Case Studies
These case studies highlight some examples of where we have been able to help new clients solve financial problems that had been overlooked by their previous accountant. If you feel you’re not getting the service you deserve from your current accountant, contact us. We’ll take the time to get to know you and your business. We’ll think outside the square to develop solutions that work for you.
Payroll Tax
A new client came to us because of their hefty monthly payroll tax bills. Their payroll tax bills were quite large due in part to the number of employees the business employed, and the high wages being paid to the employees.
However, on review of their previous payroll tax calculations, we uncovered that some employees’ wages were exempt from payroll tax, yet the business and their previous accountant had not picked up on this. Further to this, the employee’s remuneration packages were poorly structured given some of the tax concessions available to Pilbara employers, thus exacerbating the payroll tax bill.
We used our extensive knowledge of Pilbara tax concessions to restructure the employees remuneration package. This improved the employees ‘take home’ pay, and at the same time,reduced the employer’s payroll tax liability. A thorough review of the businesses payroll tax saved the client tens of thousands of dollars in payroll tax.
At the request of the client, we refrained from calculating the amount of excess payroll tax they had paid over the previous few years!.
Trading Structure
A new business client came to us after becoming fed up with the large tax bills they were getting each year. It turns out this client was trading in trust structure. Although this structure suited their business when they first began trading, the business had experienced considerable growth over the years, and a trust was no longer the most appropriate trading structure for them.
The client had discussed restructuring the business with their previous accountant, but the stamp duty and capital gains tax concerns outweighed the benefits.
Upon discussing the problem with us, we were able to restructure the clients business in away that resulted in negligible stamp duty and capital gains tax, whilst still achieving a structure that saved the business $120K tax in the first year.
Falling Behind with the ATO
A new business client came to us after blinking and realising they were 8 years behind in lodging their annual tax returns.
This is not unusual in Hedland, particularly given the hours many business owners find themselves working. We were able to recover their financial records for past years, and get the client up to date with the ATO.
Equally as important though, we then set the client up with new bookkeeping software that drastically reduced the time they spent on bookkeeping.
This internet based software allows us to log into their records at any time, helping us and the client to keep up to date with ATO requirements.
Understanding the Numbers
After being with our firm for a few years, one client mentioned that they wanted regular feedback on how their business was travelling, and the annual financial reports didn’t make a lot of sense to them.
We decided to meet with the client quarterly and discuss how the businesses was travelling. We also added graphs and other visual representations of the businesses performance to our quarterly reports, which made it much easier for the client to make sense of what was going on.
The business now benefits from regular, up to date feedback on how their business is tracking. This regular, timely feedback enables the business to better respond to changes in their business..