Tax and Accounting Services in Perth
We are here to help with all your tax and accounting needs.
SME Tax Solutions is owned and run by Paul Fromson, an experienced tax professional with over 30 years experience in taxation, finance and accounting. Paul has his own SMSF, has owned rental properties and has extensive experience running businesses. He is also an active investor in ASX listed companies and has even made some profits over the years. As an experienced tax professional Paul has been through many business cycles and has some life experience to add to his business experience and qualifications.
SME stands for Small and Medium Enterprises which is the specialty of our firm. We are currently based in Midland but will soon be moving to a Perth office. We travel all over the Perth metropolitan area for business clients.
Whether you are starting a business, experiencing growth or downsizing or perhaps you have fallen behind in your taxation affairs, SME Tax Solutions is here to help. So if you require a local accountant who is prepared to visit your business premises in the Perth metro area, please call us today on 0419 942112.
We respect your privacy in all our dealings and confidentiality is assured.
Yes, we do salary and wage tax returns, BAS, rental properties and tax returns for Sole Traders. If you have fallen behind we can also electronically lodge prior years’ returns for more than 10 years using our software.
We cater for the full range of business clients from sole traders to partnerships, trusts, companies and self-managed super funds.
As in the name “Tax Solutions” we are here to help you with all your tax issues. If you are thinking of changing accountants please contact us for an obligation free consultation and obtain a quote for our services.
We offer a free 30 minute initial consultation to help you consider all the issues involved in starting a business. Let us help you before you commit to legal structures or commercial arrangements such as business leases which can be difficult and costly to amend. There are a whole range of issues to be considered and an initial consultation can prove invaluable. We can then set up the correct structures to maximise flexibility and provide the best taxation outcome for ongoing business, expansion, succession planning and eventual sale of a business.
If you are in business or thinking of starting up, phone 0419 942112 for a free initial 30 min consultation to see how we can help.
Registrations and Affiliations
SME Tax Solutions Pty Ltd is a registered tax agent
We hold a Public Practice Certificate with a world recognised professional accounting body.
We are also a member of the National Tax & Accountants Association Ltd which is a professional association expert in Australian tax issues.
We are an accredited member of Xero accounting software.
We are also a member of MYOB's professional partner network.
Services for Individuals
Taxation Returns and Quick Refunds
Your tax return is prepared by an experienced professional using specialist tax software and then lodged electronically with the taxation department. The software ensures there are no lodgement errors and we can deal with any queries that may arise quickly and efficiently. Error free electronic lodgement ensures the quickest possible refund turnaround time and recently refunds have been taking 5-10 business days.
We are here to maximise the refund you are entitled to and provide experienced professional advice. There are many cut prices services in the market provided by people with limited training and experience and missing out on tax deductions can be a real cost to you.
Capitals Gains Tax
There are few concessions under Australian Taxation law and discounts on capital gains received from selling assets such as shares and rental properties are an area where some careful planning can reap rewards. If you already own assets or are considering investing come in and see us to discuss the tax aspects of your investments.
Prior Year Returns
Sometimes you fall behind in their tax affairs for a whole range of reasons and it’s a bit daunting to think about what is required to catch up. We have software that enables us to lodge electronically tax returns for over 10 years and the software will calculate the tax in accordance with the laws that apply for the years in question.
Rental Properties and Negative Gearing
The term negative gearing refers to the benefit of using losses on your rental property (or other assets) to reduce your taxable income. Over 1 million Australians enjoy the benefits of negative gearing. Negative gearing along with capital gains concessions are one of the few areas that many taxpayers can access to reduce their tax liability.
If you are renting your home temporarily there are rules that govern the exemption from capital gains on your home.
There are also significant benefits to obtaining a professional report on depreciation and other allowances for an income producing property.
Let us provide explain the tax benefits of a negatively geared property and explain what is required to maximise your deductions and minimise capital gains.
Shares and other Investments
Whilst SME Tax Solutions is not licensed to provide investment advice we can advise you of the taxation implications of various investments such as rental properties, managed investment funds and shares and options. If you need investment advice we can refer you to affiliated investment advisors who hold the appropriate licenses.
Services for Businesses
Accounting Software, Bookkeeping and Training
SME Tax is registered with software providers such as Xero and MYOB under their professional partner program. We can supply bookkeeping services through our affiliates to get you set up properly and to make sure you stay up to date. Accurate and timely bookkeeping is the most cost effective way to keep your books in order and to deliver your accounts to us in a reconciled and organised manner to keep your accounting fees down.
Starting with the most appropriate business structure is the best way of protecting your assets. Business conditions can change rapidly with competition and rising costs and sometimes ill health can be a factor. Managing debts is also a key factor and cashflow planning is critical.
Business Activity Statements (BAS) and GST
For first timers in business you will need some guidance in understanding the GST system and your ongoing obligations with lodging your BAS. It may be more cost effective for our bookkeepers to do the work directly or we can train you and then monitor how you are going.
Business Valuation Advice and Assistance
When you need to value a business for either purchase, sale or restructure, we can assist. We can explain what the numbers mean and in particular go through the tax consequences of the various components of business values such as goodwill, fixed assets and inventories. You also need to consider the liabilities that you may inherit with purchasing a business legal structure such as a company.
Company Secretarial Services
All companies are required to lodge annual returns and to keep their registers up to date. We can maintain these records for you and safeguard your secretarial records. Larger firms may need specialist Company Secretarial services and SME Tax Solutions Director Paul Fromson has extensive experience in this area including ASX listed companies. Paul is a member of the professional body for Company Secretaries - The Corporate Governance Institute (previously Institute of Chartered Secretaries).
Self-Managed Super Funds
SMSF’s have been a huge growth area over the years with thousands of Australians electing to manage their own superannuation funds. Superannuation funds have additional reporting requirements over businesses with the need to report member’s benefits and movements and investment reports. SME Tax Solutions uses sophisticated software specifically made for super funds to enable Trustees to meet all their obligations. The software is cloud based so Trustees can monitor their fund’s investments on a daily basis.
Advice on setting up or winding up a SMSF requires different licensing to that of an accountant/tax advisor. We can refer you to our affiliates who have the appropriate licenses to set up your SMSF and then we attend to your tax and reporting requirements.
Structuring your Business
There are many forms of business structures from Sole Traders, Partnerships, Trusts and Companies and sometimes combinations thereof. Setting up the best business structures is a consideration of costs versus benefits and asset protection considerations. Structures may need to change over time and flexibility may be required in your initial structure to avoid costly tax consequences on restructures.
From 1 July 2016 there will be new rollover relief measures which will provide greater flexibility for small businesses to change their legal structure. There are conditions to be satisfied and advice needs to be taken.