Kelly+Partners minimise its clients' business and personal tax exposures by legitimate planning and by being aware of the changing taxation requirements, developing ideas and solutions capable of being implemented into each client's business structure. Our investment in our people's continual training ensures that all clients have access to timely information, creative ideas and innovative solutions that will protect them against the complex and constantly changing tax legislation that governs Australian and overseas markets.
We provide a range of accounting services, including:
- Preparation of annual accounts
- Preparation of management accounts
- Installation of computerised accounting systems
Cashflow and profit projections
We can develop or comment on business cash flow and profit projections including the development of appropriate sensitivity analyses.
We can advise on all aspects of funding property, plant and equipment including, for appropriate assets, an analysis between outright purchase, lease, hire purchase and contract hire. We are also able to examine the amount and sources of funds currently being used by a business compared with its current and future funding requirements.
We can provide advice in connection with overall remuneration packages provided to key employees including:
- Tax efficient remuneration structures
- Share option schemes
- Bonus formulae
- Non-cash benefits
Today's decisions or likely inaction can have enormous costs tomorrow.
The challenge is to get congruence between what the business requires commercially and a tax outcome that advantageous to the Owners ability to continue to fund the building of the business.
The difficulty is knowing how to align the commercial needs of your business with its tax requirements in a way that produces the best possible result. Working with you, we can help you identify potential problems before they occur and give you a secure way of 'test checking' your thinking with independent and commercially astute advice.
We start with a detailed review of your past and current situation in the business and the structure. We then listen to your plans and design a structure to get you to your goals.
Some typical situations we assist with include:
- Establishing a new structure
- Reviewing a structure that has been outgrown by your business and personal needs
- Restructuring to access commercial and tax opportunities together with protecting assets
- Concluding a business structure and avoiding unanticipated tax impacts and minimising overall tax costs
- Resolving existing complex tax challenges and disputes
Our emphasis on understanding makes our audit methodology unique - understanding the business, the owner and the balance sheet. Our audit approach has greater emphasis on systems, risk, reconciliation and accounting policies, and less focus on extensive 'robotic' verification and technical compliance. We produce an audit service which is wanted, valued and needed, because in the end, owner's care about their business. It's their money.
Audits of financial reports
Provision of statutory audit services for clients requiring an audit under the Corporations Act 2001, or other relevant legislation. Our industry experience and exposure to different entity structures is very broad. Within Australia our audit clients include some of the largest privately owned companies right through to not-for-profit entities.
Provision of an internal audit function, either on a one-off or recurring basis, for organisations of all types.
Systems and controls reviews
One-off reviews of an entity's financial and operating systems and controls, providing an independent assessment of the internal systems and controls. These reviews assist in risk management and corporate governance.
Agreed upon procedure reports
Conducting procedures on specified financial information for a particular special purpose and then preparing a report based on these procedures.
Other types of audits
There are many other types of audits that we undertake such as:
- Trust accounts (solicitors and real estate agents)
- Grant acquittal statements
- Turnover audits for shopping centre
- Outgoings audits
- Strata plan audits
Directors have the obligation to prepare financial statements that are true and fair. Our operating methodology is designed around helping owners produce accurate financial statements and meeting their obligations under various taxation and corporation law requirements in a timely manner.
Tax is likely the largest single cost line in any business, as such it needs to be managed more actively than any other expense - unfortunately for most taxpayers this is usually not the case. The goal of tax planning is to arrange your financial affairs so as to minimise your taxes. There are three basic ways to reduce your taxes, and each basic method might have several variations. You can reduce your taxable income, increase your deductions, and take advantage of tax credits, rebates and/losses. At Kelly+Partners we start with a detailed review of the taxpaying position and the historical record, we analyse future plans and recommend a way to navigate towards your goals, minimising tax imposts as you go.