When you’re looking for an accountant, we understand that you want to engage someone who understands the intricacies of an increasingly complex tax system. But, you also want someone who is going to make that knowledge make sense to you or your business.
This is what we do at Hayes Knight. We will:
- Identify what is important to you;
- Let you know when there is a potential problem occurring (or about to occur); and
- Work with you to improve the management of your tax and accounting obligations.
All in a practical, no fuss way.
Business tax compliance
Fulfilling your businesses compliance needs is something that you have to do and have to do correctly. And, you have to do it every year.
Managing your tax and accounting needs is not just about form filling for the Government. It’s about understanding how you operate, how you need to be operating, and the most efficient and practical way of fulfilling your obligations.
Our experienced team know where problems can occur and where possible, identify those problem areas for you (and help you with the solutions). For businesses and business owners operating multiple entities, this is particularly important.
We understand that you are busy and need your tax and compliance worked managed efficiently and effectively. We make the process as painless as possible.
Individual tax compliance
Who said income tax was easy? If you’re a landlord, business owner, or shareholder, often your personal income tax needs are never that simple.
It’s important to work with advisers who can help you identify the tax impact of the decisions you make and how you can achieve the best possible outcome.
We have a particular emphasis on achieving results for business owners and complex investors who need to manage tax outcomes across multiple layers and entities … an area of interest also shared by the Australian Tax Office!
Preparation of financial reports
When we prepare financial statements, our philosophy is to get the basics right first then look beyond the numbers to see where we can improve your tax and internal efficiencies.
If you just need the basics, were great at that. But, if you want your accountant to help you identify how your business is performing, how it performs against industry benchmarks, and where improvements can be made, then speak to a Hayes Knight adviser today.
GST compliance
The biggest problem businesses often have with the GST is not the tax itself, it’s their internal controls. Simple problems when preparing a Business Activity Statement typically represent over 50% of GST errors identified by the Australian Taxation Office each year (with an average net GST shortfall of over $288,000). Misinterpretation of the GST legislation represents around 20% of all errors (with an average net GST shortfall of over $204,000).
And, these problems are just on the basics.
When you are involved in complex areas such as property developments and international trade, it’s essential to have an experienced team behind you.
Hayes Knight understands the GST and the implications of the legislation at a commercial level.
Hayes Knight are also the authors of multiple publications on GST for business and trained the Australian Tax Office on the GST during the GST implementation period in 2000.
Managing Fringe Benefits Tax
If you provide any benefits to employees (including Directors) then it’s likely that Fringe Benefits Tax is an area of interest to you.
FBT is one of those areas where an experienced team can make all the difference because different tax treatments produce different outcomes. And, those different tax treatments have implications to the day to day operation and controls inside your business.
It’s an exacting tax that can be merciless when you get it wrong.
Hayes Knight’s experienced team can assist you with:
- FBT compliance and regulation
- Salary packaging
- FBT efficiency – advice on the FBT treatment of specific benefits
- Strategic FBT advice to set up, structure and review arrangement for employers through our Tax strategy and structuring team
Next steps
Generally, we manage tax and accounting compliance for our clients as part of a broader suite of services. Typically, we would take care of your business tax requirements, financial reporting requirements, as well as your personal needs. This way, we can maintain the consistency of outcomes across multiple entities.
When it comes to tax and accounting, we can manage your full compliance needs in this area or work with your internal accountants to review, reconcile, and lodge your activity statements.
If specialist assistance is required to manage specific problems or planning, our experienced Tax strategy and structuring team can assist.
Plus, if you need it, we also offer a range of specialist services in Business strategy, Audit & assurance, and SMSF and your business solutions.
