Some of the finer details.
Do you need someone to help you communicate with the bank on your behalf? Do you have complicated funding that is confusing or requires constant monitoring and communication to work the most effectively for you? Are you a sole trader with term deposits?
Kirra Consulting can develop a strong relationship with your Bank Manager and communicate with them on your behalf, freeing you up to work on and in your business.
Business Procedure Reviews
Kirra Consulting offers Business Procedure Reviews to enhance your business operations and overall profitability. Our focus is on improving the functionality and efficiency of your business.
Procedure reviews identify gaps in knowledge base and weaknesses in procedures and highlight opportunities for further training that can improve your daily operations. We tailor procedures to your requirements, developing easy to follow instructions for staff which will assist you to fully utilise your resources. The procedures developed will also streamline the training of replacement staff when the time comes.
Do you have more than one entity? Do you require consolidated financial statements, consolidated income tax returns, GST grouping? Consolidated budgets or cash flows?
You need to ensure that all transactions between entities within your consolidated group are being reported correctly. We have considerable experience with consolidated groups and can draw on this expertise to assist in developing correct reporting, with even the most complicated of group structures.
Deceased Estate administration
Are you the executor of an estate who needs assistance in understanding your role? Do you know how to report on income and expenses of the Estate? Do you need help paying the expenses of the estate from the Estate’s assets? Do you need the Estate’s tax return prepared and lodged? Do you need assistance with communicating with creditors or the tax office or lawyers? Do you know how to calculate distributions to beneficiaries?
Kirra Consulting can help you answer these questions and more, and navigate deceased estate administration. Kirrily’s much loved Mum passed away in 2014 and she was one of the Executors of the Estate and took over the administration. She realised that there is little assistance in the area of Deceased Estate administration and would like to use her personal experience to help other people and provide guidance in this difficult time.
Group Structures / Re-structures / Reviews
Are you concerned about how your Business Entity or Entities have been set up? Is your current structure the most tax effective? Does it provide sufficient asset protection? Do you know the CGT (capital gains tax) implications of restructuring? Do you know that there are stamp duty concessions available on restructuring? Are you considering purchasing multiple businesses?
We have experience with large, complicated structures and can offer advice to assist you address your concerns.
Are you certain you are complying correctly with your GST obligations? The GST system is complicated and it is imperative to business success to ensure you are compliant. The discovery by the ATO of noncompliance is expensive, time consuming and disruptive to any business.
Are you able to keep up with any changes that impact your business? Are you required to register for GST? Do you know how to claim GST correctly on financing arrangements for equipment? Do you know what the margin scheme is and when you can use it to your benefit? Are you considering a significant purchase for your business and not sure how that will reflect on your GST obligations? Do you have to amend a Business Activity Statement?
Perhaps all you need is some trusted advice that will answer your questions and steer you in the right direction as well as giving you comfort that you are complying with your GST obligations correctly.
Hospitality – We have 20 years experience with a very large Hotel Group in South Australia with hundreds of transactions between the partnerships, companies and trusts within the group annually. Our experience includes bookkeeping, accounts payable, payroll, management reporting, financial reporting, asset register development and maintenance. We understand how Hotels work better than any other industry. In addition, Kirra Consulting is a minority partner in a Hotel, so we understand the issues that affect owners, not just Managers or Accountants.
Retirement Villages – Kirra Consulting has been involved in the Management and Financial Accounting of a large Retirement Village Group in SA, Qld and NSW for 10 years. Retirement Village compliance is complex and daunting. Extracting meaningful reports to understand Village and Operator performance art critical in ensuring businesses success.
Construction – Our experience with tailor made reporting in the Construction industry gives Managers and Owners the information to understand their construction profit and cashflows. We can assist with the additional annual reporting required by the ATO, as well as communication with your financial institution and other stockholders.
Property Development – We have clients who buy and subdivide land and sell the blocks for a profit. Some clients build houses or apartments on subdivided land and then sell them off for a profit. If you have a plan for property development, do you understand if Capital Gains Tax (CGT) is applicable and how much? Is it a profit (or loss) on revenue account and what tax is payable then? Does the Margin Scheme apply? How much GST is payable and when? Our experience can help you understand how to report on the development and understand and plan to ensure the correct tax is paid.
Rental Property – Taxation Advice / Captial Gains Tax (CGT) Reporting
Are you new to the rental property market and need to understand Negative Gearing and the tax benefits this provides? Are you already in the property market looking for advice aimed at maximising your deductions, including depreciation? Are you aware of your tax obligations?
Kirra Consulting understands rental properties and can advise you on the tax implications of owning a rental property.
Selling your business
Are you thinking of selling your business and do you know how much tax you will have to pay? Are you a small business and aware of the small business tax concessions? We can help you understand the tax implications involved so you are able to make an informed decision.
“Nothing is certain except Death and Taxes” Benjamin Franklin, 1739.
To this day, this is true. The only way that you don’t pay any tax is to not earn any money. As you are in business to earn money, you have no choice but to pay tax. Understanding the areas of taxation and when they apply to you is the first step. Developing a plan to manage it, including when and how to pay it, allows your business to continue growing, rather than stalling every time you are faced with a tax bill.
Taxation advice, assistance and consultation is enhanced when it is proactive and tailor-made to your individual requirements. Taxation is a substantial cost to any business and is governed by regulations outside of your control. It is imperative you receive consistent and reliable advice for all taxation including GST, Fringe Benefits Tax (FBT), Capital Gains Tax (CGT) and income tax. Do you know how long you have to keep your financial records? Do you understand your FBT obligations? Do you need someone to communicate with the Australian Taxation Office (ATO) regarding your obligations? Do you need a payment arrangement with the ATO? Do you need advice on company, partnership, trust, personal or deceased estate tax matters? Kirra Consulting has the expertise required to ensure you understand and can plan for your steer your business in the direction of growth ensuring compliance with government requirements.
An overview of what we do.
Business Services (Overview)
- Budgeting & Cash Flow Forecasting
- Business Start Up
- Initial / pre or post purchase advice
- Setup of new venues / Suppliers / Software files
- Outsourcing of Accounts Payable
- Entity Experience
- Joint Venues
- Sole Proprietors
- Financial Reporting
- Strategic Planning
- Tax Compliance
- Income Tax Returns
- Business Activity Statements (BAS)
- Installment Activity Statements (IAS)
- Fringe Benefits Tax Returns (FBT)
Specialist Services (Overview)
- Bank communications
- Business Procedure Reviews
- Improving functionality
- Improving efficiency
- Identifying gaps / Training requirements
- Procedure Development
- Consolidated groups / Multiple entities
- Deceased Estate administration
- Group structures / Re-structures / Reviews
- GST advice
- Industry experience including
- Retirement Villages
- Property Development
- Rental Property – Taxation advice / Capital Gains Tax (CGT) Reporting
- Selling your business
- Taxation advice
- Capital Gains Tax (CGT)
- Communication with ATO (Tax obligations / Payment plans)
- Fringe Benefit Tax (FBT)
- Goods & Services Tax (GST)
- Income Tax (Company, Deceased Estate, Individual, Partnerships, Trusts)