Personal
Taxation
Lodging your tax return has never been an easy job. Often many of us put lodging a tax return off repeatedly as we find it too daunting a task to face. Let REALTAX Accountants help take the stress out of lodging your tax return.
Who needs to lodge a tax return?
If you have had tax deducted from the income you have received during a financial year, there is a need for you to lodge a tax return unless you belong to a certain class of exceptions.
Tax planning for high income individuals
Taxpayers can take advantage of tax planning initiatives like maximising deductions, in order to manage their taxable income. The tax planning process should start early in the financial year in order to take full advantage of these opportunities. While undertaking tax planning, be cautious of anti-avoidance provisions. However, tax planning can offer several tax savings, if done correctly.
Tax minimisation strategies for individuals
There are many widely-used legal tax minimising strategies that can make a large difference in your overall wealth. These strategies include creating an offset account alongside a mortgage to dump any extra money. Another is sacrificing your taxable income salary into superannuation, whereby you maximise the contribution to your retirement accounts. The more you save for retirement in qualified retirement plans, the bigger tax benefit you will have.
It all becomes much easier when you utilise the services of a competent Tax Agent such as REALTAX, who follow up with the latest changes in tax code and identify the right tax concessions for your needs.
Business Consultants
For a business to grow and prosper, it needs a dependable foundation built on trust and commitment. As business consultants, we’re not only responsible for the provision of sound business advice but are committed to creating an environment that allows and encourages your business to thrive.
When hired for our business mentoring services, we go beyond the scope of accountancy and act as a business adviser, providing personalised knowledge, inspiration, support, and guidance across a range of business aspects.
How our business mentoring works
Business mentoring is done through one-on-one coaching; this provides the greatest support and enables our advisors to fully understand your operations on an internal level.
- We’ll assign you a consultant that best matches the skills and knowledge specific to your company’s industry and circumstances. Together you’ll discuss the core purpose of your business and what areas you would like mentoring for.
- Covering an array of company functions, including; goals, strengths, weaknesses, financial position, budget and challenges an action plan will be devised. This details what will be covered in meetings and what needs to be performed between meetings in order to achieve short and long-term goals.
- Monthly meetings, monitoring the implementation of plans, to ensure that your business is achieving its goals and financial targets/budgets, strategising when necessary.
- Monthly meetings, monitoring the implementation of plans, to ensure that your business is achieving its goals and financial targets/budgets, strategising when necessary.
Business planning consulting
A comprehensive business plan not only supports appeals for bank loans, permits and other applications, but it also acts as a roadmap, directing a company’s operations and steering it towards growth. A business plan usually covers your business profile, vision, mission and goals, market research, operational strategy, products and/or services, marketing plan, and financial strategy.
Whether this is your first business venture or you’re growing your empire, RealTax Accountants can help.
Starting a new business
For new business start-ups, our planning services focus on organisational structure and creating a solid foundation, both from a financial and functional perspective.
- Formulating a Business Plan.
- Setup of tax structure.
- Tax & ASIC registrations.
- Budgeting & forecasting.
- Determining insurance requirements.
- Advice on marketing strategies.
- Implementing recordkeeping solutions.
Purchasing an existing business
Business planning for clients that are buying an established company comes under two parts; the first deals with the initial research and audits that must be conducted prior to purchase, ensuring that a good investment is being made. The second part is taking care of the legal matters and internal restructuring once ownership has been transferred.
- Review of overall business performance.
- Return on investment.
- Due diligence.
- Tax structure and tax legitimacy.
- Financial position.
- Reputation assessment.
- Industry and market research & assessment of future trends.
- Analysis and implementation of actual vs budget recording.
- KPIs.
- Division of action plans and goal setting.
- Preparation of budgets and cash flow management.
- Preparation and/or modification of business plans.
- Ensuring lodgement dates with ASIC, ATO and the Office of State Revenue are current and have been met.