TBW Accounting & Consulting help you to ensure that all legal taxation requirements are met and then we use our expertise to ensure that valuable opportunities are not overlooked. Both internal and external legal professionals are consulted to complement advice where appropriate.

We can help you pay as little tax as legally possible and take the worry out of running your business. We can assist with Individuals, Partnerships. Companies, Trusts, and Self Managed Super Funds.

 

Taxation services include:

•  Income Taxes
•  Goods and Services Tax
•  Fringe Benefits Tax
•  Capital Gains Tax
•  State taxes, including Payroll Tax, Land Tax, Workcover and Stamp duty
•  Superannuation and SIS legislation
•  Substantiation requirements
•  Tax Planning and Maximising Deductions
 

With tax and regulation rules constantly changing you deserve peace of mind. TBW Accounting & Consulting is committed to actively attending professional education programs to keep abreast of all the changes in the Australian Taxation System. We strive to improve our knowledge and expertise to ensure we excel in, and provide, the very best accounting, taxation.

Tax planning

Tax planning has critical implications for the cash flow of any business. We recommend that all clients prepare interim financial statements in March each year so that the anticipated tax liabilities can be determined thereby providing time to implement effective strategies. Our goal is that you are not surprised and that ongoing tax liabilities are recognised early and incorporated as part of your businesses ongoing budgets.
We meet with or telephone our clients in April to May for a year end tax planning meeting.
We will support you before and during taxation or GST audits.

How does your existing accountant measure up. To Test your accountant click here.

Contact us today for a no obligation and cost free, initial discussion about our services. This free introduction will help you decide whether the services we offer are right for your needs.

 

Our professional team members carry out every facet of accounting work according to our client needs.
 

Our services include:

    •  Prompt preparation of interim and annual financial statements
    •  Preparation of statutory accounts
    •  Maintenance of accounting records
    •  Maintaining salary records
    •  Preparation of cash flow forecasting
    •  Bookkeeping
    •  Structure reviews
    •  Review of accounting systems
 

Business Structure Advice

How should you structure your business? Should you have a Company or a Trust or both? We can assist with Individuals, Partnerships. Companies, Trusts, and Self Managed Super Funds.

What are the advantages, disadvantages and costs? What about asset protection? Is a self managed super fund right for you? The right advice for the right structure can be the difference between success and failure. The structure is like the foundations of a house. Very difficult and expensive to change after the house has been built.

Don't leave it to chance. We will advise on the most suitable structure to meet your needs

Bookkeeping

TBW Accounting & Consulting look at your needs and the type of business to assist you to streamline your accounting and bookkeeping procedures.

Bookkeeping not only ensure your business systems are running efficiently they also provide an option to forward the information gathered to a qualified professional to finalise the reporting. If you are not sure what type of Bookkeeping work best for you, we can help you.

We can also train your staff at our office or at yours. We will set up your system so that it is ready to operate and will maintain your accounting system. We will show you how to complete BAS, GST & Superannuation requirements.
 

A SMSF (Self Managed Superannuation Fund) or sometimes known as a DIY (Do-It-Yourself) superannuation fund is an individual, family or small business based superannuation fund that consists of less than five members.

Members of these funds have a higher degree of control over the funds invested.

 

Comparing SMSF superannuation funds

When looking at which super fund to go with it is always important to compare the advantages and disadvantages. Below is a table that summarises this for you.



 

What you can invest in

What you can invest in is determined by your investment strategy. Your investment strategy is set when you establish your superannuation fund and must be adhered to until the strategy is amended.


Establishment of your Self-Managed Superannuation Fund

We set up your own Self Managed Superannuation Fund (which can have up to 4 family members), where you can accumulate a variety of assets (eg Shares, Managed Funds, Property etc) for your retirement. It can even pay your life insurance and get you a tax deduction for it. Earnings are only taxed at 15% and capital gains at a low 10% (if held for more than 12 months).

We will take care of the entire registration process for you and explain everything you need to know.

Maintaining Compliance

We provide a full hassle free service where we prepare all the statutory documents required to ensure that you and your SMSF meet all of your statutory obligations under both the Income Tax Assessment Act and the SIS Act and Regulations.



Most SMSF contraventions fall into the following categories:

Loans to members or relatives

SMSF’s are prohibited from lending money or providing any financial assistance using the fund’s resources to a member or a member’s associate. For example, payment of personal expenses by the fund.

Breaches of in-house asset rules

The fund cannot acquire or hold in-house assets that are valued at more than 5% of the market value of total assets. In simple terms, an in-house asset is a loan, investment, or lease arrangement with a related party. If a fund has in-house assets, a review is required on a yearly basis to determine if the assets remain below the 5% level.

Assets not in the name of the trustee

The fund’s assets cannot be held in the name of individual or corporate trustees in their own capacity, but must be held in their capacity as the trustee of the fund.If the assets are not in the correct name, the fund’s assets are placed as risk as they are not identified as being owned on behalf of the fund.

Breaches of sole purpose test

A SMSF must be maintained solely for the purpose of:

•  each member on or after their retirement; or
•  a member’s legal personal representative or the member’s dependants after the death
   of the member.

The fund is not permitted to provide any benefits to a member or their associate (e.g. renting a residential property owned by the fund to a member, or hanging artwork owned by the fund on the member’s wall).

Unauthorised borrowings

A SMSF is generally prohibited from borrowing money or maintaining an existing borrowing of money. An exception is instalment warrants, and even with these, trustees must ensure they comply with the very strict rules.
 

A business is merely a process - A successful business is a good process.

If you don't recognise the processes operating in your business how can you change the outcomes?

Our process provides a practical set of procedures and tools that are easy to implement. TBW Accounting and Consulting can help you to develop a strategy for your organisation and then implement that strategy.

The business improvement processes used can be applied by anyone, but there is no substitute for experience.

Business Growth

Working smarter not harder often requires someone outside your business to provide the insights to help you improve your business. A business coach might be what you need to assist you to increase your turnover, communicate more effectively with your customers, or advertise to get results?

TBW Accounting and Consulting provides you with a Client Manager to look after your business. Client Managers are there to look after you and where necessary referring you to our other professionals.

Business Analysis

Do you want more than a Profit and Loss Statement and Balance sheet. We explain what the figures mean and analyse the trends to keep your business finances completely up to date We also look at industry comparatives, so that together we can track where you have gone, and plan for where you want to be. Knowledge is a powerful asset, and together we will increase that knowledge.

Other Services

Review of Systems and Needs

There are plenty of software options to choose from. Selecting the best one for your business can be difficult. We can advise you what is best for your business and can customise a solution for you.

Training Services

TBW Accounting and Consulting qualified staff have years of experience behind them. They will provide you and your staff with necessary training.

 

The professionals at TBW Accounting and Consulting have extensive experience and in-depth knowledge of a wide variety of businesses, as well as the economic environment in which businesses are operating. Through our valuation services, we can help you to optimise the outcome of your business decisions and opportunities. Our team are knowledgeable of the appropriate methods for determining the value of a business depending on the industry in which the business operates. We can perform valuations for purposes such as:

•  Purchase, sale or restructuring of businesses
•  Insurance Buy-sell agreements
•  Divorce cases
•  Estate planning
•  Financing

 Audit Services

Our qualified staff have years of experience behind them should you require audit services. Ian Baker holds an ASIC auditing license.

Forensic accounting

Our team are knowledgeable of the methodology of preparing forensic accounting reports Ian Baker is a member of the Institute of Chartered Accountants Forensic Accounting Special Interest Group. Ian is currently retained by a major international insurer to review claims made under a particular insurance product.