Tax Return Processing

If tax laws are enough to make your head spin or you’re simply not sure how the tax laws apply to you, come speak to the team at WEF Accounting.

Tax can be complicated in many ways – that’s no secret. We understand that taxes are stressful and confusing to many people, and we are here to assist you. We can advise on what income you need to declare, what expenses you can claim and what evidence you need to back up your claims. If you have purchased Cryptocurrency or operated in the share economy, do you know what your tax reporting obligations are? Similarly, if you’ve been driving for Uber or rented out property through AirBnB, do you know how to properly declare your income?

We are specialists at accounting and taxation, with many years of knowledge and experience amongst our friendly team. We have worked with a large variety of businesses and individuals from all different industries over many years; farming, building & construction, professional services, investors, retail, hospitality, healthcare, manufacturing & IT, just to name a few.

We provide tax return assistance for a range of entity types, regardless of your occupation or the industry you operate in:

• Individuals
• Sole Traders
• Partnerships
• Trusts
• Companies
• SMSF’s

Forward planning is an integral measure we use to ensure our clients don’t pay more tax than they need to. By assessing your personal situation and entity set up we look for tax strategies suited to your needs to save you tax now and into the future.

By planning for tax, we work with you to:

• Investigate areas to reduce the amount of tax you pay
• Develop strategies to minimise tax, potentially saving you money
• Be prepared for the financial year

WEF Accounting is committed to tailoring options to suit our client’s individual needs. We aim to provide tax return lodgement with comprehensive tax planning advice and strategies, all at competitive prices. Our experience is complemented by a team of professional accountants and tax advisors, who are here to help you.

Contact us today to discuss how we can work together: (03) 5655 2311 or email us at business@wef.com.au

Accounting System Automation

Many small to medium-sized businesses are moving to online accounting software and are using cloud-based applications for their bookkeeping and accounting needs through desktop and mobile apps. All businesses need to keep records, and online accounting allows businesses to make management decisions based on up-to-date information. It also provides for other business efficiencies including payroll and cash flow budgeting.

If you are paying employees, it is a legal requirement that your payroll information is reported to the ATO via a Single Touch Payroll (STP) solution, which is now supported by all the major accounting software providers. Using online accounting software to process your payroll can also help ensure you are meeting your obligations for Superannuation Guarantee and recording leave entitlements.

The cloud revolution is propelled by fast, reliable internet, cheaper servers and widely-used open-standards for interchanging data between software. Moving to the cloud does not increase data risk if good password policies and back-up strategies are in place. Businesses should ensure staff understand modern security risks and complete training when moving to cloud accounting or using any service that provides remote access.

Some of the main cloud accounting players in Australia are:

Xero – A New Zealand based software company that offers cloud-based accounting software for small to medium-sized businesses.

MYOB – An Australian company originally offering desktop accounting software, now offers several subscription-based cloud accounting products, including both desktop and cloud versions of their product.

Quickbooks Online – Provides a cloud based version of their previous product, QuickBooks.

Contact WEF to discuss your circumstances so we can help determine the most appropriate solution for you based on functionality, ease of use and cost. By setting up your accounting software through our office, we can access and pass on subscription savings for the popular Xero and MYOB software solutions.

Contact us today to discuss how we can work together: (03) 5655 2311 or email us at business@wef.com.au

GST Processing & Bookkeeping

Once a business reaches a turnover of $75,000 per annum, there is a requirement to register for GST and lodge Business Activity Statements (BAS) with the Australian Taxation Office (ATO). If your business has a turnover below this threshold, GST registration is optional. Depending on the nature of the business and the turnover thresholds, businesses register to report using either the cash or accruals method and have an obligation to report monthly, quarterly or annually.

GST is an important tax consideration in events such as sale of property, development projects, new business structures & business mergers/acquisitions/sales transactions.

The GST-related services we offer include, but are not limited to:

• Advice on registering for GST
• Monthly & quarterly Business Activity Statements
• Annual Business Activity Statements
• Income Activity Statements
• Pay as you go (PAYG) instalments
• ATO audit assistance

Processing payroll, including the required end of year balancing and finalisation can be incorporated into our service packages. STP, leave accrual, SG calculation, termination payments & TPAR will all be assisted by the use of an automated payroll processing system.

If you would like assistance in determining if you need to register for GST, or where registration is optional whether registration would provide any benefit to your business, make an appointment to discuss this with our team.

Contact us today to discuss how we can work together: (03) 5655 2311 or email us at business@wef.com.au

Corporate Compliance

Corporate compliance is a general term used to describe a company program designed to prevent and detect breaches of any laws, regulations, standards or codes with which business must comply. Setting up, the ongoing operation and closing of companies form corporate compliance work.

WEF Accounting has the experience and understanding of the legal and regulatory framework that applies to business entities and we can help you understand the myriad of compliance programs and regulated obligations that affect your business/company. We can assist with making sure your business/company meets all its obligations to ASIC (Australian Securities & Investments Commission), the ATO (Australian Taxation Office) and the SRO (State Revenue Office of Victoria).

We can assist with:

• The formation of trusts and new company registrations
• SMSF setup with individual trustees
• SMSF setup with a corporate trustee
• Preparation of annual company statements
• Attending to ASIC returns and regular filings on your behalf
• Company changes or change of directors
• Business name registrations and maintenance
• Renewal of business name/s and other registrations
• Preparing meeting minutes and drafting resolutions
• Share allotments/transfers/buy-backs
• Unit Trusts and allotment/transfer of units and change of Trustee
• Family Trust set up and change of Trustees
• Provision of registered office services for service of notices

Undoubtedly compliance is of paramount importance but at WEF we believe that management advice and support is also a crucial aspect of corporate compliance.

Contact us today to discuss how we can work together: (03) 5655 2311 or email us at business@wef.com.au

Workcover

When it comes to issues related to WorkSafe, Williams, Edwards & Findlay provide steps to understand and implement positive worker recovery journeys, claims experiences, workplace safety, and overall business and employee health and wellbeing.

When you think of dangerous jobs, most imagine mining and construction are the most hazardous. However, statistics show that farming, fishing, and forestry are the more dangerous occupations.

Williams, Edwards & Findlay understand the physical and emotional impact that work-related accidents can cause. Whether your business needs assistance understanding and complying with WorkSafe rules and regulations or you are injured at work and need help to manage your obligations, or help with a compensation claim, we are here to help.

At Williams, Edwards & Findlay we offer such services as:

• WorkCover insurance claims.
• Understanding WorkCover insurance policy.
• Understand if you are considered a contractor or employee for WorkCover insurance purposes.
• Understand if the people you employ are considered workers, contractors or volunteers.
• Understand the activities WorkSafe undertakes to encourage Victorian businesses to comply.
• Understand what a WorkSafe agent is and what they can do for you.

Contact us today to discuss how we can work together: (03) 5655 2311 or email us at business@wef.com.au

ATO & Regulatory Liaison

Over the years the Australian Tax Office (ATO) has moved to using digital solutions almost exclusively. Added to this, myriad Laws, Rules and Regulations have been introduced by many regulatory bodies so they can better manage what Australian businesses can and cannot do. All this compliance is great for ensuring a safe business environment and providing protections to employees, customers, suppliers and other business stakeholders.

With the increasing regulations there are now so many considerations that a business owner/manager has to attend to that it can impact on the actual running of the business.

We find that more and more of our clients need help not only to manage all this change and tightening of rules but to also simply talk to the ATO or other regulators. Do you have ATO debts that you need to negotiate, do you need an extension of time to meet lodgement requirements or simply not really understand what you need to do to meet all your regulatory obligations?

Rarely is a phone call enough anymore so we have increased our ability to help you get this job done. If you have tax or regulatory issues we can generally liaise directly with the ATO, ASIC, and others on your behalf to resolve matters while you get on with running your business.

Let us reduce the frustration surrounding your regulatory queries so you can make the most of your valuable time.

Contact us today to discuss how we can work together: (03) 5655 2311 or email us at business@wef.com.au

Superannuation & Self-Managed Superannuation Funds

Superannuation is a confusing and often misunderstood system, leading to many questions and uncertainty.

Do you understand your current superannuation situation?

• Can you put money into your superannuation fund?
• What would be the benefits to putting extra money into super?
• Do you have any insurances contained in your fund?
• What would happen to your superannuation if you died?
• When can you access the money in your superannuation fund?
• Can you withdraw a lump sum, or start receiving a regular income stream?
• Do you need to pay tax on your money while it is in superannuation?
• Do you need to pay tax on money when you take it out of super?

We can explain and help you understand the laws surrounding the superannuation environment to ensure you get the most benefit from your superannuation. This can assist you in making smart decisions regarding your super and gaining a real understanding of your ability to grow your nest egg so you can enjoy your retirement without financial pressures.

Have you seen the term Self-Managed Superannuation Fund or SMSF and wondered what these are and if there could be benefits to opening and operating a Fund of your own?

We can advise on the legal obligations and reporting requirements of operating a SMSF, help you get an understanding of the associated costs and assist with the setup process should you decide this is a beneficial and viable option in your personal circumstances

Contact us today to discuss how we can work together: (03) 5655 2311 or email us at business@wef.com.au

Annual & Compliance Reports Processing

WEF Accounting can help you to prepare comprehensive financial statements for a wide range of readers and an equally wide range of purposes. Whether your statements relate to your business or your personal financial standing, we can accommodate your needs.

Along with annual financial statements, businesses may have obligations to provide ongoing compliance reports to other regulatory bodies.

Superannuation Guarantee

Super Guarantee is the statutory amount an employer must pay into the superannuation fund of their workers to avoid penalties. Increasingly the ATO is enforcing Superannuation Guarantee (SG) compliance and issuing fines and penalties where breaches occur. Payments should be processed through a clearing house with strict timelines for reporting and payment. Our help in this area covers:

• Lodging SG reports through clearing house
• Providing employers with payment slips for ease of payment
• Reporting requirements when super has not been paid by the due date

Managing your obligations can be time consuming and confusing in the tough business environment we currently operate in but WEF Accounting can help you ensure you don’t miss SG payments when they are due.

Taxable Payment Annual Reports

Taxable Payment Annual Reporting (TPAR) is an industry-specific reporting requirement for businesses who pay contractors for relevant services. The following industries are subject to TPAR reporting and WEF can help to determine who is a contractor and what industry specific TPAR requirements need to be met.

• Courier services
• Road freight services
• Building and construction
• IT services
• Cleaning
• Security, investigation and surveillance services

Workcover reconciliation

Annual workcover reconciliation statements need to be prepared and lodged with the appropriate insurance provider. Employers are required to declare their actual workers remuneration as well as estimate their remuneration for the following year.

Contact us today to discuss how we can work together: (03) 5655 2311 or email us at business@wef.com.au

General Calculators

Tax Diary