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Australian Taxation Office (ATO) shifting to firmer debt collection activity

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The ATO has flagged a return to more aggressive debt collection actions after seeing a trend of profitable businesses that have the capacity to pay their tax debts but are actively choosing not to do so.

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The ATO should not be considered as an unsecured lender last in line, because when they lose patience, they hit hard.

Taxed debts include not only income tax, but also unremitted GST and unpaid PAYG withholding, as well as super guarantee charges.

In general, if taxpayers do not pay their tax by the due date or engage with the ATO by the due date to work out a payment plan, general interest charge (GIC) will be applied to any unpaid amounts. GIC is automatically calculated on a daily compounding basis on the amount outstanding and added to taxpayers’ accounts periodically.

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Craig Byron

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Tax and BAS returns

Taxation

The implementation of effective tax strategies is an integral part of the financial planning process. Structuring the way in which you receive your salary, superannuation contributions, investments, risk and debt management can significantly minimise your tax implications and are an essential component of your wealth creation and retirement strategy.
At Clear Picture, we want you to accomplish your financial objectives in the most tax-efficient manner as other aspects of your financial plan become easier to implement when your tax liability is minimised.
Our strategies are tested, proven and successful. We offer a broad range of taxation advisory services including:
  • Income Tax
  • Capital Gains Tax (CGT)
  • Superannuation & Transition To Retirement
  • Salary Packaging and Fringe Benefits Tax (FBT)
  • Land Tax and Stamp Duty
  • There are numerous tax effective financial planning strategies that may be appropriate for your circumstances and enhance your tax, retirement and wealth objectives. Contact our team to discuss the possibilities.

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BAS

Lodging your BAS correctly and on time can be a difficult and confusing process. You can avoid risk and stress simply by being confident that your ATO tax liabilities and obligations are sorted and your BAS lodgement is correct every time.
It’s not surprising that peace of mind for many business owners comes with appointing an experienced agent to look after their BAS services for them.
Our friendly, service orientated team offer a range of BAS services and lodgement options to suit all small business owners so you have more time to do what you do best – running your business and earning money.
Services include:
  • Preparation of Business Activity Statements from business data
  • Electronic Lodgement of Business Activity Statements
  • Personalised advice on BAS provisions (including GST, PAYG, Withholdings and Instalments, Fringe Benefits Tax, Fuel Tax Credits and more)
  • Preparation of Instalment Activity Statements and Employee Payment Summaries
  • Management of financial data files and preparation of reports for business tax returns
  • Handle payroll and superannuation obligations including Reportable Employer Super Contributions
Contact Us

Accounting

Straight forward and stress-free accounting services are what businesses of all sizes need form their accountants and we believe we provide exactly that. By providing cutting edge accounting and taxation services, and using the right products for your record keeping, our team at XX will work closely with you to ensur we understand your needs. Only in this way can we help you achieve your goals, help you manage your cash flow and help you meet your tax obligations.
While fiscal compliance is of the upmost importance, we also believe in offering professional management advice and support at all times. We are committed to offering the highest level of friendly and professional service and welcome the opportunity to work with you.
The areas we specialise in are as follows:
  • Accounting & Tax Consultancy Services
  • Personal & Business Tax Returns
  • Annual Reporting
  • Business and Tax Advisory
  • Business ‘start up’ advice
  • Prepare Business plans and financial budgets and review these regularly
  • Measure your performance against industry benchmarks
  • Trust & company structures
  • ATO correspondence Management
  • Taxation – GST & PAYE advice, BAS preparation
  • Liaise with the ATO on your behalf
  • Self-Managed Super auditing
  • Accounting software advice and assistance

Bookkeeping and Payroll


Bookkeeping

Clear Picture 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

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Payroll

We can assist you with all facets of payroll and reportable contractor payments. Our professional team are fully versed in all legislative requirements and the processes required in managing this crucial part of your business.
The primary objective of payroll processing is to ensure that employees receive all the financial entitlements they are owed in a timely manner.
Poor payroll processing can be very detrimental to a business as it can significantly impact net income and lead to disgruntled staff. With an abundance of legislation, payment methods and withholdings, payroll management can be a difficult and time-consuming process.
Payroll processing services include:
  • General Payroll – ensure your staff are paid the correct rates and paid according to the correct hours worked.
  • Payslips – Our team can prepare your staffs payslips on your behalf and email them directly to you or your staff along with
  • PAYG Withholdings – Any business that has employees or pays employees of another business must withhold an amount from payments made to them. Any payments made to a business that doesn’t quote an ABN on an invoice or other documentation must also have an amount withheld from payments.
  • Taxable payments reporting – Businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year. These payments need to be reported to the Australian Taxation Office (ATO) on the Taxable Payments Annual Report, or electronically.
  • Entitlements – calculation of leave including holiday, personal, long service and rostered days off.
  • Payroll Tax, Workers Compensation Insurance, Employment Forms – some or all of these may be needed for your business.
  • Efficient and Electronic systems – these should simplify all processing and provide greater security for you and your staff.
  • Superannuation should be calculated and paid – this is a compulsory whereby employers are required to pay a percentage on top of “ordinary time’s earnings” to a nominated superannuation fund. These contributions need to be made at least once every three months and penalties for late payment are very severe.
  • End of Payroll Year Processing – Reconciling, Generation and Lodgement of employment group certificate’s and payment summaries, taxable payment summaries, reportable fringe benefits and lump sum amounts

Business start ups

There are four main business structures commonly used by 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 that is 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, requires 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.
Before commencing a new business, the following are some of the key items that need to be considered:
  • Decide on the most suitable structure for your business – sole trader, partnership, trust or company
  • Prepare a business plan, cashflow projections, budgets, and trading forecasts
  • Assess your finance requirements, advise on the best sources of finance, and draw up the necessary proposals
  • Establish a good working relationship with your bank
  • Register for a Tax File Number and an Australian Business Number with the ATO
  • Complete registration procedures with Australian Securities and Investments Commission
  • Deal with company secretarial issues
  • Set up a recording system for your internal use and for complying with statutory requirements

Each new business is different and needs to be considered in relation to your individual circumstances and our experience can ensure you are maximising your opportunities.

Consulting

Tax & Accounting Consultancy Services

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.
Clear Picture 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.

Tax advice, tax planning and structuring advice

Tax Planning

Tax time is coming up. Are you prepared?
When the time comes to deal with your own taxation and accounts, it can be stressful and hassling. Though through good preparation and planning, you can make tax time work for you and potentially reduce the impact of tax, while keeping up to date.
Clear Picture are specialists at accounting and taxation. Based in XXX, we aim to provide our clients with comprehensive tax planning advice and strategies, all at competitive prices.
We provide assistance for:
  • Individuals
  • Families
  • Artists
  • Trusts
  • Businesses and
  • Organisations (non-profit and commercial)

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Tax Planning

Tax time is coming up. Are you prepared?
When the time comes to deal with your own taxation and accounts, it can be stressful and hassling. Though through good preparation and planning, you can make tax time work for you and potentially reduce the impact of tax, while keeping up to date.
Clear Picture are specialists at accounting and taxation. Based in XXX, we aim to provide our clients with comprehensive tax planning advice and strategies, all at competitive prices.
We provide assistance for:
  • Individuals
  • Families
  • Artists
  • Trusts
  • Businesses and
  • Organisations (non-profit and commercial)

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Structure

A client needs to put in place the right strategies and structures, to create wealth and then review these strategies and structures on a regular basis. That is because your circumstances and goals will change and so will the economy and the legislation relating to how your affairs are structured.
There are many paths that may be more appropriate than others such as:
  • Selecting the best tax structure;
  • Using gearing;
  • Reducing debt;
  • Using Shares, managed funds or other types of assets. Indeed it may be a combination of many to properly meet your needs.

Rental properties

Like any form of business, property ownership can be less than hoped for. However, rental income, gearing, purchase, borrowings, management, appropriate structures, and advice are how XX help clients who rent commercial and residential properties.
Our aim is to ensure such investments generate the appropriate returns.
We assist in a variety of ways:
  • Advice on funding
  • Advice with purchasing
  • Cash flow analysis of property investment
  • Guidance in tax related areas including negative gearing and capital gains tax
  • Advice on ownership structures
  • Preparation of initial land tax returns and land tax variation returns

Trusts

Trust Advice

A trust provides a valuable way of protecting the assets you have accumulated for the benefit of yourself and others. A trust can also be an effective structure for running your business.
We have extensive experience with trusts and are able to offer specialist advice on establishment and compliance, ensuring that all statutory requirements are met.
Clear Picture are also able to organise for the preparation and execution of documentation involved in Trust formation.
Our Trust administration service includes:
  • Minute keeping service
  • Annual accounts
  • Taxation
  • Maintenance of CGT register
  • Income distribution
We know the issues and requirements involved with managing Trusts and can help ensure these tasks are undertaken properly.

NZ Clients and temporary residency

NZ Clients and temporary residency

Clear Picture help New Zealand individuals and businesses — including temporary residents and recent arrivals — manage tax, compliance and financial planning so you can focus on settling in and growing your activities.

Services for NZ clients & temporary residents

  • Tax residency assessment and advice (determine NZ tax residency and obligations)
  • Income tax planning for residents and part-year taxfilers
  • PAYE, GST and IRD registration and compliance
  • Withholding taxes, foreign income disclosure and double tax relief guidance
  • Property tax, rental income and bright-line rule support
  • KiwiSaver advice, provisional tax and payroll setup for employers
  • Cross-border structuring and tax-efficient repatriation of funds
  • End-of-year tax returns, tax credits, and liaison with Inland Revenue

Get in touch for a tailored consultation to clarify your NZ tax position and compliance obligations.

Tax Diary

General Calculators

 

Accounting Videos

Secure File Transfer

Secure File Transfer is a facility that allows the safe and secure exchange of confidential files or documents between you and us.

Email is very convenient in our business world, there is no doubting that. However email messages and attachments can be intercepted by third parties, putting your privacy and identity at risk if used to send confidential files or documents. Secure File Transfer eliminates this risk.

Login to Secure File Transfer, or contact us if you require a username and password.