of year processes; and,
• Your creditors, business partners and the ATO all expect you to have your accounts up to date and accurate.

If you struggle to find time to complete your BAS accurately and on-time, let Taxmaster help you with our BAS services.

Fringe benefits tax (“FBT”) is a tax paid on certain benefits you provide to your employees or your employees’ associates. FBT is separate from income tax and is based on the taxable value of the various fringe benefits you provide. The FBT year runs from 1 April to 31 March.

Since its inception in 1986, calculating FBT has become highly technical and complex. Our team of tax specialist have extensive experience in guiding businesses through FBT and offer pragmatic, straight forward advice and assistance.

Taxmaster provides effective salary packaging for taxable, concessional and exempt benefits provided to employees of either private or not-for-profit sector and examine the interaction between GST, FBT and non-deductible expenditure for income tax.

We specialise in identifying and valuing reportable fringe benefits and keep up to date on recent changes to legislation, latest rulings and Australian Tax Office (ATO) data-matching process.

If you sell a capital asset – such as real estate, shares or investments – you tend to sell it for more than it cost (if you’re lucky) or less than it cost (if you aren’t). This difference between the price you paid for it and the price you sold it for is a capital gain or capital loss.

Capital gains tax is levied on this capital gain (or loss) for all capital assets bought and sold. If you’re not currently keeping accurate records for the purpose of CGT, you may end up paying more capital gains tax than otherwise required, or you may be in breach of the law if you fail to pay it.

Taxmaster can help with:

• Which assets you need to pay capital gains tax on
• Proper record keeping for capital gains tax
• Capital gains tax exemptions
• Calculating capital gains tax
• Lodging and paying capital gains tax
• Business capital gains tax
• Capital gains tax concessions
• Capital gains tax rollover

If you need help with capital gains tax, make an appointment to talk with one of our friendly accountants.

Self managed superannuation funds hold more of Australia’s retirement savings than any other fund type.

Australia has over 440,000 self managed funds, with an average of $800,000 of assets in each fund.

More and more Australians are taking control of their super. Some of the reasons for this are:

• Choice of assets
• Freedom to invest directly, for example, in precious metals or property
• Lower fees (as a percentage of balance) than other funds
• Detailed tax planning in retirement
• Control of tax paid on death benefits
• The ability to personalise other aspects of your superannuation, such as insurance policies

Self Managed Super Fund trustees need specialised and detailed advice to make the most of the advantages of their SMSF. We have the experience to give you that advice.

Our services include:

• Establishment of Self Managed Superannuation Funds
• Preparation of annual Financial Accounts
• ATO annual tax and regulatory returns
• Advice on taxation benefits and pension strategies
• Advice on compliance matters
• Pension setup and commutation
• Limited recourse borrowing in super

The difference between a well-advised and poorly advised super fund can be thousands of dollars over the life cycle of the fund.

SMSF trustees need pro-active, skillful and detailed advice to get the most out of their fund. If your fund lodges its required returns each year but gets no strategic advice you will never reap the full benefits of having your own super fund.

If you would like to set up a super fund, or if you need advice on your existing fund please contact us for a no-obligation consultation.

The Self-Managed Superannuation Fund (SMSF) is exploding in popularity as the ATO adjusts regulations and Australians gain confidence about managing their retirement savings.

Every SMSF requires its own tax return lodged at the ATO, every year. This is in addition to your annual individual tax return. Additionally, every SMSF must be formally audited every year.

Australian taxation law is among the most complex in the world, and SMSF tax is one of the most difficult areas. An SMSF tax problem can erode the gains made within your super fund. That is a disaster for you as an investor and as a future retiree.

Your Self-Managed Super Fund must be ATO-compliant and at the same time it should help minimise your taxes, so you have more to retire on later.

The tax agent team at Taxmaster have more than 10 years’ experience, with specialists in the team for handling every sort of tax issue. Your SMSF Tax Returns are exactly the sort of work we specialise in, and that’s why our clients include families who’ve relied on us for decade – while their wealth grows.

Your future depends on your SMSF. Don’t leave anything to chance: Talk to an expert to ensure your SMSF taxes are in order.

Negative gearing is a strategy used by people to grow the value of their investment while keeping their tax as low as possible. Investors use negative gearing because the interest repayments on loans are typically tax deductible against their personal income.

The real benefits of negative gearing are only realized when you combine the correct tax and financial advice with the right property and loan product. You should always seek expert advice to make sure the purchase is within your budget and will provide taxation and financial benefits in the long run.

If you are interested in finding out more about negative gearing and property call our office today.

Certain business activities, such as owning property or employing staff, can sometimes mean that your business is unexpectedly faced with one or more indirect tax liabilities, putting a strain on your financial plan and budget.

Identifying and complying with the wide range of indirect taxes which apply in Australia, such as:

• GST
• Stamp Duty
• Payroll Tax
• Superannuation Guarantee Charge
• Land Tax

This can be quite demanding, and require precious time that you just can’t afford to spare. The Taxmaster team provides expert client support to assist in understanding the tax obligations specific to your circumstances, ensuring your business is never caught unaware.

Our dedicated professionals are experienced with indirect tax issues and can offer expert advice on the GST and other indirect tax implications for your business.

Here’s how we can help

• Implementing effective and efficient GST structures
• Attending to cross-border GST issues
• Assistance in relation to the indirect tax implications from acquisitions and disposal of businesses and assets
• Expert advice in relation to specific tax solutions
• Ensuring compliance with the superannuation guarantee requirements
• Provision of payroll tax advice for the different states and territories
• Advice in relation to the stamp duty implications of transactions
• Management of GST, Payroll tax and land tax reviews and audits
• Compliance: registrations, preparation and lodgement of necessary returns

We offer comprehensive and practical advice on land tax matters to a wide range of domestic and overseas corporate clients and high net worth individuals.

This involves matters in all states and territories of Australia. This includes:

• advising on all aspects of land tax, including application of absentee owner surcharge and eligibility for exemptions (e.g. principal place of residence exemption, primary production exemptions and aged care exemptions)
• advising on the application of tax on vacant land, including identifying whether the vacant land is a capital asset or a trading stock and eligibility for exemptions
• advising on structuring, including grouping and de-grouping of properties and taxpayers
• providing certainty for taxpayers by obtaining private rulings on their behalf from state revenue authorities
• assisting clients with investigations, reviews and audits instigated by state revenue authorities
• challenging land tax assessments, including lodging objections to assessments of land tax and appeals in the tribunals and courts
• where appropriate, accessing informal dispute resolution mechanisms for clients to resolve land tax disputes, including settlement discussions, mediation and compromise assessments
• assisting clients with valuations and valuation disputes, including briefing of expert valuers and challenging State Revenue Authority valuations by way of objections and appeals
• achieving remission of penalty tax and interest by way of submissions to state revenue authorities
• obtaining second opinions from senior counsel on complex land tax issues, and
• reviewing and making recommendations on trust documents regarding whether a taxpayer is an absentee owner and liable to the surcharge.

Taxmaster offers high quality valuations tailored to individual client requirements.

Our business valuation services include:

• delivering impartial and expert advice to boards, stakeholders and executives on transactions, takeovers, or assessments of unsolicited takeover proposals
• investigating the accurate amount to offer or receive for a company or other asset
• determining the price of equity to be distributed to new shareholders or directors
• assessing private equity and assets for financial analysis
• valuating for tax consolidation purposes and accounting purposes/requirements
• measuring the reasonable worth of employer/employee choices for commercial objectives
• providing valuations to aid in settling commercial disagreements.
• providing valuations for assisting in the settlement of matrimonial property settlements or for use by financial institutions in assessment of value for security purposes.

We provide well-defined and reliable valuations that clearly explain our conclusions.

We are perfectly placed to assist clients to make smart and informed business decisions and to formulate strategies for the future.

Tax effective structuring is not a one-size-fits all.

When you look at how to structure your business (or wealth), you have four types of building blocks. Sole trader, partnership, company and trust.

Each structure has advantages and disadvantages, strengths and weaknesses. Whether a structure will work for you or not depends on your circumstances. The points to consider for tax effective structuring are:

• Timing of Income Distributions
• Allocation of Income Distributions
• Allocation of Cash Payments
• Preservation of Income Type
• 50% CGT discount
• State Tax
• Small Business CGT Concessions
• Government grants
• Asset Protection
• Complexity
• Cost
• Issue of Equity
• Estate Planning

So for tax effective structuring it all depends on what is important to you. If you want the least complexity and cost the answer will be different than if you want maximum asset protection and flexibility.

Often potential business proprietors instruct us to prepare a due diligence report before proceeding on a business acquisition. We scope due diligence assignments very accurately so as the reporting outcomes are commensurate with the client expectations.

Due diligence reporting is an important step before any significant financial or legal commitment is contemplated.

We work closely with you and the proposed transaction to ensure all possible pitfalls and advantages are exposed and evaluated.

Due to ever changing corporate legislation it has become imperative for businesses to obtain specialized assistance. Taxmaster prides itself on its Corporate Secretarial Services expertise, providing a complete range of corporate secretarial and support services for businesses both large and small.

We specialize in the registration of companies, provisions of trust deeds and searching of corporate structures, business names and title searches. We also maintain company and trust registers and facilitate the issue, transfer and cancellation of both shares and units in unit trusts.

Establishing your foreign company and beginning trade in Australia need not be a restrictive objective if you have the right advice on board. Taxmaster is highly experienced in registering foreign companies in Australia and will advise on whether you should establish a local subsidiary company or register and operate an Australian branch with a local agent.

Our network of top accountants, lawyers and financial advisors will identify the best structure for your company and act as your Australian agent to register your business, ensure its local tax compliance and provide management and accounting support.

Taxmaster can help you

• Register your company in Australia with ASIC (Australian Securities and Investments Commission)
• Register Australian Business Number (ABN)
• Act as your local agent or Australian resident director
• Ensure local tax compliance, including Goods and Services Tax (GST)
• Structure your Australian branch to maximise profits
• Consult on tax planning and minimisation
• Advise on local salary packaging, payroll and superannuation requirements
• Prepare cash flow projections
• Provide management and accounting advice
• Complete all necessary legal documents