Client Alert – March 2022

Important information for company directors

After the recent furore over the non-existent supply of rapid antigen tests (RATs) and the reduced availability of polymerase chain reaction (PCR) tests at many COVID-19 testing sites, the Federal Government is hoping for some good press with the announcement that it intends to legislate to make both PCR tests and RATs tax-deductible for individuals who buy them for a work-related purpose.

According to the government’s proposal, deductibility of tests would take effect from the beginning of the 2021–2022 tax year (that is, starting 1 July 2021) and would be ongoing. Individuals will also be able to deduct the cost of a test regardless of whether they are required to attend the workplace or have the option to work remotely. How much you might benefit from this proposal will depend on your individual tax rate and circumstances.

For businesses that can obtain enough RATs for their workforce, the government has also proposed to make COVID-19 tests provided by employers to employees exempt from FBT, if they are used for work-related purposes. This essentially means the tests would be excluded from the definition of a fringe benefit, and employers would not have to pay FBT on the costs of tests given to their employees in a work-related context.

With the Federal election fast creeping up, there doesn’t seem much time for this proposal to be introduced in Parliament and passed into law. There is also uncertainty as to whether a possible Labor government would champion this specific tax-deductibility measure, in particular due to Labor’s election pledge to provide free RATs to all Australians through Medicare.

Tip: In the interim, the ATO recommends that people and businesses incurring work-related expenses for COVID-19 tests keep clear records (eg receipts), to make claiming straightforward should the purchases become deductible in the future.

Natural love and affection: commercial debt forgiveness

The ATO has recently finalised its stance on the issue of commercial debt forgiveness – in particular, the “natural love and affection” exclusion.

A commercial debt is any debt where interest payable is deductible, or would be deductible if interest were payable, but for certain statutory restrictions. Under the commercial debt forgiveness provisions, if a taxpayer’s obligation to pay their debt is released, waived, or otherwise extinguished, the amount forgiven will be deducted from the taxpayer’s current and future tax deductions. Specifically, the amount forgiven will reduce prior-year revenue losses, prior-year net capital losses, undeducted balances of other expenditure being carried forward for deduction, and the CGT cost base of other assets held, in that order.

Given that forgiving commercial debts may mean a business will have to pay more tax, it can be advantageous if debts the business has forgiven are not captured under the commercial debt forgiveness provisions. The exclusions available include forgiveness of some debts relating to bankruptcy or by will, and a person’s forgiveness of a debt for reasons of natural love and affection for the debtor.

The natural love and affection exclusion to commercial debt forgiveness previously didn’t require the creditor who forgave a debt to be a “natural person”. This meant that a company, through its directors, could forgive the debts of an individual, giving the reason of natural love and affection for the individual, and this would not have been considered a commercial debt forgiveness, meaning a lower tax bill for the company.

Tip: The term “natural person” is usually used to distinguish individual human beings from corporations (which can still be “legal persons”).

In February 2019 the ATO released a draft determination which explicitly stated that the exclusion for debts forgiven for reasons of natural love and affection requires the creditor to be a natural person. This has recently been confirmed in the finalised determination.

While the ATO states that a debt-forgiving creditor must be a natural person and the object of their love and affection must be one or more other natural persons, there is no requirement that the debtor must also be a natural person. For example, this means that the exclusion could apply in circumstances where the debtor is a company, such as where a parent forgives a debt they are owed by a company that is 100% owned by their child or children.

According to the ATO, whether a creditor’s decision to forgive a debt is motivated by natural love and affection for a person needs to be determined on a case-by-case basis.

Last chance to claim the loss carry-back

Businesses that need a little more financial help will have one last opportunity to claim the loss carry-back in their 2021–2022 income tax returns. And businesses that have an early balancer substituted account period (SAP) for the 2021-22 income year are eligible to claim the loss carry-back offset before 1 July 2022.

The loss carry-back is a refundable offset that effectively represents the tax that the business would save if it had been able to deduct the loss in an earlier year using the loss year tax rate. It may result in a cash refund, a reduced tax liability, or reduction of a debt owing to the ATO. Eligible businesses include companies, corporate limited partnerships and public trading trusts.

A business may be eligible if it made a tax loss in 2021, carried on a business with an aggregated turnover of less than $5 billion, had an income tax liability in 2019 or 2020, and has met all of its lodgment obligations for the five prior income years.

Loss carry-back can either be claimed through standard business reporting enabled software, where it has the additional loss carry-back labels required, or by using the paper copy of the company tax return 2021 and attaching a schedule of additional information to report the extra aggregated turnover and loss carry-back labels required.

The ATO has developed a loss carry-back tax offset tool to assist businesses claiming the loss carry-back before 1 July 2022. Once all of the relevant information is provided, the tool will first determine whether the business is eligible to claim the loss carry-back tax offset, then calculate the maximum amount of tax offset available. It will also provide a printable report of the labels which will need to be completed.

Tax debts may affect business credit scores

The ongoing COVID-19 pandemic has caused uncertainty in many parts of the economic and has led to what many experts term a “two-speed economy”: while some businesses are recovering well, others continue to suffer from the effects. If your business has had issues paying debts, or you’ve prioritised trade debts ahead of tax debts, it’s important to remember that it may lead to penalties and have a lasting impact on the business.

The best option is to engage with the ATO to manage business debts. Failure to get in touch with the ATO to come to an arrangement will not only affect the potential penalties imposed, but may also affect your business’s credit score.

Laws were passed in 2019 which allow the ATO to disclose information about overdue business tax debts to credit reporting agencies. The intended effects include reducing unfair financial advantages obtained by businesses that do not pay their tax on time, and encouraging businesses to engage with the ATO to manage their tax debts to avoid having those debts disclosed.

To protect taxpayers, the laws passed contained some safeguards. Not all tax debts can be disclosed, and even if a business debt satisfies the requirements for reporting, where exceptional circumstances apply to the situation the ATO may still have the discretion to not report the debt information to credit reporting agencies. “Exceptional circumstances” may include, but are not limited to, family tragedy, serious illness and the impact of natural disasters. The ATO will assess claims of exceptional circumstances on a case-by-case basis.

General cash flow issues or financial hardship are not considered to be exceptional circumstances, but if you’re experiencing these issues it’s best to make contact with the ATO as soon as possible.

Before any debt is disclosed to credit reporting agencies, the ATO must send your business a written notice setting out the criteria that the business has met and the debt information that will be disclosed. The letter will also outline the steps to avoid having the tax debt reported, which you need to take within 28 days of receiving the notice.

Contributions into SMSFs: minimum standards

There are many compliance obligations for trustees of self-managed superannuation funds (SMSFs). One of the simplest but most important is ensuring that contributions from members can be accepted into the fund. This involves reporting the tax file numbers (TFNs) of members to the ATO, ensuring non-mandated contributions are not accepted for members over a certain age, and observing certain restrictions on in specie (asset) contributions.

Broadly, whether a contribution to an SMSF can be accepted depends on the type of contribution, the age of the member making the contribution, certain caps, and whether the fund has the TFN of the member.

When a member joins an SMSF, they need to provide their TFN, which then needs to be passed on to the ATO through the registration process. If a TFN is not provided, the fund cannot accept certain member contributions, including personal contributions, eligible spouse contributions and super co-contributions. Employer contributions, including salary sacrifice contributions and other assessable contributions, may also be liable for additional income tax of 32% on top of the 15% tax already paid.

If an SMSF mistakenly accepts a contribution it should not have, the fund must return it within 30 days of becoming aware of the error. Failure to comply with the time limit does not affect the fund’s legal obligation to return contributions.

Even if a member has provided their TFN, the type of a contribution combined with the age of the member can affect what is acceptable. For example, mandated employer contributions such as super guarantee contributions from a member’s employer can generally be accepted at any time, regardless of the member’s age or the number of hours they work. Non-mandated contributions largely cannot be accepted if a member is aged 75 years or older.

Lastly, there are restrictions on when an SMSF can accept an asset as a contribution from a member. These are referred to as “in specie contributions”, which just means contributions to the fund in the form of a non-monetary asset. Generally, an SMSF must not intentionally acquire assets from related parties to the fund; however, there are some specific exceptions.

SMSFs investing in crypto-assets: be informed and keep records

According to the Australian Securities and Investments Commission (ASIC), there has recently been a surge of promoters encouraging individuals to set up self-managed superannuation funds (SMSFs) in order to invest in crypto-assets. ASIC warns people to be aware that while crypto-asset investments are allowed for SMSFs, they are high risk and speculative, as well as being an attractive area for scammers targeting uninformed investors.

For example, late last year ASIC moved to shut down an unlicensed financial services business based on the Gold Coast that promised annual investment returns of over 20% by investing in crypto-assets through SMSFs.The money obtained was not invested, but instead allegedly used by the directors of the business for their own personal benefit, including acquiring real property and luxury vehicles in their personal names.

Professional advice should always be sought before deciding on whether an SMSF is appropriate for your circumstances, as there are risks involved in being the trustee of an SMSF, and any SMSF established must meet the “sole-purpose” test.

Remember, SMSF trustees bear all the responsibility for the fund and its investment decisions complying with the law, and breaches may lead to administrative or civil and criminal penalties. This is the case even if you (as the trustee) rely on the advice of other people, licensed or otherwise.

SMSFs are not generally prohibited from investing in crypto-assets – if you do decide, after receiving appropriate advice, that investing in crypto-assets through an SMSF is right for your situation, you can do so.

If you do decide to invest in crypto-assets, whether through an SMSF or as an individual investor, it’s also important to keep accurate records and ensure you report any related income to the ATO.

Tip: The ATO started its first crypto data-matching program in April 2019, comparing taxpayer self-reported income to cryptocurrency transaction data for the 2015–2020 financial years. This program was expanded mid-last year to cover the 2021–2023 financial years.

The ATO’s legal power to gather information is extensive and includes the power to physically enter any place and inspect any document, good or other property – this extends to a physical cryptocurrency wallet. The ATO is also permitted by law to amend a taxpayer’s tax return for an unlimited period where it considers fraud or evasion has occurred – and deliberate non-reporting of gains made from disposals of crypto-assets would meet this description.

Latest Industry News

Working from home during a COVID-19 lockdown: Can you claim a tax deduction for rent?

The ATO has long held firm on the principle that rent payments (being a form of occupancy costs) are generally...

Read More

Recontributions of COVID-19 early released super

Under the COVID-19 early release measures, individuals could apply to have up to $10,000 of their super...

Read More

ATO announces STP Phase 2 blanket deferral

Australian employers will now have two more months to transition to the second phase of Single Touch Payroll...

Read More

Reminder: super changes for the 2021 financial year

The government’s long-slated “flexibility in superannuation” legislation is finally law. This means...

Read More

Greenhouse gas emission by country since 1880

The total sum of CO2 emissions since 1880 (in tons). Food for thought, that's for...

Read More

Treasury consults on increase to charities financial reporting threshold

The revenue thresholds defining small, medium and large charities are set to be raised, saving over 5,00...

Read More

ATO extends COVID-19 relief for SMSFs

The ATO has made an extension to several COVID-19 compliance relief for SMSFs to cover the 2021-22 financial...

Read More

Government expands SME loan scheme eligibility

  Businesses that didn’t previously receive JobKeeper will now be eligible for loans of up to $5 million...

Read More

Pitfalls and proposed changes in the use of R&D tax incentives

Since its introduction, a number of taxpayers have fallen foul of the ATO in its administration of the...

Read More

Extra ‘super’ step when hiring new employees

  Most new employees are eligible to choose the super fund you pay their super guarantee contributions...

Read More

World’s largest armies 1816 – 2020

Adding a slice of interesting trivia is a great way to offer something or those clients who don't want to...

Read More

ATO issues warning to first-time investors

  A surge in first-time investors trading shares and exchange-traded funds (ETF) has prompted the ATO to...

Read More

Latest Guests News

Client Alert – June 2022

What’s next on the agenda for the government? With the election campaign finally over and a new...

Read More

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

Ask Us a Question

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

Ask Us a Question

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

Ask Us a Question

Accountant with files from the bookkeeping archive room

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

Ask Us a Question

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

Ask Us a Question

Startup business having a meeting

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

Ask Us a Question

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.

Ask Us a Question

Woman auditing the books with a magnifying glass

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

Ask Us a Question

Australian dollars in back pocket

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

Ask Us a Question

Australian dollars in back pocket

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

Ask Us a Question

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.

Ask Us a Question

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.

Ask Us a Question

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.

Ask Us a Question

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.

Ask Us a Question

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.

Ask Us a Question

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)

Ask Us a Question

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.

Ask Us a Question

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.

Ask Us a Question

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.

Ask Us a Question

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.

Ask Us a Question

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.

Ask Us a Question

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.

Ask Us a Question

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 appointed a Partner in the firm in 2017. Since obtaining a Bachelor of Business (with Distinction) at RMIT, Ha has completed an MBA at Monash University and 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 (Committee Chair – 2022), and a board member of KOTO International and ASIF foundation, two not-for-profit organisations 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

Ask Us a Question