At McKern & Associates, our aim is to offer a full service to satisfy all your accounting and taxation needs. Our core services range from traditional business advisory and taxation, through to structuring advice and also complex tax advice and ATO rulings. We can also provide referrals to honest professionals with a genuine desire to see the clients’ needs satisfied in a cost effective manner, including solicitors, financial and investment planners, finance brokers, and senior bank managers. No commissions for referrals are ever paid in either direction, ensuring no concerns or conflict of interest for referrals. This provides our clients with satisfaction that we are keenly interested in their future and are staking ours on the same.
The full list of services that McKern & Associates can provide is extensive, below is a list of the more common services provided at both of our offices:
All of our professional staff are well equipped to complete your individual income tax returns. Our professional training program ensures that all staff, from junior through to our senior accountants, know all the ‘tricks of the trade’ and are committed to achieving the best possible results for our clients. We have a large number of individual tax return clients for a firm of our size, and our staff have extensive experience and knowledge in this area.
We also consider tax planning to be one of our core competencies. From sole traders through to proprietors of large corporate groups, business owners at all levels can benefit greatly from our tax planning strategies. In-depth training and advanced skills give our resourceful professional staff the edge in assisting our clients to minimise their taxation liabilities and also ensure they are prepared to meet their upcoming tax obligations.
At McKern & Associates we see ourselves as business people first, rather than just Accountants. This mindset helps us to look at your business from all perspectives, and we can provide professional advice to you in regards to all aspects of your business, not just taxation. We take a pro-active approach to assisting you managing your tax and business affairs.
We can take care of the compliance obligations of all structures, including Companies, Trusts and Partnerships, including preparation of Financial Statements and lodgment of Income Tax Returns with the Australian Tax Office. We are also trained in various bookkeeping systems, (i.e. QuickBooks, MYOB, Cash Man) so we are able to competently extract your business information directly from your systems. Our Special Purpose Financial Reports are prepared in line with the ATO and ASIC requirements, and can also be prepared on an Interim basis for finance obligations.
All of our tax returns are compliant with current taxation legislation, tax rulings and case law, and our intensive monthly Tax Training sessions ensure we remain abreast of all developments in the tax legislation and the courts.
We also prepare and lodge many of our clients monthly or quarterly Activity Statements. The benefits of having us prepare and lodge them on your behalf include our professional review of the information being submitted, as well as a 4 week extension of time to lodge and pay each Quarterly Activity Statement.
Prior to the end of June each year we remind our clients of the benefits of Tax Planning. This is when we are able to advise our clients on tax effective strategies to assist in reducing their tax liability for the upcoming financial year. We are pro-active in this area, sending out reminder letters for all clients, prompting them to review their estimated trading results for the year, and consider tax effective strategies that can be implemented prior to the end of the financial year.
McKern & Associates can take care of all your corporate secretarial needs, including all ASIC lodgements of annual returns and other necessary forms as required from time to time.
McKern & Associates can also organise the incorporation of new companies and the settlement of new Family Trusts. We can provide appropriate advice with respect to selecting appropriate directors and shareholders, and then right through until the setup of bank accounts, McKern & Associates are available to assist you in establishing your new structures. We liaise regularly with company incorporators and with solicitors to ensure that your new company or trust meets all your requirements, as well as the ABN and TFN registrations. Our standard turnaround time to trade from setup is anywhere between 14 and 28 days which allows time for all registrations to be processed by the ATO.
When going through the steps of setting up a new company or trust, we can also handle the task of applying for an Australian Business Number (ABN) and Tax File Number (TFN) for the entity and review of the structure to ensure that any Goods and Services Tax (GST) and Pay As You Go Withholding (PAYGW) registrations are in place before commencing under your new entity. As well as for new entities, we can also assist with new registrations necessary for sole traders.
McKern & Associates can also complete or assist clients in the completion of Business Name applications for all states of Australia as well as completing change of details forms as necessary, to be submitted to the Offices for Fair Trading.
We can take care of all of your licensing requirements for the Queensland Building Services Authority license. We can prepare financial information necessary to acquire a license, as well as all the documentation necessary for your annual renewal. Please contact us to discuss your individual situation and we can ensure you comply with the QBSA requirements. We can also discuss your business structure and if necessary, a Deed of Assurance.
With our ageing population, we see Superannuation becoming more and more important. We ensure that with our regular training and attending seminars, that we remain abreast the ever-changing legislation with respect to Superannuation.
We provide all services in regards to compliance obligations that you or your Self-Managed Superannuation Fund may have, including:
• Employer Superannuation Guarantee Obligations
• Self-Managed Superannuation Fund Special Purpose Financial Reports
• Self-Managed Superannuation Fund Income Tax Returns
• Self-Managed Superannuation Fund Audits
We also have a quality referral source for financial planners. Financial planning is a specialised industry, and we therefore refer different planners based on your investment needs. McKern & Associates do not receive any commission for referrals. If any additional income was generated from the referrals, it would be refunded to our clients.
McKern & Associates is well equipped to satisfy all your Trust Account audit obligations. We can prepare and lodge audit reports for all trust accounts, including real estate, legal and management rights.
As part of the audit, we can also provide advice regarding your internal control structures. We can help you to identify any weaknesses in your internal controls that can help to prevent fraudulent activities from occurring within your business.
We can prepare Business Valuations for businesses in any industry, using appropriate and commonly used valuation methods and in line with industry specific data. Whether you are looking at purchasing a business, or in fact trying to sell your business, we will be able to assist with the calculation of a market value. Business Valuations are a specialized area of Accounting, so should you require further information, please contact us to discuss your specific circumstances and then we can discuss and determine the scope of the engagement required.
We can also prepare Valuations and Expert Witness Reports for Court. We have experience in preparing these for Family Court proceedings, and can prepare the Valuations and Reports for any number of business types. Please contact Damien McKern to discuss you requirements in this specialized area.