Accounting | Public Company Annual Report

Scope of work:

Preparation of the annual report, financial statements and supporting documentation for audit review and sign off. Acquisition during the period made preparation more complicated than the finance team was experienced to handle.

Requirements:

• Template based methodology to prepare statements and notes
• Working directly with tax and technical accounting consultants
• Working with auditors to meet deadlines

Outcomes:

• 4E, financial statements and Annual Report all lodged within ASX and ASIC time frames
• minimal impact on financial team day to day operations

Taxation | SBT Business Tax Losses

Scope of work:

Public company with tax losses of $7.5m stretching back over 10 years, had failed the COT (change of ownership test) making these losses at risk of not being utilised. A Tax Opinion needed to be drafted on the availability of carried forward tax losses. These losses, to be claimed, would need to be covered by a successful opinion under the SBT (same business test). The same business test is a very strict test and requires a structured document that provides a "reasonably arguable position" that allow use of the tax losses and will provide basis of ruling the with Australian Taxation Office (ATO).

Requirements:

• Research and prepare background paper to support SBT test for tax losses
• Prepare draft opinion based on the supporting documentation
• Client Board of Directors to approve outcomes and recommendations
• Approximate project time of 4-6 weeks

Outcomes:

• Able to prepare all necessary supporting documentation
• Board of Directors supported and approved the recommendations
• Company utilised $7.5m in tax losses, cash benefit of over $2.2m

Business Plan | Accounting Firm

Completed business plan and financial model for accounting firm. Business plan to be used to obtain equity funding for an acquisition.

$830k acquisition and $330k of business investment funds sort.

Approximately 6-8 days of work. Client charge $10-15k.

Accounting | Migration MYOB to Saasu

Migration of a small business accounting system from MYOB to online accounting system (Saasu).

Client benefits:

• unlimited number of users in any geographic location without VPN or remote access costs;
  
• flexibility to make business decisions with real-time accounting dashboard;
  
• monthly fee at a fraction of the cost of MYOB;
  
• no need for a central server reducing overhead cost.
  
• GNT set-up allows the customer to focus on sales & marketing setup activities
  

Client investment:

• Approximately 3-4 hours of workshop time for set-up
  
• $1-2k of consulting time to establish the system and provide basic training
  

Taxation | Business structuring advice

Client need:

Start-up business required a structure that offered asset protection and allowed for future franchise expansion of the business.

Client investment:

• Approximately 1-2 hours of interview time for establishing the parameters
  
• $2-3k of consulting time to provide structure advice AND the steps for execution including set up of the trusts, companies and all other compliance issues
  

Client benefits:

• Piece of mind in trust and company structure that will last 2 generations of family members
  
• Flexibility not to constantly spend money on structures when the business grows
  
• Simple and low maintenance that doesn't hurt the bank during start-up phase