Moneywise Global Tax Services have a team of specialists with in depth knowledge and experience in assisting SME’s (Small to Medium Enterprises). When you engage us as your tax agent we not only talk about the numbers, we work closely with you to help in business planning and goal setting.
Through the planning process we identify and ascertain short term and long term business goals followed by a sustainable action plan and advice that is clearly understood by you. We take the time to understand our clients and their business needs to help ensure the right decisions are made in a timely manner. We will identify further opportunities and best practices for continual growth of your business.
Moneywise Global Tax Services prides itself on delivering a quality service every time to our clients. We clearly set out the steps you need to take to meet your tax and business compliance requirements. We will provide a tailored solution, for you to operate through the most appropriate and tax effective business structure.
A partnership would have its own TFN & ABN and you may be required to register for both GST (if turnover is above $75,000) and PAYG Withholding.
In addition, you will be required to lodge a BAS (Business Activity Statement), monthly, quarterly or annually with the ATO. It is recommended that a written partnership agreement is in place detailing each partner’s obligations and responsibilities.
Each partner is responsible for paying tax on their share of income and is then taxed at their marginal tax rate.
A partnership consists of 2 or more partners who are in business together with the intention of making a profit. Partners are responsible for all liabilities of the business.
A Trust is basically a relationship where the Trustee(s) conducts business and allocates income to certain beneficiaries.
There are a variety of Trusts available depending upon the individual or business needs. These can include Fixed or Discretionary Trust, Unit Trust, Hybrid Trust, Family Trust etc.
For a Trust to exist a Trust Deed must be established along with the Appointer, Trustee, Settlor and Beneficiaries.
A Trust is governed per the terms of the Trust Deed, which is prepared at the time of establishment of the Trust.
A Trust would have its own TFN & ABN.
A Trust normally doesn’t pay tax rather the beneficiaries that are distributed the income are responsible for paying tax at their marginal tax rate and need to include the distribution in their tax return.
It is an ATO requirement that appropriate Trust distribution minutes are kept. The minutes must be in agreement with the Trust Deed otherwise the ATO can rule the minutes to be ineffective of how the income has been distributed to beneficiaries and the Trust’s profit may be taxed at the highest tax rate.
At Moneywise Global Tax Services, we specialise in the preparation of Self Managed Super Funds (SMSF’s).
An SMSF could prove to be an effective way of saving towards your retirement by providing greater control, independence and wider investment choices in comparison to traditional superannuation funds.
SMSF’s are regulated by the Australian Taxation Office (ATO) and generally all members of the fund (maximum 4 members) are the trustees of the fund, with few exceptions. SMSF’s are taxed at a concessional rate of 15%.
To get you started there are a few things to consider, for example, deciding on the fund members/ trustees, establishing a trust and the trust deed, setting up of bank accounts, creating investment strategies, rolling your existing superfund(s) and a lot more.
At Moneywise Global tax Services we’ll guide you through the process helping you in the set up of the fund and its administration.
A Company is a complex business structure that has some very favourable advantages. It is a separate legal entity and a significant advantage of a company structure is that it provides limited liability to its shareholders.
A Company pays tax on its profit and throughout the year it may be required to pay PAYG instalments to the ATO and may also have the reporting requirement such as PAYG Withholding, FBT Instalments etc.
A company must also register for GST if its annual turnover is greater than $75,000. Companies that make a capital gain have to pay tax on the full assessable gain unlike Trusts and Individuals that may be entitled to a 50% discount on the gain. However, SBE concessions may still be available to the company. Since a Company pays tax at 30%, a franked dividend maybe made to its shareholders.
Fringe Benefits Tax is a liability of the business not an employee. Fringe benefits can include: allowing an employee to use a work car for their private usage, providing an employee with a cheap loan and reimbursing an employee for child care fees etc.
We identify any FBT issues and ensure they are dealt with correctly.