For the 2016–2017 income year, the company tax rate for small businesses decreases to 27.5%. Companies with turnover of less than $10 million are eligible for this rate. The maximum franking credit that can be allocated to a frankable distribution has also been reduced to 27.5% for these companies.
The reduced company tax rate of 27.5% will progressively apply to companies with turnover of less than $50 million by the 2018–2019 income year. The ATO says if a company lodged its 2016-17 company tax return early, and its turnover is less than $2 million, it will amend the return and apply the lower tax rate.
If the company’s turnover is from $2 million to less than $10 million, the company will need to review its return and lodge an amendment if required.
The Treasury Laws Amendment (Accelerated Depreciation For Small Business Entities) Act 2017 extends the period during which small business entities (SBEs) can access accelerated depreciation. The extension is for 12 months, ending on 30 June 2018.
SBEs will be able to can claim an immediate deduction for depreciating assets that cost less than $20,000, provided the asset is first acquired at or after 12 May 2015, and first used or installed ready for use on or before 30 June 2018. Depreciating assets that do not meet these timing requirements will continue to be subject to the $1,000 threshold.
SBEs will be able to claim an immediate deduction for depreciating assets that cost less than $1,000 if the asset is first used or installed ready for use on or after 1 July 2018.
The ATO says feedback from tax professionals on the Manage ABN Connections identified that further work is required to meet their needs. The ATO advised that the myGov login is therefore not currently available to access the Tax or BAS Agent Portals. If a tax agent’s client already has a myGov account linked to the ATO, Centrelink or Medicare, they can now use Manage ABN Connections to access government online business services.
A pipe fitter has been denied deductions by the Administrative Appeals Tribunal (AAT) for work-related expenses. The AAT disallowed the claims because the taxpayer was unable to produce adequate documentary evidence.
The Treasury Laws Amendment (2017 Measures No 2) Act 2017 makes a range of technical amendments to the super reform legislation.
The amendments deem a transition-to-retirement income stream (TRIS) to be in retirement phase where the recipient of the income stream has satisfied a condition of release with a nil cashing restriction (eg retirement or attaining age 65). This means that a TRIS will stop being a pension (subject to 15% tax on fund earnings from 1 July 2017) and become a retirement phase superannuation income stream that qualifies for the earnings tax exemption once the recipient notifies the fund that a nil condition of release under the Superannuation Industry (Supervision) Regulations 1994 (SIS Regs) has been satisfied.
The period in which an asset supporting a TRIS can cease to be a segregated current pension asset of a fund and still qualify for CGT relief will be extended to include the start of 1 July 2017.
The Act provides that an additional pension transfer balance credit will arise for certain repayments of a limited recourse borrowing arrangement (LRBA) by a self-managed superannuation fund (SMSF) that shifts value between an accumulation phase interest to a retirement phase superannuation income stream interest in the fund: new s 294-55 of ITAA 1997.
The Act also makes the following changes to the $1.6 million pension transfer balance cap provisions.
The ATO has released the 2017 self-managed superannuation fund (SMSF) annual return and instructions. Key changes for 2017 include the transitional CGT relief for super funds as part of the 1 July 2017 reforms, reporting on limited recourse borrowing arrangements (LRBAs) and early stage investor tax incentives.
Single Touch Payroll (STP) is here. It had a “soft” or voluntary start on 1 July 2017. From that date, employers may choose to report under STP. For those who qualify (ie employers with 20 or more employees), STP will be mandatory from 1 July 2018.
For employers with 19 or fewer employees on 1 April 2018, their reporting obligations will not change. They will not need to start reporting through STP from 1 July 2018, but may choose to start using a payroll solution to take advantage of the benefits of STP reporting.
From 1 July 2017, the supply of services, digital products or rights are connected with Australia (and so potentially liable to GST) if made to an Australian consumer by an overseas-based supplier. This is referred to as the digital import or “Netflix tax” rules.
GST Ruling GSTR 2017/1 explains how overseas suppliers can decide whether a recipient of a supply is an Australian consumer. It explains what evidence suppliers should have, or what steps they should take to collect evidence, in establishing whether or not the supply is made to an Australian consumer.
Draft Law Companion Guideline LCG 2017/D4 (the Draft) deals with how the ATO intends to apply the Netflix and low-value imported goods measures to supplies made through electronic distribution platforms (EDPs).
The draft guidance sets out a four-step approach for determining whether an EDP operator is responsible for GST.
Draft Law Companion Guideline LCG 2017/D5 explains the measures in the Treasury Laws Amendment (GST Low Value Goods) Bill 2017 (awaiting assent) that will make redeliverers responsible for GST on offshore supplies of low-value goods from 1 July 2018.
The Bill imposes GST on supplies of imported low-value goods, ie those worth less than A$1,000. Under the reforms, a redeliverer will be treated as the supplier if low-value goods are delivered outside Australia as part of the supply and the redeliverer assists with their delivery into Australia as part of, broadly, a shopping or mailbox service that it provides under an arrangement with the consumer.
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 Guests Accounting 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 Guests Accounting 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:
Concentrate on running your business and let Guests Accounting take care of all your business accounting and taxation requirements.
Some of the services we can offer your business include:
We offer a range of Personal Accounting services for individual employees. Our most popular Personal Accounting service is assisting with completing tax returns for individuals.
Tax returns can be complex and there are allowable tax deductions and expense claims that can be made that you may not be aware of. We can help you minimise your payable tax and potentially increase your tax return and make sure your tax return is lodged on time.
We also offer advice on:
One of the most important steps in the preparation of financial information is the data entry. It is the vital part of your accounting process, ensuring that your financial information is up to date and accurate.
Our highly experienced team of bookkeepers will get the job done efficiently by using cloud based products and software shortcuts, leaving you more time to concentrate on your business.
Guests Accounting can take over all, or some of your bookkeeping activities allowing you to concentrate on growing your business. We can:
Helping our clients grow, strengthen and develop their businesses is our main aim. Whether small, medium or large receiving expert help in areas such as strategy development, management accounting, cost analysis and budgeting is very important to attaining a business’s short and long objectives.
Our aim is to enable you and your business to maximise potential and profitability. We do this by providing the highest level of technical and commercial solutions to resolve issues that might impair the attainment of these outcomes.
We also have particular expertise in advising our private clients with family succession strategies that allows for the effective transfer of wealth to future generations.
Our expertise and time will help you attain your goals.
We specialise in the following:
Choosing your business structure is an important decision and we can advise you on the best structure for your requirements. There are four main business structures commonly used by small 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 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, 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.
It is important to note that you can change your business structure throughout the life of your business.
We can help with the following:
Cloud accounting is essentially your accounting software stored and accessed from an online server which allows upgrading of software, tax tables for payroll, also data backups are managed remotely and automatically by the software provider. This is a great time saver for any small to medium business owner.
Our solutions will help your business take advantage of an eco-system where your accounting software is the centre of all your information. From manufacturing, inventory, to customer relationship management (CRM), rostering/timesheets to payroll, you will be in control of every aspect of your business represented by a thorough reporting system.
Please do not hesitate to contact us for an obligation free consultation session on business software solutions. Our well-trained staff will provide you with the best solution that suits your needs and budget. With customised solutions, discounted software subscription, hands-on and personal training, we are committed to deliver you a quality of service that will meet and exceed your expectations.
There are many reasons why a business or association may need to be audited. These include audits regulated by ASIC, government departments and licensing authorities.
You may wish for your business to be audited to ensure your financials are all correct, up to date and compliant with Australian accounting standards.
We offer ongoing support for annual audits and can discuss audit insurance for your business.
Self-managed super funds (SMSFs) are required to be audited annually.
Our business auditing services include:
Whether you’re just starting out, experiencing rapid growth or sustaining a mature company we have the solutions for your payroll needs. We know that accrual and recording of annual and sick leave is a headache most employers can do without.
At Guests we offer a cost saving service that will keep your company compliant with all relevant legislation and will processes your payroll on time and accurately.
We will save you time, reduce costs and offer flexible options.
We can assist with the preparation of:
This is an industry with high levels of competition, hard won competitive advantage, and global influences that are constantly changing. Guests Accounting’s experience in this industry is extensive and we have the expertise and provide the range of services that are delivering the results our clients want.
While our accounting skills are very important in delivering the financial analysis and interpretation needed for better strategy development and implementation it is how we use these skills and experience in the following areas that make our efforts even more productive.
The accommodation and hospitality industry is subject to many rules and regulations and it is part of our role to ensure our clients are kept abreast of changes and the financial impact that can accompany such change.
Our experience in this industry means you can be confident we’ll provide the financial guidance you need while you focus on what you do best, provide customer satisfaction.
Work as a barrister or solicitor can be incredibly time consuming. Potentially long hours and long work weeks, keeping up to date with constantly changing legal paradigms and working through client cases can leave little time for yourself.
With so much on your plate, the last thing you may want to worry about are your taxes and accounting requirements. By using an accountant to assist in handling your taxes and other relative finances, you could reduce your taxation workload and potentially claim more of your expenses, plus you could have more time to focus on your career and your personal life.
Guests Accounting have been providing accountancy and taxation services to clients throughout Melbourne for many years. We focus on developing strong client relationships, identifying each client’s individual scenario along with their goals, and helping them achieve their accountancy requirements.
We offer a broad range of business services for individuals and small to large firms. Whether you’re managing an established business or starting up one of your own, we can assist you with your accounting and tax needs, from the preparation of certain financial documents, claiming expenses, your tax returns and much more.
If you have any questions, please contact us to discuss your options. Staff at Guests Accounting are more than happy to answer any queries you may have.
The process of running a construction business can be profitable though extremely time-consuming at points. Client deadlines, management of construction supplies, Occupational Health and Safety on site, along with overseeing staff and subcontractors is a lot to deal with it as it is.
Effective management of your cash flow and other financial requirements such as taxation can make the difference between your building business flourishing or struggling. Using a professional accountant that understands the financial issues of running a business can provide a benefit to you and your business, such as giving you more time to focus on your business and personal life, rather than worrying heavily about taxation.
With years of industry experience, Guests Accounting has provided accounting services to building businesses in the suburbs of Melbourne, delivering comprehensive tax services and knowledge in the industry.
We provide a wide range of accounting services and advice to businesses and individuals, including:
Whatever direction you’re looking to take your business or contracting, we’re here to help with your taxation and accounting needs. It’s a common situation where builders, trades people and businesses are using software that is beyond their requirements, potentially leading to confusion along with a waste of time and money. We can provide advice with record keeping in regards to your expenses and income, based on your accounting skill level and what is appropriate for your business and goals.
If you’re interested in finding out how we can help you and your business with your taxes, give us a call today or email your enquiry. Staff are happy to answer any questions you may have in relation to our services and appointments.
Working in the medical industry can be incredibly fulfilling though also extremely time consuming. Potentially long and extended hours, keeping up to date with patient or client details, travelling and on call jobs can leave you exhausted.
With all this on your plate, worrying about parts of your taxes shouldn’t be an issue. A professional accountant can assist you with your taxes and accountancy, giving you more time to focus on your career and personal life. Not only can accountants reduce your taxation work load but they can also assist with evaluating your expenses to reduce the amount of tax payable or enhance your tax return depending on your situation.
Guests Accounting have helped a range of doctors and medical professionals with their accounting and taxation needs for years in Melbourne. With a devoted team of accounting experts, we focus on providing great service and support for all our clients, whether an individual, small practice, organisation or large business.
Not only do we provide accounting services to doctors but also a large range of medical professionals and careers, such as the following:
Staff at Guests Accounting are happy to answer any questions you may have about our services or the taxation and accounting process. If you would like to book an appointment or have a query, please contact us today.
Working closely with our clients and providing professional specialised accounting and management expertise is why many quality manufacturing firms have employed our services for generations. The benefits of working with a firm that knows what it’s like to be at the ‘coal face’ can’t be overstated.
It’s this approach, passion, professionalism, skill-set and dedication to our task that has given many large Australian businesses the confidence to employ our services.
Manufacturing is the one of the more complex forms of business and made all the more difficult because competition, competiveness and global trends are constantly changing. Managing this change is what makes or breaks companies but we know our extensive experience across industries and accounting issues has helped many manage their way through problems and others build on their success.
Whatever the situation Guests Accounting has the expertise and experience to help you get the job done.
The services we offer to help you deliver the outcomes your company and stakeholders want are as follows:
Providing financial reporting is one thing but it is how this data is interpreted and used to implement strategy is at the core of Guests Accounting’s value to your firm.
Advertising agencies, marketing consultancies, designers and digital innovators collectively represent one of the fastest growing business segments. They create brands, build websites and deliver marketing campaigns.
At Guests Accounting we believe that accounting is an important and necessary piece of every digital agency’s strategic framework. Accounting is more than balancing books and making sure you’re ready for next year’s taxes. It’s planning for future growth and success.
The specialised services Guests Accounting offer include:
Many of Australia’s best and most successful businesses are privately owned but such ownership comes with its own unique needs and challenges. Guests Accounting have many years experience working in this area and understand well the unique challenges facing owners of family businesses.
While family businesses face the normal ups and downs of business life there is always the added complexity of family relationships that can make business decisions more difficult. At Guests Accounting we are able to manage all businesses aspects of such ventures due to our long experience working with family businesses that means we look to address other issues that might impact more heavily than they should. Issues such as:
We pride ourselves on the strength of the relationships we build with our clients and the depth of knowledge and understanding we develop over time. Nowhere is this more important than with our family business clients.
Managing a farm is a time consuming task. Overseeing staff and ensuring your day to day operations are running smoothly can take up enough time as it is; the last thing you may want to deal with is financial paper work and tax.
A professional accountant can help you efficiently manage your accounting, bookkeeping and taxation requirements, while also providing you with advice and strategies to help effectively grow your business. This can give you more time to focus on what’s important to you, such as handling tasks on your farm and enjoying life outside of work.
For over 60 years we have been providing accounting services for primary producers and farmers throughout Victoria. We understand what farmers require to effectively manage the finances of their farming operations and endeavour to provide all of our farming clients with effective advice and services to do such.
Time is money—two things that accountants can save for you. A professional accountant has the expertise and industry experience to help you efficiently, effectively and quickly manage your accounts, all while helping you save money and reduce tax.
Here at Guests Accounting, we can help you with:
Whether a small or medium sized business farm, our team at Guests Accounting have the expertise to help you with all of your tax, accounting, GST and business advice needs.
Contact us today for comprehensive services at affordable prices, and advice you can trust.
Managing a retail business can be a time consuming and complex task. You have to make sure that your staff can perform well, are receiving appropriate payment in regards to their wage and superannuation, plus then there’s the range of OH&S and compliance issues that must be followed.
Guests Accounting understands the financial implications that retailers have to deal with. We offer you professional experience, technical knowledge and support with your taxes and accounting.
Our services for retailers include:
Over time, you may want to change the direction your business is heading and this could lead to financial issues. Financial advice and services from professionals could help you and your business keep on track with your goals and evolve positively. Guests Accounting can provide professional accounting advice and services as your business progresses and changes.
If you setting up a new retail business or looking to take your current business to the next level, please contact us today.
The technology industry faces very rapid change. The extent and variety of this change in the last twenty years alone has been hugely diverse and at a pace that sees companies come and go in very short periods of time.
This risk and instability has also been accompanied by amazing opportunities and finding the best way forward is always complex and difficult. However, even amongst so much disruption the basic principles of good business are still the guiding light.
Guests Accounting’s expertise, industry knowledge, stability and experience is helping our clients navigate the best way through these opportunities and threats. Clients include information technology, big data, telecommunications, computer networking, software development and hardware development businesses.
Added into the mix is an ever increasing regulatory framework that has to be understood and managed. Our experience in this area is extensive and allows our technology clients to stay ahead.
When operating in your trade or business, you want to be able to focus on your client’s needs and help them, rather than becoming bogged down with tax, accounting and finances of your own. The friendly team at Guests Accounting provide professional accounting services for trades people.
Apart from your typical builder, plumber, carpenter and electrician we also service clients in a range of other trades including:
Guests Accounting are here to help you with your accounting; whether you’re looking to grow a business of your own or just sort out your own finances and taxation.
Many self employed tradesmen use accounting and finance software that is beyond their business needs, potentially leading to confusion along with wasting time and money. We can provide advice with what software or methods would be appropriate for your needs, along with what would be easy to use for you, giving you more time to focus on your work.
If you’re looking for a professional accountant who is dedicated to helping your trades business, please contact us today.
Managing a transport & logistics business can be a time consuming and complex task. You have to make sure that your staff can perform well, are receiving appropriate payment in regards to their wage and superannuation, plus then there’s the range of OH&S and compliance issues that must be followed.
Guests Accounting understands the financial implications that transport and logistic industries have to deal with. We offer you professional experience, technical knowledge and support with your taxes and accounting.
Our services for Transport and Logistics Professionals include:
Over time, you may want to change the direction your business is heading and this could lead to financial issues. Financial advice and services from professionals could help you and your business keep on track with your goals and evolve positively. Guests Accounting can provide professional accounting advice and services as your business progresses, grows and changes.
If you setting up a new Transport and Logistics business or looking to take your current business to the next level, please contact us today.
Avi Paluch became a partner in 1975. His client base comprises of professionals in a diverse range of industries, sole traders, national, multi-national and international groups in relation to taxation and management issues.
His clients also include large family groups and high net worth individuals. In addition, he is involved in a range of audits. Avi currently involves himself in various community boards in the capacity of honorary treasurer.
His other interests are being with his family and attending sports events.
Andrew Goldberger joined Guests in 1987. Prior to that he occupied a senior position with the Australia Taxation Office. As well as looking after a diverse range of groups of SMEs and high wealth individuals, Andrew is an expert in taxation. He has been involved in a number of Large Income Tax and State Revenue Audits and provides advice on various technical tax issues and areas of tax planning. Andrew also consults to other practitioners in these areas.
Andrew has also written articles for various taxation publications including CCH and participated in taxation focus groups. He is regularly called on to address various public practitioner groups on taxation matters and has conducted training sessions for CPA Australia.
Ha joined Guests Accounting in 2002 and has earned her position to having been recently appointed a Partner in the firm. Since obtaining a Bachelor of Business (with Distinction) at RMIT, Ha has completed an MBA at Monash University and is currently finalising her Masters of Taxation at Melbourne Law School.
Having worked for a number of ASX Listed companies before joining Guests, Ha possesses both robust technical skills in management accounting, accounting technologies, together with in depth knowledge in public practice as a tax specialist and business advisor.
Ha’s diversity and quality of clients have accorded her a never-ending opportunity to learn. This has fuelled her ongoing loyalty to the firm to meet and exceed our clients’ expectations. Maintaining a good rapport with clients and well known for her personal and caring approach, she believes embracing new technology will be instrumental in providing deeper insights to their business. She has effectively utilised her knowledge, skills and creativity to the benefit of many of our clients’ business, both large and small enterprises.
As a firm believer in the importance of life time learning, Ha intends to continue her professional engagement with Australian professional bodies and institutions. Whilst regularly speaking and lecturing at Monash University and Latrobe University, she is actively involved with CPA Australia as an author and a group leader for the “Practice Management” Module of the CPA Professional Public Practice program. She is also a member of the Program Advisory Committee at School of Vocational Business, RMIT University.
Moshe joined Guests Accounting in 1985 and has more than 40 years of extensive experience. He has an indepth understanding of business and is responsible for a diverse group of clients and is in charge of the Superannuation Team and the Audit of superannuation funds.
Moshe’s knowledge in many different areas including business structuring, accounting, taxation, auditing, SMSFs and business planning in various industries enables him to provide advice on ‘the big picture’, taking into account both present and future needs of clients.
Moshe has been involved in various not-for-profit organisations during his career in an honorary capacity. This has given him a good grounding in the corporate governance area. Moshe continues his interest in the new regulatory environment of the not-for-profit sector.
Mory graduated from Monash University in 1979 and joined our team with more than 20 years experience. He is a member of both the Institute of Chartered Accountants and the CPA and a Fellow of the Association of Taxation and Management Accountants.
After more than 18 years experience with a Chartered firm, Mory travelled to the United Kingdom and gained invaluable experience working with various Accounting and Legal firms in London, developing operating systems and in investigative accounting roles.
Mory joined Guests in March 2002 and became a partner in July 2005, specialising in Taxation and Business Services. Mory has also served on the executive of community boards and not-for-profit organisations.
Gary Bryfman is a FCPA, having a Masters Degree in Taxation. His earlier accounting background was in industry, specialising in costing and budget preparations.
He has been a partner of Guests for 31 years. Gary has been involved in a number of Jewish organisations, including JCCV as honorary treasurer; CSG, JEMP and advisor to MDA executive.
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.
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.
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