Been there, done that
Case Studies and Examples of our Results
Over our many years working in public practice on the Sunshine Coast, we have achieved great results for everyday people. We value our clients greatly, and are proud to be associated with them. We have seen both successes and failures and we've established a wide network that can assist in any problems you encounter, or advice you need. Call today on 0401 828 905 to discuss what we can do for you.
Depreciation deductions
An individual tax payer who owned a number of rental properties had never received any advice from any accountant about the availability of depreciation deductions.
We immediately arranged for a quantity surveyors report, and prepared amendments for the maximum amount of time allowable under the tax law.
The depreciation deductions where entered into the amended tax returns and current tax return, resulting in over $3,500 in additional refund. Had this client remained with the established public practice, the deductions might never have been made available.
Changes to fuel tax credit claims
Following from the AAT decision in FCT v Linfox, where a business is registered for fuel tax credits and the vehicles that they have in their fleet use some of their fuel to power auxiliary functions like air conditioning or mixers, there is a higher rate of FTC available.
Revisions to 4 years worth of Buisness Activity Statement Revisions (corrections) were required, resulting in more than $10,000 in additional refunds.
Application of Small Business Capital Gains Tax Concessions
A new client had sold their business in the previous financial year in North Queensland and relocate to the Sunshine Coast. The previous years had been attended to by an office of one of the largest accounting practices in Australia.
As part of the new client process, we saw that the Retirement Exemption was not applied, leaving over $125,000 in assessable capital gain. We contacted the partner that was responsible for this file to ask what was the justification for leaving this amount in as assessable.
His response was that "we have children about the same age, so I never thought to look at the date of birth". We were able to make amendment of the individual income tax return and reduce the taxable income by $125,000.
Rework of Financial Statements and Tax Returns
A smaller sized "mum and dad" business in the building industry had been with their accountant for over 10 years. The previous accounting practice had a practice of completing part of their business group at one time of the year and the individual income tax returns at another. They said that they were too busy to attend the client to ensure all of the answers were gathered.
The company was prepared in a loss position, with some of the withdrawals being incorrectly treated as Wages to "mum and dad". The individual income tax returns where then in a taxable position. After a discussion with us, and the clients coming to the realisation that their circumstances were not being appropriately considered, we were able to correct the financial statements, income tax return lodgements and BAS reporting and achieve over $4,000 in refunds.
Successful Tender Process with Local Government
A local government in South East Queensland opened up part of their operations to tender. We assisted a local family in completing a winning tender document, complete with operational manuals, prices, staff lists and configurations, capital works projects, and managed the integration of subsequent information releases.
The family were also awarded a number of extensions, beating the tenders of half a dozen competitors in each process.
Sale of Medium Sized Family Owned Business
Due to health and advancing age, the patriarch decided to dispose of the family business. Due to the size and value of the business in question, a secure cloud based data room was set up and numerous sale of business reports were prepared.
The effective marshalling of information meant that the sale was completed seamlessly, with the other family members being freed up to establish other business ventures and move on in a productive way.
More Care and Attention in Calculation of Statutory Interest Income
A new client came to us after being disappointed with the number of months that the prior accountant took to attend to their work. They were also disillusioned with the "sausage factory" process that they were made to conform to by that previous accounting practice.
The client's company showed a debit loan to associates and a healthy amount of franking credits, however our initial calculations indicated that the statutory interest being accrued was too high. We reconstructed the transactions on the loan and took the time to calculate interest on a days basis, resulting in over $7,000 in direct tax savings.