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All the accounting solutions you need to legally setup, and mitigate tax, when it comes to real estate investments and businesses.
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Presented by: Christine Prasetia
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You can approach tax in one of two ways:
We are in it to help you find tax success in the now and future.
For instance, upfront when you’re starting or buying a business we’ll work through your goals and situation to structure the business for tax minimisation.
Then we’ll work with you as things naturally pop up from time to time, where you need help knowing what your tax obligations are and how best to manage them.
Both to mitigate the hassle of compliance and to reduce tax as much as possible.
As each financial year draws to a close, we’ll work with you so you understand the upcoming tax bills and, where possible, what actions you can take to reduce them further.
Then, finally, after the tax year we’ll get all your tax returns in order and lodged.
So, you’ll find that working with us, you have a trusted confidant who’ll advise you on best practice accounting. Whenever a complex situation arises, you’ll be expertly guided to the optimal result…. and very importantly, it is a highly held value of ours to keep things understandable with clear solutions so you can make the best decisions.
As you’ll see from our many 5-star Google Reviews, you’ll be in great hands. In fact, you’ll be helped by one of the Top 2% ranked Australian Accounting Firms.
We are looking forward to speaking with you soon.
To minimise your tax burden, utilise appropriate structuring from the beginning and strategic tax planning before the end of each financial year.
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Presented by: Brian Khoo
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Generally speaking, individuals, partnerships, companies, trusts, co-operatives and Self-Managed Superannuation Funds (SMSF) are required to lodge an annual income tax return in Australia.
The Australian tax system places the onus on you, the taxpayer, to know the rules and apply them correctly in your tax return.
With the tax laws changing regularly and new case law being established by the courts day-in and day-out, it is almost impossible for business owners to stay abreast and fully informed of tax obligations without the assistance of a professional accountant.
We’re here to collaborate with you, and your team when necessary, to share our knowledge and expertise and to ensure accuracy in your tax returns.
Whether you are an established business or a startup embarking on a new venture, our proactive accountants will work with you to ensure that your hard earned wealth is protected and that you are paying as little tax as legally possible.
You can have complete confidence knowing that your business and personal tax affairs are in capable hands.
So, if you’re needing assistance with preparing an income tax return, then please give us a call. We’re here to help.
Whether you have past or current year tax returns involving real estate, we can help.
A key piece of advice for every Australian business, whether or not they are into real estate, is to speak with a tax specialist at the beginning and ongoing.
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Presented by: Saul Segal
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Is your company thinking about lending money to a shareholder or associate, or forgiving a loan it provided to a shareholder or associate in the past? If so, these arrangements might be captured under the Division 7A framework.
Division 7A consists of rules that private companies must follow when they lend money to their shareholders or associates. Its purpose is to stop private companies from providing tax-free benefits to their shareholders or associates.
When does a Division 7A issue arise?
A Division 7A issues arises when a payment or loan is made from a private company to one of its shareholders or associates.
Some examples of the typical types of transactions that may attract Division 7A are as follows:
What happens if Division 7A is triggered?
Where Division 7A is triggered, the shareholder or associate who receives the payment, loan or forgiveness may be deemed to have received a dividend, potentially up to that specific amount.
This deemed dividend would be unfranked, which means that the shareholder or associate would essentially pay double taxation on company’s profits.
The double taxation happens because the company initially pays the tax on the profits earned within the company without the shareholder or associate receiving any franking credits for these payments.
The deemed dividend is then recognised in the shareholder or associates income tax return as an unfranked dividend and tax is paid on this amount at the shareholder’s or associate’s individual marginal tax rate.
Ways to prevent triggering a Division 7A deemed dividend?
These are some of the ways to prevent triggering a Division 7A deemed dividend:
The deemed dividend under Division 7A is capped by the company’s “distributable surplus”.
Are you interested in learning more about the strategies and requirements to properly manage your Division 7A loans?
Then please contact us today to learn more about how we can help you effectively manage your Division 7A exposures.
Whenever your tax structure involves a company you need to be extremely careful with managing Division 7A exposure.
As specialists in fixing disastrous Division 7A errors, we have published a blog series on Division 7A Mess Ups, which you can access from here:
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Presented by: Saul Segal
video transcript
If you’ve ever wondered why some millionaires have gone bankrupt but still live a lavish life, it can have a lot to do with how they protected their wealth long before a crisis arose.
You obviously hope that you’ll never have a crisis to deal with. But you can never predict the future with certainty.
For instance, it’s not uncommon for some form of family dispute – such as a divorce – to jeopardize the family business…. and these days you don’t even have to be married. Sometimes these situations can seriously harm wealth that has been hard earned over generations.
When in business, there are known and simpler risks to protect against, such as business name risk. There are also the potentially devastating ones like mishandling ownership of intellectual property. Then there are the unknown risks.
You have the opportunity to use strategies to protect your business and family’s wealth. The key is to proactively make this investment in protection early – since waiting until a crisis is on the horizon is often far too late.
Please, if you’re in business or about to go into business, seek out professional help to limit your exposures.
This is something we take great pride and care in, and would be delighted to help you with.
Business is risky, with known and unknown dangers. Be sure to protect both your business and family.
Learn how to protect your wealth:
Generally, a SMSF can invest in real estate, but if you want to do this with borrowed money there are specific things you need to do.
If investing in property through your SMSF is something you’d like to do, then we can help.
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Presented by: Carl Hansen
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If you find yourself in a tax dispute, you’re going to want have an experienced winner by your side.
Munro’s have those wins.
Whilst we’re always doing our best to prevent a tax dispute in the first place, sometimes you might find yourself defending in an audit, objection or tribunal situation.
In our experience, very few of our clients are audited. We’re confident this is because we have a solid reputation for doing things the legal way.
Since audits are few and very far between, our clients immediately have peace of mind. They get on with taking care of their business, rather than worry about a potential audit.
When we do see an audit, it’s usually a high wealth review. Once your business and/or wealth is around $50 million plus, you’re likely to be pulled into the regular high wealth review program.
Our role in the process is to sit between you and the ATO, finding out what the ATO wants and helping you put the replies together to get them off your back as soon and as painlessly as possible. It’s a strategy we excel at.
There comes other times when you might need to object to a tax assessment or decision. In these instances, we use our experience and research techniques to consider the avenues to success, and where we determine a successful outcome is realistic, we help you throughout the objection process.
Over the years, our clients have saved thousands upon thousands of dollars due to successful objections.
In the extremely rare instances that an objection is not successful, but we feel confident you have been wronged by the outcome, we have the option to go to the Tribunal.
We’re limited by what we can say here, due to confidential settlements. What we can say, is that if you want to have an experienced winner by your side, then you’ll have that with us.
So, what’s it like being a client of Munro’s? You ordinarily don’t have to worry about tax disputes because we legally minimise your taxes and seldom experience ATO audits. In the cases where an audit, objection or Tribunal situation arises, you have the winning experience by your side.
Unfortunately, sometimes the battle to save tax requires defending yourself in an audit, objection or tribunal. With successes in our past, we’re confident we can help you too.
Learn how to win tax disputes:
You may be wondering: what happens when I die?
It depends on a number of factors including whether you own property personally, through a trust or company, or within superannuation. It also depends on whether or not you have a Will.
Although you may rather not think about death, your loved ones will really appreciate it that you took the time to plan ahead as you may help them save tax.
Ready to get our help?
Meet with a specialist accountant familiar with real estate businesses:
Book a consultation with a property tax specialist:
TAX CONSULTATION (60 MINUTES) – $770
Do You Thrive To Learn More About How To Achieve Greater Business Success?
Sign up to our magazine designed specifically for Australian business leaders.