Accounting & Taxation

Hadleys CPAs offers a comprehensive range of taxation and accounting solutions for both businesses and individuals. Let us help you take control of your financial future. Our team is committed to the highest level of service and we welcome the opportunity to work with you.

While you concentrate on running your business Hadleys will take care of all your business accounting and taxation requirements including:

• Advice on and establishment of tax effective business structures
• Business, company and superannuation fund financial statements and tax returns
• Taxation advice including personal and company tax, GST, PAYG and capital gains tax
• Superannuation (SMSF) advice and audit
• Preparation of business activity and instalment activity statements
• Liaising and negotiating with the ATO on your behalf
• Arranging payment plans with ATO
• Tax audit advice and representation
• Regular meetings providing incisive business and financial advice
• Monthly or quarterly performance updates
• Benchmark comparisons with your competitors
• Assistance with payroll tax, land tax and Workcover audits
• Bookkeeping

Hadleys also prepare tax returns for individuals. We can help you minimise your tax, potentially increase your refund and make sure your return is lodged on time. Additionally, we offer taxation advice to individuals in respect of:

• Negative gearing
• Investment properties
• Share portfolios
• Retirement
• Family law

We can also assist with late tax returns.

To discuss your accounting and taxation requirements call Hadleys CPAs on 02 9686 6633 or email Michael Hadley - michael@hadleys.com.au.

Superannuation

Self-managed superannuation (SMSF) is a flexible means of creating wealth and saving for your retirement. It also allows you to take control of your superannuation and adopt a customized investment strategy that suits your ideological preferences and financial goals while providing you with an opportunity to control fund administration costs.

Superannuation law is highly complex and personalised planning is desirable for every individual to ensure optimal outcomes. Hadleys CPAs have extensive experience in all areas of superannuation and we can assist in establishing and managing an SMSF superannuation fund that will effectively allow you to reach your financial and retirement goals.

Hadleys hold an ASIC Limited AFSL licence authorising us to give expert advice in respect of superannuation. We are also registered superannuation fund auditors.

We can help you establish your self-managed superannuation fund and we will provide advice and ongoing support in respect of:

• SIS regulations and taxation laws
• Preparation of annual accounts and tax returns
• Fund audits
• Salary sacrifice
• Retirement planning strategies
• Contribution strategies
• Limited recourse borrowings for investment purposes
• Superannuation rollovers
• Pensions and retirement income streams
• Investment portfolios including direct share and property ownership
• Taxation benefits
• Compliance matters
• Employer obligations

We will also advise you of the effects of various legislative changes in superannuation as they occur and keep you up to date.

Hadleys CPAs provide a wide range of services to assist you to maximise your retirement benefits using self-managed superannuation. Call us on
02 9686 6633 or email Michael Hadley - michael@hadleys.com.au.

Business Advisory

At Hadleys CPAs we offer business advisory services that are focused on improving business performance which increases profit and the value of your business and ultimately, your personal net worth.

Apart from all the regular services you’d expect from a specialist taxation accounting firm Hadleys offer the following business advisory services:

• Strategic business planning and facilitation
• Financial analysis
• Financial health assessments
• Development and monitoring of key performance indicators
• Consultancy to company boards
• Business and personal goal setting
• Asset protection strategies
• Business benchmarking comparisons of your firm to your competitors
• Business and financial restructuring
• Conflict resolution
• Business acquisitions
• Business valuations
• Due diligence
• Advice with respect to family law matters
• Systems review
• Special purpose management reports

Contact Hadleys CPAs today to discuss how our business advisory services can add value to your business. Call 02 9686 6633 or email Michael Hadley - michael@hadleys.com.au.

Business Start-ups & Structures

There are four main business structures commonly used by small and medium sized businesses in Australia. Hadleys CPAs can provide expert advice in this respect. These structures include sole traderships, partnerships, companies and various forms of trust. Each has their own advantages and disadvantages and it’s important to understand the implications of each (especially legal liability and taxation) and the various obligations imposed upon you as the operator of the business.

It’s important to take advice about the structure most appropriate for you – not just in respect of your current circumstances but also to ensure the structure suits your future needs as well. Apart from meeting your current business, taxation and family requirements the chosen structure must accommodate your longer-term business objectives and be sufficiently flexible so it can evolve as your business evolves. Often a combination of companies and trusts may be appropriate.

At Hadleys we take the view the simplest, most cost-effective structure that suits your needs is the one that ought to be put in place in the first instance. But we ensure it’s sufficiently flexible to build on as time progresses and your circumstances change. We’ll let you know when structural modifications are warranted and implement those for you. And that’s a far better approach than building a complex organisation structure that’s top-heavy with overheads and features that may never be used.

With respect to your new business we can help with the following:

• Selection and establishment of the business structure most appropriate to you
• Selection of an appropriate accounting system
• Advice with respect to shareholder agreements
• Business registrations including tax file numbers, ABNs, PAYG and FBT
• Advice as to whether to register for GST
• Preparation of a business plan
• Cash flow projections
• Applications for finance
• Attending to ASIC lodgements
• Business name registrations
• Preparation of minutes and drafting resolutions.
• Advice concerning your tax invoices and business stationery

Contact Hadleys CPAs today to discuss your business start-up. Call 02 9686 6633 or email Michael Hadley - michael@hadleys.com.au.

Family Law & Forensic Accounting

Finding the truth in family law matters.

Full and frank disclosure is vital if all relevant information is to be used to develop a clear, objective and independent outcome for all parties. This factual information removes the uncertainty, confusion and multiple concerns that often accompany a family law matter or where family trusts and complex business structures exist. By removing the uncertainties an earlier resolution of disputes is possible paving the way for a fairer outcome for all parties.

Hadleys CPAs offers financial investigative services that provide this clarity in areas such as unreported income and assets or the unravelling of complex structures. Using forensic analysis we are able to deliver the fine detail needed to expose the true facts of your matter. We also provide expert witness reports and testimony in property settlement litigation, mediation and/or arbitration that complies with the expert evidence rules of the Court.

Typically, the stumbling block in family law settlement negotiations is the difference of opinion regarding the value of the family business. Hadleys can help here as well. We are expert business valuers and frequently act as joint expert to provide business valuations to the Courts. We can also act as a single expert witness should you wish to dispute erroneous or non-independent valuations. Most importantly, our fees for this service are substantially less than the larger tier firms who offer this service.

Areas we cover include:

• Business valuations
• Joint or single expert opinions and testimony
• Share and other equity valuations
• Valuation of financial assets
• Asset and income investigations
• Investigations of financial records or specified transactions
• Reconstruction of accounts
• Superannuation valuations
• Net worth appraisals
• Tax advice on property settlement.

Hadleys CPAs provide forensic accounting services, business valuations and expert opinion needed to effectively and efficiently resolve family law and other disputes. To discuss your matter call us on 02 9686 6633 or email Michael Hadley - michael@hadleys.com.au

Comprehensive Business & Asset Valuations

Valuation services for all business types, equity, goodwill and intellectual property.

Hadleys CPAs are experienced business valuers. Our experience allows us to look professionally and objectively at the performance, growth potential, risks and limitations of a business. This detail and quality of analysis allows our clients to properly prepare for the sale or purchase of a business, to help resolve commercial or family law disputes and deliver the best outcomes with business restructuring or mergers. We also perform relevant due diligence processes.

Hadleys specialise in expert business valuations for family law proceedings providing defensible reports and expert testimony. You may have confidence in our expertise and experience in court should your matter need to be resolved by the legal system. And most importantly, since we don’t carry any unnecessary overheads our fees for this specialist service are substantially lower than you would expect to pay to any of the larger tier firms.

Our business valuation services include:

• Expert business valuations
• Valuations for dispute resolution
• Valuations for taxation purposes
• Court reports, appearances and expert testimony
• Valuations of businesses for sale, merger and acquisition
• Valuation of intangible assets
• Due diligence and compliance
• Comparisons of your business to industry benchmarks
• Strategies to build the capital value of businesses.

Hadleys CPAs provide professional, timely and cost-efficient expertise to clients requiring business valuations for a variety of purposes. To discuss your business valuation needs call us on 02 9686 6633 or email Michael Hadley - michael@hadleys.com.au

Trust Advice

A trust provides a valuable way of protecting the assets you have accumulated for the benefit of yourself and family. A trust can also be a tax effective structure for running your business although there are many kinds of trust structures including discretionary, fixed and hybrid trusts.

Hadleys CPAS have extensive experience with trusts and we are able to offer specialist advice on the design, establishment and compliance of trusts, ensuring that all statutory and taxation requirements are met and the resulting trust meets your particular needs.

Our trust administration service includes:

• Preparation of annual financial statements
• Preparation and lodgment of annual tax returns
• Maintenance of a capital gains tax register where trusts own substantial assets
• Tax effective income distribution strategies
• Preparation of trust distribution and other appropriate trustee minutes
• Advice with respect to administration and ongoing maintenance of the trust

We are also able to organise for the preparation and execution of documentation to establish your trust. In so doing we will instruct our incorporations specialist to ensure the terms of the trust meet your particular needs.

Contact Hadleys CPAs to discuss whether a trust is appropriate for you. Call 02 9686 6633 or email Michael Hadley - michael@hadleys.com.au.

Horse Racing & Breeding

Hadleys CPAs have long been known as accountants to the thoroughbred industry having acted for prominent racing identities over many decades. Our principals own racing and breeding stock and we also operate our own stud farm. So, we know what it takes to operate and manage a successful horse racing and breeding business.

We are expert when it comes to the business of racing and associated enterprises. Whether it be management of complex compliance matters, tax planning, business management and strategies or advice with respect to your peculiar circumstances, Hadleys can help.

We offer all the usual services you would expect from a professional accounting and specialist taxation firm. The difference is we understand your business and your unique industry. Here are some of the services we offer to help make your business a success:

• Start-up and ongoing advice for horse trainers, breeders, jockeys and other participants such as veterinarians, stud farms and agistment providers, pre-trainers, bloodstock agents and associated trades
• Advice and assistance with the establishment of your business and tax structure
• Advice & assistance with pricing your services
• Advice with respect to the crucial Business vs Hobby test
• Preparation of business plans, cash flow forecasts and profit projections
• Preparation of financial statements
• Preparation and lodgement of business activity statements and annual tax returns
• Tax planning strategies
• Annual livestock accounts
• Preparation of write-down schedules, taking full advantages of the unique tax depreciation and special write down rules for breeding and racing stock
• Representing clients in discussions and/or audits conducted by the Australian Taxation Office
• Regular management and/or performance review meetings

Hadleys CPAs provide the specialist expertise needed to help make your racing industry business a success. We possess an intimate understanding of horse racing, breeding and associated industries that can put your business in the winner’s circle. Call us on 02 9686 6633 or email Michael Hadley - michael@hadleys.com.au

Investment Properties

Next to your family home, your investment property most likely represents the single largest expenditure you’ll make in your lifetime. For that reason, it’s important the property ownership is properly structured, the term and type of loan are appropriate and you maximise the taxation benefits of your investment.

Hadleys CPAs can assist in a variety of areas in relation to residential and commercial property including advice about:

• Ownership

Should the property be owned in one name, joint names or perhaps in some other form of investment structure such as a superannuation fund or trust? We’ll help you identify who is best placed to take advantage of the taxation and other longer term benefits of ownership.

• Finance

Should you borrow short or long term with fixed or variable interest rates? Should the repayments be principal and interest instalments or interest only? Or perhaps a combination of some, or all, of these alternatives is warranted.

• Affordability

Cash flow analysis of your property investment will reveal whether you will be able to service the mortgage now and in the future.

• Taxation

Negative gearing and capital gains tax are two critical areas that ought to be considered when purchasing any investment property. It’s also extremely important to determine whether your proposed investment will attract the optimal capital allowance deductions and what documentation is necessary for a successful claim.

All of the above-mentioned areas are of vital importance and should be considered prior to the acquisition of an investment property. It’s as important, if not more important, than your pre-purchase building inspection or pest report.

Contact Hadleys CPAs to discuss your pending property acquisition. Call 02 9686 6633 or email Michael Hadley - michael@hadleys.com.au

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General Calculators

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.

Tax Diary

— December 2019

1 December

• Pay income tax for taxable large/medium taxpayers, companies and super funds. Lodgment of return is due 15 January 2020.
• Pay income tax for the taxable head company of a consolidated group with a member deemed to be a large/medium taxpayer in the latest year lodged. Lodgment of return is due 15 January 2020.
• Pay income tax for companies and super funds when lodgment of the tax return was due 31 October 2019.

21 December

• Lodge and pay November 2019 monthly business activity statement.

— January 2020

15 January

• Lodge tax return for taxable large/medium entities as per the latest year lodged (all entities other than individuals), unless required earlier.
• Payment for large/medium entities with a 15 January due date is:< >1 December 2019 – for companies and super fundsFor trusts – as stated on their notice of assessment.Lodge tax return for the taxable head company of a consolidated group (including a new registrant) that has a member who has been deemed a large/medium entity in the latest year lodged, unless the return was required earlier. Payment was due 1 December 2019.

21 January

• Lodge and pay quarter 2, 2019–20 PAYG instalment activity statement for head companies of consolidated groups.
• Lodge and pay December 2019 monthly business activity statement except for business clients with up to $10 million turnover who report GST monthly and lodge electronically.

28 January

• Make quarter 2, 2019–20 super guarantee contributions to funds by this date.
  
  Employers who do not pay minimum super contributions for quarter 2 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement – quarterly (NAT 9599) by 28 February 2020.
  
  Note: The super guarantee charge is not tax deductible.

31 January

• Lodge TFN report for closely held trusts if any beneficiary quoted their TFN to a trustee in quarter 2, 2019–20.

— February 2020

21 February

• Lodge and pay December 2019 monthly business activity statement for business clients with up to $10 million turnover who report GST monthly and lodge electronically.
• Lodge and pay January 2020 monthly business activity statement.

28 February

• Lodge tax return for non-taxable large/medium entities as per the latest year lodged (except individuals).
  
  Payment (if required) for companies and super funds is also due on this date. Payment for trusts in this category is due as per their notice of assessment.
• Lodge tax returns for new registrant (taxable and non-taxable) large/medium entities (except individuals).
  
  Payment (if required) for companies and super funds is also due on this date. Payment for trusts in this category is due as per their notice of assessment.
• Lodge tax return for non-taxable head company of a consolidated group, including a new registrant, that has a member who has been deemed a large/medium entity in the latest year lodged.
  
  Lodge tax return for any member of a consolidated group who exits the consolidated group for any period during the year of income.
• Lodge tax return for large/medium new registrant (non-taxable) head company of a consolidated group.
• Lodge and pay Self-managed superannuation fund annual return (NAT 71226) for new registrant (taxable and non-taxable) SMSF, unless they have been advised of a 31 October 2019 due date at finalisation of a review of the SMSF at registration.
  
  Note: There are special arrangements for newly registered SMSFs that do not have to lodge a return – see Super lodgment.
• Lodge and pay quarter 2, 2019–20 activity statement for all lodgment methods.
• Pay quarter 2, 2019–20 instalment notice (form R, S or T). Lodge the notice only if you vary the instalment amount.
• Annual GST return – lodge (and pay if applicable) if the taxpayer does not have a tax return lodgment obligation.
  
  If the taxpayer does have a tax return obligation, this return must be lodged by the due date of the tax return.
• Lodge and pay quarter 2, 2019–20 Superannuation guarantee charge statement - quarterly if the employer did not pay enough contributions on time.
  
  Employers lodging a Superannuation guarantee charge statement - quarterly can choose to offset contributions they paid late to a fund against their super guarantee charge for the quarter. They still have to pay the remaining super guarantee charge.
  
  Note: The super guarantee charge is not tax deductible.

Use our Super guarantee charge statement and calculator tool to work out the super guarantee charge and prepare the Superannuation guarantee charge statement – quarterly.

— March 2020

21 March

• Lodge and pay February 2020 monthly business activity statement.

31 March

• Lodge tax return for companies and super funds with total income of more than $2 million in the latest year lodged (excluding large/medium taxpayers), unless the return was due earlier.
  
  Payment for companies and super funds in this category is also due by this date.
• Lodge tax return for the head company of a consolidated group (excluding large/medium), with a member who had a total income in excess of $2 million in their latest year lodged, unless the return was due earlier.
  
  Payment for companies in this category is also due by this date.
• Lodge tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more, excluding large/medium trusts.
  
  Payment for individuals and trusts in this category is due as advised on their notice of assessment.

— April 2020

21 April

• Lodge and pay quarter 3, 2019–20 PAYG instalment activity statement for head companies of consolidated groups.
• Lodge and pay March 2020 monthly business activity statement.

28 April

• Lodge and pay quarter 3, 2019–20 activity statement if lodging by paper.
• Pay quarter 3, 2019–20 instalment notice (form R, S or T). Lodge the notice only if you are varying the instalment amount.
• Make super guarantee contributions for quarter 3, 2019–20 to the funds by this date.
  
  Employers who do not pay minimum super contributions for quarter 3 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement – quarterly (NAT 9599) by 28 May 2020.
  
  Note: The super guarantee charge is not tax deductible.

30 April

• Lodge TFN report for closely held trusts if any beneficiary quoted their TFN to a trustee in quarter 3, 2019–20.
• Lodge lost members report for the period 1 July 2019 to 31 December 2019.

— May 2020

15 May

• Lodge 2019 tax returns for all entities that did not have to lodge earlier (including all remaining consolidated groups), and are not eligible for the 5 June concession.
  
  Due date for companies and super funds to pay if required.
  
  Note: Individuals and trusts in this category pay as advised on their notice of assessment.

21 May

• Lodge and pay April 2020 monthly business activity statement.
• Final date to add new FBT clients to your client list to ensure they receive the lodgment and payment concessions for their fringe benefits tax returns.
  
  Lodge and pay Fringe benefits tax annual return if lodging by paper.

26 May

• Lodge and pay eligible quarter 3, 2019–20 activity statements if you lodge electronically.

28 May

• Pay Fringe benefits tax annual return if lodging electronically.
• Lodge and pay quarter 3, 2019–20 Superannuation guarantee charge statement - quarterly (NAT 9599) if the employer did not pay enough contributions on time.
  
  Employers who lodge a Superannuation guarantee charge statement - quarterly can choose to offset contributions they paid late to a fund against their super guarantee charge for the quarter. They still have to pay the remaining super guarantee charge.
  
  Note: The super guarantee charge is not tax deductible.
  
  Use our Super guarantee charge statement and calculator tool to work out the super guarantee charge and prepare the Superannuation guarantee charge statement – quarterly.

— June 2020

5 June

• Lodge tax return for all entities with a lodgment due date of 15 May 2020 if the tax return is not required earlier and both of the following criteria are met:< >non-taxable or a credit assessment in latest year lodgednon-taxable or receiving a credit assessment in the current year.Lodge tax returns due for individuals and trusts with a lodgment due date of 15 May 2020 provided they also pay any liability due by this date.
  
  Note: This is not a lodgment due date but a concessional arrangement where failure to lodge on time (FTL) penalties will not apply if you lodge and pay by this date.

21 June

• Lodge and pay May 2020 monthly business activity statement.

25 June

• Lodge 2020 Fringe benefits tax annual return for tax agents if lodging electronically. Payment (if required) is due 28 May.

30 June

• Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2019–20 financial year.