Tax, Tax Planning & Tax Audits

Tax is only one aspect to your overall business activity or your own goals, however it is important to plan and structure appropriately to achieve the best outcome for today and the future. Careful planning to accommodate your objectives is part of an ongoing assessment of your wealth creation plan and ongoing discussion as to changes within your business and your own goals.

An initial review for clients is paramount to ensure that your current arrangements are assessed and improved where opportunities exist and implemented.

Aults provides an ongoing assessment of your current and projected taxation requirements to assist you in understand timing and cashflow needs.

  • Income tax returns for all entities
  • GST & BAS returns
  • Tax audits and reviews – when the Tax Office requests information, do you know what to do and how best to achieve the correct outcome
  • Tax planning is an ongoing exercise throughout the year as your circumstances change and changes in tax law affect your situation
  • Tax forecasting and Cashflow requirements to fund ongoing tax commitments
  • CGT advice and planning
  • GST advice and planning
  • Salary packaging (including management of FBT aspects of packaging)

Accounting and Bookkeeping Services

Aults provides a comprehensive range of accounting and bookkeeping services which are tailored to meet the needs and requirements of your business. This service is designed to help clients achieve outcomes for:

  • Single ledger cloud based approach to discuss real-time financial information.
  • Ongoing compliance for GST and regular reporting and lodgements for the Tax Office, ASIC, SRO, and Workcover as required, including single touch payroll, superannuation reporting.
  • Reporting for banks and finance providers.
  • Budgeting and forecasting over short, medium and longer term timeframes.
  • Review of actual performance against budgets and analysing opportunities and assessing costs to assist in growth of your business in a controlled manner.

Business Planning Growth Analytics & Business Performance Reviews

Business planning coincides with your own planning and objectives to ensure the business is aligned with what you wish to achieve.

Business planning is the review and planning for the right structure for your business, whether, sole trader, partnership, trust options or corporate options or a combination of structures to meet the business and your personal needs.

It may be planning for the purchase and start up of a business, it may be planning for expansion, or planning to add another element to your business – whatever aspect, it is critical to plan for opportunities, cashflow requirements, working capital, capital expenditure and finance requirements for longer term debt needs.

Planning also includes:

  • Preparation of business plans for your business, including marketing, staffing, targets
  • Cashflow and forecasting as part of the business plan.

Business Performance Reviews are set in place to complement you and your business planning to ensure that the business is on track with what was expected through tailored management reports on the performance of your business using critical ratio analysis to identify underlying performance issues.

This provides the opportunity to capitalise on current events and evaluate the outcomes within workable timeframes rather than wait until the end of the financial year to decide whether a business decision was good or poor for the business – it is too late at that stage to evaluate business decisions.

Business Succession Planning

Are you considering admitting a new business partner, or offering an interest in the business to employees. Are you looking to downsize or reduce the time you spend in the business. Every business owner is or will be asking these questions at some stage…

Succession planning is the careful and structured plan of establishing direction and a timeline to transfer part or all of the ownership in the business. Aults provides advice and clearly documents the requirements to undertake and timeframes to implement to ensure you transfer ownership within your business in the most effective way.

Areas which must be addressed are:

  • To achieve the best outcome for outgoing or exiting owners of the business
  • How best to transition out of and allow new people in to the business
  • How to achieve the best price for the transfer (and in what form)
  • What structures should be used
  • What tax implications need to be planned for and managed
  • How can superannuation assist in managing tax requirements
  • What CGT concessions are available to you
  • Timeframes to transition the business
  • What buy/sell agreements do you have in place