David was referred to us by an existing client wanting advice as to the best structure to choose in running his business. Its’ just him in the business. After considering his circumstances we recommended he establish a company but warned of the ATO’s personal services income rules (PSI) which in certain circumstances requires profits to be paid out to the business owner. Navigating PSI rules can be tricky and it’s important to also get the bookkeeping correct so that profits are properly calculated. All too often we see the problems that occur when clients think they can do the bookkeeping themselves! So we helped David with his bookkeeping too which left him time to concentrate on growing his business. Because we ensure accurate ongoing accounts and have properly processed David’s wages and PSI income during the year, we were able to legally allow David to access up to $95,000 in CashFlow boost payments and also $19,500 in JobKeeper Payments. That’s a total real cash benefit achieved for David of $114,500!
Posted 23 June 2020
We provide Sharon and her real estate business with ongoing bookkeeping, accounting and tax compliance services. Whilst undertaking the daily bookkeeping we detected that Sharon had accidentally paid a supplier $32,800 instead of $3,280. We immediately informed Sharon who got in touch with the supplier to refund the overpaid amount. While such an overpayment would be obvious, we undertake various checks and reconciliations on a regular basis giving Sharon has the peace of mind that the books are under control leaving her to concentrate on running her business.
Posted 19 June 2020
Joel and Sandra were referred to us because they were not being properly cared for by their previous accountant. All their tax returns were always lodged at the very last minute and they never understood or even trusted that the figures were correct. When we picked up the files early this year we knew that we had a big job on our hands. So we got to work and tidied up the accounts making sure that all the figures made sense. We undertake the combined bookkeeping, accounting and tax-compliance function and Joel and Sandra trust us to take care of their extensive investment portfolio – knowing that they always have the insights to understand the ongoing performance and portfolio value. Because of our reconciliation processes, we’ve also detected an amount owed to Joel in excess of $40,000 that dated back years and was able to have the amount paid back to his bank account! Now that’s service!!
Posted 29 May 2020
Natalie and Benjamin live overseas and own an investment portfolio in Australia. They need someone they can trust to ensure that their investments are in safe hands and following a much-trusted referral, appointed Steven Want as their power of attorney. Before they appointed Want Group Accountants as their trusted advisors they had not seen an accurate investment portfolio in years, perhaps ever!! We immediately changed that, says Steven – and his team immediately went to work tidying everything up! The property agent looks after the day to day rent collections, dealings with tenants, etc. Steven and Want Group Accountants provide ongoing bookkeeping, accounting and tax compliance services and provide accurate reports to Natalie and Benjamin so that they always know how much money is in the bank and can now see every month exactly how their investments are performing! Now that’s great insights and peace of mind all day every day!!
Posted 30 April 2020
Enter your details below and sign up to our course, which also includes FREE template to help you plan your strategy.
Book your free no-obligation consultation and find out how we can help your business!