Chartered Accountants

PREPARATION AND LODGMENT OF TAX RETURNS

We assist our clients with preparation and lodgment of their tax returns. We update our clients yearly on key changes and requirements they need to be aware of in the coming tax year. We provide our clients with practical guidance across the entire spectrum of preparing and lodging taxation returns, whether it’s an individual, a sole trader 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 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.

Income tax is levied upon three sources of income for individual taxpayers: personal earnings (such as salary and wages), business income and capital gains. Income received by individuals is taxed at progressive rates, while income derived by companies is taxed at a flat rate. 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.

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 lodgment 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 and IAS preparation and lodgment 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.

PREPARATION OF FINANCIAL STATEMENTS

Preparing general-purpose financial statements includes the Profit and Loss Statement, Balance Sheet, Notes to the Financial Statements and Depreciation Schedule. This is an extremely important report, providing both business insiders and outsiders with a concise, clear picture of the current financial status in the business.

LIAISON WITH ATO AND REVENUE NSW

Fringe benefits tax (FBT) is a tax that employers pay on certain benefits they provide to their employees, or 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 and also keep a log book. 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 is a government requirement for the payer of an item of income to withhold or deduct tax from the payment and then pay that tax to the government. In most jurisdictions, withholding tax applies to employment income.

Superannuation Guarantee is a government requirement for all businesses to pay to their employee’s superannuation fund a percentage of the employee’s salary.  This requirement was introduced to encourage Australians to take responsibility for and reach their financial retirement goals.

Payroll Tax is a state and territory tax assessed on wages paid or payable by an employer to its employees, when the total wage bill of an employer (or group of employers) exceeds a threshold amount.  The payroll rates and thresholds vary between states and territories.

Land Tax is a state and territory tax that is based on the accumulative value of all unimproved land that you own, other than your principal place of residence in any particular state or territory. 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) is a value-added tax levied on most goods and services sold for domestic consumption.  GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. GST is a complex and confusing system. 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.

Capital Gains Tax (CGT) may arise when there is a capital gain for which you will pay tax.  This is based on the calculation of the difference between what it may have cost you to gain an asset, and what you received when you disposed of it. 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). Generally, capital gains are only subject to tax at the time the gain is realized. 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.

TAXATION PLANNING AND ADVICE

YML Chartered Accountants offers taxation planning and advice based on taxation legislation, knowledge and experience. Our proactive approach ensures our service is consistent, and our client 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. We provide advice on complex taxation matters and also the implementation of tax effective structures for asset protection and tax minimization.

INTERNATIONAL TAX and 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 are 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

MANAGEMENT MEETINGS AND CFO SERVICES

Understanding your business management reports is an extremely important part of your business development. YML Chartered Accountants can help you understand the position of your business by conducting with you quarterly management meetings.  This will provide you with a clear picture of where you stand with your business 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 business finances.

YML Chartered Accountants can also provide your business with CFO Services to oversee your business finances on a daily basis. This allows us to offer an objective view of your business on a much more regular basis so we can advise you quickly of any potential problem areas.

AUDITING SERVICES

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 to handle your audit requirements.

BUSINESS VALUATIONS

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.

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