Professional accountants can give you an in-depth look at the financial picture for you, your family or your business.
They can take the financial data they prepare for taxes and other financial statements and convert it into insights and actionable plans. When accountants work with wealth managers and business advisors, you benefit from data, facts, insights – and strategies – that will get you where you want to be.
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It is our view that you should not pay any more tax than you are legally obliged to pay. As quoted by Mr Kerry Packer at a Senate Committee hearing in the 80’s “The Tax Department do not spend my money very well so I don’t intend giving them a cent more than I have to”. We ensure that clients claim all the taxation deductions they are entitled to. But more importantly we look at their business structure to ensure that it is the most optimal structure and suites their needs. Preparing taxation returns for clients generally the end product of the services we provide. But more importantly, we ensure that where possible our client’s needs are met to ensure the returns we lodge are optimised from a tax perspective, are accurate and timely. We are registered with the Australian Taxation Office as a tax agents and authorised by them to charge fees for preparing and lodging income tax returns. We prepare taxation returns for the following entities:
- Personal taxation returns for salary and wage earners, investors and retirees.
- Sole traders and small businesses.
- Companies which included Pty Ltd companies, Companies Limited by Guarantee, and special purpose companies.
- Superannuation funds.
- Trusts which include discretionary trusts, family trusts, unit trusts and hybrid trusts.
Capitalise your return with Modoras Accounting. Complete your individual income tax return on-line in 3 easy steps.
It is not how much you earn that is important, it is how much you keep. How you handle the cost of taxation is vital to this. We see tax planning as an all year event. Tax Planning Strategies can include using the correct structure to operate your business through:
- Trusts – Unit, Discretionary, Testamentary and religious.
- Superannuation or a myriad of other measures which may include prepayments, debtor write-offs, stock write downs. Measures that will have individual application to your business.
Talk to us, and we will help you. If you need to know more, download our free e-book 2012 End of Year Tax Planning Strategies. Capitalise your return with Modoras Accounting. Complete your individual income tax return on-line in 3 easy steps.
Business Activity Statements (BAS)
If you are in business, and your turnover exceeds $75,000 per annum, you are required to be registered for GST. You must remit to the Australian Taxation Office the GST you collect. If your income is less than $75,000 you may register, or you may elect not to be registered. There are some instances when registration is beneficial (even if it is optional), and other cases where it is best not to be registered. Each case will be different, talk to us to determine what method would suit you best. You can also register on either a Cash Basis or an Accrual Basis. One shoe does not fit all. Again talk to us to determine the best method for your type of business. We help our clients ensure they claim as many input credits as possible and hence pay the minimum GST due. You may also be entitle to claim diesel rebates on fuel purchased, depending on your industry. It is our view that you should not pay any more tax than you are legally obliged to pay. Let us help you maximise your claims and/or minimise your tax. Business owners may (depending on registration) be required to lodge:
- Monthly or quarterly Business Activity Statements (BAS) using either option A or option B.
- Income Activity Statements
- Pay as you go (PAYG) instalments
- Annual Business Activity Statements
The ATO over the last six months have been fining late lodgers as much as $550.00 per BAS. Let us help you lodge your BAS on time to avoid fines and penalties.
As accountants in practice with over 30 years of experience, we have seen every type of business, every situation and every problem. If you are experiencing a problem, talk to us, no doubt we have dealt with it before. We are able to help with:
- Structuring or restructuring your business.
- Negotiating with the Australian Taxation Office on debt repayment plans.
- Assisting with insolvency or bankruptcy issues.
For clients that need business advice to improve their business or reduce the burden of taxation (or both):
- Optimising their business structure.
- Setting up a viable business strategy (strategic planning) for the business both now and in the future.
- Writing a business plans and cash flow plans.
- Setting a direction for the business with the aid of policy statements, staff hatting, and proper organisational skills.
Modoras Accounting is well placed to help business owners rise above any issues that confront them. Give us a call, you will be pleasantly surprised.
Modoras Accounting is one of the few firms in Upper Mount Gravatt able to offer these services. Many accountants in practice do not hold auditing qualifications nor are they registered with the Australian Securities and Investment Commission (ASIC) as company auditors. We are licensed to audit the following:
- Superannuation Funds
- Trust Accounts – which include:
- Real estate agents
- Travel Agents
- Lawyers trust accounts
- Accountants trust accounts
- Companies Limited by Guarantee.
- Not for Profit Organisations.
- Associations and entities incorporated under the Associations Act.
- Public Companies.
Companies required under their constitution to be audited each year.
Our Other Services
Business Consulting is a vital part of assisting our client’s needs. We automatically consider various aspects of our client’s needs. However we do have a structured program to help business owners run their business better. It is a step by step process and involves:
- Understanding exactly where the business is right now.
- Reviewing the pricing, overheads, and break even points.
- Preparing some basic financial modeling on break even points and overheads structures.
- Helping business owners have clear goals for their business. This often involves ensuring their business goals are aligned to their personal goals.
- Providing training and educational tools for both the business owner and their staff.
- Implementing a strategy for success.
- Setting policy for the business.
- Implementing a management by statistics system.
- Writing up a business structure that clearly sets out the staff functions and their position in the organisation.
- Monitoring the success of the business towards it goals.
The above starts with a strategic plan, a business plan and implementing a management by statistics system (KPI’s). Running a business is similar to many aspects of life. Business is a game to play to achieve an end. The games philosophy is the achievement of targets or goals. Management of the business becomes management of the statistic associated with each part of the business. Knowing the game you are playing, setting the rules, making sure your entire team is playing the same game are key elements. As a business owner, if you do not set the game, your staff will, and the game they play may not be aligned with your goals. As a business owner it is your role to keep everyone in the business on target with the goal of the business.
Accounting services are offered through Modoras Accounting (UMG) Pty Ltd ABN 81 601 145 215, Modoras Accounting (Gold Coast) Pty Ltd ABN 62 601 145 199 and Modoras Accounting (VIC) Pty Ltd ACN 145 368 850
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