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Advice you can trust

When you know your numbers, anything is possible…

Smart accounting starts with Xero

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Did you know that every Family Trust is required to make a resolution before 30 June each year as to who will be receiving the profits of the Trust?  And, that you also need to note how much each person will be receiving.

If the Trustee of the Trust fails to do this, then the ATO could assess the Trustee of the Trust at the highest marginal tax rate (currently 49%) on all the profits, rather than the beneficiary’s own marginal tax rates.

Distributions of profits can be made to Individuals and other entities.  During the Tax Planning process, we work closely to anticipate the level of your profits for the current financial year and implement tax strategies to ensure the profits and associated taxes are optimised to the best and most appropriate level for you.

Once this profit has been determined, the Trustee is required to prepare and sign what is known as a Trust Resolution – ultimately, this is a record or a minute, or a meeting held by the Trustees recording their decision.  This must clearly state who the beneficiary(ies) are going to be and what amount of profit they will be receiving.

Did you know that a beneficiary can also be another Company?  This is a strategy that we implement where appropriate, to quarantine some profits in another entity.  This can then be used to pay Franked Dividends to the company’s shareholders in the future, or can be used for other investment activities down the track.

The Tax Planning process is one of the most important processes in the business calendar – but we must not lose sight of the fact that preparing a Profit & Loss Budget and Cash Flow Budget are also important.  During Tax Planning, we are looking for opportunities within your business to ensure that your potential income tax liability is identified before the end of the financial year, and that you are you are 100% aware of the amount that this may be.  We all hate Tax surprises.

One thing that I say to all my clients is that their job is to maximise their profit, and our job is to minimise your tax and of course, staying within the legal boundaries.  Imagine what you could do with the money we can save you on your tax – pay a bit more into super, maybe tip a bit more onto the home loan, maybe even buy another home.  So, if you have not yet had any tax planning done, you still have a few weeks to get in touch with us to get this done.

Once we know the profit, then we can prepare the Trust Resolutions (if it’s applicable to your business) and you will end the financial year feeling comfortable that firstly, you know what your profit is going to look like, you will know what your tax liability is likely to be, and you are remaining fully compliant with your tax requirement.

Give one of our team a call – they will be happy to help you.

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Our mandate is to provide even better service and support, and more importantly deliver excellent performance outcomes for all our clients.

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  • “MKS, Mark Said has been involved in our business for over 18years. What’s apparent about Mark and all his team, is their integrity and honesty; you can trust their advice and judgement. Mark is always accessible and he and his staff genuinely... View More..

    “MKS, Mark Said has been involved in our business for over 18years. What’s apparent about Mark and all his team, is their integrity and honesty; you can trust their advice and judgement. Mark is always accessible and he and his staff genuinely care about our business.
    Nine years ago we restructured, MKS helped us with a new business plan and setting up the new structure. Over the years, as our business has grown, Mark has provided strategies to make sure our bottom line continuously improves. He is also very well connected across industries, with an excellent network of additional suppliers that we can access as our business needs them.”
    For more information on BWS Recruitment: http://www.bwsrecruitment.com.au

    Belinda Wiggins – BWS Recruitment

  • MKS Group provides very good service, they seem to take more care and give more effort than other accounting firms. You can always get onto them which is really important. I started using them about 12 months ago and since then they've helped me... View More..

    MKS Group provides very good service, they seem to take more care and give more effort than other accounting firms. You can always get onto them which is really important. I started using them about 12 months ago and since then they've helped me work out my costings so my company has better efficiencies. They also provide really useful information to help save money on taxes and have a network of professionals for give financial planning information and guidance. They're a great bunch at MKS.
    For more information on Rapid Concrete: http://rapidconcrete.com.au/index.htm

    Cain Rattray – Rapid Concrete

  • Mark and his team at MKS Group are a real asset to my business, in fact I consider them as a part of my team. We’ve been using them for over 7 years and what I appreciate most is that Mark makes me accountable to achieve my business goals. MKS... View More..

    Mark and his team at MKS Group are a real asset to my business, in fact I consider them as a part of my team. We’ve been using them for over 7 years and what I appreciate most is that Mark makes me accountable to achieve my business goals. MKS ensures my business performs with regular meetings and an automated accounting system of XERO Xero so that I have my fingers on the pulse of the finances day-to-day.
    They say knowledge is power. Thanks to the vital advice and training of MKS, I now understand balance sheets, budgeting and cash flow, and can confidently forecast on my P&L in the future. ‘It’s fantastic to have business know-how and confidence.

    For more information on Key Business Advisors – contact: https://keyba.com.au/ show less

    Colin Wilson – Key Business Advisors

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