 |
Services
At McKern & Associates, we aim to be a one-stop shop for all your accounting and taxation needs. Referrals are also provided from our firm to honest professionals with a genuine desire to see the clients’ needs satisfied in a cost effective manner, including solicitors, financial and investment planners, finance brokers, and senior bank managers. No commissions for referrals are paid in either direction, ensuring no concerns or conflict of interest for referrals. This provides the clients with satisfaction that we are keenly interested in their future and are staking ours on the same.
The services that McKern & Associates provide are vast and varying to say the least. Although we could go into much more detail, below is a list of common services we provide at our offices:
Personal Solutions
Business Solutions
Other Services
Our professional staff are well equipped to complete your personal income tax returns! The M & A professional training program ensures all staff, from junior to senior, know all the ‘tricks of the trade’ and are committed to achieving the best possible results for our clients.
At M&A we consider taxation planning to be one of our core competencies! From sole traders to proprietors of large corporate groups, business owners at all levels can benefit greatly from our tax planning strategies. In depth training, advanced skills combined with a touch of creativity give our professional staff the edge in assisting our clients to minimise their taxation liabilities and ensure they are well prepared to meet their upcoming taxation obligations.
We at Mckern & Associates see ourselves as business people first, rather than accountants. This mindset helps us to look at your business from all perspectives. This way we can provide advice to you in regards to all aspects of your business, not just taxation.
April through to the 30th June of each financial year is a busy time at McKern & Associates as we are busy advising our clients on tax effective strategies to assist in reducing their tax liability for the upcoming financial year. Every year we mail to our clients a newsletter which provides useful information and tax effective strategies they can implement prior to the 30th June. In addition we invite our clients to attend one of our tax planning seminars which are conducted annually where clients receive advice on numerous ways they can reduce their upcoming tax liabilities.
We do encourage our clients to obtain personal tax planning advice when the client knows or has concerns that they will have a substantial amount of tax to pay in the upcoming financial year. We prepare for these clients, income tax projections which we have prepared on the basis of the earnings or the financial results generated in the first six to ten months of the financial year in conjunction with other relevant information provided by the client. At this stage our clients can see the projected amount of tax they have to pay to the Tax Office if they don’t implement a tax planning strategy. Subsequently we produce projected financial results we anticipate to be experienced by these clients from the successful implementation of our advised tax strategies alongside the associated tax savings. In addition, we assist our clients to implement their tax planning strategies they have decided to implement before the 30 June.
We do encourage our clients to obtain personal tax planning advice when the client knows or has concerns that they will have a substantial amount of tax to pay in the upcoming financial year. We prepare for these clients, income tax projections which we have prepared on the basis of the earnings or the financial results generated in the first six to ten months of the financial year in conjunction with other relevant information provided by the client. At this stage our clients can see the projected amount of tax they have to pay to the Tax Office if they don’t implement a tax planning strategy. Subsequently we produce projected financial results we anticipate to be experienced by these clients from the successful implementation of our advised tax strategies alongside the associated tax savings. In addition, we assist our clients to implement their tax planning strategies they have decided to implement before the 30 June.
If you are looking at buying or selling a business, talk to us first. We can offer advice in respect of what we estimate your business may be worth to a possible purchaser. On the other hand, as a purchaser we can analyse the information of the prospective business and perform a due diligence to ensure that make a reasonable offer.
McKern & Associates can update all changes to your company with ASIC, whether it is changing directors or shareholders, or if you change address. Please remember that any changes to a company must be notified to ASIC within 28 days of the change.
With an ageing population and the demographics of the South East Queensland region, we see superannuation becoming more and more important. We regularly attend conferences around the country to keep abreast of the changing legislation. This allows us to effectively use superannuation both as a tax minimization strategy and to help you reach retirement sooner.
We provide all services in regards to compliance obligations that you or your Self-Managed Superannuation Fund may have, including:
- Employer Superannuation Guarantee Obligations
- Self-Managed Superannuation Fund Special Purpose Financial Reports
- Self-Managed Superannuation Fund Income Tax Returns
- Self-Managed Superannuation Fund Audits
We also have a quality referral source for financial planners. We believe financial planning is a specialised industry. Therefore, we refer different planners based on your investment needs. Mckern & Associates does not receive any commission for financial planning referrals. Any additional income generated from referrals is refunded to our clients.
We provide all services in regards to compliance obligations that you or your Self-Managed Superannuation Fund may have, including:
- Employer Superannuation Guarantee Obligations
- Self-Managed Superannuation Fund Special Purpose Financial Reports
- Self-Managed Superannuation Fund Income Tax Returns
- Self-Managed Superannuation Fund Audits
We also have a quality referral source for financial planners. We believe financial planning is a specialised industry. Therefore, we refer different planners based on your investment needs. Mckern & Associates does not receive any commission for financial planning referrals. Any additional income generated from referrals is refunded to our clients.
There are many reasons why clients may benefit from having their Business Activity Statements and Instalment Activity Statements completed by Mckern & Associates. Among many others, some of these benefits include:
• Our highly qualified and well trained staff are able to ensure Activity Statements are completed correctly, minimising the risk of audit by the Australian Taxation Office
• Electronic lodgement facilities provide an easy, mail-free lodgement system which sees the Australian Taxation Office receive your Activity Statement instantly and at the ‘click of a button’
• Mckern & Associates status as a registered tax agent provides our Activity Statement clients with a lodgement and payment extension which typically extends one month past the standard due date for clients who complete and lodge their own Activity Statements.
• Our highly qualified and well trained staff are able to ensure Activity Statements are completed correctly, minimising the risk of audit by the Australian Taxation Office
• Electronic lodgement facilities provide an easy, mail-free lodgement system which sees the Australian Taxation Office receive your Activity Statement instantly and at the ‘click of a button’
• Mckern & Associates status as a registered tax agent provides our Activity Statement clients with a lodgement and payment extension which typically extends one month past the standard due date for clients who complete and lodge their own Activity Statements.
Company and trust structures require the preparation of financial statements as at 30th June of each financial year which we do for our clients by extracting data from our clients’ record keeping files (i.e. QuickBooks, MYOB, cash books) to produce computerized, special purpose financial reports. The special purpose financial reports prepared are based on the accounting standards set by the director/s or the trustee/s of our clients’ entities. From these special purpose financial reports we prepare the company or trust’s income tax return after making the necessary reconciliation adjustments to account for the difference in treatment of certain income, expenses, assets and liabilities which lie between the accounting standards and the income taxation legislations.
We complete our client’s and all their related entities income tax returns as a group to ensure we have appropriately:
• Accounted for all income and expenses of the group including superannuation contributions;
• Distributed ordinary and statutory income in the most effective manner for asset protection purposes;
• Utilised revenue and capital losses in a tax effective manner whilst complying with the legislation concerning the application of company and trust losses; and
• Paid dividends to shareholders of companies where appropriate.
All of our clients’ companies and trusts are compliant with taxation legislations, tax rulings and case law including but not limited to:
• Goods and Services Tax
• Fringe Benefit Tax
• Inter Entity Service Fee payments
• Division 7A which involves a company lending money to its shareholder/s or a shareholder’s associate/s.
We complete our client’s and all their related entities income tax returns as a group to ensure we have appropriately:
• Accounted for all income and expenses of the group including superannuation contributions;
• Distributed ordinary and statutory income in the most effective manner for asset protection purposes;
• Utilised revenue and capital losses in a tax effective manner whilst complying with the legislation concerning the application of company and trust losses; and
• Paid dividends to shareholders of companies where appropriate.
All of our clients’ companies and trusts are compliant with taxation legislations, tax rulings and case law including but not limited to:
• Goods and Services Tax
• Fringe Benefit Tax
• Inter Entity Service Fee payments
• Division 7A which involves a company lending money to its shareholder/s or a shareholder’s associate/s.
Mckern & Associates has an in-house qualified audit team to help you satisfy all your audit obligations. We can prepare and lodge audit reports for all trust accounts, including real estate, legal and management rights.
We can also provide advice regarding your internal control structure. We can help you identify any weaknesses in your internal controls that can help to prevent fraudulent activities from occurring in your business.
We have compared our audit fees to other firms and found that they are quite competitive in the market.
We can also provide advice regarding your internal control structure. We can help you identify any weaknesses in your internal controls that can help to prevent fraudulent activities from occurring in your business.
We have compared our audit fees to other firms and found that they are quite competitive in the market.
When going through the steps of setting up a company or trust, the team at McKern and Associates also handle the task of applying for an Australian Business Number (ABN) and Tax File Number (TFN) for the entity and review the structure to ensure that any Goods and Services Tax (GST) and Pay as you go withholding (PAYGw) registrations are in place before commencing under the new entity. However it is not only for structuring, if you are a sole trader and require an ABN, or an existing ABN holder that now meets the threshold to apply for GST registration, our friendly staff are able to apply for these registrations online through the ATO’s Australian Business Register website to assist in getting you trading and making money quicker.
McKern & Associates can complete or assist clients in the completion of Business Name applications for all states of Australia as well as completing change of details forms to be submitted to the Office of Fair Trading. Our comparative charge rate for this service gives you peace of mind knowing that all aspects of registration are covered by our knowledgeable and friendly staff.
Company & Trust Incorporations
As well as structuring advice, McKern & Associates also prepares and liaises with corporations in the process of incorporating companies for business use and trusts for asset protection. From the early steps of choosing directors and shareholders, right through until the setup of bank accounts, McKern & Associates are there to best assist you in changing structures. Our Practice Admin Team liaise regularly with company incorporators and with solicitors who draft trust deeds to ensure that your new company or trust meets your every requirement, including ABN and TFN registrations. Our standard turnaround time to trade from setup is anywhere between 14 and 28 days which allows time for all registrations to be processed by the ATO.
As well as structuring advice, McKern & Associates also prepares and liaises with corporations in the process of incorporating companies for business use and trusts for asset protection. From the early steps of choosing directors and shareholders, right through until the setup of bank accounts, McKern & Associates are there to best assist you in changing structures. Our Practice Admin Team liaise regularly with company incorporators and with solicitors who draft trust deeds to ensure that your new company or trust meets your every requirement, including ABN and TFN registrations. Our standard turnaround time to trade from setup is anywhere between 14 and 28 days which allows time for all registrations to be processed by the ATO.
