Taxation Services
Taxation can be a major cost for you. Thus, we offer you a full range of taxation services.
Our proactive approach ensures we deliver sound advice and efficient service. We will work with your business to legally minimise tax and help you achieve your key financial objectives. We provide you with a complete service of assistance and advice in each of these areas:
- Preparation and electronic lodgement of Business and Individual tax returns
- Preparing activity statements and advice on tax payments
- GST/FBT obligations
- Advice on, and implementation of, tax effective trust structures for asset protection and tax minimisation
- Managing any ATO audits or disputes
Business & Individual Tax Advice
Australia’s taxation regime is as complicated and comprehensive as any in the world.
Thus, whether you’re concerned about taxes on your personal income or business, you may find yourself asking questions. Are you as profitable as you can be? Do you need to register for GST?
It is therefore vital that you have access to accountants who have the technical knowledge and practical expertise to help you make critical business decisions. You can optimise cash flow, get your debtors under control and avoid any taxation pitfalls.
MGH Advisory can help you set up the right provisions for your company to be viable and grow more profitable. The services we provide go beyond compliance matters. We’ll give you specialist, high-level advice on complex areas of taxation law. Our team’s expertise is in researching and understanding complicated taxation matters, and we aim to deliver tax strategies for clients that minimise the tax burden and meet business or family objectives.
We provide advice on the more intricate areas of:
- Income taxes
- Goods and Services Tax (GST)
- Capital Gains Tax (CGT)
- Employment taxes
- Other indirect taxes, including land tax and stamp duty
In addition, we offer specialist advice on company, trust and partnership structures.
MGH Advisory aims to provide specialist advice that is technically accurate, can meet legislative and regulatory requirements and is cost-effective.
Tax Planning
By reviewing your tax position prior to the end of the financial year, we can advise you on the best way to legally reduce your taxes and keep money in your bank account.
We can provide you with an accurate picture of your profit and tax position for the financial year so you can account for them in your plans. Many opportunities to reduce tax are only available if action is taken before the end of the financial year.
GST Advice
The Goods and Services Tax (GST) system is a complex and confusing one. Every transaction now has an associated GST issue.
Consequently, MGH Advisory ensures our team remains up to date with any changes, enabling us to offer you accurate advice. We are experienced in these issues and can offer you expert advice on the GST implications for your business. The GST-related services we offer include, but are not limited to:
- GST Implications on the purchase/sale of a business and/or investment interest
- GST advice on taxable supplies and acquisitions
- Advice on registering for GST
- Filing and adjusting GST returns
- ATO audit assistance
- GST on fringe benefits and entertainment
BAS Preparation
If you have registered for GST, you will also need to lodge a business activity statement (BAS) with the Australian Taxation Office. Your BAS will help you report and pay your:
- GST
- Pay-as-you-go (PAYG) instalments
- PAYG withholding tax
- other applicable taxes
The MGH Advisory team will be there to assist you in preparing and lodging your BAS. We’ll ensure that you are in full compliance.
CGT Advice
With a myriad of rules covering asset acquisition and disposal, valuation, and provisions on CGT exemptions, Capital Gains Tax (CGT) is a complex area in the Australian taxation system that has profound implications for all businesses and investors. CGT makes the profit from the sale of certain assets taxable as income.
We can advise you on how CGT affects your business, investment and retirement plans. As part of our extensive taxation advisory and planning services, we will help structure your financial affairs to reduce your exposure to many of the unexpected pitfalls that CGT can present.
We ensure that our clients are fully informed of the very latest CGT developments affecting both their business and personal financial affairs. We provide expert services in all areas, including:
- Appropriate entity structures to hold assets
- Business rollover provisions
- Effective tax planning strategies for businesses and individuals
FBT Advice
Is your organisation using fringe benefits to their full potential?
Many opportunities exist to significantly increase employee take-home pay or benefits through the effective use of salary packaging and Fringe Benefits Tax (FBT) rules.
MGH Advisory can help you legitimately leverage and maximise FBT concessions, whilst maintaining simple and compliant systems. We offer assistance with all FBT issues, including:
- Review and assessment of FBT systems
- Review and lodgement of annual FBT returns
- Consulting advice on specific FBT issues – identifying opportunities and alternatives, and providing tax minimisation strategies
- Salary packaging advice:
- Review current arrangements & advise options
- Support for payroll and HR staff, selection of associated service providers, etc
- Assistance with new systems, policies & manuals
- Informative and easy to follow presentations to employees to explain the system and handle queries
Because of our in-depth and up-to-the-minute knowledge of legislation, we can develop a unique FBT planning strategy for you. We encourage you to take advantage of our expertise in what can otherwise be a confusing and cumbersome area for employers.