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CLIENT SERVICE PHILOSOPHY

McCarthy Salkeld service philosophy:

to provide superior quality and personal support to our clients;

to provide a technical service that is concise and given in a timely manner;

to strive to take an all encompassing holistic business approach in every client assignment, thereby providing added value;

to identify and constructively report to management any opportunities to improve operational, accounting and reporting performance, where appropriate, and in doing so assist management and individuals to achieve their short, medium and long term financial objectives.

Overall, our clients benefit from the personal service and commitment of a focused team who will review (when required and/or requested) the overall operations of your business, learn of any concerns as they arise and incorporate appropriate advice into the smooth efficient workings of the organisation, in accordance with and to the extent of the brief.

AUDIT & REVIEW

  • We provide all aspects of audit and review engagements from compliance audits to system reviews for all business structures.
  • Assistance and lodgement of documentation required with federal and state governmental bodies.

ACCOUNTING & ADVISORY

  • Review of business structures and internal control processes.
  • Provision of financial reporting requirement for all types of entities.

MANAGEMENT AND CONSULTING SERVICES

  • Attendance at Board or management meetings (by invitation) to assist owners and operators in process, analysis and decision making.
  • Assistance with Capital and Revenue Budgeting and Cash Flow Reporting both internally and to external stakeholders.
  • Adhoc Projects as and when required by the board.

TAXATION

  • Provision of advice and assistance with Federal and State based taxes including – GST, Fringe Benefits Tax, Income Tax, Capital Gains Tax, Pay As You Go Withholding, Payroll Tax, Stamp Duty and Land Tax.
  • Preparation of taxation returns for all entities.

HR CONSULTING

  • Providing assistance with interpretation of awards, calculation of entitlements and terminations, acting as an independent location for recruitment, away from your own business to assist in confidentiality.

BACK OFFICE BOOKKEEPING(“BOB”)

  • We are able to act as your own in-house or corporate book keeper, with members of our team processing day to day transactions through your own dedicated MYOB to provide you with regular reporting on the progress of your business. This then ensures that correct application occurs with regard to GST claims, general ledger allocation and appropriate tax deductibility etc.
  • This facility can be provided independent of your own external accountant BUT we can liaise with them and transfer the files at a low cost which leaves them to provide statutory compliance, analysis and advice at the appropriate level.

CORPORATE SECRETARIAL

  • Attend to your statutory corporate compliance needs with ASIC, Fair Trading and the Office of State Revenue, where required.
 

Tax Issues on Release of a Company's Unpaid Present Entitlement

Taxation Determination TD 2015/20, released by the ATO on 25 November 2015, explains the Commissioner's view on whether a release by a private company of its unpaid present entitlement (UPE) constitutes a "payment" under the Div 7A shareholder loan rules, contained in Pt III of the Income Tax Assessment Act 1936 (ITAA 1936). The TD was issued to address uncertainty about the ATO's position on whether the "release" or waiver of a UPE amounts to a deemed dividend.

The Commissioner's view, as outlined in TD 2015/20, is that Div 7A can apply where a private company with a UPE from a trust releases all or part of that UPE, and the trustee is either a shareholder or an associate of the private company. That is, the ATO considers the crediting of an amount to be a payment under Div 7A if the release represents a benefit to an entity.

This article examines the application of Div 7A in the context of UPE releases and payments based on TD 2015/20. It does not cover Div 7A rules more broadly.

Click here to read the full article.


Downloadable Tax Return Forms

Company Trust or Partnership Tax Return Checklist

Individual Tax Return Checklist

Superannuation Fund Tax Return Checklist


Client Alert Archive

August 2016

July 2016

May 2016

April 2016

March 2016

February 2016


Other Documents

Federal Budget 2015

Federal Budget 2014

Due Diligence Checklist


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