Tax Return Services
I can assist with completing your:
- Personal tax returns
- Company tax returns
- Trust tax returns
- Partnership tax returns
- Self Managed Superannuation Fund tax returns
- Fringe Benefits tax returns
- Business Activity Statements
Financial Reporting Services
I can assist with preparing annual financial reports for your business whether it be structured as a company, trust, partnership or sole trader.
All businesses should maintain a reasonable standard of financial record keeping to provide stakeholders with a clear picture of business performance and whether or not business objectives are being achieved. Except when required by law (see below), small business entities are generally not required to have annual financial reports prepared and signed off by an Accountant. However, while not mandatory, preparation and sign-off by a qualified Accountant can be useful for the following reasons:
- banks may request financial statements prepared by a qualified Accountant when assessing a finance application for your business
- it can be reassuring to a potential buyer of your business because it demonstrates that records have been maintained at a high professional standard
- it provides stakeholders peace of mind that their business records are complete and accurate
The Australian Securities and Investments Commission (ASIC) is an independent Commonwealth Government body that regulates Australian companies. Although all companies should keep financial records to ensure they understand how their operations are faring, some types of companies need to keep these records for the purposes of preparing and lodging financial reports with ASIC.
Proprietary companies (i.e. Pty Ltd companies) are classified by ASIC as either large or small. A proprietary company is defined as ‘large’ for a financial year if it satisfies at least two of the following paragraphs:
- the consolidated revenue for the financial year of the company and any entities it controls is $25 million or more
- the value of the consolidated gross assets at the end of the financial year of the company and any entities it controls is $12.5 million or more, and
- the company and any entities it controls have 50 or more employees at the end of the financial year.
Large proprietary companies must prepare and lodge a financial report and a directors’ report for each financial year. The accounts must be audited unless relief is granted by ASIC.
A proprietary is defined as ‘small’ for a financial year if it satisfies at least two of the following paragraphs:
- the consolidated revenue for the financial year of the company and any entities it controls is less than $25 million
- the value of the consolidated gross assets at the end of the financial year of the company and any entities it controls is less than $12.5 million, and
- the company and any entities it controls have fewer than 50 employees at the end of the financial year
Some small proprietary companies may have to lodge financial reports in certain circumstances.
ASIC Agent Services
All Australian companies are required to be registered with ASIC.
Company officeholders (i.e. directors) are responsible for meeting the company’s compliance obligations with ASIC. Failure to do so will result in the imposition of penalties and fines by ASIC on the company.
The role of an ASIC agent is to act as an intermediary between companies and ASIC to assist companies meet their lodgement obligations under the Corporations Act 2001. As your registered ASIC Agent, I can assist with meeting your compliance requirements by:
- providing access to online lodgement of ASIC forms via my EDGE participation with ASIC, which avoids unnecessary delays associated with postage
- downloading annual company statements from my EDGE platform with ASIC and alerting officeholders to review the company statement, make changes where necessary, and pay the annual review fee by the required due date
- providing officeholders with the correct ASIC form(s) and supporting documentation that is required for a particular transaction or compliance obligation
- if nominated as your company’s registered office, receiving correspondence from ASIC on behalf of officeholders and maintaining all company records
I am fully qualified and able to assist with the bookkeeping function of your business. I am Xero Advisor Certified and Xero Payroll Certified, however I am also well versed with most other bookkeeping software including MYOB, Reckon and Quickbooks.