Accounting & Bookkeeping

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 LevelOne will work with you to understand your needs and help you achieve your goals, making it easier for you to manage your cash flow and meet your tax obligations.

While fiscal compliance is of the upmost importance, we at LevelOne also believe in offering management advice and support at all levels of our services. 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
• ATO correspondence Management
• Self-Managed Super
• Cloud accounting experts

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 LevelOne, 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.

Business Start Ups

You want to start a business – but where do you start? LevelOne can help you get started and help your new business to flourish.

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.

Financial Structures

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.

LevelOne can help figure out the right way forward for your business.

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 LevelOne 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

Superannuation

Taking an early and active interest in your superannuation is critical to ensuring you maximise the benefits of growing this important asset. Many of you will have a superannuation scheme through your employment but increasing numbers are starting their own Self-Managed Super Fund.

The income you have available for your retirement will depend on factors such as your accumulated assets and expectations about your lifestyle in retirement. Unfortunately 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.

It is always best to start saving and planning for your retirement as early as you can. LevelOne can help you implement the right strategies to help you achieve your long term financial objectives.

Management Consulting

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.

LevelOne 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.

Strategic Planning & Advice

Strategic Planning & Advice is all about understanding your growth potential and in particular the key drivers of your business to enable future growth. In particular:

• What is your working capital costing you?
• Why do you keep making profits - yet your overdraft gets larger?
• Can your business afford to grow?
• How will you grow your business - organically or through acquisition?

From years of experience advising SME’s and professionals, we take the time to understand the activities in your business that can be changed now to grow and improve your business in the future.

• Balance Sheet Management
• New Business Start-ups
• Corporate Structuring
• Growth Strategies
• Strategic Planning & Implementation
• Succession Planning
• Corporate Advisory
• Advice to Boards of Directors
• Establishment of Advisory Boards
• Buying & Selling Businesses
• Capital Raising & Restructure
• Private Equity

Business Acquisitions & Sales

Navigating tax and accounting complexities in business acquisitions and sales requires expert advice to ensure optimal structuring, compliance, and risk mitigation. At LevelOne we have the expertise you require and professional help in areas such as due diligence, transaction structuring, and post-transaction support.

The key areas of what LevelOne offers:

1. Why Expert Advice is Crucial:

• Complexity: Business acquisitions and sales involve intricate tax and accounting considerations, making expert guidance essential.
• Tax Optimisation: Strategic structuring can minimise tax liabilities for both buyers and sellers.
• Risk Mitigation: Professional advice helps identify and manage potential tax risks and liabilities.
• Compliance: Ensuring compliance with relevant tax laws and regulations is crucial.

2. Key Tax and Accounting Considerations:

• Due Diligence: Thoroughly examine the target business's financial health and potential liabilities, including tax-related issues.
• Transaction Structuring: Determine the optimal structure for the transaction, whether it's an asset acquisition or a share purchase, to achieve desired tax outcomes.
• Capital Gains Tax (CGT): Understand the CGT implications for both buyers and sellers, including potential concessions and exemptions.
• Goods and Services Tax (GST): Determine the GST treatment of the transaction, whether it's a supply of a going concern or a sale of assets.
• Tax Losses: Consider the impact of any tax losses held by the target business, and how they might be utilised or affected by the acquisition.
• Tax Incentives: Explore any relevant tax incentives or concessions that may apply to the transaction, such as temporary full expensing or backing business investment concessions.
• Post-Acquisition Integration: Develop a plan for integrating the acquired business's financial systems and processes, while also ensuring compliance with tax and accounting requirements.
• Accounting for Business Combinations: Understand the accounting standards for business combinations, including the acquisition method and the recognition of assets and liabilities.

To discuss your business acquisitions and sales ideas further please call us on 02 4227 6744 or get in touch.