McSwan and Hunt

Preparation of Accountants letter for Finance

Included is:
• Review of client information
• Check tax liabilities with Australian Taxation Office
• Prepare letter and send to client

Preparation and electronic lodgement of Fringe Benefits Tax Return

Included is:
• Review of your FBT Information
• Calculation of amounts on your FBT Return
• Advising you of adjusting journal entries and tax code changes*
• Advising you of your FBT tax liability and the due date for payment
• Preparation and Electronic Lodgement of your FBT Return.

Research and Development Consulting and Tax Advice

Included is:
• Our initial meeting / discussions with AusIndustry Research and Development Specialists
• Meeting with you to discuss our findings
• Preparing a revised Research and Development Tax Incentive Schedule
• Preparing a revised Company Tax Return

SMSF Annual Financial Statements and Admin Services

Included is:
• Review of your financial information
• Data entry of your financial information
• Preparation of adjusting entries
• Preparation of Financial Statements
• Preparation of Income Tax Return
• Preparation of Trustees Minutes of Meetings
• Co-ordination of Annual Independent Audit
• Discussions with you about your Financial Statements and Income Tax Return
• Access to Client View online portal to view your SMSF financial reports and information

Tax Administration Assistance

Included is:
• Preparation and lodgement of request remission of General Interest Charge (GIC) and Penalties
• Track status of GIC and Penalties remittance and correspondence to the ATO
• Liaison with the ATO on behalf of you in relation to the above tax administration matters

Preparation and electronic lodgement of your Individual Tax Return

Included is:
• Investigation of your Assessment Notice from the ATO to ensure it is correct
• Providing any ideas we may find to help you reduce your tax or keep better records, immediately after we prepare your Tax Return*

Included is:
• If you want to pay a dividend from your Company to its shareholders, you need to issue them with Dividend Statements which list the amount of the dividend plus any franking credits attached to the dividend

Over the last few years there has been a large increase in the number of ATO phone calls and letters, with our clients needing a lot more support. This is an extremely valuable service that we offer and that our clients utilise and rely on.

This service item includes the following:
• Our interactions with the ATO on your behalf (excluding any audits)
• Unlimited brief (under 5 minutes) phone calls and emails
• In the past we have not charged for these ad hoc calls, however with the increasing frequency that we provide this service we need to address it.
• Based on preliminary discussions with clients, you rely on the ability to contact us when you have a question and understand that getting fast reliable responses is something you would pay for.

Invoicing for every phone call and email simply isn’t an option, so by implementing a fixed fee billing structure, we are able to offer a service for unlimited basic and ad-hoc tax advice conversations that gives you the ability to call or email us whenever you have a query.

The amount that the ad-hoc advice costs will initially be kept low in appreciation for you joining us as a new client. We will also slightly tailor the amount based on how often you have contacted us.

Advice about Your Business Structure and Asset Protection Strategies

Included is:
• Review of your current financial position and future goals.
• Research and preparation of Letter of Advice to you about Asset Protection, Tax Planning essentials, and recommendations about your business structure.
• Preparation of a Proposed Business Structure Diagram and an Action Plan.

Company Incorporation (Proprietary Limited)

Included is:
• Establish a Proprietary Limited Company
• ASIC Company Establishment fees
• Tax File Number (TFN) Registration
• Australian Business Number (ABN) Registration (if required)
• Goods and Services Tax (GST) (if required)
• PAYG Withholding (if paying wages)

Business Structure - Discretionary Trust Establishment

Included is:
• Establish an investment Discretionary Trust
• Tax File Number (TFN) Registration
• Australian Business Number (ABN) Registration
• Goods and Services Tax (GST) (if required)
• PAYG Withholding (if paying wages)

Deed of Variation
• Liaison with Lawyers for preparation of Deed of Variation.

Included is:
Liaison with our preferred Estate Planning and Asset Protection Lawyers, Abbott and Mourly, to have the following documents prepared for you:
• Solvency Certificate (signed off on by us as your Accountants)
• Deed of Gift
• Promissory Note
• Endorsement of Promissory Note
• Loan Agreement
• Mortgage Deed
• Personal Guarantee
• Call Option
• Set up the following structure for you to use as your Asset Protection “Vault” for your family:
• Leading Member Trustee Company
• Leading Member Discretionary Trust (a Family Protection Trust)

Included is:
Liaison with our preferred Estate Planning and Asset Protection Lawyers, Abbott and Mourly, to have the following documents prepared for you:
• Review the company Constitution
• If required, arrange for updated Constitutions to be prepared that specifically allow for Successor Directors
• Prepare a Resolution of Directors to allow for the appointment of a successor Director

Included is:
Liaison with our preferred Estate Planning and Asset Protection Lawyers, Abbott and Mourly, to have the following documents prepared for you:
• Letter of Advice
• Deed of Gift
• Promissory Note
• Endorsement of Promissory Note
• Loan Agreement
• PPSR Registration

Includes the following:
• Quick cash flow chat to ensure sufficient available funds
• Review Balance Sheet, ATO and employment liabilities
• Recommended frequency - quarterly or monthly

Includes the following:
• Everything in Level 1 Cash Flow
• Profit and Loss ratio analysis - including ATO benchmark ratios
• Profit improvement plan
• Recommended frequency – quarterly or monthly

Includes the following:
• 12 month 3 way forecast – cash flow, profit and loss, balance sheet
• Cash flow planning meeting – covering all incomings and outgoings
• Recommended frequency – quarterly or monthly

Includes the following:
• Everything in Level 2 Cash Flow
• Profit & Loss ratio analysis – including ATO benchmark ratios
• Budget variance analysis in Xero - key for cost control
• One Page Strategic Plan – optimise profits, business value and business direction
• Recommended frequency – quarterly or monthly

Includes the following:
• 12-24 month 3 way forecast – cash flow, profit and loss, balance sheet
• Cash flow planning meeting – covering all incomings and outgoings
• Data Driven Scenario Planning – forecasting financial impact of alternate options
• Recommended frequency – monthly, fortnightly or weekly

Includes the following:
• Everything in Level 3 Cash Flow
• Profit and Loss ratio analysis – including ATO benchmark ratios
• Budget variance analysis in Xero - key for cost control
• One Page Strategic Plan – optimise profits, business value and business direction
• Live scenario remodeling – allowance for additional analyst during meeting
• Recommended frequency – quarterly or monthly

Business Advice - Due Diligence Review

Included is:
• Initial Meeting with you to discuss the potential Purchase of the Business
• Review Financial Statements for the years/period ended 30 Month 20XX
• Analysis of Trading Results
• Assessment of Future Business Earnings
• Business Performance Review
• Preparation of Due Diligence Report

We will review the Trading Accounts and Statements of Financial Performance (the Financial Statements) for the years ended 30 June 20XX, 30 June 20XX, 30 June 20XX, and the period ended 31 December 20XX, in accordance with Australian Auditing Standards applicable to review engagements.

We expect to report on the Financial Statements in order to state whether, on the basis of the procedures described, anything has come to our attention that would indicate that the Financial Statements are not presented fairly in accordance with applicable accounting standards and other mandatory professional reporting requirements.

Responsibility for the Financial Statements, including adequate disclosure, is that of the management of the company. This includes the maintenance of adequate accounting records and internal controls, and the selection and application of accounting policies.

Preparation of a 3 – 5 year Strategic Plan

Included is:
• Formulation of a business plan that includes budgets and forecasts for the next 3 years. This plan will outline how the business will continue to grow and be sustainable in the future.
• Identify a sustainable competitive advantage for the business so that revenue is not totally reliant on price competitiveness, or one industry sector.
• Support this activity with a detailed operating plan for FY1x/1x that measures more tactical milestones and achievements.
• Operating plan to include a detailed Financial Budget and forecast to be measured monthly.
• Operating plans to detail the resources and funded required (if any) and a measure on the returns expected
• The business vision, goals and company values will be included in the plan
• Develop performance metrics both financial and non-financial on which management can measure regularly.
• Prepare forecasts for revenue, profit and cash flow for a minimum of three years, with a process for rolling reviews, quarterly.
• Implement project/ contract costing and profit analysis, market segmentation and product contribution for sales and cost analysis.
• Identify all legal requirements that may affect the future wellbeing of the business.
• Designing the structure of the organisation to meet future needs.
• Identify and address all risk management elements/ implement a risk management plan including risk mitigation strategy and a disaster recovery plan.
• Implement relevant KPIs, linked to the strategic direction, for all employees and a process for bi-annual performance reviews.

Our Strategic Planning Session is a 3 hr workshop focused on your business and setting a plan for the next 5 years.

During this workshop you will:
• Discover your businesses purpose.
• Identify the core values you want to instil in your business.
• Set a target for where you want to be in 5 years’ time.
• Set milestones to put you on the path to reach your goal in 5 years’ time.
• Identify factors within the business environment that could affect your results.
• Compile all these results into a One Page Strategic Plan.

Business Advice - Getting money out of a Company to Shareholders

Included is:
• Advice and options relating to Topic and the impact on your business.
• Any work outside the scope of Project X will need to be formally agreed upon.

Preparation of ASIC Annual Review

Included is:
• Electronic collection of Annual Company Statement from ASIC
• Preparation of ASIC Database Comparison Report
• Review of Company Details
• Preparation of ASIC Annual Company Statement
• Preparation of Memorandum of Resolutions of the Director(s)
• Maintenance of the Statutory Company Registers as required by ASIC

Preparation and lodgement with ASIC of documents as required.

Included is:
• ASIC Forms
• Minutes of Meeting

Preparation of Trust Distribution Resolution for the year

Included is:
• Review of your prior year Trust Distribution Resolution
• Confirmation with you of the estimated Trust income of the above Trust(s) for the year
• Review of your Trust Deed to ensure that the income definition and distribution clauses in your Trust Deed allow the proposed Trust Distribution Resolution for 20XX
• Advice about the most tax effective distribution of this estimated Trust income
Preparation of Trust Distribution Resolution and ensuring it is signed by the Trustees PRIOR to 30 June 20xx

We agree to provide you with the following accounting and management services:
• Weekly reconciliation and processing of all bank accounts
• Processing of all Xero data
• Monthly review of your accounts in Xero and adjustments where necessary
• Xero phone and email support
• Monthly basic Management Report
• Monthly telephone or in person meetings with the Business Manager
• Preparation of monthly Management Reports
• Setup of Budgets within Xero

We agree to provide you with the following Payroll services, including Single Touch Payroll:
• Xero Payroll phone and email support
• Processing of all pay runs, including Single Touch Payroll reporting
• Processing of all employee superannuation fund payments each month
• Processing of monthly ATO Employee PAYG payments
• Processing of all employee detail changes / new employees
• Processing of employee Pay Advice Slips and annual Payment Summaries

Recreation of payslips for the period 1 July 20XX to 30 June 20XX.

Included is:
• Recalculate all PAYG, Super, calculations done for you
• Recalculate Employee Entitlements - Annual Leave, Personal Leave and Long Service Leave
• Prepare and Publish Amended 20XX PAYG Summary
• Electronic Lodgement of PAYG Payment Summaries with ATO

Our implementation process includes the following:
• Set-up of your companys Xero software.
• Set-up of your companys invoice template.
• Set up of payroll details, including Single Touch Payroll.
• Establishment of bank feeds.
• 1hr training session on how to use Xero at our office or using Online Meeting software

Preparation and electronic lodgement of your Business Activity Statement for the period ended XX Month/Quarter 20XX.

Included is:
• Review of your financial records
• Examining GST codes
• Calculation of amounts on your BAS
• Preparation of BAS adjustment entries
• Advising you of adjusting journal entries and tax code changes*
• Advising you of your tax liability (OR REFUND) and the due date for payment
• Preparation and Electronic Lodgement of your BAS.