Individual Taxation

There are several legal entity structures you could engage in a business. You could have a combination of these in complex business environments. Below is a discussion of each, as well as a brief comment on Pty s:

If you have more than one member in your business and have a partnership agreement in place, this is the structure for you. This would not incorporate you as a company and have certain pros and cons attached. There is unlimited liability between the partners and the profits are deemed based on Partnership net income. most of the small business CGT concessions are kicking in and there is no PAYG instalment obligations for like a Pty company. Ideal for a start up by couple of investors looking to expand later.

The basic form of staring up a business in a legally recognised structure. Ideal for a start up by an individual whether it will be making cup cakes or driving an Uber in the sharing economy. Lot of the small business concessions and government grants are available upon income testing and eligibility.

 Self-managed super funds (SMSFs) are a way of saving for your retirement. The difference between an SMSF and other types of funds is that the members of an SMSF are usually also the trustees. This means the members of the SMSF run it for their benefit and are responsible for complying with the super and tax laws. You need a group of people rolling over their super together before establishing an investment strategy. It is not retirement saving for everyone but highly beneficial for people selling assets, businesses to retire and draw pension from an SMSF.

A Pty often has many filing requirements depending on the nature, size of the business and gross revenue that is being made. The key distinct here is the PAYG instalments that is payable and the ease of changing the ownership by appointing new directors straight in. End to end bookkeeping would ensure that profit calculation is seamless and dividend declarations can often attend to unpaid director loans. The individual directors would get tax credits for dividends received from the company. The claimable amounts becomes broader, however there are small business capital gains concessions that need concern when selling capital assets.

Our firm has over a decade of experience in bookkeeping for businesses ranging in size from a single owner to countless staff members. 

We support online accounting platforms and are happy to work with whatever system you are using, provided that it is accessible through a browser. Our experience in most major platforms is extensive, leading to top-quality work.

Payroll

From one single employee to over 100, our small business services will help you put together your payroll system, administer benefits, and ensure you are in compliance with ATO single touch payroll (STP) regime. 

Account receivable/payable and GST reconciliation, Bank reconciliation. 

From setup to monthly, quarterly, or annual reports, we are happy to complete this service for you. If you have issues with any routine reconciliation and it puts the management reports off , please send over to us at admin@breckvillepartners.com and we will address for you.

Tax Preparation & ASIC correspondence 

Whether your  business is a small business or a large multinational, we are happy to assist you with annual, quarterly, or monthly BAS filings and tax preparation. Some clients are not sure what entity type is best – just let us know if you need help with the selection & we will provide all tax-related guidance.

For companies of a certain size, or companies with certain debt/equity funding requirements, financial statements may be required. This is the most thorough type of attestation services that an accountant offers in Australia. 

Reviewed financial statements are required for quite a few small businesses in order to be eligible for government grants, certain types of insurance, government/municipal contracts, etc. They are also frequently requested by body co-ops. 

Compiled financial statements do not include 3rd party verification and only include limited testing – they are basically professionally prepared financials.

We perform all of these engagement types & have clients in all states, including audit client companies that are subsidiaries of larger firms. Please feel free to reach out for a quote below – please let us know the industry type and approximate size of your company.

We have an award-winning audit representation and tax controversy practice boasting a high success rate on handling and applying for private rulings and class actions by ATO.

Types of tasks covered include Private ruling resolution, state letter resolution, ATO offers in compromise, state debt settlements, audit defence, etc.

Our first step here is to take a look at the ATO or state notices you have received, if possible. We are registered to serve all  states and are fluent in all  state tax matters, so feel free to approach us with any issue.

Please tell us about the ATO or state matter you are experiencing using the contact form below and we will reach out with next steps right away.

Some types of estate/trust work that we are frequently hired to work with:

• Simple & complex Discretionary trusts
• Deceased Estates
• Estate planning
• Tax effects of sale of items held by a trust (or tax effects of distributions form a trust)
• How to handle international beneficiaries
• Receipt of estate from non-resident persons
• appointment of trustees, setting trust deed
• State tax guidelines
• Vesting of trusts

Even though compliance & legal costs are slightly higher than companies trusts are an ideal way to targe and stream income and capital based on beneficiary circumstances. CGT advantages are better compared to companies when selling capital assets and there is no PAYG instalments usually. Please contact  Tax team  if you need more information or assistance with these topics. We are licensed to assist with filing these forms, fighting penalties, applying for abatements, or consulting on tax implications of various approaches.