At Maddison Accounting we believe in working as a team to provide solutions for your business. The team includes you and your staff, our professional advisors and where necessary specialist advisors that we deal with on a regular basis.
We prepare income tax returns for individuals, partnerships, trusts and superannuation funds and advise on financial, investment, superannuation, taxation and related matters.
Whilst we work as a team to ensure all your needs are met you will always have a direct contact with whom you will deal with to ensure a continuation of your relationship with the firm.
When we meet to review income tax information, most clients take the opportunity to have a quick annual “financial review” and review their own finances in detail and take stock of where they are and their plans for the future.
The Maddison range of services is designed to allow the client the opportunity of doing what they do best, taking care of their own business. We have expertise in business systems and infrastructures. We understand our client’s needs no matter how big or small. Together with our clients we make a great team.
Where necessary we have access to a team of professionals in the insolvency and legal professions to ensure every detail of your business is considered.
Feel free to contact us for an initial free consultation to discuss your needs and how we may assist your business.
Accounting
We prepare financial statements for all types of entities including companies (both public and private), partnerships, trusts and superannuation funds. Accounting however involves more than simply preparing financial statements each year, and as such, we focus on providing effective value added services to ensure your business achieves its goals.
One of our main focuses is to ensure that our clients’ compliance needs are taken care of and allow them to focus on their own professional and business needs.
As a business operator you must keep proper books and records and are generally required to prepare a set of accounts in order to meet your yearly compliance obligation. In addition, you may also be required to;
Keep track of GST and prepare business activity statements for the Australian Taxation Office
Pay staff superannuation into a complying super fund
Notify the Office of State Revenue when the company wages exceed the payroll tax threshold and remit the appropriate payroll tax
Remit PAYG taxes and GST to the Australian Taxation Office
Prepare and lodge an annual income tax return with the Australian Taxation Office and in some cases have your accounts audited
The key to getting good reporting information is ensuring the accounting system is in good order ranging from software, to structure, to the people and methods used.
Our services include;
Periodic management accounts
Annual financial statements and reports for statutory compliance purposes
Development of best practice accounting methods and structures
Preparation of budgets and cash flow reports
Special purpose reports for finance and debt applications
Corporate Governance
Maddison Accounting provides its clients with guidance and advice in relation to the operation and required compliance of their corporate structures.
We are able to act as your agent with The Australian Securities and Investments Commission and assist with the obligations of your company.
Our corporate governance services include;
Company formations
Registered Office facility
Minute and Resolution preparation
Deregistrations of corporate structures
Corporate register management
Preparation and filing of documents with ASIC
Business Advisory
At Maddison we believe that it is important that we work closely with your business as it transitions through the different cycles of its business life.
We assist our clients in a variety of manners in providing critical business advice in each different stage of the business life cycle.
We can develop or comment on business cash flow and profit projections including the development of appropriate sensitivity analysis.
We can undertake one-off reviews of an entity’s financial and operating systems and controls, providing an independent assessment of the internal systems and controls.
We can assist with preparation of a business plan.The elements and assumptions in the plan will vary depending on the current stage of the business life cycle and also any specific use to which the plan is to be put.
We assist our clients in the area of succession planning.
Handing over your business to family members successfully can mean the difference between being financially sound for life or losing the value of many years of hard work and effort.
More than 70 percent of family owned businesses do not survive the transition from founder to second generation. Developing and implementing a well-designed plan is essential to the long-term success of the business you’ve grown and developed from the very beginning.
Succession planning also applies irrespective of whether you have family members looking to take over the business. One day you are going to need to exit the business, through retirement or sale. Succession planning covers the key steps to prepare the business for that moment.
In the event that you elect to sell your business to third parties Maddison can assist with this task also. We can prepare the necessary financial information required to put the business to market and advise on the income tax implications of the different methods of sale.
Taxation
Maddison has a dedicated team of tax professionals who are focussed on delivery of timely, quality tax services to assist clients navigate the complex tax landscape by providing them with holistic tax solutions that support their commercial objectives.
The ever-changing tax environment means a business adviser dedicated to keeping you one step ahead of the relevant tax issues is a necessity.
Tax Compliance
We assist clients in ensuring that all their compliance obligations are met. This area of our practice ensures all client lodgement obligations are met and assists clients in the reviews or audits undertaken by regulatory authorities.
Tax Planning
Tax is likely the largest single impost on any business, as such it needs to be managed more actively than any other expense. The goal of tax planning is to arrange your financial affairs so as to legally minimise your taxes. We work with our clients to ensure that their goals are achieved whilst ensuring that the taxation implications are minimised wherever possible.
Tax Structure
Today’s decisions or lack thereof can have enormous costs tomorrow. Working with you, we can help you identify potential problems before they occur and provide you a secure way of ‘test checking’ your thinking with independent and commercial astute advice.
Situations with which we can assist include;
Establishing a new structure
Reviewing a structure that has been outgrown by your business and personal needs
Restructuring to access commercial and tax opportunities together with protecting assets
Finalising a business structure and avoiding unanticipated tax impacts
Resolving existing complex tax challenges and disputes
Finance
Maddison is able to assist you with advice in relation to your finance and mortgage needs.
Whether it be motor vehicle, equipment finance or a mortgage for your home or investment property our team will source the appropriate product for you.
We have also assisted many clients with the refinance of their current facilities. The achieved outcome being that clients are in an improved cash flow position whilst still being able to achieve debt reduction.
Our finance professionals work closely with our accounting team to ensure that the solution provided is the most appropriate for your taxation, financial and cash flow requirements.
Bookkeeping and Payroll
Maddison provide bookkeeping services for your business via the use of market leading software.
Accounting can be difficult at times, it is therefore important that the individual entrusted with the bookkeeping has an extensive accounting background, as well as more than just a general understanding of the latest accounting software packages.
Maddison’s principle aim is to alleviate the burden and stress associated with the record keeping requirements of modern business, allowing you and your staff to concentrate on your core business activities.
We will tailor our bookkeeping services to suit your specific business requirements and provide you with access to our accountants who will provide you with constructive advice on a regular basis.
We also provide dedicated payroll services for your business. This involves the maintenance of your payroll records, data entry, preparation of payslips, period end superannuation compliance and year end payment summary compliance.
At Maddison Accounting Services we have built up a particular expertise in the field of SMSF.
We assist clients in the following areas;
Set up of fund structures
Year end compliance
Income tax returns
Preparation of documents for the year end audit
Transition to pension phase
Perhaps more importantly we work closely with financial planning professionals to ensure that the fund investments are suited to the investment philosophies of the members.
In the ever changing world of self managed superannuation it is vital that trustees receive specific and current advice to ensure that their fund remains fully compliant to protect both the assets of the fund and the advantaged tax position of the fund.
Virtual CFO
At this level, we are no longer your accountant, you are no longer a client. We are a team working towards your goals and the building of your business.
This service is designed to provide more of a business mentorship which allows us to sit down with you regularly, set goals, targets and review your business on a regular basis with the aim to help you meet your personal and business goals.
Most SMEs cannot or will not afford the salary of an expensive full time CFO, but now you can take advantage of a level of expertise previously unavailable. Our advisors are ready to assist you in any way. Let us work with your staff whether it is your bookkeeper, operations or other manager and let us review and advise on a monthly or quarterly basis to assist in ensuring the achievement of your business goals.
If you want to learn more about our virtual CFO services and tailor a package for your business, please send us an email at contact@maddisonfinancial.com.au and we will be in touch.