Client Alert – April 2020

Do you or your business need help?

If you or your business need help with your financial arrangements during this difficult time, we can help you to work out which of the many coronavirus (COVID-19) related payments, concessions and arrangements apply to you, and how you can best make use of them. Contact us today.

ATO coronavirus administrative support

A series of administrative measures to assist businesses experiencing financial difficulty as a result of the COVID-19 pandemic has been announced by the ATO. These include deferring the payment date and amounts due on Business Activity Statements (BASs), income tax assessments, FBT assessments and excise by up to four months. Businesses will also be allowed to change payment and reporting cycles for GST and vary PAYG instalment amounts. Any interest or penalties applied to tax liabilities incurred after 23 January 2020 may be remitted.

The measures that will apply are similar to those for taxpayers affected by the recent Australian bushfires. However, one important point of difference is that while the bushfire measures applied automatically to particular geographical areas, assistance for those impacted by COVID-19 will not be automatically implemented. Taxpayers who have been affected will need to contact the ATO to discuss their situation in order to come up with a tailored support plan.

The ATO has also clarified that emergency accommodation, food, transport, medical or other assistance provided by employers to employees affected by COVID-19 may be exempt from FBT, depending on the circumstances. However, employers will still need to meet their ongoing super guarantee obligations for their employees. The ATO says that by law, it cannot vary the contribution due date or waive the superannuation guarantee charge where super guarantee payments are late or unpaid.

Coronavirus stimulus: what’s in it for you?

In an effort to combat the economic effects of the global coronavirus pandemic, on 12 March 2020 the Federal Government announced an economic stimulus package worth $17.6 billion, which it said is expected to provide direct support for up to 6.5 million individuals and 3.5 million businesses. The package includes business investment initiatives, cash flow assistance payments to small and medium entities (SMEs), household stimulus payments and support for impacted sectors, regions and communities, as well as tax administration relief.

Business initiatives

The instant asset write-off threshold will be increased from $30,000 to $150,000 and expanded to include access for businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020.

A time-limited 15-month investment incentive (through to 30 June 2021) will also be provided to support business investment by accelerating depreciation deductions.

Eligible small and medium entities will receive a Boost Cash Flow for Employers payment of up to $25,000.

The tax-free payment will provide cash flow support to businesses with a turnover of less than $50 million that employ staff between 1 January 2020 and 30 June 2020. Businesses will receive payments of 50% of their Business Activity Statement (BAS) or Instalment Activity Statement (IAS) from 28 April 2020, with refunds to be paid within 14 days.

Eligible small businesses employers can apply for a wage subsidy of 50% of an apprentice’s or trainee’s wage for up to nine months from 1 January 2020 to 30 September 2020. Where a small business is not able to retain an apprentice, the subsidy will be available to a new employer that employs that same apprentice.

Household stimulus for pensioners

A one-off $750 stimulus payment will be made to pensioners, social security, veteran and other income support recipients and eligible concession card holders. Payments will be made from 31 March 2020 on a progressive basis, with over 90% of payments expected to be made by mid-April. This payment will be tax-free and not count as income for social security, farm household allowance and veteran payments.

TIP: In addition to this initial $750 stimulus payment, the Government announced on 22 March that a further $750 payment will be provided (as part of a secondary stimulus package) to social security and veteran income support recipients and eligible concession card holders. Payments of the secondary $750 amount will be made automatically from 13 July 2020.

There will be one payment per eligible recipient under the first stimulus package, and one payment under the second. If a person qualifies for either or both payments in multiple ways, they will still only receive each payment once (ie there will be a maximum of two $750 payments per eligible person).

Coronavirus stimulus: round 2

To further support businesses and workers in riding out the COVID-19 pandemic and minimise the impact on the overall economy, on 22 March 2020 the Federal Government announced a second round of stimulus measures in addition to the initial announced on 12 March. This second package includes support for individuals and households, including casual workers, sole traders, retirees and people who receive income support payments.

Business measures

Cash payments for small to medium employers

Tax-free payments of up to $100,000 (with a minimum payment of $20,000) will be available for eligible small and medium entities (SMEs) and not-for-profits that employ people and have an aggregated annual turnover under $50 million. Employers will receive a payment equal to 100% of the withholding tax liability on their salary and wages, subject to monetary limits. This payment will be available to most employers from 28 April 2020.

SME loan guarantee scheme

A Coronavirus SME Guarantee Scheme will be established to support SMEs in getting access to working capital. Under the scheme, the government will guarantee 50% of new loans issued by eligible lenders. The scheme is able to support $40 billion worth of lending to SMEs.

Personal measures

Increase in income support payments supplement

A new temporary “Coronavirus Supplement” of $550 per fortnight will be implemented for people receiving certain income support payments. Eligible recipients will receive the full amount of $550 on top of their payment each fortnight, effectively doubling the current payment amount. The supplement will be paid for the next six months to existing and new recipients of the various Centrelink payments including the JobSeeker Payment (formerly called Newstart Allowance), Youth Allowance Payment for job seekers, Parenting Payment, Farm Household Allowance and Special Benefit Payments.

Further $750 for pensioners

In addition to the initial $750 stimulus payment previously announced, a further $750 payment will be provided to social security and veteran income support recipients and eligible concession card holders. This does not apply to those receiving the temporary Coronavirus Supplement.

Superannuation early release

Individuals in financial distress as a result of the pandemic will be allowed to access a tax-free payment of up to $10,000 from their superannuation in 2019–2020 and a further $10,000 in 2020–2021. Eligible individuals will need to apply online to the ATO through myGov before 1 July 2020 to receive the payment for the 2019–2020 income year.

TIP: Amounts withdrawn from super in this way will not affect any Centrelink payments.

Coronavirus concessions: state governments

Some states, including New South Wales, Queensland, Western Australia and Tasmania, have followed in the Federal Government’s footsteps to provide their own stimulus and concessions for mostly small to medium businesses and in some cases to individuals and families. Most of the measures are payroll-tax-related, aimed at giving small to medium businesses a cash flow boost during this difficult time, while other measures including fee waivers, grants, relief payments and concessional loans.

ATO’s FAQ helps to clarify coronavirus impacts

The ATO’s COVID-19 frequently asked questions (FAQ) is a resource tool for people and businesses in the community who need clarifications in relation to impacts from the COVID-19 pandemic. The FAQ is broken into common questions for individuals, employers, businesses (including internationals) and self-managed superannuation funds (SMSFs).

Common questions centre around issues relating to the nationwide shutdown – late or deferring payment obligations; deductibles from working from home; residence status due to travel restrictions; GST and FBT impacts from cancellations; and SMSF losses and strategies.

TIP: The ATO will update this FAQ regularly and welcomes suggestions and more questions. See www.ato.gov.au/Individuals/Dealing-with-disasters/In-detail/Specific-disasters/COVID-19/.

Working from home: what can I deduct?

Have you been directed by your employer to work from home to limit the spread of COVID-19? While working from home has its benefits, there may be extra expenses too, ranging from printing costs to the need for more internet data and perhaps even additional equipment. You may be able to claim a deduction for the additional running costs you incur. The costs you may be able to claim include the work-related portion of any heating, cooling and lighting for the area you’re working from, work-related phone and internet costs, and work-related decline in value of a personally owned computer and associated office equipment. To claim these expenses, you must keep specific records ranging from diary entries to receipts.

Scams targeting natural disaster victims

Victims of the recent natural disasters beware: there is an SMS scam circulating that purports to give you “a bonus” on your 2020 tax return. The scam urges victims to start the process by filling out a form and provides a link to a what looks like the genuine myGov website. According to the ATO, this is a classic case of scammers impersonating the ATO in an effort to collect personal information including names, birth dates, addresses, emails, phone numbers and online banking login details.

Once this information is obtained, scammers can use it to commit identify theft, including porting your phone, accessing your bank account, obtaining a loan in your name, lodging tax returns, stealing your superannuation and committing other types of fraud, or they could on-sell the information to others who may commit these offences.

If you receive a call from someone saying they are from the ATO but you aren’t sure, the best course of action is to hang up and call the ATO back on the appropriate number listed on its website, or to call your tax agent directly on their listed number to seek advice. While the ATO does send SMS messages and emails and calls taxpayers, it’s important to remember that the ATO will never:

  • send an SMS message or email asking you to click on a hyperlink to log into myGov or other government websites;
  • ask for personally identifying information in order for you to receive a refund;
  • use aggressive or rude behaviour, or threaten you with immediate arrest, jail or deportation;
  • project its number onto caller ID; or
  • request that you make payments of debt via cardless cash, iTunes or Google Play cards, prepaid Visa cards, cryptocurrency, or direct credit to a personal bank account.

If you’ve fallen victim to this or other tax-related scams, don’t be ashamed, but contact the ATO as quickly as possible. The sooner you notify the ATO, the better the outcome is likely to be.

Independent review of ATO audit position: small business pilot extended and expanded

The ATO has advised that it has extended and expanded its pilot program which offers an independent review service to eligible small businesses disputing income tax related audits. The pilot will continue until 31 December 2020.

The independent review is conducted by an officer from the ATO’s Review and Dispute Resolution business line. This officer will not have been involved in the audit and will bring an independent “fresh set of eyes” to the review. The independent reviewer will consider the documents setting out the taxpayer’s position and the ATO audit position. They will schedule a case conference with the taxpayer and the ATO audit officer generally within one month of receiving the taxpayer’s review request. The case conference is an opportunity for all parties to assist the independent reviewer with understanding the facts and contentions.

The audit case officer will contact a taxpayer if it is eligible for an independent review. A written offer of independent review will also be included in the audit finalisation letter.

TIP: The ATO emphasises that taxpayers will retain their full dispute and objection rights even if they seek an independent review. Taxpayers will also retain these rights if they are not eligible for an independent review or if they choose not to seek an independent review.

Super guarantee amnesty for employers

An amnesty is now on for employers in relation to unpaid employee superannuation entitlements from 1 July 1992 to 1 January 2018. There are certain conditions which have to be met for employers to qualify. The amnesty will allow employers to self-correct super guarantee (SG) underpayments without incurring additional penalties that would normally apply.

During the amnesty period, employers can also claim a tax deduction for payments of SG charge or contributions. The amnesty will end on 7 September 2020, at which time the ATO is set to take a tougher stance on SG underpayments.

To qualify, employers must first disclose the super guarantee shortfall to the ATO in the approved form between 24 May 2018 and 7 September 2020. The shortfall must not have been previously disclosed to the Commissioner, however, additional amounts of SG shortfalls disclosed during the amnesty period may be subject to beneficial treatment.

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Man and woman sorting out their accounting and taxation

Accounting & Taxation Services

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:

  • Accounting & Tax Consultancy Services
  • Personal & Business Tax Returns
  • Annual Reporting
  • Business and Tax Advisory
  • ATO correspondence Management
  • Self-Managed Super
  • Cloud accounting experts

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Business discussing their accounting

Business Accounting

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:

  • Accounting and bookkeeping
  • Accounting software advice and assistance
  • Business & company tax returns
  • Taxation – GST & PAYG advice, BAS preparation
  • Guests Accounting can liaise with the ATO on your behalf
  • WorkCover: your obligations
  • Audit advice & audit insurance
  • Superannuation for you and your staff
  • Business ‘start up’ advice
  • Prepare Business plans and financial budgets and review regularly
  • Measure your performance against industry benchmarks
  • Trust & company structures
  • Business Insurance

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Young professional with his own business

Personal Accounting

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:

  • Investment properties, tax and negative gearing
  • Tax & share investments
  • HELP (higher education loans) debts
  • Superannuation advice
  • Advice on setting up a self-managed super fund (SMSF)
  • Late tax returns

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Bookkeeping & Financial Record Management

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:

  • 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
  • Completing expense reports
  • Direct to bank account transactions
  • Provide general business administrative support

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Business consultant presenting to staff

Business Advisory

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:

  • Corporate Structure
  • Strategy development and facilitation
  • Strategic board and management reporting
  • Budget preparation and review
  • Updating your business plan
  • Business value maximisation
  • Systems review
  • Sustainability
  • Financial diagnostic analysis
  • Cash flow and profitability
  • Business succession planning and implementation
  • Business valuations for acquisition or sale
  • Estate planning
  • Asset protection structuring

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Business Start-Ups & Structures

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:

  • Corporate Structures
  • Updating your business plan
  • Business value maximisation
  • Systems review
  • Sustainability
  • Strategic planning
  • Financial diagnostic analysis
  • Cash flow and profitability
  • Corporate compliance
    • Formation of trusts and new company registrations
    • Provision of registered office services for service of notices
    • Attending to ASIC returns and regular filings on your behalf
    • Business name registrations and maintenance
    • Preparing minutes and drafting resolutions

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Cloud Accounting solutions featuring MYOB, Reckon and XERO

Cloud Accounting

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.

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Auditing

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:

  • Statutory Audits
  • Specialist Reviews
  • Business Risk Reviews
  • Self Managed Superannuation Fund Audits
  • Due Diligence reviews

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Payroll Management

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:

  • Pay slips
  • Payment of salaries and other benefits
  • Accrual of all types of leave and recording of leave taken
  • Calculation and payment of superannuation

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Migration Assistance Services

We have been working closely with a number of leading migration lawyers and agents to assist our clients to obtain Business Migration Visas (Visa subclass 188, Subclass 132, Subclass 888), Employer sponsored skill migration visas (the old 457 visa or the new TSS visa program).

– Prepare financial reports and Business Plan in a compliant format for migration purposes.
– Prepare statements of financial position of the Applicant and Sponsoring Employer.
– Undertaking due diligence on business and asset purchases.
– Buy/Sell Agreement and Negotiations
– Provide insights on compliance with the Points System necessary for the Government visa requirements.
– Provide tax and business advisory services in order for holders of the subclass 188 visa to meet the requirements of Permanent visa subclass 888.

Primary contact: Ms. Ha Nguyen. Email: hn@guests.com.au

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Accounting services for Accommodation, Restaurants and Hospitality Venues

Accounting for Accommodation, Restaurants and Hospitality Venues

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.

  • Acquisition or sale of a business, Amalgamation advice
  • Management advice in the operation of properties
  • Business and governance support
  • Specialist advisory and taxation services, including:
  • Business planning
  • Cashflow projections
  • Working capital management

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.

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Accounting services for barristers and solicitors

Accounting for Barristers and Solicitors

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.

Give Yourself a Break

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.

Years of Industry Knowledge, Aimed at Helping Clients

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.

Professional Services for Business Start-ups and Established Businesses

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.

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Accounting services for construction and property developers

Accounting for Construction and Property Developers

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.

Comprehensive Services

We provide a wide range of accounting services and advice to businesses and individuals, including:

  • Payroll and bookkeeping services and options
  • Advice relating to claiming motor vehicle expenses
  • Preparing income tax returns and certain financial documents
  • Advice on record keeping software, spreadsheets and tools for recording income and expenses of your business
  • Equipment finance (tools, construction supplies, etc)
  • Advice in relation to the sale and purchase of a business
  • Tax planning strategies
  • Advice for business start-ups
  • Plus much more support.

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.

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Accounting services for doctors and medical professionals

Accounting for Health and Allied Services, Doctors and Medical Professionals

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:

  • Patient transport service (PTS) drivers and ambulance care assistants
  • Art therapists
  • Audiology staff and businesses
  • Biomedical scientists
  • Chiropractors
  • Counsellors
  • Chiropodists/podiatrists
  • Dentists, dental hygienists, nurses, technicians and therapists
  • Dieticians
  • General practitioners (GPs)
  • Housekeepers
  • Learning disabilities nursing
  • Massage therapists
  • Mental health nurses
  • Music therapists
  • Myotherapists
  • Neurophysiology and neurosurgery
  • Osteopaths
  • Pharmacists and pharmacy technicians
  • Psychiatrists
  • Psychologists
  • Psychotherapists
  • Practice secretaries and typists
  • Speech and language therapists
  • Sterile services management
  • Plus many more medical areas.

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.

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Accounting services for investors

Accounting for Manufacturing Companies

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:

  • General accounting input
  • Information technology
  • Audit services
  • Regular management reporting
  • Detailed financial analysis and reporting for profit and loss, balance sheet, and funds statements
  • Cost of production analysis
  • Accurate cost accounting
  • Lead time management
  • Capital requirement
  • Tendering
  • Analysis of actual vs standard cost
  • Identify inefficiencies
  • Manage wastage
  • Source supplies
  • Optimise plant capacities.

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.

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Accounting services for marketing and digital marketing agencies

Accounting for Marketing and Digital Marketing Agencies

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:

  • Ongoing internal accounting for the Marketing/Advertising Agency itself
  • Assisting to build processes for reconciling your employee’s billable hours to preparing and sending invoices to your client’s on a consistent and continual basis (hourly billing)
  • Calculating project costing and profitability (fixed fee and hourly billing)
  • Employee compensation consulting in an organisational environment wherein your employees consist of a variety of skill sets (engineers, creatives, core operations and business development)
  • Forecasting profits based on management and ownership goals
  • Monitor revenue and collection patterns (Cash Flow)
  • Identifying your key metrics and benchmarking with your competitors
  • Assist with ownership and transition strategies
  • Work to establish financial reporting best practices
  • CFO business advisory and evaluation services
  • Business valuations
  • Succession and ownership transfer planning
  • Risk management (insurance strategies)
  • Budgeting, forecasting, and performance review
  • Customised monthly, quarterly, or annual financial reports
  • Growth strategies (from Mergers and Acquisitions to Organic growth)

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Accounting services for business enterprises and private businesses

Accounting for Private and Business Enterprises

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:

  • Lack of quality succession planning and inadequate training of junior family members.
  • External investments draining cash from operations and diverting focus on core operations.
  • Poor governance and management systems.
  • Lack of capital investment and financial support.
  • Has the business adequately distinguished business and family governance?
  • Is there a degree of independent guidance?
  • Is the management team adequately equipped?
  • Generational transition planning, business coaching and mentoring.
  • Operational and strategic management structuring: family versus independent management.
  • Objective external advice on family issues and conflict resolution processes.
  • Assistance with the development and implementation of a family charter, family forums, family councils and advisory boards.
  • Responsive financial, accounting and business advisory support.
  • Family business succession planning.

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.

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Accounting services for primary producers and farmers

Accounting for Primary Producers and Farmers

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.

Take the Stress out of Tax with Help from a Professional Accountant

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:

  • Identifying opportunities to legally reduce tax payable
  • Preparation of income tax returns
  • Equipment finance
  • Assistance with employment compliance, such as WorkCover and superannuation
  • Cash flow projections
  • Tax planning strategies
  • Liaising with farm consultants
  • Advice on record keeping software, spreadsheets and tools for recording income and expenses of your business
  • Advice in relation to the sale and purchase of equipment or properties
  • Advice in relation to business expansion and growth
  • Assistance with drought and flood claims
  • Assistance with government incentive programs
  • Advice for business start ups
  • Succession planning.

Looking for help with your accounting and taxation requirements?

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.

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Accounting services for retail businesses and managers

Accounting for Retail Businesses and Managers

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.

Professional Accounting Services

Our services for retailers include:

  • Start-up business financial advice
  • Payroll and bookkeeping services
  • Income tax returns
  • Tax planning strategies
  • Accounting software advice and selection
  • Tools and spreadsheets to assist in detailing and reporting income and expenses
  • Advice about the sale and purchase of your business
  • Advice about claiming motor vehicle and transport costs
  • The preparation and analysis of certain financial documents and statements.

Ongoing Support

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.

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Accounting services for tech companies

Accounting for Tech Companies

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.

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Accounting services for trades and service industries

Accounting for Trades and Service Industries

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:

  • Air Conditioning Mechanics
  • Arborists
  • Bathroom Renovators
  • Blinds – Repair & Installation
  • Bricklayers
  • Builders
  • Carpenters
  • Carpet Cleaners
  • Carpet Repairers
  • Ceiling Repairers
  • Commercial Cleaners
  • Concreters
  • Domestic Cleaners
  • Electricians
  • Electrical Appliance Repairs
  • Fencing & Gates
  • Floating Floors
  • Floor Sanding
  • Furniture Assembly
  • Fencing Contractors
  • Guttering
  • Garden Maintenance
  • Gas Fitters
  • Glazers
  • Handymen
  • Home Security
  • Insulation
  • Interior Decorators
  • Joinery
  • Kitchen Renovators
  • Landscape Gardeners
  • Lawn Care
  • Painters
  • Paving Contractors
  • Pergolas
  • Plasterers
  • Plumbers
  • Rendering
  • Retaining Walls
  • Reticulation
  • Roller Doors
  • Roof Tilers
  • Roofing Repairers
  • Rubbish Removalists
  • Security Doors, Gates & Grills
  • Swimming Pools & Spas
  • Telecommunications
  • Tiling
  • Timber Floors
  • Tree Loppers
  • Vinyl & Carpet Layers
  • Window Cleaners
  • Wrought Iron Gates & Balustrades
  • Welders

Tailored Support

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.

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Accounting services for transport and logistics professionals

Accounting for Transport and Logistics Professionals

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.

Professional Accounting Services

Our services for Transport and Logistics Professionals include:

  • Start-up business financial advice
  • Payroll and bookkeeping services
  • Income tax returns
  • Tax planning strategies
  • Accounting software advice and selection
  • Tools and spreadsheets to assist in detailing and reporting income and expenses
  • Advice about the sale and purchase of your business
  • Advice about claiming motor vehicle and transport costs
  • Advice and assistance with claiming Fuel Tax Credits
  • The preparation and analysis of financial documents and statements.

Ongoing Support

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.

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Avi Paluch

Avi Paluch

Partner

ap@guests.com.au

(03) 9509 7033 / 0418 542 606

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

Andrew Goldberger

Partner

bg@guests.com.au

(03) 9509 7033 / 0419 155 373

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 Nguyen

Ha Nguyen

Partner

hn@guests.com.au

(03) 9509 7033 / 0439 898 487

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 recently a 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 and turn-around strategies, 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 Victorian Public Practice Committee CPA Australia, and a board member of KOTO International, a not-for-profit organisation in Australia.

Moshe Trebish

Moshe Trebish

Partner

mt@guests.com.au

(03) 9509 7033 / 0417 081 305

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.

  • Diploma of Commerce (RMIT)
  • Member of CPA Australia
  • Public Practice Certificate (CPA)
  • Registered Tax Agent
  • Registered SMSF Auditor
  • Registered Company Auditor
  • Limited AFSL Licencee
  • Chartered Tax Advisor (TIA)

Mory Kalkopf

Mory Kalkopf

Partner

mk@guests.com.au

(03) 9509 7033 / 0405 642 458

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

Gary Bryfman

Partner

gb@guests.com.au

(03) 9509 7033 / 0411 077 998

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.

Accounting Videos

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.

Welcome to Xero – you’ll love using beautiful accounting software that puts your financials at your fingertips. Here you’ll learn about the features you’ll use regularly in Xero, and see how they make managing small business finances easier than ever.

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.

Guests Accounting welcome your enquiry. To book an appointment or simply ask us a question, fill in your details and we'll be in touch soon!

Email, Phone & Fax

Melbourne Office

  • 234 Balaclava Road, Caulfield North VIC 3161
  • 9:00AM to 5:00PM (Mon-Thurs), 8:30AM to 4:30PM (Fri)

Postal Address

  • PO Box 2197, Caulfield Junction VIC 3161, DX 37066 Caulfield

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