Business Accounting

Concentrate on running your business and let Gabriels take care of all your business accounting and taxation requirements.

Some of the services we can offer your business include:

• Accounting and bookkeeping
• Accounting software advice and assistance
• Business & company tax returns
• Taxation – GST & PAYG advice, BAS preparation
• Gabriels can liaise with the ATO on your behalf
• WorkCover: your obligations
• Audit advice & audit insurance
• Advise on superannuation requirements for you and your staff
• Business ‘start up’ advice
• Prepare Business plans and financial budgets and review regularly
• Measure your performance against industry benchmarks
• Trust & company structures

Personal Accounting

We offer a range of Personal Accounting services for individual employees. Our most popular Personal Accounting service is assisting with completing tax returns for individuals.

Tax returns 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 and potentially increase your tax return 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
• Late tax returns
• Help in planning your goals

Bookkeeping

One of the most important steps in the preparation of financial information is the data entry. It is the vital part of your accounting process, ensuring that your financial information is up to date and accurate.

We offer this function either using our in-house staff, or we can refer you to a highly experienced bookkeeper. This can help get the job done efficiently by using cloud based products and software shortcuts, leaving you more time to concentrate on your business.

Gabriels 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

Cloud Accounting

Cloud accounting is essentially your accounting software stored and accessed from an online server which allows upgrading of software, tax tables for payroll, also data backups are managed remotely and automatically by the software provider. This is a great time saver for any small to medium business owner.

Cloud solutions will help your business take advantage of an eco-system where your accounting software is the centre of all your information. From manufacturing, inventory, to customer relationship management (CRM), rostering/timesheets to payroll, you will be in control of every aspect of your business represented by a thorough reporting system.

Our staff have hands-on expertise in both Xero and MYOB and can help find the best solution for your business.

Auditing

There are many reasons why a business or association may need to be audited. These include audits regulated by ASIC, government departments and licensing authorities.

You may wish for your business to be audited to ensure your financials are all correct, up to date and compliant with Australian accounting standards.

We offer ongoing support for annual audits of your business.

Self-managed super funds (SMSFs) are required to be audited annually.

Our business auditing services include:

• Statutory Audits
• Specialist Reviews
• Self Managed Superannuation Fund Audits

Business Advisory

Helping our clients grow, strengthen and develop their businesses is our main aim. Whether small, medium or large receiving expert help in areas such as strategy development, management accounting, cost analysis and budgeting is very important to attaining a business’s short and long objectives.

Our aim is to enable you and your business to maximise potential and profitability. We do this by providing the highest level of technical and commercial solutions to resolve issues that might impair the attainment of these outcomes.

We also have particular expertise in advising our private clients with family succession strategies that allows for the effective transfer of wealth to future generations.

Our expertise and time will help you attain your goals.

We specialise in the following:

• Corporate Structure
• Strategy development and facilitation
• Strategic board and management reporting
• Budget preparation and review
• Updating your business plan
• Business value maximisation
• Cash flow and profitability
• Business succession planning and implementation
• Business valuations for acquisition or sale
• Estate planning
• Asset protection structuring

Business Structures

Choosing your business structure is an important decision and we can advise you on the best structure for your requirements. There are four main business structures commonly used by small businesses in Australia and we can help with them all:

Sole trader: an individual operating as the sole person legally responsible for all aspects of the business.
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.
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.

It is important to note that you can change your business structure throughout the life of your business.

Business Start-Ups

Choosing your business structure for your start-up is an important decision and we can advise you on the best solution for your requirements.

We can help with the following initial and ongoing services for start-up businesses:

• Corporate Structures
• Updating your business plan
• Business value maximisation
• Strategic planning
• Cash flow and profitability
• Corporate compliance
  • Formation of trusts and new company registrations
  • Provision of registered office services for service of notices
  • Attending to ASIC returns and regular filings on your behalf
  • Business name registrations and maintenance
  • Preparing minutes and drafting resolutions

Trusts

It is quite common for a trust to be established to protect and manage a family’s assets such as property and business interests. Once assets are added to a trust they belong to the trust itself, not the trustee who can be a business or an individual and remain subject to the rules and instructions contained in the Trust Deed.

A Trust is a fiduciary relationship by one party for the benefit of another and is a right in property. The trustee is the one who holds title to the trust property, and the beneficiary is the person who receives the benefits of the Trust.

The Trust deed 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.

All trusts require significant compliance and a Trust Deed. Due to this and ongoing regulatory changes it is recommended that professional help is employed. At Gabriels we can discuss these options with you.

SMSF Administration

Being involved in the Self Managed Superannuation Funds (SMSFs) sector mean you are part of the largest and fastest growing segment of the superannuation industry.

However, managing one can be complex and time consuming. Regulations are constantly changing and as wealth accumulates there are issues other than simply investing that need to be considered, issues such as taxation issues.

Gabriels manage a large number of SMSFs but we do so by focusing on three main issues:

1. We work closely with SMSF trustees. Included here is trustee education to ensure you’re aware of all the obligations, responsibilities, and prudential requirements involved.
2. We help manage all supporting declarations and minutes.
3. We can refer financial planners to establish an investment strategy which is tailored to the member’s needs and objectives.

Our team will work closely with trustees to ensure the fund remains compliant to the Superannuation Industry (Supervision) Act (SIS) and the regulatory changes that are frequently made.

Finally, we provide all annual compliance reports and documents ready for lodgement with the fund’s regulator.

Our objective is to make the responsibility of operating a SMSF as easy as possible.

If you are a Trustee of a Self-Managed Superannuation Fund and would like help on any related issue then please contact Gabriels on 61 2 9526 0999.

Please enjoy the links to these free tools supplied by MoneySmart - a great resource for general financial information. Please get in touch if you would like to discuss any questions that you may have as a result of using these calculators.