Federal Budget | May 2021

PERSONAL TAXATION

Personal tax rates unchanged for 2021–2022
In the Budget, the Government did not announce any personal tax rates changes, having already brought forward the Stage 2 tax rates to 1 July 2020 in the October 2020 Budget. The Stage 3 tax changes will commence from 1 July 2024, as previously legislated.
The 2021–2022 tax rates and income thresholds for residents are therefore unchanged from 2020–2021:

  • taxable income up to $18,200 – nil;
  • taxable income of $18,201 to $45,000 – 19% of excess over $18,200;
  • taxable income of $45,001 to $120,000 – $5,092 plus 32.5% of excess over $45,000;
  • taxable income of $120,001 to $180,000 – $29,467 plus 37% of excess over $120,000; and
  • taxable income of more than $180,001 – $51,667 plus 45% of excess over $180,000.

Stage 3: from 2024–2025
The Stage 3 tax changes will commence from 1 July 2024, as previously legislated. From 1 July 2024, the 32.5% marginal tax rate will be cut to 30% for one big tax bracket between $45,000 and $200,000. This will more closely align the middle tax bracket of the personal income tax system with corporate tax rates. The 37% tax bracket will be entirely abolished at this time.
Therefore, from 1 July 2024, there will only be three personal income tax rates: 19%, 30% and 45%. From 1 July 2024, taxpayers earning between $45,000 and $200,000 will face a marginal tax rate of 30%. With these changes, around 94% of Australian taxpayers are projected to face a marginal tax rate of 30% or less.

Low-income offsets: LMITO and LITO retained for 2021–2022L
Low- and middle-income tax offset
The Government also announced in the Budget that the low- and middle-income tax offset (LMITO) will continue to apply for the 2021–2022 income year. The LMITO was otherwise legislated to only apply until the end of the 2020–2021 income year, meaning low-to-middle income earners would have seen lower tax refunds in 2022.

The amount of the LMITO is $255 for taxpayers with a taxable income of $37,000 or less. Between $37,000 and $48,000, the value of LMITO increases at a rate of 7.5 cents per dollar to the maximum amount of $1,080. Taxpayers with taxable incomes from $48,000 to $90,000 are eligible for the maximum LMITO of $1,080. From $90,001 to $126,000, LMITO phases out at a rate of 3 cents per dollar.

Consistent with current arrangements, the LMITO will be received on assessment after individuals lodge their tax returns for the 2021–22 income year.
Low-income tax offset
The low-income tax offset (LITO) will also continue to apply for the 2021–2022 income year. The LITO was intended to replace the former low income and low- and middle-income tax offsets from 2022–2023, but the new LITO was brought forward in the 2020 Budget to apply from the 2020–2021 income year.
The maximum amount of the LITO is $700. The LITO will be withdrawn at a rate of 5 cents per dollar between taxable incomes of $37,500 and $45,000, and then at a rate of 1.5 cents per dollar between taxable incomes of $45,000 and $66,667.
Self-education expenses: $250 threshold to be removed
The Government will remove the exclusion of the first $250 of deductions for prescribed courses of education. The first $250 of a prescribed course of education expense is currently not deductible.
Background
A limitation on deductibility exists under s 82A of the Income Tax Assessment Act 1936 (ITAA 1936) regarding deductions that would otherwise be allowable under s 8-1 if the self-education expenses are necessarily incurred for or in connection with a course of education provided by a place of education (e.g. a school, uni, college, etc) and undertaken by the taxpayer for the purpose of gaining qualifications for use in the carrying on of a profession, business or trade or in the course of any employment.

In those circumstances, currently only the excess over $250 may be deductible.
Primary 183-day test for individual tax residency
The Government will replace the existing tests for the tax residency of individuals with a primary “bright line” test under which a person who is physically present in Australia for 183 days or more in any income year will be an Australian tax resident.
People who do not meet the primary test will be subject to secondary tests that depend on a combination of physical presence and measurable, objective criteria.
The new residency rules are based on recommendations made by the Board of Taxation in its 2019 report Reforming individual tax residency rules: a model for modernisation.

Child care subsidies to change 1 July 2022
The Budget confirmed that the Government will make an additional $1.7 billion investment in child care. The changes will commence on 1 July 2022 (that is, not in the next financial year). This measure was previously announced on 2 May 2021.
Commencing on 1 July 2022, the Government will:

  • increase the child care subsidies available to families with more than one child aged 5 and under in child care by adding an additional 30 percentage point subsidy for every second and third child (stated to benefit around 250,000 families); and
  • remove the $10,560 cap on the Child Care Subsidy (which the Government expects to benefit around 18,000 families).


BUSINESS TAXATION

Temporary full expensing: extended to 30 June 2023

The Government will extend the temporary full expensing measure until 30 June 2023. It was otherwise due to finish on 30 June 2022.
Other than the extended date, all other elements of temporary full expensing will remain unchanged.
Currently, temporary full expensing allows eligible businesses to deduct the full cost of eligible depreciating assets, as well as the full amount of the second element of cost. A business qualifies for temporary full expensing if it is a small business (annual aggregated turnover under $10 million) or has an annual aggregated turnover under $5 billion. Annual aggregated turnover is generally worked out on the same basis as for small businesses, except that the threshold is $5 billion instead of $10 million.
There is an alternative test, so a corporate tax entity qualifies for temporary full expensing if:

  • its total ordinary and statutory income, other than non-assessable non-exempt income, is less than $5 billion for either the 2018–2019 or the 2019–2020 income year (some additional conditions apply for entities with substituted accounting periods); and
  • the total cost of certain depreciating assets first held and used, or first installed ready for use, for a taxable purpose in the 2016–2017, 2017–2018 and 2018–2019 income years (combined) exceeds $100 million.

If temporary full expensing applies to work out the decline in value of a depreciating asset, no other method of working out that decline in value applies.
Assets must be acquired from 7:30pm AEDT on 6 October 2020 and first used or installed ready for use by 30 June 2023.

Loss carry-back extended by one year
Under the temporary, COVID-driven restoration of the loss carry-back provisions announced in the previous Budget, an eligible company (aggregated annual turnover of up to $5 billion) could carry back a tax loss for the 2019–2020, 2020–2021 or 2021–2022 income years to offset tax paid in the 2018–2019 or later income years.
The Government has announced it will extend this to include the 2022–2023 income year. Tax refunds resulting from loss carry-back will be available to companies when they lodge their 2020–2021, 2021–2022 and now 2022–2023 tax returns.
This is intended to help increase cash flow for businesses in future years and support companies that were profitable and paying tax but find themselves in a loss position as a result of the COVID-19 pandemic. Temporary loss carry-back also complements the temporary full expensing measure by allowing more companies to take advantage of expensing, while it is available.
Employee share schemes: cessation of employment removed as a taxing point
The Government will remove the cessation of employment as a taxing point for tax-deferred employee share schemes (ESSs). There are also other changes designed to cut “red tape” for certain employers.
Cessation of employment change
Currently, under a tax-deferred ESS and where certain criteria are met, employees may defer tax until a later tax year (the deferred taxing point). In such cases, the deferred taxing point is the earliest of:
cessation of employment;

  • in the case of shares, when there is no risk of forfeiture and no restrictions on disposal;
  • in the case of options, when the employee exercises the option and there is no risk of forfeiting the resulting share and no restriction on disposal; and
  • the maximum period of deferral of 15 years.
  • The change announced in the latest Budget will result in tax being deferred until the earliest of the remaining taxing points.

Other regulatory changes
The Government will also:

  • remove disclosure requirements and exempt an offer from the licensing, anti-hawking and advertising prohibitions for ESS where employers do not charge or lend to the employees to whom they offer the ESS; and
  • increase the value of shares that can be issued to an employee utilising the simplified disclosure requirements (and exemptions from licensing, anti-hawking and advertising requirements) from $5,000 to $30,000 per employee per year (leaving unchanged the absence of such a value cap for listed companies) – this will apply to employers who do charge or lend for issuing employees shares in an unlisted company.

TAX COMPLIANCE AND INTEGRITY

Allowing small businesses to pause disputed ATO debt recovery
The Government will introduce legislation to allow small businesses to pause or modify ATO debt recovery action where the debt is being disputed in the Administrative Appeals Tribunal (AAT). Treasurer Josh Frydenberg had earlier announced this measure on 8 May 2021.
Specifically, the changes will allow the Small Business Taxation Division of the AAT to pause or modify any ATO debt recovery actions – such as garnishee notices and the recovery of general interest charge (GIC) or related penalties – until the underlying dispute is resolved by the AAT. This measure is intended to provide an avenue for small businesses to ensure they are not required to start paying a disputed debt until the matter has been determined by the AAT.
Small business entities (including individuals carrying on a business) with an aggregated turnover of less than $10 million per year will be eligible to use the option. The AAT will be required to “have regard to the integrity of the tax system” in deciding whether to pause or modify the ATO’s debt recovery actions.
Changes welcomed
The Australian Small Business and Family Enterprise Ombudsman has welcomed the changes. The Ombudsman, Mr Bruce, stated that small businesses could save “thousands of dollars in legal fees”, as well as up to two months waiting for a ruling. The Ombudsman also noted this measure was a key recommendation in its report A tax system that works for small business.

SUPERANNUATION

Superannuation contributions work test to be repealed from 1 July 2022
The superannuation contributions work test exemption will be repealed for voluntary non-concessional and salary sacrificed contributions for those aged 67 to 74 from 1 July 2022.

As a result, individuals under age 75 will be allowed to make or receive non-concessional (including under the bring-forward rule) or salary sacrifice contributions from 1 July 2022 without meeting the work test, subject to existing contribution caps. However, individuals aged 67 to 74 years will still have to meet the work test to make personal deductible contributions.


Currently, individuals aged 67 to 74 years can only make voluntary contributions (both concessional and non-concessional), or receive contributions from their spouse, if they work at least 40 hours in any 30-day period in the financial year in which the contributions are made (the “work test”). The work test age threshold previously increased from 65 to 67 from 1 July 2020 as part of the 2019–2020 Budget.

Non-concessional contributions and bring-forward
The Government confirmed that individuals under age 75 will be able to access the non-concessional bring forward arrangement (i.e. three times the annual non-concessional cap over three years), subject to meeting the relevant eligibility criteria. However, we note that the Government is still yet to legislate its 2019–2020 Budget proposal to extend the bring-forward age limit so that anyone under age 67 can access the bring-forward rule from 1 July 2020. The proposed legislation for the 2019–2020 Budget measure is yet to be passed by the Senate.

The Government also noted that the existing restriction on non-concessional contributions will continue to apply for people with total superannuation balances above $1.6 million ($1.7 million from 2021–2022).

Downsizer contributions eligibility age reduced to 60

The minimum eligibility age to make downsizer contributions into superannuation will be lowered to age 60 (down from age 65) from 1 July 2022.

The proposed reduction in the eligibility age will mean that individuals aged 60 or over can make an additional non-concessional contribution of up to $300,000 from the proceeds of selling their home. Either the individual or their spouse must have owned the home for 10 years.

The maximum downsizer contribution is $300,000 per contributor ($600,000 for a couple), although the entire contribution must come from the capital proceeds of the sale price. As under the current rules, a downsizer contribution must be made within 90 days after the home changes ownership (generally the date of settlement).

Downsizer contributions are an important consideration for senior Australians nearing retirement as they do not count towards an individual’s non-concessional contributions cap and are exempt from the contribution rules. They are also exempt from the restrictions on non-concessional contributions for people with total superannuation balances above $1.6 million ($1.7 million from 2021–2022). People with balances over the transfer balance cap ($1.7 million from 2021–2022) can also a make a downsizer contribution; however, the downsizer amount will count towards that cap when savings are converted to the retirement phase.

First Home Super Scheme to be extended for withdrawals up to $50,000
The Budget confirmed that the maximum amount of voluntary superannuation contributions that can be released under the First Home Super Saver (FHSS) scheme will be increased from $30,000 to $50,000. The Treasurer previously announced this measure on 8 May 2021.

Voluntary contributions made from 1 July 2017 up to the existing limit of $15,000 per year will count towards the total amount able to be released (which includes voluntary concessional and non-concessional contributions).

Currently, the FHSS scheme allows for future voluntary contributions up to $15,000 per year (and $30,000 in total) to be withdrawn for a first home purchase. To be eligible, a person must be 18 years or over, have not used the FHSS scheme before and have never owned real property in Australia. Withdrawals of eligible FHSS contributions (and associated earnings) are taxed at the individual’s marginal rate less a 30% tax offset. Effectively, the scheme provides a 15% tax saving on money channelled via super for a first home purchase.

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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 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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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 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.

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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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