Services

At Geoff & Kash Tax Accouning we provide a range of services and appointment types to suit your needs.

We offer tax returns for individuals and businesses.
Set up packages for small businesses and services for GST, ABN setups as well as BAS (Business Activity Statements).
If you are needing some advice relating to Tax or Business please don’t hesitate to ask us! We seek to help our local small businesses.

Individual Tax Services

At KGM Tax we serve individuals with wide-range range of tax services and cater to all occupations. Our experienced & knowledgeable accountants understand different industries and its tax implications & provide with Comprehensive accounting & the best tax solutions. We work with the client to save tax legally and ethically.

Personal Tax Returns

Most individuals need to lodge a tax return every financial year. The tax-free threshold is $18,200 although if you have paid even $1 in tax you still have to lodge a tax return. There are tax offsets available by the ATO depending on the income you earn in a financial year. Personal tax returns can be done by our team by booking in person (face to face), over the phone or via email appointments.

Sole Trader Tax Returns

As a sole trader in Australia, you are required to lodge an individual tax return which includes your business income and expenses to the Australian Taxation Office (ATO). There’s no need to submit a separate tax return. Running the business as sole trader is comparatively easy to setup and operate as compared to other business structures although has unlimited liability and all your personal assets are at risk if things go wrong. Download form here

Rental Property Tax Returns

Reporting rental property income and expenses on your tax return is an important part of managing your finances as a property owner and impacts your tax return for the financial year. Keeping a good record is essential. Most common rental expenses for which you may be entitled to an immediate deduction are: body corporate charges, Council rates, insurance, Loan Interest, Land Tax, Property Management Fees and Water Charges.

Repairs & Maintenance.
Request a detailed rental expenses list from our team at KGM Tax.

Capital Gain Tax

Capital gains tax is a tax on the profit made from the sale or disposal of capital assets, such as real estate (including rental properties), shares, investments, and business assets. CGT is triggered when a capital asset is sold or otherwise disposed of, resulting in a capital gain or capital loss. Capital gains tax is an important consideration for individuals and businesses when selling or disposing of capital assets. Understanding the CGT rules, exemptions, and concessions can help the taxpayers minimize their tax liabilities and comply with tax laws.

Fee From Refund

When doing a single tax return or doing multiple tax returns, we have the Fee from refund option for $30 and $50 for multiple tax returns for our clients. You can choose to pay nothing on the day of doing the tax return and we will deduct our fees out of your refund when it comes back to us from the ATO before forwarding it on to you. Please note if you don’t receive a refund from ATO for any reason the fees will be payable as a standard invoice.

Liaising With ATO

We work closely and deal with ATO on day-to-day basis on various activities such as providing information or documents requested by the ATO, resolving tax-related issues, disputes, or discrepancies. Responding to ATO inquiries, audits, or investigations. Arranging of payment plans for Individuals and businesses. Applying for tax registrations, rulings, or concessions.

ABN Setup & ASIC Registrations

If you are looking to start a business and engage with other business, you probably will need an ABN to operate, and we can help you to obtain the ABN. We work with businesses to get them tax compliant and register them with different tax registration and ASIC registrations including the Business name. Registering a business name helps to protect your brand & also safeguards from other business using your business name.

Small Business & Taxation

Small and family businesses are the backbone of the Australian economy and key to Australian success. KGM Tax specialises in providing the best and deserved service to our valued clients at affordable prices and support them in their journey. Taxation and compliance are the vital part of running smooth business operations. We work closely with business and take the pride to support our small business.

Companies Tax Returns

Company is a separate legal entity and must submit a company tax return, along with paying taxes on the company’s income. If you’re a director, you’ll still be required to lodge your individual tax return. Operating as company is expensive and complex as compared to running as a sole trader. However, if the company is a small business entity than it will be taxed at a flat tax rate of 25% on its profits.

Trust Tax Returns

In Australia most common type of trust is discretionary trust commonly known as Family trust used for managing and distributing family wealth and assets managed by the trustee. The family trust is used widely for asset protection and tax planning. The trust is managed by a trustee and the trustee can be an individual or a corporate entity and is established for providing the benefit to the beneficiaries. There are different forms of trust including a unit trust, Testamentary trusts, Bare trust etc used for different purposes.

Partnerships Tax Returns

Partnership is formed where two or more individuals or entities come together in form of a business to make a profit. The most partnership are between Husband and wife. While the Partnerships possesses its own tax file number (TFN), it doesn’t directly pay income tax on its profits. Each partner reports their respective share of the partnership income on their individual tax return. Additionally, the partnership must submit a separate tax return under its TFN.

BAS/GST Returns

Business Activity statements (BAS) are lodged for the business registered with GST on Monthly, Quarterly or Yearly Basis depending on the business turnover and reporting requirements. Most common scenarios where the GST must be registered is when the business Gross turnover is $75,000 or more. Although different business and industries have different requirements for GST registration. Please reach to us if you have queries. More info can be found at www.ato.gov.au

Bookkeeping

Being one of the very rare words in English with three consecutive double letters Bookkeeping is unique and crucial for tracking business finances useful for decision making and growth. We provide bookkeeping services with a very affordable cost, professional and proven approach that has worked for many local businesses. When you want to focus on growing your business, we can take care of all the bookkeeping admin and keep an eye on your ongoing obligations for you. We are a platinum partner of MYOB and a certified Xero partner.

Payroll Services (STP)

At KGM Tax we provide Payroll services, including Single Touch Payroll (STP) to our small business. Single Touch Payroll (STP) is an initiative by the Australian Government to streamline the reporting of tax and superannuation information to the Australian Taxation Office (ATO) directly from payroll or accounting software each time a pay run is processed helps in improving accuracy, and ensure compliance with tax and superannuation obligations, contributing to greater efficiency and transparency in Australia’s payroll system.

Super Guarantee Lodgements

Superannuation Guarantee (SG) lodgements refer to the process of reporting and remitting superannuation contributions on behalf of employees to their chosen superannuation funds. It has become very important in recent times to process super guarantee on time to the employees. By meeting their superannuation guarantee obligations, employers help their employees save for retirement and avoid penalties for non-compliance with superannuation laws.

Other Accounting Services

As an experienced accounting and taxation business we help our local business with every stage of their operations. Our services include and not limited to support business with their early stage to mature business including setting up of new business, providing taxation advice and preparing business plans, cash flow projections and financial statement reports. We work closely with small business and work in their progress and advise on tax strategies to minimise tax liabilities.

Partnership Tax Returns

The partnership must lodge a Partnership Tax Return with the ATO. Partnership itself does-not pay income tax instead, the income (or loss) is distributed to the partners according to the partnership agreement. Each partner then includes their share of the partnership’s net income (or loss) in their personal tax return.

Preparation of Business Plans

For a new business having a business plan can be used as a road map for establishing and implementing business strategies and our Accountants have helped lot of business in preparation of business plans. Creating a comprehensive business plan is essential for setting a clear path for a business, securing funding from the financial institutions, and guiding the business growth and operations.

Cash Flow Projections

Over the years our team has worked extensively with small business with their Cash flow projections/forecasting. Starting a new business comes with lot of challenges and having adequate working capital to run smooth operations is essential. By preparing detailed and realistic cash flow projections, businesses can ensure they have enough cash to meet their obligations, plan for future investments, and avoid potential cash shortages.

Setup of Company, Trust etc

At KGM Tax with our experience and Knowledge in taxation and working with small business we can provide you with the right guidance and tax advice when taking first steps of starting a new business. We help clients understand tax structure by providing them with all tax rates, duties and calculation of the same. At KGM Tax we can setup the Company structure, family trust, partnership etc at affordable prices.

Taxation Planning & Advice

Taxation planning and advice are crucial elements of financial management for both individuals and small businesses. Effective tax planning at every stage of business and individuals ensures compliance with tax laws and maximizes after-tax income resulting in saving tax. At KGM TAX our team provide the clients with up-to-date tax laws and changes. Our Expert advice helps identify all eligible deductions and credits, ensuring you take full advantage of tax-saving opportunities.

Prep of Financial Statements

Preparing financial statements is a critical aspect of financial management for any business. Financial statements provide a formal record of the financial activities and position of a business. Our accountants have vast experience in preparation of Profit and Loss Statement, Balance Sheet (Statement of Financial Position), Equity statements & Cash Flow Statement which are important tools for any business to make vital decisions on basis of performance and financial position of the business.

Accounting Software Setup

Setting up accounting software can streamline your financial management processes, improve accuracy, and provide valuable insights into your business’s financial health. We use accounting software’s like Xero, MYOB, QuickBooks, Reckon elite etc depending on the industry of the business. Invoicing, expense tracking, bank reconciliation, payroll & financial reporting are features of the software’s.