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Chartered Accountants

YML Chartered Accountants

The YML methodology is to start by understanding the client. Our YML Chartered Accountants strive to familiarise themselves with their clients, and their client’s business. This approach, combined with our knowledge, expertise and enthusiasm, allows us to tailor the best and most appropriate solutions for our clients’ specific circumstances, delivering consistently insightful and innovative advice. We help clients achieve financial peace of mind through our extensive experience and personalised service in tax and accounting matters. We offer:

  • Taxation planning and advice
  • Preparation and lodgment of Tax Returns
  • Liaison with the ATO and the Office of State Revenue NSW in respect to the following:
    • Income Tax for: individual, business, property and investment
    • Fringe Benefits Tax (FBT)
    • Withholding Tax
    • Superannuation Guarantee
    • Payroll Tax
    • Land Tax
    • Goods and Services Tax (GST)
    • Capital Gains Tax (CGT)
  • Preparation of financial statements
  • Preparation and lodgment of IAS/BAS
  • International Tax
  • Connecting Chinese and Israeli Businesses to Australia
  • Company Secretarial
  • Pro-Active Business Programs
  • Auditing Services
  • Valuation and sale of businesses
  • Succession Planning

YML Chartered Accountants uses cloud-based accounting software Our software can integrate with a whole ecosystem of add-ons, providing a scalable, cost-effective and easy to use solution. The cloud gives our clients a clear real-time overview of their current financial position, and allows multi-user access so online collaboration their team and advisors is simple.Everything runs online, which means there’s nothing to install and everything is automatically backed up. Talk to us today to learn how YML can be your cloud accounting partners.

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 Taxation Planning and Advice

YML Chartered Accountants offer a full range of taxation services. Our taxation consulting division is nationally recognised, offering advice based on proven knowledge and experience. Our proactive approach ensures our service is consistent, and our relationships solidly stand the test of time. Taxation can be a major cost to your business. We work in partnership with you to minimise your tax and achieve your key objectives. Our complete service provides advice in all of the following areas:

  • Preparation of activity statements and advice on payment of tax
  • GST/FBT obligations
  • Advice on and implementation of tax effective trust structures for asset protection and tax minimisation
  • Management of any ATO Audits or disputes

 

Preparation and lodgment of Tax Returns

We assist our clients with preparation and lodgement of their Tax returns. We update our clients yearly on key changes and requirements they need to be aware of in the coming tax time. We provide our clients with practical guidance across the entire spectrum of preparing and lodging taxation returns, whether it’s an individual return, a sole trader, a business, a partnership, a company, a trust, an SMSF or a deceased estate. With years of experience and knowhow, our quality tax preparation and accounting services add value to our client relationships.  We are dedicated to our clients, ensuring they pay less tax, make more money and receive the best advice to grow their wealth portfolio. We are a Registered Tax Agent (78150-005) and a Member of the Chartered Accountants Institute. Liaison with the ATO and the Office of State Revenue NSW regarding: Income Tax for: individual, business, property and investment Income tax is levied upon three sources of income for individual taxpayers: personal earnings (such as salary and wages), business income and capital gains. Generally, capital gains are only subject to tax at the time the gain is realised Income received by individuals is taxed at progressive rates, while income derived by companies is taxed at a flat rate of 30%. Income tax is collected by the Australian Taxation Office for the Government of Australia. The financial year runs from 1 July to 30 June of the following year. Fringe Benefits Tax Fringe benefits tax (FBT) is a tax employers pay on certain benefits they provide to their employees, including their employees’ family or other associates. The benefit may be in addition to, or part of, their salary or wages package. If you are a director of a company or trust, benefits you receive may be subject to FBT. Fringe benefits tax is separate to income tax and is calculated on the taxable value of the fringe benefits provided. The FBT year runs from 1 April to 31 March. As an employer, any non-cash benefits (fringe benefits) provided to employees or associates may be subject to Fringe Benefits Tax (FBT). Cars are one of the most common fringe benefits employers provide to employees or associates. The private usage of the car may be subject to FBT. If you have provided a car benefit to your employees or associates, please make sure you keep detailed information on expenses, log book and odometer readings. There are other fringe benefits, such as car parking, entertainment, private loans, and living away from home allowances which may also be subject to FBT. Withholding Tax A withholding tax is a government requirement for the payer of an item of income to withhold or deduct tax from the payment, and pay that tax to the government. In most jurisdictions, withholding tax applies to employment income. Superannuation Guarantee As the Government encourages Australians to take responsibility for and reach their financial retirement goals, citizens are repeatedly required to deal with Superannuation funds. Self-managed Superannuation is a means of saving for retirement. It allows you to control your investment strategy, reduce tax while obtaining tax benefits, and control administration costs. Superannuation law is a delicate area and personalised planning is required for each individual. At YML Chartered Accountants, we are superannuation experts,and can assist in establishing a superannuation fund that will effectively allow you to reach your financial retirement goals. Services we offer include:

  • Establishment of Self Managed Superannuation Funds
  • Completion of Information for the Insurance and Superannuation Commissions
  • Superannuation Audits
  • Advice concerning Compliance Matters
  • Advice concerning Taxation Benefits
  • Advice on Employer obligations
  • Borrowing in super – instalment warrants

Payroll Tax Administering your payroll can be time-consuming and divert you from the core activities of your business. Payroll & employment legislation is growing increasingly complex. YML Accounting can relieve you of this burden by providing a comprehensive and confidential payroll service, including:

  • Customised payslips
  • Administration of PAYG, statutory sick pay, annual leave etc
  • ATO filing
  • Summaries and analyses of staff costs
  • Administration of incentive schemes, bonuses and termination payments

Even if you have only a few employees, you will make savings by engaging us to administer your payroll. Land Tax Land tax is based on the accumulative value of all unimproved land that you own, other than your principal place of residence in any particular state. Each state or territory government not only has its own tax rate but also has certain exceptions within their laws in regard to land tax. All states and territory governments in Australia (except the Northern Territory) impose a land tax. To help you minimize your land tax obligations you will need to be familiar with the various land tax thresholds between each of the states and also consider the following: investment in property in several states, buy units instead of houses, and buy properties using different buying entities. Finally, after assessing these different methods of minimizing land tax, you also need to incorporate your overall income and taxation position and have a discussion with us to ensure everything you do is specific to your own individual circumstances. Goods and Services Tax (GST) The GST system is a complex and confusing one. YML Chartered Accountants is continuously up to date on any changes, and able to offer you accurate advice. Every transaction brings with it a GST issue. We have experience with these issues and are able to offer expert advice on the implications of GST for your business. The GST related services we offer include, but are not limited to:

  • Advice on registering for GST
  • Filing and adjusting GST returns
  • ATO audit assistance

Capital Gains Tax (CGT) A capital gain or capital loss is the difference between what it may have cost you to gain an asset, and what you received when you disposed of it. You pay tax on your capital gains. This forms part of your income tax and is not considered a separate tax, although it is generally referred to as capital gains tax (CGT). The most common assets you may have to pay CGT on are real estate purchases, shares, and managed funds. Other circumstances in which you may be liable for CGT include if an asset you own is lost or destroyed, or if you stop being an Australian resident and you own assets. If you make a capital loss you cannot claim it against income, however, you can use it to reduce a capital gain in the same income year. If your capital losses exceed your capital gains or you make a capital loss in an income year you don’t have a capital gain, you can generally carry the loss forward and deduct it against capital gains in future years.

Preparation of Financial Statements

Preparing general-purpose financial statements includes the balance sheet, income statement, statement of retained earnings, and statement of cash flows. This is the most important step, providing both business insiders and outsiders a concise, clear picture of the current financial status in the business

Preparation and Lodgment of IAS/BAS

Tax compliance and reporting can be confusing, time consuming and legislation is always changing. We assist with the preparation of monthly or quarterly Business Activity Statements (BAS) and Instalment Activity Statements (IAS), and lodgement with the ATO. BAS includes reporting sales, purchases, GST, wages, PAYG withholding and income to the ATO. IAS includes reporting wages, PAYG withholding and income to the ATO. BAS/PAYG/IAS preparation and lodgement are now a large part of all business’s financial functions. It is critical to complete these statements correctly and on time to avoid penalties from the Australian Taxation Office.

International Tax- Connecting Chinese and Israeli Businesses to Australia

For many business owners, Australia’s export push into world markets, especially South East Asia provides significant business growth opportunities. However, global and local taxation and financial implications need to be considered to be successful in cross border transactions. YML Chartered Accountants have specialist skills and industry knowledge to help you manage your tax requirements. We can assist you to uncover opportunities, manage global tax risks, meet cross-border reporting obligations and deal with transfer pricing issues. If you’re operating across borders, or competing in multiple jurisdictions, complying with local tax laws, reporting requirements and statutory filings — not to mention staying on top of new legislative developments — is more than a full-time job for your tax department. But compliance is only half of the equation. In a world of intensified global competition, the key to business success is keeping your tax strategy agile and aligned with your corporate strategy — while keeping an eye on your worldwide effective tax rate. In-depth advice on international tax matters includes:

  • The most effective business structures
  • The effects of double tax treaties
  • Global mobility services
  • Position of overseas employees
  • Structuring inbound and outbound investments
  • Transferring pricing issues
  • Withholding tax requirements

 

Company Secretarial

Company legislation requires businesses to perform many administration tasks that take up valuable company time and put you, the business owner, under stress while trying to ensure you are complying with the Corporations Law. The possible threat of penalties for failing to keep up with the changing rules is too great a risk to take. At YML Chartered Accountants we are able to relieve this burden for you. Our services include:

  • General advice on company law
  • Company formations
  • Filing of annual returns on your behalf
  • Preparation of all documentation related to minutes and resolutions
  • Maintenance of statutory reports
  • Assistance in changes of directors, shareholders, addresses, and office details
  • Bonus Issues
  • Share transfers
  • Registered Office Facility

 

Business Pro-Active Program

The business Pro-active Program is a quarterly financial health check report, which forms part of your professional development and business development. YML Chartered Accountants will provide you a clear picture of where you stand with your finances and give you unbiased advice – from building your savings to repaying debt. We will assist you to change the way you think about your finances.

Audit

YML Chartered Accountants view Audits as a great opportunity to review your business and not as an overhead or a necessary evil. Our audit team will work closely with you, getting to know your business. We use the latest computerised systems based around a detailed analytical review of accounts. This allows us to offer an objective view of your business so we can advise you of any potential problem areas.

Valuation and Selling of a Business

Selling a business can be a difficult, often disheartening time. The task of selling a business can seem particularly arduous at times. At YML Chartered Accountants we are able to relieve that stress for you. YML Chartered Accountants has the experience and the expertise you need. The services we provide in relation to organising the sale of a business include:

  • Obtaining comparative results
  • Establishing a realistic sale price
  • Taking the business to the market
  • Negotiating with potential purchasers
  • Drafting a contract

Our professional staff are able to assist you in achieving a maximum return for your business.

Succession Planning

In ensuring the long-term success of your business, it is critical to establish a well-designed succession plan. Co-ordination of the transition of your business to your successors can be an arduous process. However, with our years of experience we can address the complex issues of business continuation, taking the stress off your shoulders.

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