- 1300 120 220
Preparation of Individual, Company, Trusts, Partnerships & Self Managed Superannuation Tax Returns
At Zero we do not just prepare tax returns. We continuously look for ways to improve your tax efficiency. Here are some of our suggestions:
- Your industry can claim certain items you haven’t provided. We will make you aware of these and advise you on what evidence is required
- You may need to salary sacrifice for superannuation and/or motor vehicles etc
- You may be in a position whereby purchasing property is the best way to reduce your individual taxes
- You may be contracting out your services and be able to qualify as a business allowing you to increase your deductions and income split
Company, Trusts & Partnerships
There is an abundance of ways to improve your tax efficiency. We cover a lot of these in our free reports, video feeds and seminars.
Some ‘not-so-obvious’ ways are as follows:
- Reviewing your business structure each year to ensure you are operating one that is the most suitable
- Contributing some assets you own in your name to the business since these are predominantly used by your company
- Ensuring that directors loans are always kept in a position where your company owes you money
- Ensuring you draw the correct amount of wages, directors fees and / or dividends
- Do a stocktake as your stock levels may be a lot less than you think
- Choose the correct method of accounting being either “Cash” or “Accrual Method”
- Account for staff entitlement liabilities
- Set up your own self managed superannuation fund and start contributing at the highest allowable rate that your cash flow permits
- Give to a charity or start up your own
These are “profit & loss statements” and “balance sheets”. The most surprising aspect of these is that most clients have a very vague understanding of what the purpose is of these reports.
At Zero we will explain how they work, if they have improved from one year to the next and how they are relevant to banks, other financiers, your suppliers, your shareholders and any other interested party.
Compliance & Other Tax Services
These include but are not limited to:
- Business Activity Statements
- Fringe Benefit Tax Advice
- PAYG Variations
- PAYG Installment Adjustments
- Fines & Penalties Remissions
- Work cover Applications
- Advice On Tax Issues With Contractors and Employees
- Land Tax
- Payroll Tax
Strategic Business Advice
These include but are not limited to:
- Cash Flow Issues
- Requiring new partners for their skills and / or equity
- Sale of shares to raise capital
- Merging with another company or creating joint ventures
- Facilitating and re-structuring your business loans
- Creating new products or services for your business
- Eliminating unprofitable customers and / or employees
- Budgeting & Business Plans
- Facilitating Shareholder or partner disputes
- Business Valuations & Selling Advice
Property & Other Investment Services
Through our affiliated partner JDL Strategies you can expect only brilliance in property investment advice and how to create a property portfolio.While there are many operators in the market place promoting property, none have the professionalism, integrity and duty of care that JDL does.JDL Strategies is the most ethical and the very best that we have seen.
JDL extends well beyond property investment. It also has access to a magnificent platform utilizing Voyager Wealth Management allowing you to invest in 15-plus other types of investment. Property is simply the vehicle JDL utilizes to propel you into other diversified investments.
So whether it is property, shares, managed funds, gold, silver or bonds that you prefer, we encourage you to take advantage of both JDL strategies & Voyager Financial Group.
We provide all types of finance such as home loans, car & equipment loans, commercial property & business loans, debtor funding, non-financial solicitor equity loans, investment loans, debt consolidations etcWe also have all the banks such as Commonwealth, Westpac, ANZ, National Australia Bank and many others. We will source the bank that best suits your needs.Our key point of difference with your financing is to make you efficient with both cash flow and tax. Some examples are:
- Ensuring that we clearly separate your business debt from your personal debt and create loan statements splits for this
- Ensuring we clearly separate your property investment debt from your personal debt and create loan statements splits for this
- Advise you how to pay off your non deductible debt first and create a facility for that
- Create a finance arrangement to make you tax efficient
- Create a finance arrangement to make you cash flow efficient
- Create a finance arrangement to ensure your assets are protected as much as possible
- Run a wealth check and affordability check on your finances to ensure you have ample means to pay off your debts and have a debt reduction plan in place
- Create your loan facilities to promote and ensure growth in your business and / or investments
Self Managed Superannuation Funds
Establishing your own superannuation fund is one of the best investments for your financial future. As a result of an aging population, Governments have, to a larger extent, encouraged retired savings and have given tax payers taxation breaks that are simply too attractive to ignore.In addition, superannuation funds can now borrow funds to buy property allowing you to claim a tax deduction for superannuation contributions that will reduce your debt on an investment property (as one example).Both business owners and individuals can establish their own superannuation fund.
Zero can assist you in the following ways:
- Establishing your self managed superannuation fund
- Obtain an ABN & Tax File Number for the fund
- Provide advice on your trustees obligations and how to stick to the rules
- Provide you with effective tax strategies to purchase property & reduce your investment property loans with your contributions
- Create unit trusts to facilitate your leveraged investment & protect your superannuation holdings
- Create unit trusts to assist with your transition to retirement
- Provide advice on how to draw from your fund in retirement
Asset Protection Advice
The issue of asset protection is often misunderstod. The reality is that incorrect asset protection can lead to increased taxation, often large enough that it is extremely damaging.For example, buying a family home under a trust or an investment property can both lead to serious capital gain issues or an inability to claim investment losses against your other income for years to come.At Zero, we believe asset protection is important and we can provide you with advice on using various structures to achieve this. However, we do not protect assets at the expense of future tax benefits. It is a balancing act between the two.
We must point out that there are other forms of asset protection besides structures such as:
- Home Insurance
- Other insurances to protect assets such as life cover, trauma cover, income protection etc
- Insuring your business partner in case of a partnership
- Having a mortgage on a property
- Staying married or having a pre nuptial agreement
- Many more
At Zero we recognize that a combination of all types of asset protection strategies can be utilized creating the ideal solutions for your asset protection needs.
Establishment of Tax Structures
We can provide advice on which structure best suits your needs depending on your circumstances and intentions.We can establish the following structures;
- Private Company
- Trustee Company
- Business Partnership
- Investment Partnership
- Joint Venture Partnership
- Unit Trust
- Discretionary / Family Trust
- Self Managed Superannuation Fund
With each structure we want to provide you with the best possible outcome from the following perspectives;
- Tax Perspective – Tax Efficiency
- Asset Protection Perspective – Protecting Assets
- Future Tax Requirements – Ensuring the structure can exist for some time given your initial intentions
- Operational & Managerial Perspective – Ensuring that all associated parties can function in harmony within that structure
ASIC Agent Services
We can appoint ourselves as ASIC agents for all your companies whilst ensuring you meet your obligations with regards to:
- Paying your ASIC annual fee to avoid the company being de-registered by ASIC itself
- Providing you with an annual statement to update any changes that were not reported
- Ensuring you lodge ASIC documents on time to avoid fines and penalties
- Providing advice with your directors obligations
- Changing your registered office address to our office address for notices
Investment & Tax Strategies Seminars
Zero Accountants run regular tax seminars on various topics throughout Australia.These include topics such as;
- Powerful tax strategies for business & individuals
- Business strategies in the areas of increased profitability, marketing, and operational issues
- Business finance options & capital raisings
- Tax Effective investment & property strategies for individuals
Our affiliate partner JDL Strategies run powerful investment & property seminars in your city.
Just click the “Upcoming Seminars” link on our webpage.
All seminars are free for current clients and / or subscribers to our site.
Overseas Investments / Business Activities
Many countries have a tax treaty with Australia but some do not. You need to be diligent in reporting your overseas income especially in jurisdictions where no tax treaty exists.If you are intending to set up a business overseas or you own assets overseas, we can assist you with the following:
- Establishing a overseas entity
- Linking you with a reputable foreign advisor
- Ensuring you meet your Australian Tax obligations as an Australian resident
- Providing tax effective advice on your overseas income
Financial Planning Services
Our partnered affiliate Voyager Wealth Management can assist you with all your financial planning needs in the following areas:
- Managed Funds
- Direct Investments
- Term Deposits
- Dollar Cost Averaging
- Exchange Traded Funds
Wealth Protection & Insurance
- Life Insurance
- Trauma Insurance
- Income Protection
- TPD (total permanent disability) Insurance
- Business Insurance
- Child Trauma Insurance
- Transition to Retirement
- Retirement Planning
- Centrelink Benefits
- Estate Planning
- Nomination of Beneficiaries
Xero Bookkeeping Software
As our name suggests, we provide full support for Xero Software.Xero is a very progressive bookkeeping software company listed on the stock exchange.
Xero shares have risen from $4 to over $30 in the past 12 months. It is fast becoming MYOB’s biggest rival.
Xero is accounting software ‘in the Cloud’. It is very user friendly and we, as accountants can view and assist you with your computerized books online from any location as long as you provide us your login.
Xero has a mobile app so you can do your accounting ‘on the go’ including emailing invoices.
We believe it is the future of accounting. There is an abundance of resources & documentation for Xero online (Youtube etc)
Here are some links;
If you would like to subscribe to Xero, just contact us and we can help you sign up with a new account.
We also provide an in house bookkeeping service for our clients using Xero. Just ask us for a price estimate for this service.
MYOB / Quickbooks & Other Bookkeeping Software
While we prefer Xero because of its accessibility and simplicity, we also offer assistance & support for MYOB, QuickBooks and other bookkeeping software.
We can also provide you with an ‘on-site’ bookkeeping service.
Feel welcome to contact us & we can arrange for them to meet you and provide cost estimates for your bookkeeping.
Business Mergers & Acquisitions
We can assist and advise you on merging with another business or selling your business outright. This may include a phase out period with a lump sum, followed by periodically payments. We can help with the terms of your merger or sale.Alternatively, you may be acquiring a business and require advice on how to structure and facilitate this transition. We can assist with the terms and also with the funding requirements for such a purchase.We are also able to source an industry expert and / or a specialized solicitor where required.
Regular Free Videos, Reports & Seminars
Under the “Tax & Business Information Videos” tab we constantly add new feeds on various topics to empower you. We will email you when a new video has been added to our website.You can also view an existing feed at any time.These resources are provided to you for free as a subscriber to our site. We only require your name and an email address.
“Go to our home page & subscribe to our ‘Free Report’. You’ll be given a username & password to gain access to all our resources.”
To all existing clients who have their accounting with us we provide a free phone support service to assist or direct you with any taxation, financial, investment or business issues.Some examples
- You need to buy a new car and are not sure (1) How much to spend, (2) What type of finance best suits your situation, (3) What entity to register it under or (4) How you can claim back the GST on the vehicle
- You need tax advice over the phone on a simple issue
- You need to establish a new business
- You been thinking of selling your business
- Your circumstances have drastically changed and you want to know how it will impact you
- Your cash flow is poor and you need more funding
- Any other query related to any of our services
Other Services e.g. Marketing, Quantity Surveyors
We can assist you with various other accounting, investment or business related matters from appointing a quantity surveyor for your investment property to marketing services for your business.Although not official partner affiliates, we can recommend website designers (including maintenance), graphic designers and video production supplier, just to name a few..If there are any other services you require, just let us know and we will do our best to find someone amongst our network of contacts than can help.