How we help you to
Go Beyond The Numbers
This is a guide to what we can do for you, and how we go about doing it.
We work with you in gathering your information so we can present an accurate, and real position for you, to the Tax Office, the banks and whoever you need to present your information.
We can provide tools to help you gather your data through the year, so that you are ‘ready’ for your year-end tax returns, or for your quarterly bas returns. We can also set you up with online systems for your business or your investments, to keep track of your financial position, and have you ready to go for year-end, without the ‘scramble’ or the shoebox full of faded receipts.
Let’s start with what we provide – and how to get the best out of your numbers
- We provide analysis, advice, information, options and possible solutions for you in the areas of accounting, taxation, business startups and operations, general investment advice and a range of financially related areas.
This generally is undertaken in the following areas:
- Taxation advice and assistance; (including tax variations and audit protection).
- Financial Planning and portfolio management.
- Assistance with loan finance arrangements to purchase your next investment property, your ‘dream home’, or to help improve the return from your investments.
- Optimising your salary package arrangements.
- Setting up the most appropriate structures for your investments (including SMSFs and trusts) to get the best taxation, asset protection and ongoing management control over your assets.
- Assistance in setting up and managing your business or investment portfolio, including Superannuation, GST, capital gains and other day-to-day matters.
So, how do we work with you?
Our stated aim is to “Go Beyond The Numbers”
To go “Beyond the Numbers”, we have three steps:
1. Get the Numbers;
2. Understand the Numbers; then
3. Go Beyond the Numbers.
Get the Numbers.
If you are in business, this means all the data related to your day to day business or investment activities – what you sell (products or services), what you buy (stock, running costs, staff costs, equipment), how you finance it (loans, equity, bank and credit cards) and what it generates in a profit – and pays in tax. To do this, we will work with you to run accounting and data collection systems, input the details, and produce the results. This gives us the ‘numbers’ that can define how your business is going.
For investments, such as shares, funds, or properties, we can do the same – provide systems that help keep track of your investments, gather the data, interpret the results, and provide the information that you need to make decisions on further purchases and sales.
With your personal income tax position, it is similar. We can help advise on ways to keep track of what you spend for your work (so we can claim the right tax deductions), gather the details of your income when your employers have lodged this, and prepare your tax returns each year. We can also look at items like your superannuation entitlements and advise you on managing your tax position.
This process starts with a discussion about you: what you want to do, and what steps you need to take to make that happen. The questions can be very simple (e.g. what tax do I pay on my salary?) or much more complex (e.g., how do I structure my activities to get the best profit results for my family and me?)
And it all starts with good record-keeping, and we can help you achieve this to ‘get the numbers’, ready for the next phase. With the demands being placed on everyone by the Tax Office and the banks, it is more and more important that this process is done correctly. Fortunately, it does not have to be difficult, and we can help make the process easier for you.
We use systems like Xero, Hubdoc, Dext, Sharesight. BGL Cas and Simple Fund, WorkflowMax, Aider and related systems to manage our processes and give you the information and insight to manage your arrangements. And as new ideas and processes become available that we believe will benefit you and your activities, we will introduce them to you and work with you to make them work for you.
The days of ‘paper ledgers’ and exercise books full of income and receipt entries are long over. It is not efficient and wastes your time and money. We can make things faster, easier and more beneficial for you.
Then we “Go Beyond The Numbers.”
Accounting is not (just) about the numbers.
Many people think that Accounting is all just about the numbers, and that the numbers record your success.
That isn’t success.
Success is what those numbers allow you to do, have, plan, grow, and be.
Our role is to work with our clients to help them achieve that – to go beyond the numbers and achieve their success.
Our vision is to provide our clients with the opportunity to achieve their goals, both financial and otherwise.
So from the work we do with you to Get the Numbers, and then understanding the numbers, we first prepare the necessary reports and returns that are needed, such as:
Annual Income tax returns; (Personal, Partnership, Company, Trust or Super funds)
Annual (and interim) Financial statements;
Quarterly or monthly Business Activity Statements;
Financial reports on your business or personal income for banking and financing requirements;
Review of investments, including income and capital gains reports;
Estimate the tax implications of selling or transferring an investment, transferring an asset
From this work, in conjunction with your documented requests, we work with you to identify the risks, opportunities, strategies and options that you can take to improve your financial or operation position as you go forward. In the past, this type of work has ranged in areas like:
• Cashflow and financial projections for your business
• What tax will I pay if I sell this property?
• How much tax can I save if I buy an apartment?
• What can I borrow to build up my business? • Can you help me to franchise my business?
• What R&D rebates can I get to help support my business development?
• Can I transfer my property to my children – and what are the tax implications?
• Is there any government support for employing new staff – and can you help me apply for it?
• How can I best set myself and my family up for retirement?
• Can you help me with a budgeting plan for my business/home purchase goal?
And many other requests of a similar nature.
This stage represents looking at your future, and what you want to achieve, not just looking at the past, and what you have ‘done’, which is what accounting appears to be for many people. We go beyond what the numbers tell us has happened, and help you plan for the future. Your future.
Ok, so what are the terms of the arrangement – what do we pay and when?
When we work with our clients, we like to make things clear upfront so that there are no ‘ifs’, ‘buts’, or ‘maybes’ in the arrangements. We understand what you want us to do, and you understand how much it will cost, and when payments will need to be made. Our standard arrangements fall into three categories:
For clients where we are doing work on their accounts throughout the year, we arrange an annual fee contract, with payments made monthly on the 28th of each month via direct debit.
For work such as income tax returns, where a refund is expected, we can draw out fees from the refund and pay you the balance, as a way to make the payment process easier as well. Otherwise, we invoice when the return (or the advice session) has been completed, and payment is due within 14 days.
For other work, such as for Individual tax returns, advisory discussion sessions or specific projects, we will generally agree a scope of work to be done, prepare a letter of engagement detailing the work to be completed, and either quote a set price for the work or a range for the fee. A deposit may be asked for, with the balance of the fees to be paid within 14 days of the completion of the work or after the date of invoice. For larger projects, progress payments may be required, and that will be identified in the letter of engagement.
Our Letter of Engagement will give you all the terms and conditions in more detail, and is provided when we start your projects.
That all sounds great – but what won’t we do?
With the advice and assistance we provide, no matter how hard we try, we cannot always guarantee the outcome you may have been expecting. i.e. despite our best endeavours, we cannot guarantee 100% that what is presented to you, the Tax office, the Bank, or to a potential buyer or seller you are negotiating with, will come out with the ‘outcome’ you may be wanting or expecting. It may simply be impossible within the legislation, the guidelines or within your budget. We will look for ways to make things happen, but it is not always possible.
We also DON’T “make it up as we go along”. i.e. when it comes to preparing your tax returns and accounts, we cannot simply ‘assume’ items that can be claimed on your tax returns or apply a ‘same as last year’ (or last quarter) approach.
Each year can be very different, and the ATO requirements (and our professional guidelines) demand that we take our role in recording and reporting your information seriously.
And we don’t go ‘outside the law’. We will work within the confines of Australian Taxation and Corporate Law and assist you with advice within their legal boundaries.
So, where do we start?
We start with a conversation.
Let’s talk about your needs – immediate and future – and work out the best way to get your plans underway. We will listen to you, collate the relevant information (from your tax return data to your business and investment arrangements, whatever is necessary), and set up the scope of work to be done.
We will review your information, and obtain data from the ATO and other relevant bodies as needed, to get a complete picture of your situation.
We then agree on a process, and a fee, and get things underway for you.
To start the process, please complete the Enquiry Form, and send it to us at : email@example.com