Accounting

Straightforward and stress-free accounting services are what businesses of all sizes need from 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 Graham & Co will work closely with you to ensure 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 utmost 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

Taxation & GST

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 Graham & Co, 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.

GST

Once a business reaches a turnover of $75,000 per annum, the business is required to register for GST and lodge Business Activity Statements with the Australian Taxation Office. Depending on the nature of the business and the turnover thresholds, the business will register to report using either the cash or accruals method.

GST is an important tax consideration in events such as sale of property, development projects, new business structures, mergers and acquisitions and international transitions.

We can help you to prepare comprehensive financial statements for a wide range of readers and an equally wide range of purposes. Whether your statements relate to your business or your personal financial standing, we can accommodate your needs. The GST-related services we offer include, but are not limited to:

• Advice on registering for GST

• Monthly/quarterly Business Activity Statements (BAS)

• Income Activity Statements

• Pay as you go (PAYG) instalments

• Annual Business Activity Statements

• ATO audit assistance

Business Advisory

Choosing your business structure is an important decision and Graham & Co can consult with you and suggest 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 Graham & Co 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

• Valuation of business

• Due diligence reports

• Due diligence services

• Business risk profiles

• Specialist Tax advice

• Tax planning

• Board of Directors representation

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.

Graham & Co 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.

• Advice regarding Investment in Property

• Appointment of Trustees

• Audit of your SMSF

Bookkeeping

Graham & Co 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

• Provide general business administrative support

Auditing

Auditing for Businesses

The audit profession plays an important role in the confidence and integrity in Australia's capital markets.

Your business will benefit from an audit. As auditors we don't only check to see if your financials are correct, but we assist you with implementing the procedures to help your financial accounts stay compliant with Accounting Standards and keep your reporting free from material misstatement.

There are many reasons why a business is required to be audited. These include audits regulated by ASIC, government departments and licensing authorities. At Graham & Co we specialise in a wide variety of audits listed below.

• Associated Incorporations

• Estate Agent Trust Accounts

• Financial Services Licensees

• Foreign Owned Subsidiaries

• Nursing Homes

• Registered Training Offices

• Solicitor Trust Accounts

Auditing for Self Managed Superannuation Funds

All Self Managed Superannuation Funds (SMSF) are required to be audited. The methodology behind this is to ensure that the health and integrity of your super fund is maintained. All our registered SMSF auditors are fully qualified practicing accountants, and will assist you above and beyond your expectations. Essentially, maintaining the integrity of your fund and naturally adding value to the audit by ensuring that your fund is being utilised to its fullest capacity.

Most trustees of funds leave it up to their accountants to pick the auditor. As the trustee of a fund you have the option of having your fund audited by someone you can trust. We are always happy to liaise with you and your accountant to ensure you receive value from the audit, not just an audit report and a bill.

Centrelink Assistance

Social Security assistance is provided by various Australian Government Departments including Centrelink and the Department of Veteran Affairs. At Graham & Co, we understand that Centrelink plays an important role for individuals and families when it comes to planning.

Payments such as the Age Pension and Disability Support Pension provide long-term financial support whilst Newstart Allowance and Sickness Allowance provide assistance for a shorter period of time. Other payments such as Family Tax Benefit, Parts A & B assist with the cost of raising children.

As well as the payment of benefits you may be entitled to access certain fringe benefits. For example, if you are of Age Pension age and/or are receiving the Age Pension you may be entitled to concession cards such as Pensioner Concession Card, Commonwealth Seniors Health Card or the State Seniors Card which offer concessions, benefits and discounts. The Department of Veteran’s Affairs also provides similar benefits.

Our Centrelink advisory services provide you with strategies and advice to ensure you:

• Maximise Centrelink benefits, such as the Aged Pension

• Gain entitlement for the Commonwealth Seniors Health Card

• Gain entitlement for the Low Income Health Care Card

• Family entitlement planning, incorporating Family Tax Benefits, Paid Parental Leave, and/or the Baby Bonus