ACCOUNTING

In this ever-changing economy you can rely on TKM to provide you with up-to-date knowledge and expertise tailored to your specific requirements.

Our accounting services include the preparation of financial statements for year-end tax returns and assistance with your bookkeeping (e.g. MYOB, Quickbooks & Xero).

For our larger clients we also prepare interim financial statements for analysis and use as a management tool leading up to year-end.

Our approach to client relationships is active and long term… Therefore our service is catered to your specific needs as they evolve and fluctuate.

In addition to our foundational accounting services we also assist you with unique requirements such as due diligence for business purchase, feasibilities, future planning, goal setting and structures.

SUPERANNUATION

We take a long-term view to our client relationships. As such, along with taking care of your day-to-day and annual accounting and taxation requirements we like to be your active partner in planning and guiding you towards the achievement of your future goals.

SELF MANAGED SUPER FUNDS

We are extremely knowledgeable and experienced with self-managed super funds (SMSFs). Applicable legislation is constantly changing and new products are always coming on to the market. We provide you with up-to-date information, help you to select the best fund for your needs, explain how they function, set it up for you and educate you on how to manage it.

SMSF Borrowing & Bare Trusts

A relatively new development  is the ability of an SMSF to borrow to fund the purchase of assets.  This involves the establishment of a bare trust to facilitate the borrowing.  We assist with this whole process from advising you prior to the purchase, to establishing the bare trust and liaising with your lending institution.

Complex SMSF Strategies

There are many complex strategies that can be effectively implemented for SMSFs. It’s important to know the advantages and pitfalls of each. We guide you through the options open to you and help you to set up your desired strategy whilst giving you the tools and knowledge required in order for you to confidently self manage. And we’re always available for any questions you’ll have along the way.

SMSF Accounting & Tax

Annual accounting for SMSFs can be complex and complicated. It’s therefore important that this be managed in order to maximize fund effectiveness. We take care of this along with managing the balance with pension drawings.

Retirement / Succession Planning

You’re never too young to plan for retirement! We take a long-term view to client liaison and as such we know that how you structure your finances today impacts where you’ll be tomorrow. We work with you to set and achieve your retirement goals, so that when you get to the end of your career you can sit back and enjoy the fruits of your labours.

BUSINESS

In addition to taking care of all your accounting and tax requirements we also provide you with business consulting advice and structuring that supports your long-term goals.

BUSINESS STRUCTURE

We advise on the best structures for your unique scenario and set them up for you. We also manage any existing structures that you may already have in place.

STRUCTURING FOR THE FUTURE

We recommend business structures that work towards a long-term retirement plan and get your money working for you. We help you set up your financial affairs so that when you retire everything is the way you want it.

BUSINESS PURCHASE

We give you advice on business purchases including due diligence, advice on fair purchase price and the most efficient structure to utilize.

ATO Liaison

We handle everything on your behalf concerning ATO registrations, including ABN numbers and any tax related requirements.

ASIC Administration

We take care of all your company ASIC administration. We act as your registered office and take care of all the relevant paperwork on your behalf.

TAXATION

Once again our focus on personalized service and the fostering of long-term client relationships means our approach to taxation is tailored to you and the achievement of your goals.

We prepare end of year tax returns for clients ranging from individuals to corporations. We prepare BAS & GST returns, monthly and quarterly depending on you.

We bring a wealth of knowledge and expertise to our tax compliance work in order for you to achieve the best possible tax result.

Our approach to client relationships is active and long term… Therefore our service is catered to your specific needs as they evolve and fluctuate.

We also provide you with advice on any related issues for example with GST, GST law, tax implications for property development, the buying and selling of businesses or any other asset.

TECHNICAL INFORMATION

SELF ASSESSMENT

All Australian taxation returns are self assessed ie: your return is processed with whatever information has been included. The ATO then rely on post assessment checking (normally 6-12 months after processing) to monitor compliance with the tax laws.

Records must be kept for a period of five years from the date of lodgement of the return in which the claims are made. If you have any doubts about the type of documentary evidence which must be retained, please consult us before claims are made on any future tax returns.

MOTOR VEHICLE EXPENSES

There are three methods of claiming motor vehicle expenses for taxation purposes:

Cents per Kilometre

Claims under this method are limited to a maximum of 5,000 kms. No receipts are required but an accurate record of work related vehicle use must be kept.

12% of Cost

Only applicable for work related travel in excess of 5,000 kms. Claim is calculated as 12% of the cost of the motor vehicle.

Log Book

Claim is a percentage of the actual expenses incurred in running the motor vehicle. This requires a complete record of all costs incurred and a properly completed log book.

A log book must be kept for a continuous period of 12 weeks and be updated every 5 years. ATO approved log books are available from newsagents. Each financial year you must keep opening and closing odometer readings to substantiate the annual kilometers traveled.