The G J Walsh & Co team has been providing a unique brand of accounting advice to a range of small to medium sized businesses for over 20 years.
Starting a Business
Are you starting a business? A G J Walsh & Co professional will help with every step in this process. We will guide you through the maze of structuring your business, determining what type of entity caters for your needs.
Will a company structure be the right fit? Or does the flexibility of a family trust suit your requirements?
One of our most important services includes getting these answers right.
We provide assistance on the incorporation of new companies and the establishment of trusts. We provide advice on who the trustees and directors of these entities should be. We will guide you through the various registrations and applications with the ATO, ASIC and other government agency.
Our final step is watching you begin your new journey, knowing we have empowered you with the knowledge to run your business with complete confidence.
Record Keeping and Bookkeepers
The key to record keeping is consistency and accuracy. Whether you use a hand written cashbook or cloud based accounting software, the key elements are the same.
We dont discriminate – we work with clients with a method or software that suits their business needs. MYOB, Xero, Quickbooks, Cashbooks ? whatever you are comfortable with.
We have a team of book-keepers out in the field that help our clients – some from a couple of hours a month to assist with reconciliation and month end data entry. Other clients have bookkeepers in their business on a more regular basis to help with the day to day administration requirements
G J Walsh & Co can help you fulfil your compliance obligations. Completing monthly and quarterly BAS, year end Financial Statements and Tax Returns for all entities – Individuals, Partnerships, Trusts and Companies.
Other compliance requirements include FBT Returns and Payroll Tax Services.
Stepping outside the square
Compliance work is important to all businesses, but its old news, historical data. We believe our greatest value to our clients, is being inside their business and providing forward planning – business plans, cashflow forecasts – providing critical business advice at a time when the client needs it most.
We will produce timely management reports that provide an insight into the financial strength of your business. We will look at ways of improving your bottom line.
SMSF – What is it?
Like other superannuation funds, self-managed super funds (SMSF’s) are a way of saving for your retirement. The difference between an SMSF and other types of funds is that, the members of an SMSF are also the trustees. This means that the members of the SMSF operate it for their own benefit.
Setting up and SMSF
We can help with all aspects of setting up a Self Managed Superannuation Fund (SMSF) – from establishing the trust deeds, completing the relevant trustee declarations and lodging with the Australian Taxation Office.
We will organise the appropriate registrations with the ATO and make sure the fund is a Complying Superannuation Fund.
Trustee – Individual or Corporate?
Trustees of an SMSF can either be individuals or a company. Under the requirements of the SIS Act (legislation that governs SMSF) all members of the fund must be an individual or directors of the corporate trustee.
At our initial meeting we will tailor the trustee to meet your specific needs and find the best solution for you.
Compliance – the G J Walsh & Co Way
The trustee of the SMSF needs to attend to a number of compliance tasks in order for the fund to keep its compliance status, G J Walsh & Co manages this process for you:
- We prepare the annual accounts
- We provide an accredited SMSF auditor to audit the fund
- We prepare and lodge your SMSF annual return
- We have qualified Financial Planners who will help with your investment decisions
Please note: G J Walsh & CO don’t make the investment decisions for you. Financial Planning is specialised industry, we prefer to let qualified Financial Planners review your situation and make informed decisions based on your specific needs.
Audit – the G J Walsh & Co Approach
G J Walsh & CO approaches the audit experience by providing advice to maintain and improve the internal control systems of the client. This allows the client to provide reports to its members, directors, trustee’s or employees with a level of assurance of accountability and record keeping which assists with the effective running of the club, business, SMSF or other not for profit organisations.
Our specialised SMSF auditors deliver expert advice. Auditors have comprehensive and up-to-date knowledge of SMSF regulations, standards and legislation.
Sporting Clubs and Not for Profits
Through our affiliation with various sporting and cultural organisations, G J Walsh & Co conducts audits Australia wide for various sporting associations, clubs and not for profit entities including P & F Associations
G J Walsh & Co is happy to help out any organisation however large or small
QBCC audits and Reviews (formally BSA)
G J Walsh & Co assists clients with the preparation of the QBCC financial requirements for licencing. We advise in relation to applications, annual requirements for the QBCC license and complete the necessary Independent review reports.
Trust Account Audits – Real Estate, Solicitors and Accountants
Real estate agents, residential letting agents, auctioneers, pastoral house agents and commercial agents that receive trust money must establish and maintain a trust account that complies with the Property Agents and Motor Dealers Act 2000 (the Act). A key requirement of the Act is for trust accounts to be audited and a report lodged with the Office of Fair Trading (OFT) within strict time limits.
G J Walsh & Co provides its clients with the complete corporate package. We take care of all of your corporate secretarial requirements.
Our office can establish your trust or company and maintain your corporate register in compliance with the law.
Do you need to resign a director? Or bring a new shareholder on board? We complete the ASIC forms and lodge them on your behalf. Our staff will also review the annual company statements.
Before registering a business name there a number of items to consider in your planning. The professional staff at G J Walsh & Co will navigate you through this process. We will answer the following questions:
- What is a business name?
- Is my name available?
- How do I protect my business name?
- What will it cost to register my name?
QBCC (Formally BSA) Licencing
The Queensland Building and Construction Commission (QBCC) is a statutory authority established under the Queensland Building Services Authority Act 1991. Its charter is to regulate the building industry through the licensing of contractors, educate consumers about their rights and obligations, make contractors aware of their legal rights and responsibilities, handle disputes fairly and equitably, protect consumers against loss through statutory insurance, implement and enforce legislative reforms and where necessary, and prosecute persons not complying with the law.
G J Walsh & Co assists clients with the preparation of the QBCC financial requirements for licensing and can provide advice in relation to applications, financial requirements, and annual requirements for the maintenance of your QBCC license, including completion of the Independent Review Report.
TFN, ABN, GST Registrations
Applying for a Tax File Number (TFN) or registering a business for an ABN can be a complex task. G J Walsh & Co will assist in this process.
TFN – Its not compulsory to have a TFN, but if you dont have one you may have more tax withheld than you need to, or you may not be able to receive certain government benefits.
ABN – The Australian Business Number (often referred to as ABN) is a number issued by the Australian Federal Governments Australian Business Register. The number always has eleven digits. The principle of the number is to allow easy identification and interaction between business and government. While it is not essential to have an ABN most businesses in Australia elect to have an ABN as:
- There are tax benefits in having an ABN, principally businesses with an ABN can avoid other businesses potentially withholding 48.5% from payments made.
- It makes it easier for Goods & Services Tax (GST), Pay As You Go (PAYG), Fuel Tax Credits and other business tax registrations. To be clear, you can only claim input tax credits (the GST component of your expense) back from the Australian Taxation Office if you have an ABN.
- If claiming back or declaring GST, you will require a Business Activity Statement (BAS). These are only normally issued to you if you or your business possesses an ABN.
- Enables other businesses you deal with to easily confirm your details for ordering and invoicing.
- Shows you are a registered Australian business, thereby building trust with other businesses you deal with.
- Shows you have serious intent with your business, as there are Federal Government eligibility requirements to secure an ABN.
- Many businesses will not trade with a business that does not have an Australian Business Number.
GST – You must register for GST if you run a business or enterprise and your GST turnover is $75,000 or more ($150,000 or more for non-profit organisations).
It is your responsibility to register if your turnover exceeds the relevant threshold or is likely to exceed it.
If you are not registered for GST, check each month to see whether you have reached your threshold.
You must register within 21 days of reaching the threshold.
You must also register for GST if you:
- want to claim fuel tax credits for your business
- provide taxi travel
Fitzpatricks Private Wealth Ipswich
Advice to give you confidence around life choices to live the life you desire is the passion that drives us at Fitzpatricks Private Wealth.
As the financial planning arm of GJ Walsh & Co, our role is to help you:
- truly understand what you want to achieve in life,
- provide the expertise to help you become financially well organised to maximise your success, and
- exercise the duty of care we accept in helping you achieve what is possible.
As part of the GJ Walsh & Co team, we work cooperatively with Greg, David and their staff, as we will with your other professional advisers, to deliver outcomes to enrich your financially well organised life.
We offer a range of advice and services that provide guidance, clarity and perspective extending from young adults to growing families, to those approaching retirement and small business owners.
We provide a fee based approach for planning and guiding your financial affairs.
Once we fully understand your financial and lifestyle goals, including your reservations, we will help you develop personalised strategies which will support you in managing your goals and investments.
As a valued client, you will receive:
- Personalised consultations to consider and review your investment preferences, with a primary focus on identifying and managing your risks, including your investment risk;
- Regular full reviews of your financial and lifestyle goals and the strategy employed to achieve those goals;
- Regular communications providing updates on your investments, articles to enhance your financial organisation and lifestyle, and
- Opportunities to improve your understanding of the strategies employed in your investment portfolio.
As your professional partner, we abide by the rules of our professional body, the Financial Planning Association of Australia (FPA), especially the FPA Code of Ethics and the FPA Rules of Professional Conduct.
We can be contacted at our office on 07 3812 3838 or direct on 07 3454 4821 or at email@example.com
Fitzpatricks Private Wealth website: www.fitz.com.au
Richard Peauril is an Authorised Representative of Fitzpatricks Private Wealth Pty Ltd ABN 33 093 667 595 AFSL 247 429