Accountancy

Straight forward and stress-free accounting services are what businesses of all sizes need from their accountants and we believe we provide exactly that. By providing cutting edge accounting and taxation services, and using the right products for your record keeping, our team at Solutions 4 Accounting & Tax will work closely with you to ensure we understand your needs. Only in this way can we help you achieve your goals, help you manage your cash flow and help you meet your tax obligations.

While fiscal compliance is of the upmost importance, we also believe in offering professional management advice and support at all times. We are committed to offering the highest level of friendly and professional service and welcome the opportunity to work with you.

The areas we specialise in are as follows:

• Accounting & Tax Consultancy Services
• Personal & Business Tax Returns
• Annual Reporting
• Business and Tax Advisory
• Business ‘start up’ advice
• Prepare Business plans and financial budgets and review these regularly
• Measure your performance against industry benchmarks
• Trust & company structures
• ATO correspondence Management
• Taxation – GST & PAYE advice, BAS preparation
• Liaise with the ATO on your behalf
• Self-Managed Super auditing
• Accounting software advice and assistance

Bookkeeping

Solutions 4 Accounting & Tax can take over all, or some of your bookkeeping activities allowing you to concentrate on growing your business. We can:

• Design, establish and review accounting systems and software
• Perform checks, reconciliations and end of financial year reports
• Manage your accounts receivable and accounts payable
• Ensure your business is up to speed with legislative requirements and management reports
• Undertake payroll duties and compliance
• Prepare and lodge BAS statements
• GST & PAYE advice
• BAS Lodgement
• GST Reconciliation
• PAYG Withholding & Superannuation reports
• Completing expense reports
• Direct to bank account transactions
• Organising your documents and records
• Data / ledger entry
• Paying bills
• Completing expense reports
• Direct to bank account transactions
• Provide general business administrative support

Tax preparation, advice & planning

Tax time is coming up. Are you prepared?

When the time comes to deal with your own taxation and accounts, it can be stressful and hassling. Though through good preparation and planning, you can make tax time work for you and potentially reduce the impact of tax, while keeping up to date.

Solutions 4 Accounting & Tax are specialists at accounting and taxation. Based in Nowra, we aim to provide our clients in the Shoalhaven community with comprehensive tax planning advice and strategies, all at competitive prices.

We provide assistance for:

• Individuals
• Families
• Artists
• Trusts
• Businesses and
• Organisations (non-profit and commercial)

Identify Options and Areas to Reduce Tax

Tax can be complicated in many ways—that's no secret. What can you actually claim? Are you entitled to any government incentives or benefits? Is there anything you should concern yourself with when recording expenses?

A professional accountant can help you identify potential tax deductions and government benefits in detail, which could help you minimise tax payable. They'll also inform you of any obligations and laws that you have to meet and abide by, thus helping you stay up to date.

By planning for tax, you could:

• Reduce the amount of tax owed, depending on your situation
• Develop strategies to minimise tax, potentially saving you money
• Prepare for the financial year

Solutions 4 Accounting & Tax have worked with a large variety of businesses and individuals from different industries over the years, tailoring options, advice and strategies to suit clients unique needs. Our experience is complemented by a team of professional accountants and tax advisors, who aim to help you.

Business Advisory

You want to start a business – but where do you start? Solutions 4 Accounting & Tax can help you get started and help your new business to flourish.

Before commencing a new business, the following are some of the key items that need to be considered:

• Decide on the most suitable structure for your business – sole trader, partnership, trust or company
• Prepare a business plan, cashflow projections, budgets, and trading forecasts
• Assess your finance requirements, advise on the best sources of finance, and draw up the necessary proposals
• Establish a good working relationship with your bank
• Register for a Tax File Number and an Australian Business Number with the ATO
• Complete registration procedures with Australian Securities and Investments Commission
• Deal with company secretarial issues
• Set up a recording system for your internal use and for complying with statutory requirements

Each new business is different and needs to be considered in relation to your individual circumstances and our experience can ensure you are maximising your opportunities.

We can also assist with:

• Business takeovers
• Valuation of business
• Due diligence reports
• Due diligence services
• Business risk profiles
• Specialist Tax advice
• Tax planning
• Board of Directors representation
• Specialist Tax advice

Payroll & GST Reporting

Payroll

We can assist you with all facets of payroll and reportable contractor payments. Our professional team are fully versed in all legislative requirements and the processes required in managing this crucial part of your business.

The primary objective of payroll processing is to ensure that employees receive all the financial entitlements they are owed in a timely manner. Poor payroll processing can be very detrimental to a business as it can significantly impact net income and lead to disgruntled staff. With an abundance of legislation, payment methods and withholdings, payroll management can be a difficult and time-consuming process.

Payroll processing services include:

• General Payroll – ensure your staff are paid the correct rates and paid according to the correct hours worked.
• Payslips – Our team can prepare your staffs payslips on your behalf and email them directly to you or your staff along with
• PAYG Withholdings – Any business that has employees or pays employees of another business must withhold an amount from payments made to them. Any payments made to a business that doesn’t quote an ABN on an invoice or other documentation must also have an amount withheld from payments.
• Taxable payments reporting – Businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year. These payments need to be reported to the Australian Taxation Office (ATO) on the Taxable Payments Annual Report, or electronically.
• Entitlements – calculation of leave including holiday, personal, long service and rostered days off.
• Payroll Tax, Workers Compensation Insurance, Employment Forms – some or all of these may be needed for your business.
• Efficient and Electronic systems – these should simplify all processing and provide greater security for you and your staff.
• Superannuation should be calculated and paid – this is a compulsory whereby employers are required to pay a percentage on top of “ordinary time’s earnings” to a nominated superannuation fund. These contributions need to be made at least once every three months and penalties for late payment are very severe.
• End of Payroll Year Processing – Reconciling, Generation and Lodgement of employment group certificate’s and payment summaries, taxable payment summaries, reportable fringe benefits and lump sum amounts

GST Reporting

Once a business reaches a turnover of $75,000 per annum, the business is required to register for GST and lodge Business Activity Statements with the Australian Taxation Office. Depending on the nature of the business and the turnover thresholds, the business will register to report using either the cash or accruals method.

GST is an important tax consideration in events such as sale of property, development projects, new business structures, mergers and acquisitions and international transitions.

We can help you to prepare comprehensive financial statements for a wide range of readers and an equally wide range of purposes. Whether your statements relate to your business or your personal financial standing, we can accommodate your needs. The GST-related services we offer include, but are not limited to:

• Advice on registering for GST
• Monthly/quarterly Business Activity Statements (BAS)
• Income Activity Statements
• Pay as you go (PAYG) instalments
• Annual Business Activity Statements
• ATO audit assistance

Corporate Compliance

Solutions 4 Accounting & Tax has the experience and understanding of the legal and regulatory framework that applies to business entities and we can help you understand the myriad compliance programs and regulated obligations that affect your business/company. We will make sure your business/company meets all its obligations to ASIC (Australian Securities & Investments Commission), the ATO (Australian Taxation Office) and the SRO (State Revenue Office of Victoria). Compliance is of paramount importance but we also believe that management advice and support is a crucial aspect of corporate accounting.

We can assist with:

• The formation of trusts and new company registrations
• Preparation of annual company statements
• Attending to ASIC returns and regular filings on your behalf
• Any company changes or change of directors
• Business name registrations and maintenance
• Renewal of business name/s and other registrations
• Preparing meeting minutes and drafting resolutions
• Share allotments/transfers/buy-backs
• Unit Trusts and allotment/transfer of units and change of Trustee
• Family Trust set up and change of Trustees
• Provision of registered office services for service of notices
• Preparing minutes and drafting resolutions.

Accounting software support

More small to medium-sized businesses are moving to cloud accounting and using cloud based applications for their bookkeeping and accounting needs through desktop and mobile apps. All businesses need to keep track of their accounts, and cloud accounting allows businesses to make invoicing and cashflow management decisions based on more up to date information. It also provides for other business efficiencies including payroll for off premises workers.

The cloud revolution is propelled by fast, reliable internet, cheaper servers and widely-used open-standards for interchanging data and instructions between software. Moving to the cloud does not increase data risk if good password policies and back-up strategies are in place. Businesses should ensure staff understand modern security risks and complete training when moving to cloud accounting or using any service that provides remote access.

Solutions 4 Accounting & Tax are a Xero Gold Champion Partner and Xero is our preferred accounting software platform.

Contact us to discuss your circumstances so we can help determine the most appropriate solution for you based on functionality, ease of use and cost.

Management reporting

Management Reporting includes the preparation of management reports and accounts that provide accurate and timely financial and statistical information. Information required by managers to make day-to-day and short-term decisions more efficiently and effectively to achieve desired outcomes such as increasing profit or delivering improved services.

Unlike financial accounting, which produces tax returns and annual reports, management reporting generates monthly or weekly reports for an organization's management and decision makers. These reports typically show items such as available cash, sales revenue, orders in hand, accounts payable and accounts receivable, and outstanding debts. An important aspect of Management accounting is determining what information management needs and communicating this effectively.

Solutions 4 Accounting & Tax can assist with all aspects of management reporting including:

• Strategic advice to managers about the financial implications of projects
• KPI reporting
• Explaining the financial consequences of business decisions
• Formulating business budgets and business plans and strategies
• Monitoring spending, financial control and Cashflow projection
• Conducting internal business audits
• Monthly/quarterly management reports
• Product costing reviews.

Business Structuring & Transitioning

Business Structuring

Choosing your business structure is an important decision and Solutions 4 Accounting & Tax can consult with you and suggest the best structure for your business. There are four main business structures commonly used by small businesses in Australia. They are:

• Sole trader: an individual operating as the sole person legally responsible for all aspects of the business. Like other structures, as a sole trader you can employ people to help you run your business. The structure is inexpensive to set up because there are few legal and tax formalities.
• Partnership: an association of people or entities running a business together, but not as a company. A partnership is relatively inexpensive to set up and operate.
• Company: a legal entity separate from its shareholders. It is a complex business structure, with set-up and administrative costs that are usually higher than for other business structures.
• Trust: an entity that holds property or income for the benefit of others. Trusts require a formal trust deed that outlines how the trust operates, require the trustee to undertake formal yearly administrative tasks and if you operate your business as a trust, the trustee is legally responsible for its operations. A trustee of a trust can be a company, providing some asset protection.

Companies and Trusts are more complicated business structures but they have their advantages and Solutions 4 Accounting & Tax can discuss these with you. It is important to note that you can change your business structure throughout the life of your business.

Business Transitioning

You’ve worked hard to create and build your business to the valuable asset it is today. But how do you maximise the benefits of owning a business along the way and especially when you sell it. Creating a good business succession plan is essential to being in business. Often the lack of planning this vital aspect can see years of work devalued or eliminated altogether. Plan early to avoid the disappointment and make sure you are protecting yourself and your family along the way.

At Solutions 4 Accounting & Tax we understand this important aspect of business management because we run a business just like you and have over a decade of assisting business owners make the most of what they have. We have a team of other highly qualified professionals to assist in all aspects where necessary because we understand being successful in this important area is a team activity. Contact us today to see how we can assist you.

Self-managed Superannuation Funds

Setting up a Self-Managed Superannuation Fund is a major financial decision. We understand that you’re busy and that the SMSF rules are complicated. We will provide you with an end to end solution giving you access to all the support and expertise you need to ensure your SMSF is well managed and compliant.

A SMSF can have many advantages but, equally, you need to consider the reasons why a SMSF may not suit your needs. We can help you decide if this is the right option for you.

Advantages of a SMSF:

Having control of your retirement savings can lead to a deeper understanding of how your overall wealth is tracking, and gives you more confidence in your investment and lifestyle decisions.

You can have access to a broader range of investments. You can invest in the usual options such as shares, term deposits, managed funds and property but you can also hold alternative assets such as artwork, jewellery, antiques, and wine. There are though, very strict rules on holding the latter assets in your self-managed super fund.

You retain control while still being able to take advice from your advisors.

Beneficial tax planning strategies.

Greater flexibility for accessing Centrelink benefits such as the age pension.

But a SMSF is not for everyone:

If you have set up a self-managed super fund (SMSF), you are in charge and you make the investment decisions for the fund. You must also be aware that you are responsible for complying with superannuation and tax laws, maintaining records, providing financial statements, completing tax returns and organising an annual independent audit.

You also need time and expertise to run your SMSF.

Compliance is very important.

There can be up to 4 Trustees and their thoughts and ideas have to be included.

The ATO offers advice on the responsibilities of having a SMSF.

Solutions 4 Accounting & Tax offers advice on all SMSF services, including:

• The setting up of a SMSF and all administration tasks such as preparation of your trust deed and the completion and lodgement of relevant ATO statements.
• Superannuation consolidation.
• Ensuring your SMSF is compliant with current superannuation laws and regulations
• Advice on life and disability Insurance options.
• If there is more than one member in your SMSF, we can offer advice on what will happen in the event of ill health, death, relationship breakdown, or waning interest.
• Advice regarding Investment in Property
• Appointment of Trustees
• Audit of your SMSF