Accounting/Bookkeeping

For businesses with less than a $5 million annual turnover

Option 1 - Preparation of 2022 Company/Trust/Sole Trader financial statements and lodgement of your Annual Tax Return‍

• Your accounts ready for year-end processing based on your record keeping and make all the checks for accuracy and reconcile major accounts such as GST, payables, receivables, assets, and Bank accounts to ensure the liability is reflected correctly in the financial statement. (Please note this doesn’t include any bookkeeping as there will be extra charges for this).
• Review of your bad debts and immediate asset write off along with any other tax deductions the company is entitled to.
• Advise on the tax treatment of any State/Federal Government grant received and any overdue debt outstanding with ATO. We can also assist to undertake any debt negotiation with ATO arising from GST or income tax liability. (Please note this does not include any remission appeal, that you may need to put in place)
• Review of your STP compliance and assistance with finalisation of your employees for 21/22 year.
• Review and advice on any tax losses the company have and how best to utilise for tax advantage.
• Review strategies about profit maximisation or tax minimisation.

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• Option 2 - Start-up Business Finance Mentoring

• Assess your business structure to make sure that the structure provides you with best tax advantage. Provide you advice on how to change business structure without incurring any Capital Gains Tax effect (CGT).
• Thorough checking of all your government registrations and legality to ensure you are properly registered for everything you need to be. This includes but not limited to checking registrations such as GST, PAYG ABN.
• Leave your registration for ABN, TFN or GST, to us – we take care of this for you
• Discuss your needs and obligations in terms of business insurance and work cover.
• We will talk about your business plans, discuss your strategies moving forward such as marketing plan, setting up of your business goals and budgets.
• We will provide some tax effective advice to ensure you minimise your tax liability.
• We will advise on payroll and directors/owners’ remuneration. That is how to pay yourself first.
• We will briefly look at some of your pricing tactics and cost of sales analysis to ensure your prices to customers are charged correctly.

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Option 3 - Personalise your taxation, accounting or bookkeeping as per your requirement.

• We will customise the offer and provide you with services according to your needs up to the value of the voucher.  

Find out more about Avesol Accounting here

Business Growth Assessment

Our expert business advisors will gladly meet with you to help you grow your business. We offer a one-hour free consultation and all necessary work after our initial meeting. The aim of our service offering is to provide you with the most relevant advice to you and your business we possibly can. We can help you plan to reduce debt in your business, manage costs more efficiently or advise you on the next steps on your business growth journey. The possibilities are endless, but it all starts with a conversation. We can't wait to meet you.

Collins & Co’s business growth assessment includes the following service capabilities:

• Business Advice
• Visioning Session
• Business Valuation
• Restructuring advice
• Succession Planning
• Exit Strategies

Find out more about Collins & Co here

Business strength is made up of a combination of assets, liability and owners’ contribution (or capital). The combination of these forms a set of key indicators. These indicators are a telltale sign of the business's strength. Without knowing and analysing what these indicators are just like stewarding a company without a ship captain. There are some indicators that need to be improved gradually and some needs urgent attention. This is why there are short-term solutions/ planning and long-term solution and planning.

Last but not least, cash flow forecasting and management are key ratios for any business. Knowing and maximising the ROI will set your business different from others. If your business requires business funding, we can refer you to appropriate business lenders. A combination of short-term and long-term funding is critical to a business.

Our financial reports are monthly, quarterly, half-yearly and yearly.

As a registered tax agent, in our tax planning, we will advise your taxpayer right and advise you on the tax law. Apart from the usual BAS preparation and submission, we will represent you as our client to discuss your tax matters with the Australian Taxation Office (ATO).

If your company is facing a cashflow issue, we will represent you to seek GST and company income tax payment plan or instalment with the ATO.

Tax planning is an important part of your business management.

We can help you.

Find out more about Wong and Kong Accountants Taxation Corporate Advisory here