Businesses not meeting obligations warned as ATO restarts compliance programs

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The ATO has warned businesses not staying up to date with their obligations that it may impact their eligibility for future stimulus measures, as the Tax Office readies to recommence its work to address key risks to the tax and super system.

 

       

The ATO has warned businesses not staying up to date with their obligations that it may impact their eligibility for future stimulus measures, as the Tax Office readies to recommence its work to address key risks to the tax and super system.

While the Australian Taxation Office will continue to focus on implementing government stimulus measures, including those announced in the federal budget, it will shortly recommence its work to address key risks to the tax and super system.

Speaking at an event hosted by Chartered Accountants Australia and New Zealand, Deborah Jenkins, deputy commissioner of small business, said that businesses doing well need to resume their obligations, while those facing ongoing hardship are encouraged to get in contact with the ATO.

“Because it is hard for us to identify who is still impacted, we need to return to a normal setting for our work program. It’s not as simple as applying postcode logic — for obvious reasons. In bushfires, we can use this approach to support impacted businesses,” Ms Jenkins explained.

“We have recommenced and adapted our strategies to address compliance risks, being very conscious of the impacts still being faced by many businesses.”

Since 1 September, the ATO has stopped providing blanket extensions to small business audit cases and has recommenced activity where the business is either not adversely impacted by COVID or is now in a position to progress.

“I want to emphasise that we will continue to be empathetic to each client’s situation and provide additional time if they need it,” Ms Jenkins said.

Looking ahead, she said that the ATO will be resuming its review and audit programs addressing shadow economy behaviour. 

“We will be continuing our use of taxable payments reporting system data to check that contractors in a range of industries are lodging and meeting their income tax and GST obligations in full,” Ms Jenkins said.

“Taxable payments annual reports (TPAR) data allows us to match the payments reported by payers to contractors (payees) income tax returns to identify where contractors may have omitted income.

“We have also been piloting a nudge approach where we have contacted some contractors ahead of their 2020 tax return lodgement to remind them to include their TPRS reported income this year.”

Moreover, from November 2020, the ATO will be contacting tax agents and their clients who are contractors in the cleaning, courier and building and construction industries and may not have included all of their income in their 2019 tax return.

“We will be using a combination of emails and phone calls to contact tax agents in advance of their clients receiving letters,” Ms Jenkins continued.

In regard to the ATO’s shadow economy program more broadly, she revealed that some strategies are being reconsidered as some of the previous approaches, like visiting businesses in person, are unlikely to be possible in the coming year. 

She said: “We will continue to use a combination of review and audit programs, delivering help and education and building community awareness of our work to address the shadow economy — we will just need to do things a little differently.

“We are also applying agent-focused strategies to the black economy by taking the insights generated through our tax practitioner model and identifying agents with higher than normal levels of black economy risk in their client base.”

Other areas the ATO will be closely monitoring are loss claims and unreported fund extractions from small-business companies.

“We are currently overhauling our GST high-risk refund models to enable us to more effectively detect and action high-risk refunds before payment,” she said.

“Our broad focus now beyond the specific risks we are focused on is ensuring people are staying in the system. Businesses need to be lodging, and if they can pay, they should. Those who still need help just need to contact us and we will be here to support them. But we are conscious that many businesses are doing well, so we need to be reminding them to meet their obligations.”

 

 

Maja Garaca Djurdjevic
02 November 2020 2
mybusiness.com.au

 

Comprehensive list of COVID-19 initiatives and packages.

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The response by our Governments to the COVID-19 crisis has been a very good one.  Following is a comprehensive listing of links to important Federal and State initiatives and programs since the pandemic began.  

 

     

 

Please click on the following links to access a wide range of Covid-19 related updates, initiatives, guidelines and resources from both Federal and State Governments.

 

Recent Updates

 

Previous Updates:

  • Articles and Updates in other Latest News articles including:
    • Stage 3 – Covid-19 $1.1billion Domestic Violence, Medicare and Mental Health.
    • Stage 2 – Covid-19 – $66 billion stimulus package.
    • Stage 1 – Covid-19 Update – Small Business
    • Stage 1 – PM launches $17.6 billion virus stimulus plan

Part 3 – Budget reminders. Under the Hood.

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The 2020 Federal Budget was one of the most far reaching and complex ever brought in.  This is the first of three articles to remind us of important topics the budget addressed. 

 

       

Temporary full expensing of eligible capital assets

Most businesses are now able to claim full deductions for depreciation assets.

Businesses with aggregated annual turnover of less than $5 billion will be able to deduct the full cost of eligible capital assets in the year they are first used.

Full expensing in the year of first use will apply to:-

  • new depreciating assets;
  • the cost of improvements to existing eligible assets;
  • for small and medium businesses (aggregated turnover of less than $50 million – second-hand assets

Applies to eligible capital assets acquired from 7.30pm AEDT on 6 October 2020 and first used or installed by 30 June 2022

 

 

Temporary loss carry-back for companies

Eligible companies can elect to carry back tax losses from the 2019-20, 2020-21 or 2021-22 income years to offset previously taxed profits in 2018-19 or later income years.

The effect of the election will be to generate a refundable tax offset and it will first be available when lodging the 2020-21 tax return, subject to the amount carried back not being more than the earlier taxed profits and not generating a franking account deficit.

The new loss carry-back measure is designed to promote economic recovery by providing cash flow support to previously profitable companies that COVID-19 has turned into loss making businesses – many such businesses might find it difficult to survive or re-employ staff if they had to wait years to get tax relief for the losses under the present system.

As with a similar scheme operated in 2012-13, the carry back is notional – it is not necessary to amend the prior year return – the benefit is received in the assessment for the year in which the election is made.

The tax refund will be available on election by eligible businesses when they lodge their 2020-21 and 2021-22 tax returns.

 

 

JobMaker Plan Boosting Apprenticeships Wage Subsidy

From 5 October 2020 to 30 September 2021, businesses of any size can claim the wage subsidy for a new, or recommencing, apprentices or trainees.

Eligible businesses will be reimbursed 50% of an apprentice or trainee’s wages, up to $7,000 per quarter, capped to 100,000 places.

 

 

 

AcctWeb

Part 2 – Budget reminders. Under the Hood.

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The 2020 Federal Budget was one of the most far reaching and complex ever brought in.  This is the second of three articles to remind us of important topics the budget addressed. 

 

       

Changes to the JobKeeper Payment Scheme                                                         

These changes to the JobKeeper Payment schemes have been reported earlier.

After 3 August 2020 the employment reference date for assessing employee eligibility changed from 1 March 2020 to 1 July 2020.

The logic for this, is that after first lockdown, some employers hired new staff that then were stood down or disadvantaged by second lockdown.

The decline in turnover test for assessing employer eligibility for the December 2020 and March 2021 quarters, must be met only in the previous quarter – from 28 September 2020.

The decline in turnover eligibility criteria have been changed from 28 September 2020 so that employers are required to demonstrate that their actual turnover was sufficiently affected in the previous quarter (rather than in every quarter from June 2020 onwards) to be eligible for the payment in the December 2020 and March 2021 quarters.

Other aspects of scheme have been reaffirmed – end date is 28 March 2021.  Several tiers now apply, and regular reporting is required.

Note – superannuation guarantee rules still apply, although they have become more complex.

 

 

Personal Tax Reduction

A further recovery measure to encourage consumer spending is from tax cuts.  Lower personal tax occurs when tax rates apply at a higher threshold.  This change will apply immediately on PAYG (employee) deductions.

The Government has brought forward the second stage of its legislated Personal Income Tax Plan from 1 July 2022 to 1 July 2020.

The top threshold of the 19% personal income tax bracket will increase from $37,000 to $45,000.

The top threshold of the 32.5% personal income tax bracket will increase from $90,000 to $120,000.

The maximum amount of the Low Income Tax Offset will increase from $445 to $700.

The Low and Middle Income Tax Offset – capped at $1,080 – will be retained for the 2020-21 income year.

Payroll packages will implement the new rates as soon as the Australian Taxation Office provides appropriate guidance.

 

 

JobMaker Hiring Credit

Another incentive to encourage economic recovery is a subsidy for new employment.

The Government will provide $4 billion over the next three years from 2020-21 to accelerate employment growth by supporting organisations that take on additional employers through a hiring credit.

The JobMaker Hiring Credit will be available to eligible employers over 12 months from 7 October 2020 for each additional new job they create for an eligible employee.  The credit will be:-

  • $200 a week for each additional eligible employee they hire aged 16 to 29 years old
  • $100 a week for each additional eligible employee aged 30 to 35 years old

The employee must be in an additional job created from 7 October 2020.  To demonstrate this, there must be an increase in:-

  • the employer’s total employee headcount (minimum of one additional employer) from the reference date of 30 September 2020
     
  • the payroll of the business for the reporting period as compared to the three months to 30 September 2020

To be eligible, an employee must:-

  • have worked at least 20 paid hours per week on average for the full weeks they were employed over the reporting period
     
  • have commenced their employment between 7 October 2020 and 6 October 2021
     
  • have received the JobSeeker Payment, Youth Allowance (other) or Parenting Payment for a least one month within the past three months before they were hired.

This will be administered through a yet to be created Australian Taxation Office sub-system.

Eligible employers will be able to claim quarterly in arrears from the Australian Taxation Office.  Claims open from 1 February 2021.

 

 

 

AcctWeb

Part 1 – Budget reminders. Under the Hood.

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The 2020 Federal Budget was one of the most far reaching and complex ever brought in.  This is the first of three articles to remind us of important topics the budget addressed. 

 

       

Exempting granny flat arrangements from CGT

Whilst there has been Centrelink encouragement for granny flats, the capital Gains Tax issues have prevented wider acceptance.  That may change now.

The law will be amended to provide a targeted CGT exemption for granny flat arrangements.

The CGT exemption will apply to arrangements with older Australians or those with a disability, where there is a formal written agreement in relation to the granny flat.

The new exemption is proposed to apply from the first income year after the date of Royal Asset of the enabling legislation.  This should mean the 2021 financial year.

The change will only apply to agreements that are entered into because of family relationships or other personal ties and will not apply to commercial rental arrangements.

 

 

Temporary Full Expensing of Eligible Capital Assets

Most businesses are now able to claim full deductions for depreciating assets.

Businesses with aggregated annual turnover of less than $5 billion will be able to deduct the full cost of eligible capital assets in the year they are first used.

Full expensing in the year of first use will apply to:-

  • New depreciating assets
  • The cost of improvements to existing eligible assets
  • For small and medium businesses (aggregated turnover of less than $50 million) – second-hand assets

Applies to eligible capital assets acquired after 7.30pm on 6 October 2020 and first used or installed by 30 June 2022.

In an extension to the previous rules, eligible businesses that acquire eligible new or second-hand assets under the $150,000 instant asset write-off by 31 December 2020 will have an extra six months, until 30 June 2021, to first use or install those assets.

Whilst the acquisition date is important, the asset must also be in use or ready for use.

 

 

Victoria’s business support and other State grants to be tax neutral

The Victorian Government’s business support grants for small and medium businesses, as announced on 13 September 2020, will become non-assessable, non-exempt (NANE) income for tax purposes.

The Federal Government will extend this arrangement to similar grants by all States and Territories on an application basis.

NANE income treatment is only available for grants announced on or after 13 September 2020 and paid between 13 September 2020 and 30 June 2021.

On 13 September 2020, the Premier of Victoria announced a $3 billion Business Resilience Package to help Victorian businesses impacted by the ongoing COVID-19 business restrictions and to prepare for ‘COVID Normal’ business.

The package includes grants of $10,000, $15,000 or $20,000 for eligible businesses in targeted sectors, depending on the size of annual payroll, in a third round of Business Support Fund.

State based grants without this legislation, are considered to be assessable income for income tax purposes  There is no immediate benefit, but this change will mean no 2021 income tax becomes payable.

 

 

 

AcctWeb

 

Budget 2020 – A very comprehensive break down.

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The following 35 links break the 2020 Federal Budget down into bite size bits.

 

 

All the links you will need to read about exactly what Budget 2020 means for you:

 

JobMaker
Creating jobs and rebuilding our economy

 

COVID-19 Response
Supporting Australians through the crisis

 

Guaranteeing the Essential Services

 

 

Federal Government

 

Budget 2020 – Fact Sheets

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The following links are to Fact Sheets that describe in detail how the Federal Government feels the 2020 Budget will impact you.

 

 

Budget 2020 – Fact Sheets (PDFs)

 

Economic Recovery Plan for Australia

JobMaker Hiring Credit

Lower Taxes

Your Future, Your Super

Insolvency Reforms

Consumer Credit Reforms

 

 

Federal Government

Budget 2020 – At a Glance, Overview, Outlook

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These three areas cover all you will need to know but the accompanying two articles cover more specific topics and they might help you better understand how the Budget affects you.

 

 

Budget 2020

 

At a glance 

Overview

Economic and fiscal outlook

Appendices

Budget Documents

 

 

Federal Government

 

Temporary home office expenses shortcut extended again

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The 80 cents per hour work-from-home deduction method has now been extended for a further three months to the end of the year.

 

       

The temporary shortcut method for calculating home office expenses has now been extended to 31 December 2020, after it was due to expire at the end of September.

Taxpayers have been able to apply the 80 cents per hour method since March, after the ATO introduced the temporary method in light of COVID-19 restrictions forcing many workers to adopt remote working practices.

The extension comes as most workers in metropolitan Melbourne continue to be barred from returning to their workplace as the Victorian government works through its reopening roadmap.

The ATO’s updated Practical Compliance Guideline 2020/3 notes that the 31 December end date will be revisited and may be further extended.

Tax &  Super Australia tax counsel John Jeffreys welcomed the extension but urged taxpayers to ensure they were not accidentally double dipping on other working-from-home expenses.

“Employees working from home should note that if they use the ATO’s shortcut method for home office expenses, they can’t claim other home office-related items, such as technology, desks, monitors and chairs. It’s a one or the other approach. Some may be mistaken about this,” Mr Jeffreys said.

“Finally, when the ATO outlined its shortcut method, it noted that taxpayers should keep adequate records — diary notes, timesheets or rosters — to substantiate work.

“It’s unlikely the ATO would audit this, but it’s worth employees having this evidence just in case. It could be that significantly higher claim by an employee compared to benchmark claims for same hours worked would be a red flag to the ATO.”

The temporary shortcut method will continue to be supplementary to the 52 cents fixed rate method and the actual cost method of calculating running expenses, with taxpayers able to choose the appropriate method for their circumstances.

View the ATO’s updated PCG 2020/3 here.

 

 

Jotham Lian 
30 September 2020
accountantsdaily.com.au

 

JobKeeper extension – changes implemented

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The legislative instrument implementing the changes to the JobKeeper scheme over the extended period was registered on 15 September 2020.

 

       

In brief

  • The legislative instrument implementing the Government’s changes to the JobKeeper scheme was registered on 15 September 2020
  • Entities are now required to reassess their decline in turnover over two set periods
  • There are two tier payment rates for JobKeeper based on an 80 hour work/actively engaged test over a specified 28-day period

The extension of JobKeeper applies to qualifying entities in respect of their eligible employees and business participants. The changes in the Rules build more flexibility into the JobKeeper scheme recognising that circumstances can change quickly. Thus, there is the requirement to reassess an entity's actual decline in turnover for two set periods and a two-tiered payment based on hours of work or engagement.

Nevertheless, the changes do not affect any entitlements payable under the original JobKeeper scheme prior to 27 September 2020. Similarly, the changes to do not provide the opportunity for entities to change any elections they have previously made under the JobKeeper scheme.

Reassessing decline in turnover

For an entity to continue to receive the JobKeeper payments over the extended period, the entity must satisfy the actual decline in turnover test (section 8B of the Rules):

  • if the JobKeeper fortnight begins before 4 January 2021 – the test must be satisfied for the quarter ending on 30 September 2020
  • if the JobKeeper fortnight begins from 4 January 2021 onwards – the test must be satisfied for the quarter ending 31 December 2020.

This mean entities on JobKeeper do not have to satisfy the actual decline in turnover test for both the September quarter and December quarter to be able to receive payments for the JobKeeper fortnights beginning 4 January 2021. Furthermore, according to the explanatory statement to the Rules, an entity that drops out of the JobKeeper scheme after 28 September 2020 and then requalifies in the next period, does not need to notify the Commissioner again that it elects to participate in the scheme.

Actual decline in turnover test

The actual decline in turnover test applies the same thresholds for the original decline in turnover test (i.e. the percentage decline for the quarter must be equal to or greater than 30% for entities with $1 billion or less aggregated turnover and 50% for entities with over $1 billion aggregated turnover) but uses current GST turnover rather than projected GST turnover. According to the explanatory statement, it does not matter for the purposes of the new test whether the entity was required to use a different percentage in applying the original decline in turnover test at an earlier time (e.g. because it applied the original test in the previous income year).

Entities can still use the Commissioner's alternative decline in turnover test (for specified situations where using the 2019 period as a comparison is not appropriate) and the modified decline in turnover test (for group structures with employer entities) in assessing whether they qualify for the JobKeeper scheme – current GST turnover is to be used in place of the projected GST turnover.

New participants

Entities that have not previously participated in the JobKeeper scheme are required to satisfy both the original decline in turnover test and the new decline in turnover test. However, the Rules have modified the original decline in turnover test to give entities the choice to compare the 'projected GST turnover' of:

  • a calendar month that ends after 30 September 2020 and before 1 January 2021, or
  • the quarter ending 31 December 2020

with a relevant comparison period.

This extension of the testing period ensures that JobKeeper can still be accessed by entities that first experience a significant decline in turnover during the December quarter.

Two tiered payment rate

The Rules sets out two tiers of payment rates for eligible employees and business participants which have not changed from the Government's announcement. To recap:

  • Higher rate:
    • 28/9/2020 – 3/1/2021 – $1,200
    • 4/1/2021 – 28/3/2021 – $1,000
  • Lower rate:
    • 28/9/2020 – 3/1/2021 – $750
    • 4/1/2021 – 28/3/2021 – $650.

However, whether an individual is eligible for the higher rate depends on whether the individual worked or was actively engaged for 80 hours or more for a reference period. Otherwise, the individual is eligible for the lower rate.

Reference period means for (section 4A):

  • an eligible employee – 28-day period at the end of the most recent pay cycle for the employee that ended before 1 March 2020 or 1 July 2020
  • the eligible business participant – the month of February 2020

Entities applying the 80 hour test for:

  • Eligible employees – take into account hours of work, paid leave and paid public holidays
  • Eligible business participant – work out the time spent 'actively engaged in the business' and the individual must provide:
    • a written declaration (approved form) to the entity to confirm the 80 hours
    • if the entity is a sole trader, a notification via the business monthly declaration

If the standard reference period is not suitable, the Commissioner has made a determination, to provide an alternative reference period for the 80 hour test for particular employees.

Employers already on JobKeeper and are eligible for the first extension period can notify the ATO whether their eligible employees are on the higher rate or lower rate in their business monthly declaration in November 2020.

The ATO has allowed employers until 31 October 2020 to meet the wage condition for all employees on JobKeeper for JobKeeper fortnights starting on 28 September and 12 October 2020.

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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.

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.

Borch Baker

Boruch Baker

Partner

bb@guests.com.au

(03) 9509 7033

Boruch brings a wealth of experience and dedication to our team, having demonstrated exceptional leadership and expertise in accounting and taxation matters over the years. His commitment to providing outstanding client service that is solution- and results-focused has been attributed to our clients’ success.

Boruch’s leadership extends beyond his technical skills, he is also known for his ability to mentor and inspire his colleagues, fostering a collaborative environment within the practice. 

Outside of work, Boruch enjoys spending quality time with his young family. His passion for outdoor adventures and family life reflects his balanced approach to both personal and professional endeavours.

Sebastian Lan

Sebastien Lan

Partner

Sebastien has been an integral part of Guests Accounting since 2013, with extensive experience in accounting and taxation and a strong commitment to providing practical, considered advice to his clients.

Highly regarded by both clients and colleagues, Sebastien is known for his approachable nature, technical expertise and ability to build strong and lasting relationships. He takes pride in understanding his clients’ individual needs and helping them navigate their accounting and taxation matters with confidence.

Outside of work, Sebastien enjoys travelling, spending time with friends and family, and the occasional competitive game of pickleball

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.

Managing my money

Borrowing and credit

Superannuation

Retirement

Investing

Get in touch and find out how we can help you

 

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

Email, Phone & Fax

Melbourne Office

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

Postal Address

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

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