Financial & Taxation Services
- Financial Statements
- Accounting System Reviews
- Tax Preparation and Compliance
- Tax Planning
- Indirect Taxes
- Management Advisory
- Business Plans
- Financial Planning
- Estate Planning
- Retirement and Superannuation
FINANCIAL STATEMENT SERVICES
Chartered Accountants prepare three kinds of financial statements; Non-Reporting, Reporting and Audited. Most SME owners will use a Non-Reporting financial statement. Reporting Statements provide substantially more information relating to assets, liabilities and certain transactions and Audited Statements require verification of the Balance Sheet, Profit & Loss Statement and many other schedules of the Corporations Law.
Usually outside creditors, banks and equity investors will dictate the type of financial statements required by SMEs.
ACCOUNTING SYSTEM REVIEW and IMPLEMENTATION
Wettenhall & Co. recommends MYOB for management of accounting and financial reporting at client premises. We hold Professional Partner status and have access to all MYOB products.
TAX PREPARATION AND COMPLIANCE
We offer tax preparation services for individuals and businesses. Individuals, Partnerships, Trusts, Deceased Estates, Companies and Superannuation Funds are all handled using the latest electronic lodgement arrangements with the Australian Taxation Office.
TAX PLANNING
Refer the 'Choosing Business Structure' heading for a brief overview. At all times professional advice is required. We will also organise specialist advice if required.
BUSINESS PLANS
Refer to the 'Business Plan Outline'heading for a summary of the components of a business plan.
FINANCIAL PLANNING
Wettenhall & Co. is not a licensed financial planner but as your accountant, we will always have a view about the quality of advice being given to you. Roly Wettenhall is trained in securities financial analysis.
ESTATE PLANNING
Wills are a critical issue for preserving family wealth and for ensuring that the results of a lifetime's work are not lost to unnecessary statutory intervention, especially taxes. Every person over the age of 18 should have a will. Wills are prepared by lawyers and Wettenhall & Co can introduce you to an appropriate firm. Costs are frequently minimal for a simple will.
Wettenhall & Co reviews wills as they are being prepared to ensure that commercial and other financial matters have been addressed, including but not limited to:
- Superannuation death benefits - may be tax free if correctly handled.
- Testamentary trusts - may provide very low tax income to children and grandchildren to pay school fees and other maintenance and support.
- Control of the client's trusts and companies after date of death.
- Choice of executors and trustees.
- Transfer of assets to charities and the Capital Gains Tax issues.
Wettenhall & Co works with your lawyer because we generally understand your existing structure of asset ownership and taxation planning.
RETIREMENT AND SUPERANNUATION
Wettenhall & Co. ulitises the latest accounting and specialised administration software for SMSF superannuation funds. Maintenance of investment registers, unlike those used by most brokers, provide accurate CGT information for planning investment decisions.