Scott Associates help businesses to thrive and grow
Our clients get affordable financial, tax and comprehensive advice
A business owner needs to understand a wide range of legislation and Government administration processes. Scott Associates provides professional assistance to businesses to manage their way through:
- Better tax planning
- Company Tax Returns
- Budgeting and Cash Flow Analysis
- Business & Instalment Activity Statements (BAS/IAS)
- Business Planning
- Best practice auditing
- Company, Superannuation Fund & Trust Formations
- Computer Systems Advice
- Financial Statement Preparation including processing
- Fringe Benefit Tax and Remuneration Planning
- Goods & Services Tax (GST)
Know your business to grow your business
Use Scott Associates to know your business so you can grow your business
Better tax planning
Scott Associates will help you organise your business finances to give the best tax advantage. Tax planning is a legitimate way of minimising your tax within the letter and the spirit of the law.
By understanding your business financing, employment, investments and expenditures we make sure that you do not pay more tax than you need to. The three ways to reduce your taxes are:
- to reduce your taxable income
- to increase your allowable deductions
- to take advantage of tax credits, rebates and losses
Scott Associates keeps up-to-date with the complex and changing taxation requirements on business to provide taxation and investment solutions for all our client’s specific business structures.
Company Tax Returns
We will help with Company, Trust, Partnership, Sole Traders, and Dormant & Non-Trading Tax Returns.
Budgeting and Cash Flow Analysis
Scott Associates develops and reviews our clients business cash flow and profit projections. We also prepare monthly, quarterly and annual management accounts. We use cloud accounting products to make this easier and quicker to complete.
We provide advice on funding property, plant and equipment. We also assess and advise on the best financing option for obtaining assets or plant, for instance, between purchase, lease, hire purchase or chattel mortgage options.
Business and Instalment Activity Statements (BAS/IAS)
Scott Associates helps businesses with their activity statements to report and pay their tax obligations, including GST, pay-as-you-go (PAYG) instalments, PAYG withholding and Fringe Benefits Tax (FBT).
Scott Associates will help with business planning. We will help align your business’ commercial needs with its tax requirements. We will help match your expenditures with your business forecasts to ensure you get the right mix of debt and equity.
We assess your financing structure to make sure it is appropriate for your size and growth expectations. We will advise you on loan restructuring to take advantage of commercial and tax opportunities and to protect your existing assets.
Best practice auditing
We will arrange registered company auditors if required by legislation, for instance Real Estate Trust accounts Funds. We will ensure that the audit is relevant and practical to your business and undertaken using best practice audit techniques.
Company, superannuation fund and trust formations
Scott Associates is a provider of a range of company structures and other company related services. We establish new companies by preparing the documentation required by the Corporations Act 2001 and registering the companies with ASIC.
Trusts are formed to separate ownership from control to allow assets to be protected and profits to be taxed in the most cost effective way.
Superannuation funds are created to manage superannuation for the benefit of members. An increasing number of people create self-managed superannuation funds (SMSF) which operate with strict legal requirements on the obligations of members. Scott Associates specialises in SMSFs.
Computer systems assessment and advice
Scott Associates will assess your business financial operating systems and controls and provide advice on risk management and corporate governance. We will also advise on the selection and installation of computerised accounting systems best suited to your business needs.
Financial statement preparation
Business Directors have an obligation to prepare accurate and fair financial statements. Scott Associates helps businesses to produce accurate financial statements that comply with their tax and corporate obligations.
Fringe Benefit Tax and remuneration planning
Fringe Benefit Tax (FBT) is levied on the non-cash benefits given by an employer in respect of employment. The tax is levied on the employer, not the employee.
Scott Associates will assist with developing remuneration packages to help keep key employees. Packages may include improved tax efficiency, share options, bonus formulas, and non-cash benefits.
Goods & Services Tax (GST)
The Goods & Services Tax (GST) is a broad-based tax of 10 per cent on the sale of most goods and services in Australia. Businesses use their activity statement to report and pay the GST collected and to claim GST credits. Scott Associates will advise on any GST concessions for which you may be eligible.
We provide quarterly or monthly reconciliation of GST accounts and production of the GST return as part of our bookkeeping service. It will be submitted on the client’s behalf by post or online with their Business Activity Statement (BAS).