Business Accounting

We provide a range of Business Accounting services including:

• Preparation of Financial Reports for third parties including financial institutions
• Cashflow Management and Projections
• Management Reports Ratio Analysis for your Business using DuPont Method
• Industry Reporting, benchmarking your business with your industry competitors

To arrange for a consultation, please call us on (03) 9853 0133 or email us at .

Tax Management Services

BGO Accounting & Business Solutions employs a team of qualified accountants and experienced staff, who specialise in taxation matters for individuals, businesses and corporations. Management of your taxation liabilities is a critical corporate governance issue for your business, and a major part of any personal financial planning process. Specifically we can assist you with:

Compliance

• Income Tax Returns preparation and review
• Compliance Management - handling notices, deadlines, lodgements & payments
• Management of tax audit and tax dispute resolution
• Other tax registration and compliance issues for Good and Service Tax (GST), Fringe Benefits Tax (FBT), Pay As You Go Withholding Tax and Pay As You Go Instalments, ABN,BAS,IAS,SGC etc.

Consulting

• Tax advisory,modelling and planning
• Specialist Taxation Advice - including Capital Gains Tax issues, Fringe Benefits Tax, negative gearing, GST, salary packaging and business structures.

At BGO Accounting & Business Solutions we take a proactive approach to saving tax and increasing your wealth. We analyse your present and future potentialities and, where appropriate, provide you with means to legally reduce your taxation in the ensuing years. We will use our resources and best endeavours to keep you up-to-date on your rights and obligations with the ATO. We review and analyse the latest Income Tax Rulings, legislative changes and court decisions to determine how they may affect your situation. To arrange for a consultation, please call us on (03) 9853 0133 or email us at .

Please click here to view the latest Individual Tax Rates at the ATO.

Business Advisory Services

Starting a new business or even running an existing business can be a challenge for even the most experienced campaigners. At BGO Accounting & Business Solutions we can assist you to achieve your business and personal goals. We offer services that will help you through the start up and management phases of your business.

Do you need help preparing your business plan?

A comprehensive business plan is the key ingredient needed to systemise your operations and provide scope for your business to grow into the future. Financiers insist on seeing a well thought out and meticulously put together business plan before even considering an application for finance. The key questions at the base of any business plan are (in order):

1. Where are we now?
2. Where do we want to get to?
3. How do we get there?

Our resources allow us to assist you greatly in this area.

Our Business Startup Checklist is available to guide those setting out on a new venture in the preparation of a Business Plan. We can work through it with you, to ensure you start on the right foot.

Do you need help finding finance for your business?

Once your business plan is ready we can help you to obtain finance necessary to run your business. As we take no up-front commissions on financial products, you can be sure that you are getting unbiased information and advice

What type of business structure is best for me?

This is a critically important factor in the establishment of your business and the planning for its long term growth. The right Trading Structures can minimise taxes and maximise asset protection.

• Trading Structures

Do you need help managing your business?

Our Management Consulting and Corporate Compliance services can assist a growing business or new starter alike. We have access to some of the best corporate minds and resources in the country.

What insurances do I need as a business owner?

There are many types of business insurances with which any existing or prospective proprietor must contend. We can assist you through the multiplicity of options which best suit your type of business.

Accounting

Accounting

Accounting Services

We believe accounting services should be straight forward and stress-free. By providing cutting edge bookkeeping, accounting, taxation and financial solutions and using the right products for your record keeping, our team at BGO Accounting will work with you to understand your needs and help you achieve your goals. Our approach will make it easier for you to manage your cash flow and meet your tax obligations.

While fiscal compliance is of the upmost importance, we at BGO Accounting also believe in offering management advice and support for all levels of our service.

We also complete tax returns for individuals (ITRs). ITRs can be complex and there are allowable tax deductions and expense claims that can be made that you may not be aware of. We can help you minimise your payable tax, potentially increase your tax refund and make sure your tax return is lodged on time. We also offer advice on:

• Investment properties, tax and negative gearing
• Tax & share investments
• HELP (higher education loans) debts
• Superannuation advice
• Advice on setting up a self-managed super fund (SMSF)
• Late tax returns.

The areas we specialise in are as follows:

• Personal & business tax returns
• Annual reporting
• Business and tax advisory
• ATO correspondence management
• Self-managed Super

Business Accounting

Business accounting

You concentrate on running your business and let BGO Accounting take care of all your business accounting and taxation requirements. The following list covers many of the areas where we help our clients but we also like to understand what your business is trying to achieve so that our input maximises your outcomes.

• Accounting and bookkeeping
• Accounting software advice and assistance
• Business & company tax returns
• Taxation – GST & PAYE advice, BAS preparation
• Liaise with the ATO on your behalf
• Help understand your WorkCover obligations
• Audit advice & audit insurance
• Superannuation for you and your staff
• Business ‘start up’ advice
• Prepare 'business plans' and financial budgets and review these regularly
• Measure your performance against industry benchmarks
• Trust & company structures
• Business Insurance.

Accounting & Tax Consultancy Services

Accounting & Tax Consultancy Services

Management Accounting Advice

Management Accounting 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 accounting 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.

Management Reporting

BGO Accounting 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.

Self Managed Superannuation Funds

Self-managed Superannuation Funds (SMSF)

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.

BGO Acocunting 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.
• Investment property advice.
• Appointment of Trustees
• Audit of your SMSF

Business Advisory

Business advisory

Business start-ups and structures

Choosing your business structure is an important decision and BGO Accounting can advise on 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 BGO Acounting can discuss these with you. It is important to note that you can change your business structure throughout the life of your business.

We can also assist with:

• Business takeovers
• Board of directors representation
• Due diligent services
• Specialist Tax advice
• Tax planning
• Business risk profiles.

Corporate Compliance

Corporate compliance

BGO Accounting 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). Of paramount importance is compliance 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
• Annual taxation returns, lodgement of financial statements
• 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.

Finance

Finance

Loans and loan management are central to overall financial management. Obtaining the best loans for your needs is crucial and Calx Financial can help you with solutions that meet your short and long term needs.

The loan types we can help you with are as follows:

First Home Buyer

Buying a first home is a cause for great excitement but the loan used to do so needs to be managed and the risks understood. Features of mortgage loans such as the size, repayment period, interest rate, method of paying off the loan, and other characteristics can vary considerably. We can help organise the best loan for your needs.

Investment Loans

Investment loans are designed to help you work towards long term financial freedom, however they need to be organised so they help make the most of your assets. Investment loans should be part of an overall investment strategy that works towards building your wealth. We can help you with both loans and planning.

Commercial Loans

Commercial Loans are renewable loans used to finance a company’s immediate working capital needs. These can be large or small scale and usually operate short-term. Commercial loans are often more complex to organise and manage than other loan types.

Standard variable & fixed rate loans

A variable rate loan offers more features and flexibility but the rate is usually slightly higher. Fixed rate loans are set for a specified period of time and offer stability that allows you to organise your finances and repayments.

Honeymoon Loans

This loan type is one that has lower repayments for the first six to twelve months. The purpose is to allow you to ease into adding loan repayments into your expense budget. A honeymoon period does, though, add to the scheduled number of years to loan maturity.

Bridging Loans

Sometimes there can be a gap between when you buy and when you sell. A bridging loan is often necessary to cover this gap. Usually, bridging loans are short term and more expensive than other types of loans.

Car Loans and Plant & Equipment Finance

Loans for these purposes can sometimes be hard to obtain but Calx Financial works with a number of bank and non bank lenders to ensure you have the options you need.

Self Managed Super Fund Loans

We can help you secure property using your super. Talk to us about how this can be done.

At Calx Financial our role as your finance specialist is to provide you with the best loan for your needs and objectives. Contact us today to discuss how we can work together:

(03) 9853 0133 or info@calxfinancial.com.au

Property

Property

Calx Financial can make sure your dreams become a reality. Buying your own home is often the first significant investment you will make. Purchasing another property may well be the second investment people will make even before shares and other assets.

Our objective is to help you make safe investment property decisions that create wealth in the long term.

We have partnerships with many respected property agents and research firms. This enables us to source suitable properties for individuals, couples and families looking to make an investment into property.

We also specialise in helping invest in property through SMSFs.

At Calx Financial we will provide the time and expertise needed to help you implement the best property investment plan possible. Contact us today to discuss how we can work together:

(03) 9853 0133 or info@calxfinancial.com.au

Strategic Planning

Strategic Planning

Strategic planning is determining how an investor is going to meet their goals and objectives. It is about helping clients define their goals, gathering information and analysing data to make a plan, then implementing the plan and monitoring the results. It is also monitoring and updating goals and objectives as clients move through different phases of life.

Our process is as follows:

Develop an investing plan

'Failing to plan is planning to fail.' It's a cliché but when it comes to investing money, setting and then attaining long term financial objectives, then it makes a lot of sense to have a plan. Also, history shows time and again that the sooner you can start the better the outcomes.

Steps to prepare

• be clear about your current finances
• Confirm your goals
• understand risk.

Attaining long term objectives is better served by setting some short term goals. Fer example, such mile stones might be set for 1-3 years, then 4-6 years and then 7+ years.

However, just having a plan isn't enough. It needs to be regularly revisited and amended accordingly. Like the initial drafting of a plan the ongoing monitoring can be complex, due to an increasing number of rule and regulation changes. We can help you manage this complexity and provide ongoing monitoring.

Our primary aim is to help you attain your financial objectives

At Calx Financial we will provide the time and expertise needed to help you implement the best financial strategy possible. Contact us today to discuss how we can work together: (03) 9853 0133 or info@calxfinancial.com.au

Retirement Planning

Retirement Planning

Retiring on your own terms is not always easy to achieve, however it is evident that those who plan for retirement are more likely to do so. Results also show that obtaining professional help during the pre-retirement years further improves the probability of attaining your retirement objectives.

The earlier you start implementing a plan the better the outcomes.

During one’s working life there is always an income to make ends meet when raising children, paying off a mortgage and covering other costs of living.

Retirement planning is about the lifestyle you will have after you stop work and receiving employment income. Planning focuses on issues such as how much superannuation is enough, taking a super pension, claiming the 'Age Pension', making superannuation contributions while receiving a pension from a super fund, estate planning and looking after your family.

Planning properly is becoming even more important now we are expected to live longer. This greater need means that professional help has never been more important as well.

At Calx Financial we will provide the time and expertise needed to help you implement the best pre-retirement plan possible. Contact us today to discuss how we can work together: (03) 9853 0133 or info@calxfinancial.com.au

Building Wealth - Investments

Building Wealth – Investments

Investing your hard earned savings can be complex to manage and benefit from. There are many issues such as levels of risk, market timing, asset classes, and your own goals, objectives and preferences that need to be considered. Even getting started is difficult but this is where we have the time and expertise to help you.

Even after initial investments are made there are important issues that need to be addressed such as monitoring, buy/sell decisions, tax considerations, and when to take a loss or profit. In addition, there is a huge amount of investment information and spruiking that can easily lead you in the wrong direction with unwanted consequences.

Market volatility simply makes the situation harder and can often lead investors into emotive and rushed decisions.

Having a proper investment plan is very important and the sooner you implement it the sooner you can grow your wealth. We can help you develop a financial plan and provide advice that will help overcome the issues raised above.

At Calx Financial we can provide the time and expertise that will help you invest wisely and prudently. Contact us today to discuss how we can work together: (03) 9853 0133 or info@calxfinancial.com.au

Protecting Your Wealth

Protecting Your Wealth

Personal insurance

Life insurance isn’t just a cost, though it often feels like it. You buy peace-of-mind that should a serious issue effect you then the consequences won’t unduly affect your family financially. Insurance provides you with the ability to manage the financial and emotional impact of some of the more drastic surprises, whether personally or in your small business.

Insurance can’t replace a loved one but it can help reduce the financial burden by providing the capital to ensure your family has choices.

A yes to any of the following questions means you have a need for insurance coverage. However, many Australians are underinsured and the consequences can be very serious for families should there be a death or serious injury.

1. Do you have a mortgage?
2. Do you have school fees?
3. Do you have any personal loans?
4. Do you have any credit card debt?
5. Do you have dependents?
6. Would your financial position be affected if you were to suffer from an illness or injury?
7. Do you want to have enough capital to look after your dependents if you were unable to care for them for an extended period of time or perhaps indefinitely?

We understand that it can be difficult determining the type and level of cover you might need, let alone choosing an insurer. We can assist by helping you determine your needs and recommend an insurer that is right for you.

At Calx Financial we know how to protect your wealth and will recommend solutions that best suit your needs. Contact us today to discuss how we can work together: (03) 9853 0133 or info@calxfinancial.com.au

Superannuation

Superannuation

Your Super

Superannuation is mandatory but taking an early and active interest in it is critical to ensuring the benefits it can offer are maximised by the time you retire. Many will have a superannuation scheme through employment but increasing numbers are starting their own Self Managed Super Fund (SMSF).

However, for many, simply relying on employer contributions may not be enough and you may need to look at strategies such as additional contributions or salary sacrifice. Older Australians will need to focus even more on their superannuation strategies because most came to this form of saving later in life.

It is always best to start saving and planning for your retirement as early as you can.

At Calx Financial we know our job is to help you meet your retirements needs and we have the skills and experience to do this for you. Contact us today to discuss how we can work together: (03) 9853 0133 or info@calxfinancial.com.au

SMSFs

SMSFs

Self-Managed Superannuation Funds (SMSFs) offer a good strategy option for many individuals, families and small business owners to build tax effective wealth and to protect assets over time. SMSFs are becoming popular for those who are ready to take control of their own super investments as they give you ultimate control and flexibility to manage your retirement benefits.

It must be noted though, that you will have increased responsibilities as a trustee of the fund. As a SMSF Trustee you need to keep up to date with all required regulations and keep up with the fast paced financial markets.

Calx Financial can work with you to understand your personal financial situation and decide whether a SMSF structure is appropriate for you. We will also make sure your assets are invested in the most effective way to maximise your retirement benefits.

It is generally agreed that there are a number of benefits of an SMSF but it is important that you also understand that an SMSF may not suit your situation, see below for some of the reasons why.

Benefits:

• Control - the trustees make the investment decisions.
• Asset allocation – the trustees are in control of asset allocation decisions as well as issues related to borrowing.
• Tax strategies – trustees have control of tax strategies and other planning options.
• Transparency – your SMSF provides you with good transparency concerning investment decisions and gives complete visibility over taxation treatment.
• Cost – the cost of running and administering a SMSF fund are not based on a percentage of the value of the fund but more on the time needed to prepare reports and address relevant compliance matters.

Disadvantages:

Running and managing a SMSF may not be suitable to everyone. For example, many of the advantages are also a disadvantage. Costs may be relatively high, there can be too much flexibility for prudent investing, remaining on top of trustee responsibilities can be complex and time consuming, and poor personal knowledge of the investment landscape can have serious consequences.

Should you wish to consider establishing a SMSF then we can help with:

• Establishing your fund
• Annual compliance services
• Portfolio administration services
• Pension advice
• Superannuation advisory services.

Calx Financial would welcome the opportunity to discuss how we can help maximise your opportunities to grow your wealth through a Self Managed Superannuation Fund (SMSF). Contact us today to discuss how we can work together: (03) 9853 0133 or info@calxfinancial.com.au

Estate Planning

Estate Planning

Your estate is made up of everything you own. This includes your home, property, furniture, car, personal possessions, business, investments, superannuation and bank accounts.

Firstly, having a legally valid will is extremely important. Not having a will is to 'die intestate' which can be costly and create added stress for loved ones at an already difficult time.

You may think that having a current will outlines what will happen to your estate should you die or become unable to manage your affairs. Unfortunately, for those with more complex financial structures this may not be the case at all.

To make sure your affairs are in order an Estate Plan will:

• provide for and protect loved ones with specific needs, including children
• ensure your children’s inheritance receives increased protection if a relationship breaks down
• ensure you receive professional advice on how to structure your assets to gain available tax advantages
• ensure your wishes are recorded in legally binding documents including your will, free from ambiguity
• provide you with peace of mind knowing, should you die or be unable to legally manage your affairs, that they will be managed by someone you trust
• ensure non-estate assets such as jointly held assets, family trusts, super funds and private companies are also documented as it may not be possible to deal with them in your will.

Calx Financial would welcome the opportunity to discuss how we can help ensure your estate is organised so your plans are implemented as you wish. Contact us today to discuss how we can work together: (03) 9853 0133 or info@calxfinancial.com.au

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Disclaimer

This site contains comments, articles, topics and content of a general nature only and is not intended to be relied upon without first consulting us. It is not intended as a substitute for professional and specific personalised advice. No responsibility can be accepted by the author(s) for loss occasioned to any person or entity doing anything as a result of the material on this site.

General Advice Warning

Any financial advice contained in this website (or publication if applicable), is general in nature only as it has not taken into account your individual needs, objectives, or financial situation. You should take these matters into account before acquiring a financial product and obtain a copy of the Product Disclosure Statement.