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Business Advisory

Company auditing
At Prosperity, we deliver business improvements beyond statutory obligation and compliance. Fulfilling your statutory requirement is essential. But at Prosperity we offer more. Our audit commitment is based on a complete understanding of you and your business-your industry, your operating environment, your corporate goals, accounting systems and most importantly, your people. Our experience and insight means we can develop targeted audit plans specific to your business needs. It also means we can focus on new opportunities and dynamic solutions to enhance performance and profitability. We add value to your business by offering a full range of service solutions including:

  • External audits
  • Internal audits
  • Compliance audits
  • Risk management
  • Process improvements
  • Trust account audits
  • AIFRS Advice
  • Australian Financial Services Licence audit
  • Risk evaluation and management
  • Government grant advice and acquittal audits
  • Financial statement preparation
  • Due diligence
  • Agreed upon procedures engagements

Tax consulting/tax structuring

At Prosperity we add value by providing specialist taxation solutions and effective business strategies that will build and protect your wealth. Over time your business and personal circumstances will develop and evolving tax legislation will bring new obligations. Your taxation requirements will also change. The right advice at the right time can make all the difference. Our taxation team is skilled in working across a range of industries and businesses including public and private companies, foreign owned entities and family owned businesses, trusts and partnerships.
Our services include:

  • Tax-effective structuring for small to medium sized businesses
  • Group structuring and reorganisation (including tax consolidation)
  • Due diligence acquisition
  • Corporate and commercial tax planning
  • Tax effective distributions by trusts, partnerships and hybrid entities
  • Superannuation structures
  • Business succession planning
  • Capital gains tax (CGT), Fringe benefits tax (FBT) and Goods and Services tax (GST)
  • International tax planning and structures
  • State-based taxes including stamp duty, payroll tax and land tax
  • Year-end tax planning strategies
  • Debt/equity instruments and derivatives
  • Product rulings and private binding rulings from the Australian Tax Office (ATO)
  • Tax litigation support including prudential audits
  • Management of disputes with the ATO and other revenue authorities including tax audits
  • Business start-up
  • Taxation solutions for individuals and executives

Businessservices/CFO services

Growing a business can be even more challenging than the start-up phase. You might findyou need to employ staff, relocate to larger premises, take on additional product lines, beginto manufacture your own products or possibly acquire another business. Each of these scenarios can have significant cash flow, compliance, legal and tax implications. Whatever your growth plans entail we can collaborate with you to help develop a detailed business plan and then assist with implementation. In some circumstances this can require additional specialist expertise and we can call on our highly qualified and experienced CFO. As a business owner you need an accountant who does more than just ‘keep the score’. For this reason we don’t just look at what happened in the past, we look at what could happen in the future and aim to help you build a more robust and profitable business. We focus on the four ways to grow your business including:

1. Increase the number of customers (of the type you want)
2. Increase the number of times customers come back
3. Increase the average value of each sale
4. Increase the effectiveness of each process in the business

One of the most important aspects of managing a growing business is setting realistic revenue targets and financial goals. These are usually based on a sound understanding of current, historical and projected financials. We will work with you to set key financial milestones and performance indicators that measure the progress of your growth plan. We are passionate about small business and the success of our clients and understand what ‘growing pains’ really mean for business owners. We assist clients in the growth phase of their business life cycle by providing innovative, practical solutions tailored to their specific needs. Contact us today to discuss how we can grow your revenue, profits and business.

Book keeping services

The definition of bookkeeping is the maintenance of records of financial transactions. These types of transactions are typically sales and purchases by your organisation. For smaller-sized businesses, the task can seem overwhelming. It can make sense to outsource the job to professional bookkeeping services. Many companies now prefer to delegate the task outside the organization. This can also help minimize the expense of attempting to do the task in house. There are many types of business bookkeeping services that fall under the same heading:

• Payroll
• Tax preparation
• Sales tax
• Budgeting
• Tax returns
• Monthly financial statement preparation

Why us? Without experience and professional knowledge, this task can be quite difficult. Also there is the extra time it takes to hire and manage the staff. And costs of these can be quite high. Our bookkeeping service will allow you to have more time focus in more completely on your core business activity. This can be a quite a relief for business owners who may be tackling many different functions on their own. In many cases, it can end up costing you more money by doing it yourself.

Strategy development

Most businesses manage their day to day operations well, but due to time, fail to develop a longer term business strategy. Strategy planning is an organisation’s consideration of its future course with a typical view between 3-5 years. An effective strategic plan will form the basis for operational and marketing plans so a business can achieve true growth and development. All businesses benefit from developing a strategy to differentiate from the competition. That is why at Prosperity Charted Accountants we specialise in a unique blend of facilitation and strategic insight. This delivers excellence in business planning and forms the framework for our clients to implement for the life of their business.

Partnership tax returns

The actual partnership doesn’t have to pay PAYG instalments, but as an individual who is part of partnership, you may have to pay PAYG instalments on your share of net income for the business, as partnership , you can register for an ABN , If you need to have business TFN, you need to pay PAYG withholding and fringe benefits tax. Some industries have other tax refund obligations. The partnership arrangement you are in, means you need report and pay your tax obligations throughout the year in instalments and in relation to your income. To do this, we use a newfangled form called BAS or a business activity statement. Partnerships just like yours use an activity statement to report and pay a number of tax obligations, including GST, pay as you go (PAYG) instalments, PAYG withholding, fringe benefits tax and a few other obligations.

Fringe Benefits Tax (FBT)

Fringe benefits tax is a tax paid on payments to employees other than wages or salary. The structure of your business, whether sole trader, partnership, trust or corporation makes no difference to your FBT obligation or the FBT exemption list. The fringe benefits tax has a major effect on salary packaging or salary sacrifice arrangements. Salary packaging is an arrangement where in lieu of part of their salary or wages, an employee receives goods or services like cars, laptops, school fees or mortgage repayments. A common practice is to salary sacrifice into a superannuation fund. Because these payments come out before tax is paid on the employee’s salary it can result in reduced income tax. The regulation covering FBT apply to salary sacrificing arrangements. The employee will pay income tax on the reduced salary but the employer may still be obliged to pay FBT on the benefits provided. The FBT calculation may be included in the sacrificed salary or absorbed by the employer. Whether considering a salary sacrifice arrangement for your employees and the resultant FBT calculation or the purchase of an investment property. Prosperity Charted Accountants will make an ideal choice for advice. Call us now to book an appointment with one of our professionals.

Investment Tax Services

Prosperity has been servicing and tending after the investment portfolios for clients over 15 years. We are the property investor accountants in the know in Sydney. As a Property Investor you have particularly special accounting needs. Your record keeping needs to be up to date, assets versus expenses, capital gains tax issues, documentation for refinancing…and cross referencing the effects of these issues against your other income streams.

We are also an important source of independent advice when it comes to property, assisting you to make key property investment decisions based on sound accounting advice. Our 15 years of helping property investors has given us valuable expertise to help you find the most appropriate ways to maximise Return on Investment.

Being a savvy investor, you know accounting and taxation issues are important to getting the best out of your property investment activities but often, in the reality of your busy day, these sometimes receive a lesser priority. Prosperity Charted Accountants are also here to help you to keep up to date with your accounting needs from basic property bookkeeping through to BAS and GST preparation to the preparation of your Annual Accounts (P&L and Balance Sheet), Annual Tax Returns and more.

Contact Prosperity, your professional property investor accountants for solid and reliable property advice.