High Numbers

High Numbers

Taxation and Accounting

Taxation and Accounting

We help you optimise, plan and execute your taxation in a seamless and hassle-free manner.

Tax Planning:

Tax planning is a proactive process whereby an accountant will sit down with a business owner prior to the end of the financial year and explore every available strategy to legally reduce your tax. At High Numbers, we proactively conduct meeting with our clients and discuss and implement various effective tax planning strategies to ensure they don’t pay more than they need to.

  • Contributing profits to superannuation or an SMSF.
  • Writing off bad debt prior to 30 June.
  • Distributing profits via a discretionary trust (except PSB) to other people or entities who pay tax at a lower rate than you – e.g. retired parents, kids / siblings at university or a spouse.
  • Distribution profits to a bucket company.
  • Paying Income Protection Insurance from your super.

Tax Compliance:

The tax environment in Australia is highly complex and ever changing. Nevertheless, businesses are required to understand and anticipate opportunities and threats, and manage their tax obligations. We are registered tax agents, providing a comprehensive and convenient tax return preparation and lodgement service for individuals and businesses, tailored to one’s needs. With our easy tax compliance service, we’ll take care of all the hassles and leave you with more time into your business. Get your tax done; either through personal consultation, or via email correspondence.

Fringe Benefit Tax:

Fringe Benefits Tax (FBT) is might need to paid on certain benefits provided to the employees or the employees’ associates instead of salary or wages. Benefits can be provided by an employer, an associate of an employer, or a third party by arrangement with an employer. An employee can be a former, current, or future employee. FBT compliance is also a part of Annual Tax Compliance, however it is separate to Income Tax and is calculated based on the taxable value of the fringe benefits. Need help with FBT return and professional tax advice? Our team of Melbourne-based tax advisors can help.

Salary Packaging:

Salary packaging, or salary sacrificing as it’s often known, is an exciting story, but it can also appear quite complicated. Our experienced team in Melbourne is happy to help structure your package to derive maximum benefits. This allows employees to achieve a financial benefit from salary packaging certain expenses from their pre-tax salary (which would normally be paid from their post-tax disposable income).

BAS and Payroll related compliance:

Business activity statement (BAS) is a reporting requirement for businesses issued by the ATO on a monthly or quarterly basis. BAS is reporting Goods and Services Tax (GST), Pay As You Go (PAYG) Instalments, PAYG withholding tax and other tax obligations. We assist our clients in BAS and Payroll obligations and manage the lodgement due dates.

Business Advisory Services

Business Advisory Services

From preparing financial statements to budgeting, benchmarking, reporting and valuation, we lay out sound business practices for you to follow.

Preparation of Financial Statements:

The financial statements prepared for most businesses comprise a balance sheet and an income statement. Also called a statement of financial position, a balance sheet is a financial snapshot of your business at a given date in time. The environment for Australian businesses is challenging and ever changing. We know that your business success relies not only on constantly adapting to the shifting environment, but also on having a robust business model and clear strategies. With this core in mind, we prepare financial statements that are lucid yet robust.

Management Reporting:

A key issue for boards and management is to ensure that appropriate information is conveyed in an effective and transparent manner to their stakeholders. To ensure that Boards and management satisfy the provisions of the Corporations Act and in particular the business judgment rule, we can review, develop and analyse reports. We assist clubs in the development of appropriate reporting tools, content and presentation to ensure that both directors and officers are able to discharge their obligations to the corporation throughout the year, and in the presentation of the annual financial report. Simply put, management reporting is information given to the managers of a business that helps them quickly see how the business is performing. A well put together set of management reports will only report on the metrics that really matter in a business (i.e. the things that ‘move the needle’) and will help management make better informed decisions.

Budgeting:

A well crafted budget can be a very useful tool to monitor the performance of the business on regular intervals. It enables you to set a path for the business to follow over the coming years and gives you a framework in which to operate the business and achieve your goals. It helps you understand where your money goes so you can take control. A budget helps you decide what you want and plan how to achieve it.

Cash Flow:

The lifeblood of any business, it’s important to know what cash flow is doing in your business. Unless you’re in dire straits there is no need to micromanage cash. But you should be able to report on what the future cash balance for the business over the coming year is, as well as know what kind of state your trade receivables are in. Using a variety of invoice finance, debtor finance and payroll funding options, we tailor a boost to your cashflow by giving you access to the money tied up in your invoices.

Business Funding:

Access to quick business funding in Australia can sometimes be challenging, especially if you are seeking funding for a relatively new business. We help businesses from a range of industries maintain strong and stable growth by offering the right funding options for all kinds of business uses.

Business Structuring/Restructuring:

Establishing and reviewing your business structure is crucial for maximising operational and tax efficiencies, minimising risks and achieving your business goals. Sometimes the best structure from a tax perspective just doesn’t make sense commercially. There is no ‘one size fits all’ approach and often the right structure involves compromise. But understanding what compromises to accept requires an understanding of the impact of each. We show you what makes the difference and why.

Purchase and Sale of Business:

The process of buying or selling a business can be challenging if you do not have appropriate exposure in business before. It is very important to carefully analyse the procedure of buying or selling a business. We know how important it is for you to make a business acquisition that matches your skills and personal goals. Our clients have greatly benefited from our knowledge of contracts, mergers, acquisitions, negotiations, deal structuring and use our expertise to seal their ideal business acquisition. We also expertly value businesses and help clients buy businesses at the fairest price and terms.

Industry Benchmarking:

Ever wondered how your business compares to that of your competitors? Our Benchmarking services are designed to give business owners a clear understanding of what is driving success in your industry, and how well your business is performing. We analyse thousands of Australian businesses across a wide range of industries to give business owners accurate, relevant and timely information that can help you make strategic and operational decisions.

Business Valuations:

When buying or selling a business, there is no question that you will require a valuation. As a buyer, you will seek to verify that the market price is reasonable given the performance of the business. A valuation may also provide key information as to the risks, strengths, and weaknesses of the business which will provide valuable information when considering the purchase. As a seller, you should seek an independent valuation to find the fair market value of your business and price it correctly. High Numbers team can help you properly assess the business fair value and gain a strong position negotiating a buy, a sell or a merger.

Succession Planning

Succession Planning

We help business owners with streamlined succession planning so they enjoy greater benefits, both financially and personally.

Retirement Planning:

Timely planning is the key to enjoying life in retirement. Here is a quick checklist of decisions that affect the financial side of retirement plans.

  1. Can you retire when you want to?
  2. How do you want to retire… i.e. do you want to ease down or stop altogether?
  3. How much super will you need for retirement?

With your retirement goals worked out, you’ll need strategies to put it into place. These could include:

  • Making extra contributions to build your super while you’re still working
  • Taking advantage of transition to retirement if you’re able to access your super but you want to ease off from full-time work without giving up work completely.
  • Investigating how best to use an investment property.
  • Working out how your super and the Australian Government Age Pension can work together.

Will, Trusts and Estate Planning:

Estate Planning involves much more than having an up to date will. It is important to ensure that your assets are distributed in the most effective manner and without adverse tax consequences for your beneficiaries. In Australia, if you die without a valid will – known as dying ‘intestate’ – a court-appointed administrator could be charged with distributing your assets and even deciding who looks after your children if they are under 18. He or she may follow a pre-determined formula that could lead to a very different outcome to the one you wanted, which could cause delays in settling your estate.

Studies show that 45 per cent of Australians don’t have a will so if you don’t have one, then it’s time to join the 55 per cent. Estate planning can be complicated, but it’s important to do things properly so that your family can avoid any potential legal or tax issues – especially as regulations change over time. At a time when your loved ones are coping with a loss, don’t leave them with additional hurdles to overcome.

Bookkeeping

Bookkeeping

Our team of qualified bookkeepers, guided by time tested accounting best-practices, ensure that your data is processed right the first time.

Bookkeeping services in QBO, Xero, Reckon, Myob and Netsuite:

Our bookkeepers guided by time tested accounting best-practices, ensuring that your data is processed right the first time. Our services help you make more informed management decisions and reduces the chance of any large cost overruns at the time of taxation. Our bookkeepers are trained to use a variety of popular accounting packages, such as Xero, QBO/Intuit, MYOB and Netsuite. We have bookkeepers trained to deal with more specialized applications and can recommend, supply and install bookkeeping software for you.

Payroll Services:

Payroll outsourcing is the best way to manage and accurately pay all your employees. It is often recommended as a viable strategy in order to meet a company’s business requirements, and nobody organizes your payroll better than High Numbers. Unfortunately, leaving yourself to do all the boring paperwork is detrimental to your overall productivity, which is where outsourcing payrolls become the only other viable solution. Focusing on your core business management is something we understand to be a top priority in business. Things such as employee leaves, STP, payroll tax, superannuation and various payroll related obligations can make accounting for a dynamically-shifting payroll difficult. But luckily, High Numbers provides the most effective and efficient payroll solutions, regardless of the issue.

Finance and Debt Advisory

Finance and Debt Advisory

We help you navigate the banking process and liaise with lenders on your behalf, saving you time and money.

Personal Lending:

Personal loans let you borrow a specific amount of money and repay the debt with interest in equal payments, over an agreed term. Personal loans tend to be cheaper on average than say, credit cards, which are seen as a typical alternative. At High Numbers, we work with you to establish a relationship that is based on improving your financial future. Which means we start by understanding all the personal and financial factors impacting how you invest, save, and plan for the future. Based on this, we develop an ideal plan for debt management.

It’s important to understand that consolidating your debts with a personal loan still means you are taking on a financial commitment. It’s best to compare all your options before opting for a debt consolidation personal loan. It could be a good idea to speak to a financial adviser for advice specific to your personal situation.

Business Lending:

We take the complexity out of business and commercial lending. We help you navigate the banking process and liaise with lenders on your behalf, saving you time and money. Here are a few pointers to bear in mind before you start:

Think about why you need a loan:

  • What do you need it for? Are there other options you can explore first?
  • How much do you need? More importantly, how much can you afford to pay back?

Understand what you’re looking for:

  • What kind of loan do you want? What kind of loan can you get?
  • Secured or unsecured? Do you have any assets to use as security?
  • What are the rates, fees and charges? Is it fixed or variable?
  • Is there a redraw facility or can you make free extra repayments?

Be prepared:

  • Get together your financial records. Personal financial statements, tax records and anything relating to the business’ trading history so far.
  • If you’ve been trading for a little while, you may be eligible for other types of funding, including invoice finance.
SMSF Services

SMSF Services

Our suite of market-leading SMSF administration services frees up your time to focus on what you do best.

Administration of SMSF:

Our suite of market-leading SMSF administration services frees up your time to focus on what you do best. Our cost-effective, real-time solutions and online dashboard provide you with a complete view of your SMSFs, creating greater efficiency and unlocking new opportunities. With speculation growing about the end of pension payments in the future, superannuation is likely to become the primary source of income for retirees. Superannuation accounts come in numerous different options; everything from industry-specific accounts for workers in retail, health services and hospitality through to low-cost superannuation accounts offered by banks. Then there’s the option of setting up a self managed super fund (or SMSF for short). While many people are simply happy to have their super payments paid into an industry or retail account, others like to have more control over how their superannuation works for them. That’s why they opt for a self managed superannuation fund and we are here to help.