Accounting, Bookkeeping and Taxation

As a business owner you require real time, accurate financial information in order to run and manage your business effectively and efficiently. We will work with you to provide long term sustainable cashflow solutions.

 

We can relieve you and/or your team of the enormous burden of all your bookkeeping and accounting needs, including preparation of your Business Activity Statements (BAS), annual accounts and periodic management accounts for tax, business appraisal, and planning purposes which also creates greater capacity internally so you can grow your business.

 

We will discuss your requirements with you and provide information relevant to your particular situation, as well as constructive advice, on a regular basis. Every successful business must keep accounts, and this is a requirement and not an option.

We can assist you with the below:

We will provide you with reliable and timely information to ensure you make the right decisions for your business. Our goal is to help you maximise your profits now and in the future.
Our financial & management accounting service includes:

  • Bookkeeping internal & external
  • Budgets
  • Business valuations
  • Cash flows
  • Due diligence & business reconstruction
  • Financial statements

For the business owner, we specialise in tax planning and consulting together with compliance services, capital gains tax, goods and services tax, fringe benefits tax, and superannuation.

For individuals, we prepare and lodge income tax returns electronically, ensuring all sources of income are disclosed and deductions correctly claimed and maximised. We also advise you on strategies you could employ to help you minimise your tax.

Our taxation services include:

  • Preparation & lodgement of tax returns for all structures
  • Amendments to tax returns
  • FBT returns
  • Payment summaries
  • Annual payment summary reconciliation
  • ATO liaison
  • Registration/Deregistration – TFN, ABN, PAYG, FBT
  • Capital gains tax Shareholder loan agreements
  • Dividend 7A agreements
  • Depreciation schedules & rates
  • Franking accounts
  • Tax structures
  • Payroll tax
  • Private rulings
  • Salary sacrifice
  • Stamp duty
  • Debt restructure
  • Tax planning

We provide a full range of corporate and secretarial services, including:

We provide a full range of corporate and secretarial services, including:

  • Companies
    • New company (including all registrations)
    • Company registration
    • Company deregistration
    • Company reinstatement
    • ASIC compliance
    • Company review – annual returns
    • Company name change
    • Company search
    • Copy of certificate of incorporation
    • Constitution
    • Share transfers
    • Changes to officeholders/addresses
  • Trusts
    • New trust (including all registrations)
    • Discretionary trust registrations
    • Unit trust registrations
    • Superannuation registrations
    • Trust name change
    • Trust deeds
  • Registration/De-registration for:
    • TFN
    • ABN
    • GST
    • PAYG
    • FBT
    • Workcover
    •  Business name

Our GST services include:

  • Registration/Deregistration – GST, ABN, PAYG
  • Business activity statements (BAS)
  • Instalment activity statements
  • Annual GST returns and reconciliations

We provide a wide range of audit services to our clients, including:

  • BAS Audits
  • FBT Audits
  • GST Audits
  • Income Tax Audits
  • Payroll Tax Audits
  • Solicitor Trust Account Audits
  • Special Purpose Audits
  • Statutory Audits
  • Superannuation Fund Audits
  • Workcover Audits

2021 Fringe Benefits Tax Return

Fringe Benefit Tax has been around for some time, which the ATO is warning us that it is a sleeping giant and they will step up revenue raising in the 2021 financial year.

 

Fringe benefits tax (FBT) is payable by employers on certain benefits they provide to their employees or their employees’ family or other associates. If you are lodging your own fringe benefits tax (FBT) return, you need to lodge and pay by the 21st of May. If we are lodging on your behalf, your due date is not until the 25th of June.

 

Even if you have been paying FBT instalments on your quarterly BAS, we still need to complete and lodge the annual return to assess whether you have paid too much or too little throughout the year. If you have not paid any fringe benefits this year, or if the amount paid is less than $2,000, check with us as you may still need to lodge a nil return.

 

Examples of fringe benefits include:

  • Purchasing meals & drinks at a food establishment (ex. pubs & restaurants)
  • Allowing an employee to use a work car for private purposes
  • Allowing an employee to park a work vehicle at their home address
  • Giving an employee a discounted loan
  • Paying an employee’s gym membership
  • Providing entertainment by way of free tickets to concerts
  • Reimbursing an expense incurred by an employee, such as school fees
  • Giving benefits under a salary sacrifice arrangement with an employee

 

The Good News; If we prepare and lodge your 2021 FBT Return, then the length of time the ATO can audit you for FBT purposes is limited to just 3 years.

 

By limiting this potential ATO audit period to just 3 years, the risk to your business of having to pay large amount of FBT and penalties in the future is vastly reduced.

Things to consider before finalising the FBT return:

  • Have you paid benefits to employees or associates for entertainment, expense payments, loan payments or any other benefits in lieu of wages and salary?
  • Have you checked which benefits are exempt from FBT?
  • Do you have tax receipts and other records related to the payment of fringe benefits for employees or associates?
  • Do you have the relevant employee declarations, log books and travel diaries?

Remember that you must keep records of all FBT related transactions for at least five years.

 

THE PLAN (Work involved)

To achieve this extra benefit for you, we will need to:

  1. Send you our 2021 FBT Client Questionnaire to complete and return to our office
  2. Review this Questionnaire
  3. Prepare your 2021 FBT Return and 2021 FBT Report
  4. Lodge your 2021 FBT Return and liaise with the ATO for your FBT payments

2021 FBT Client Questionnaire

PRICE
We estimate that our price for this recommendation will be approximately $250.00 to $500.00+GST, depending on the complexity of the work. In some complex cases it may exceed the above estimates.

This additional work is optional, but we strongly recommend it.

 

NEXT STEPS

Simply email admin@cbaservices.com.au confirming that you are happy for us to do this project work for you. Please phone or email us if you have any further questions about this recommendation.

Contact Us Today!