Accounting & Taxation Services

Business Structuring

 

What is the correct structure for setting up a new business? Should it be a company, a discretionary trust, a unit trust, a partnership or even a sole trader?

 

Each of these structures have different outcomes from a taxation, asset protection and personal liability viewpoint. We consider your plans and your individual circumstances when setting up the business structure that is right for you.

Bookkeeping, Payroll and BAS Preparation

 

This service facilitates the timely preparation and lodgement of Business Activity Statemants (BAS). Many clients take responsibility for lodging their own BAS and in other cases we provide a full preparation and lodgement service.

 

Our expert bookkeeping and accountants enjoy working with our clients in the world of cloud bookkeeping including payroll processing.

Capital Gains Tax

 

The sale of business and personal assets can result in significant capital gains tax being payable. Proper structuring and ownership of assets – particularly when setting up a business – and careful consideration of the timing and method of sale of assets – particularly when selling a business – can result in very considerable savings.

 

Lanyon Partners, through a thorough knowledge of tax laws, and by careful planning by our experienced tax professionals, will help ensure that capital gains tax is minimised.

Cloud Accounting

 

Technology in many areas of our lives continues to advance rapidly and this applies very much to the accounting profession. Xero, MYOB and Quickbooks Online are all systems that enable efficient bookeeping and accounting records to be maintained. In a growing number of cases these records are now maintained in a cloud environment. This process allows year-end tax and accounting obligations to be completed more quickly and more cost efficiently. In addition live data provides an opportunity for better monitoring and decision making in a business environment.

Company, Trust and SMSF Set-up

 

Lanyon Partners is registered as an ASIC agent. We also have close relationships with service providers who can efficiently provide the relevant legal documentation for establishing new entities.

 

Our service includes the arrangement of tax file numbers, ABN and GST registration and WorkCover and PAYG registration if applicable.

 

From time to time changes to legal documents may be required and we are able to make the necessary arrangements.

Company and Trust Secretarial Services

 

New and existing businesses often have to deal with a wide range of secretarial matters with numerous statutory authorities.

 

Lanyon Partners offers a full range of services including company searches, checking the availability of names for businesses (and then registering the names), company and personal name searches, preparation and lodgement of ASIC documents relating to changes in company details, annual ASIC company statements, and maintenance of company and trust registers.

Due Diligence

 

In most cases the principle of “buyer beware” applies when acquiring an existing business from a third party. In order to reduce the risk associated with these transactions, it is important to conduct appropriate Due Diligence to ensure that all relevant matters are disclosed before making a decision to proceed.

 

The Lanyon Partners team includes many professionals with decades of experience in assisting clients with these important decisions. We are skilled in investigating and reporting on proposed business transactions and in working with our clients to make sure that the right business decision is made.

Estate Planning

 

Passing away without a valid Will can mean your assets are held up for months or years as the Courts decide who is entitled to your benefits.

 

Whether you need a comprehensive estate plan for a complex family group or you simply want to make sure that your affairs are handled by a trusted friend or family member should you be unable to do so. Lanyon Partners Legal will help ensure your Wills, Powers of Attorney and Guardianships reflect your current wishes.

Expert Reports

 

Our skills, knowledge and experience are often called upon to provide Expert reports that are used in court proceedings. Divorce, business breakdowns and disputes concerning deceased estates are situations where Lanyon Partners may be asked to provide an Expert report.

 

We are familiar with the relevant court rules and the rules regarding evidence. Lanyon Partners provides litigation support to legal professionals and may deal directly with clients in resolving difficult disputes.

Forensic Accounting

 

There may be occasions when a forensic accounting service is required. Perhaps there is a suspicion of fraud or a breakdown in systems that may require a re-construction of accounting records.

 

If a forensic service is necessary our senior and experienced professionals can provide the right level of expertise and give our clients the confidence that is required.

Franchise

 

Buying a Franchise

Buying a franchise business is very different to buying any other type of business, as franchising is an industry with its own legislation and specific financial issues. We have provided advice to potential buyers in relation to more than 200 franchise systems. We can help you to make an informed decision about the purchase of the franchise business, the best structure to use and provide ongoing business, accounting and taxation advice.

 

Setting up as a Franchisor

This is a very specialised area that requires the assistance and expertise of accountants, lawyers, consultants and other professionals. In conjunction with these other professionals, we have provided the accounting, financial and strategic advice that is needed to help successfully set up a franchise. We can provide this advice to you to help you set up a successful franchise system.

Income Tax

 

Most of us are required to prepare and lodge income tax returns each year. There is a compliance requirement to satisfy taxation laws, but there is also a skill in ensuring that the right amount of tax is paid and no more than is necessary.

 

A thorough knowledge of taxation laws by our tax professionals enables our clients to get the best service in minimizing tax liabilities.

 

Where the ATO decides to investigate a tax matter, Lanyon Partners will manage the process in a professional manner to ensure the best outcome.

Performance Advice

 

Many business owners consider the performance of their business only once a year when they receive annual financial statements. This can result in outcomes that should normally be known much earlier.

 

By using modern accounting technology such as cloud accounting, we are in a position to analyse and report regularly on business performance and to raise issues or trends that may require attention. We can periodically meet with our clients to discuss areas of concern and to consider changes that will lead to an improvement in overall business performance.

Personal Financial Administration

 

Paying bills and maintaining adequate records for tax purposes can often be an unwanted burden. Finding the time for these tasks may be difficult or perhaps elderly people can no longer manage their financial affairs easily.

 

Lanyon Partners offers both a limited and a full service to administer personal financial affairs. This may include the payment of personal bills, acting as a mail house for the receipt and processing of incoming mail and record keeping. Regular communication is an important feature of this service to ensure that our clients are kept up to date and are consulted when necessary.

Self-Managed Super Funds

 

If you have a larger balance, specific investment needs or just a desire to have more control of how your super is invested, a Self-Managed Superannuation Fund (SMSF) may be the best vehicle to achieve your goals.

 

A team of Lanyon Partners Specialists can provide a TOTAL SMSF SOLUTION, from set-up and contributions, to investments and strategic planning, accounting, audit and compliance needs.

 

With over 500,000 funds and rising, SMSFs are a popular solution for Australians to build wealth for retirement, but the extra freedom comes with extra responsibilities that you can’t ignore (the ATO says so). Contact one of our SMSF experts to discuss if this is the right option for you.

Strategic Tax Planning

 

At Lanyon Partners, we work closely with our clients to consider and implement short and long term strategies so you are positioned to meet your financial goals and preserve your wealth.

Succession Planning

 

In planning for the future it is essential that estate planning and succession planning issues are properly considered.

 

What does a business owner do when they have reached normal retirement age with no future plans for the business? What happens if a serious illness occurs at an earlier age and an urgent decision on the future of their business is required?

 

These types of situations require orderly planning for business succession. Considerations may include:

  • Are there capable people within the business who may become future owners?
  • Is there a desire to retain ownership within the family?
  • Are there competitors or similar businesses that may be interested in acquiring the business?
  • Are existing business partners capable of buying you out?
  • Is insurance in place that can provide proceeds to fund a business transaction?

 

In providing a comprehensive service we make recommendations in areas including:

  • Wills
  • Testamentary Trusts
  • Enduring Power of Attorney
  • Medical Power of Attorney
  • Guardianship

 

We enjoy working with our clients in planning and protecting them in these situations.

Valuations

 

How much should you pay to acquire a business? What is a fair price and what conditions should be considered when buying or selling a business?

 

We have a substantial group of professionals with experience in many industries. We can utilize this experience in preparing expert valuations and provide further advice to our clients relating to these important business decisions.