Accounting, Tax & Advisory Services
Financial Statement Preparation
Financial statements summarise and present financial transactions for a particular period of time into a meaningful form. They allow for comparison of financial performance over time and provide information necessary for the preparation of an income tax return.
We prepare financial statements for companies, trusts, partnerships, individuals and self-managed superannuation funds.
We also prepare General Purpose Financial Statements for companies that are required to do so.
Income Tax Return, Preparation & Lodgement
The annual lodgement of an income tax return is a requirement for any entity or individual that carries on a business. Individuals who are not carrying on a business must lodge an income tax return on an annual basis if their taxable income exceeds the tax-free threshold (currently $18,200) or if otherwise required to do so.
Income tax is a complex and everchanging area and so it is important that your returns are prepared by a Tax Agent who is up to date with current laws. Lardner Partners’ employees undertake regular training to maintain their income tax knowledge.
Tax Advice
Australian tax law is complex and continually changing and even inadvertent non-compliance can be costly.
Through regular training, our staff remain up to date with the ever changing Australian tax landscape.
Receiving advice around the tax implications of transactions at the outset can avoid adverse outcomes down the track.
We provide tax advice in the following areas:
- General income and deduction provisions
- Capital gains tax including small business exemptions
- GST
- Family Trusts
- Superannuation including SMSFs
Business Advice
Business owners are often consumed in the day to day operations of their business, not allowing them time to look at the bigger picture.
Having the discipline to set aside time to assess your business together with concise and meaningful financial reports is critical for business success.
We can assist you in the following ways:
- Work with you to develop financial reports to suit your needs
- Set a schedule to meet with you regularly to discuss your business
- Provide business advice
Structuring Advice
Having the right structure for a new business, an existing business or to make investments has several advantages including:-
- Tax saving
- Asset protection
- Effective succession or estate planning
We can assist you in the following ways:
- Structuring advice
- Co-ordinate the establishment of companies, trusts and superannuation funds
- Obtain Tax File Numbers, ABNs
- Obtain appropriate registrations including GST and Pay As You Go Withholding
- Co-ordinate relevant legal agreements including leases and shareholder agreements
Trusts
A trust provides a valuable way to protect the assets you have accumulated for the benefit of others. Our extensive experience with trusts enables us to offer specialist advice on trust formation. Obligations for trustees can be onerous, and our assistance in trust administration can prove invaluable. We can assist with:
- Co-ordinate the establishment of trusts
- Preparation of trustee minutes and resolutions
- Preparation of financial statements and income tax returns
- General advice on the trust law
- Advice on provisions contained in trust deeds
- Advice on trust distributions
ASIC Compliance Services
Corporations Law requires businesses to perform certain administration tasks. Companies must maintain registers of director and shareholders and keep minutes of meetings. Companies are also required to notify ASIC of changes to addresses, officeholders and shareholders with failure to do so in a timely manner resulting in financial penalties.
We can take the burden of these administrative tasks by providing the following services:
- Attending to Annual Returns
- Preparation and lodgement of documents notifying ASIC of changes
- General advice on company law
- Preparation of minutes and resolutions
- Maintaining statutory records including company register
- Share allotments
- Dividend documents
- Share registry services
FBT
Certain benefits provided to employees or their associates may be subject to Fringe Benefits Tax. These include providing a car for private use and entertainment (eg: restaurant meals).
If you provide fringe benefits to employees, you are required to prepare and lodge a return with the ATO each year advising the amount of benefits provided and paying the appropriate amount of Fringe Benefits Tax.
We can assist you by preparing and lodging a Fringe Benefits Tax return on your behalf as well as providing advice, including on benefits that are exempt from Fringe Benefits Tax.
Payroll Tax
If the remuneration you pay to employees (ie: wages, superannuation, bonuses, etc) is greater than the tax free threshold, you are required to register for and pay Payroll Tax on the amount of remuneration over the tax free threshold.
Payroll Tax is administered by each State and accordingly if you are required to register for Payroll Tax in each state in which the remuneration you pay to employees exceeds the tax free threshold.
If you are employing in more than one state, the tax free threshold in each State is adjusted downward so to reflect the remuneration paid in each state as a proportion of remuneration paid nationally.
Employers who are related parties are grouped for Payroll Tax purposes, with the tax free threshold applying to the group.
We can assist you with Payroll Tax compliance in the following ways:
- Assessing whether you are required to register for Payroll Tax
- Determine whether grouping provisions apply
- Preparing and lodging monthly returns
- Preparing and lodging annual reconciliations
- Managing non-compliance issues including liaising with Revenue Offices on your behalf