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Business Tax Returns

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The staff here at Tolton & Co understand that your business is important to you –VERY important! With that in mind our friendly, professional & experienced staff are here to help fulfil the financial, accounting and taxation requirements of your business, so you can focus on running your business.

The following are some of the areas in which we can assist your business to run smoothly.

Business Set-up and Appropriate Structure

Thinking of starting your own business and just don’t know where to begin?

Whether you are thinking of buying an existing business or starting your own from scratch,

The team at Tolton & Co can take you through all the factors you should consider before taking that step.

If you’re considering buying an existing business, the most important question is probably “Am I paying the right price?” We have the expertise to examine the business and past financial statements to help you answer that question.

Or have you decided you would like to be your own boss and build your own business? If so, should you set-up as a sole trader, partnership, trust or do you need the protection that a company structure offers? Choosing the right business structure from the beginning is vitally important to ensure it is appropriate for your business from both a legal, as well as a taxation, point of view. Time and money invested at this early stage could save thousands down the track!

Whatever the case, we can help you get started and guide you through the process of making the appropriate applications and registrations required to get your business up and running.

Corporate Secretarial Services

For those clients operating their business within a company structure, we can take care of ensuring all of your corporate requirements are met. For one low annual fee of $330 Tolton & Co can be the “Registered Office” of your company. We also make sure the annual statement from ASIC is up-dated, completed and lodged on time as well as maintaining your company register at this office. We can also attend to annual director’s minutes, any other paperwork generated by ASIC as well as any changes you need to make to Directors’ details.

Tax-Effective Business Structures

Factors to consider when choosing the most appropriate structure in which to operate your business include: – number of owners; size/turnover of the business; number of employees; ability to distribute income; and business risk (ie do you operate in a field where you are likely to be sued).

The most common business structures used are as follows:-

Sole trader – As the name suggests, is appropriate for businesses with one owner/operator. It is the most simple business structure with minimal set-up/maintenance costs and is suitable where the likelihood of legal action against the owner is minimal.

Partnership – Is also a relatively simple business structure and is suitable for businesses in which owners number between 2 and 50. Set-up costs and maintenance costs are also quite low but it does not offer any protection of partners’ personal assets in case of legal action against the business OR with regard to debts of the partnership/business.

Trust – Is a more formal type of business structure which can be used where it is desirable and advantageous, from an income tax point-of-view, to be able to distribute income to beneficiaries (usually family members) of the trust. Naturally, the set-up and on-going costs are higher as trusts have to be “formed” in accordance with the law and also have to comply with both accounting and legal requirements on an on-going basis.

Company – The most formal of the business structures which has the major advantage of separating the assets/liabilities of the business from those of the owners/shareholders. With the business owned and operated by the company (which is a legal entity in its own right) any legal action taken against the business is, generally, limited to the assets of the company – EXCEPT where directors have been found to be negligent. As for trusts, set-up and maintenance costs are higher due to the necessity to comply with accounting and legal requirements.

Each of these structures has its advantages as well as limitations – and very different set-up and maintenance costs. However, getting the correct structure for your business is most important and we can help you get that right. Furthermore, we can then assist in completing the relevant documentation to get your business, partnership, trust or company established within the correct legal framework.

Business Advice

Is your business running how you would like and are all aspects of the business meeting your expectations? Perhaps your cash flow is not adequate to meet all of your obligations to suppliers, employees, the tax office or even yourself! Rob Tolton has been running this business for over 27 years and can help you identify possible causes of poor cash flow and offer solutions to get your business back on track.

Perhaps you’re drowning in paperwork and find that you simply don’t have the time to attend to all of those documents and notices that arrive from the tax office or ASIC – or you really don’t understand what they are asking you to do? Our experienced team here at Tolton & Co deal with this documentation every day and can either take care of it for you or give you the necessary advice to help you move your paperwork from the “In tray” to the “Filing tray”.

No matter what it is, with our combined experience we are sure to have come across it before – and if we haven’t, we will make your business our business.

Tax Planning

This is an area which is often over-looked with the pressures of the day-to-day running of a business and meeting ongoing obligations, including end-of-year accounts and tax returns. However, there is a real opportunity here, with a little forward thinking, to prepare interim accounts, ascertain a likely tax outcome and take action if required. There may be circumstances where your financial position is unusual for a particular year – such as unusually high income, an event resulting in a capital gain or a personal crisis which may affect your ability to pay tax for that particular year.

If you come in and see us prior to the end of the financial year, you might be surprised as to what can be done (within the law) to offset an unusually high tax liability or minimise tax in a difficult year.

GST Obligations

We can provide assistance with questions such as: Do I need to register for GST? Would it be beneficial for me to register for GST? How often do I need to complete Activity Statements? What is a Business Activity Statement and why do I have to complete it? We can then complete the GST registration process for you.

We can take care of all of your GST obligations for you or help you to understand what is required to complete these correctly.

Financial Analysis

Financial analysis of your business is something we offer to clients on either a one-off basis or an ongoing basis, depending on your requirements. By reviewing the accounts and making an analysis of the underlying data using key indicators and ratios, we can hopefully reveal areas which explain why your business may not be as profitable as expected.

This analytical information can also be provided on an ongoing basis for our larger clients in conjunction with the preparation of periodic management accounts – e.g. monthly, quarterly – to ensure the business is meeting financial expectations.

Strategic Planning

This form of planning is mostly offered in the area of long term generational planning for our clients

who have built a sizeable business and need to be able to plan ahead for future generations and their associated “life events”. The main area of concern here is the protection of both business and personal assets by using appropriate structures which will offer protection of family assets into the future when events such as marriage, divorce and death may occur. In particular we look at:

putting structures in place which are commensurate with liability/risk;

estate planning;

exit strategies; and

associated insurances.

Other Reporting Requirements

Preparation of annual reports and tax returns is only part of what we do. We can also help you with other reports for your business, including the following: –

Management Accounts – For our larger clients we can provide management accounts on a periodic basis (such as monthly or quarterly) to enable them to compare the actual performance of the business with the budgets they have established. The higher the turnover of the business, the more important it is to equip management with the information required to keep their finger on the pulse of the financial status of the business.

We can also provide assistance with budgeting and offer advice with certain (financial) aspects of the business not meeting expectations.

Cash-flow reporting – No matter how big or small your business, the importance of cash-flow cannot be emphasised enough and can lead to many a headache for the small business owner.

Your business maybe highly successful (or even adequate) in terms of turnover, but do you have control over the actual cash flowing into and out from your business – and is it sufficient to meet your obligations to suppliers, employees and the Tax Office? If not, come and see us and …

Reports for Banks and Financial Institutions – Are you in the process of applying for a loan to expand or upgrade your business? The first thing that is required, of course, is an up-to-date set of financials. Here at Tolton & Co, we understand that you want your loan approved ASAP and will do whatever it takes to get those financials to you, or your bank, as quickly as possible.