Businesses Accounting Services

We understand that navigating the world of taxes and accounting can be a daunting task for business owners, financial controllers and internal bookkeepers across Australia.

Our mission is to simplify the monthly, quarterly and annual compliance process, providing the support you need – as much or as little as required – to not only meet but minimise your compliance burdens and liabilities.

We offer comprehensive accounting and bookkeeping assistance covering a wide array of services including payroll, management reporting, budgeting, projections, and both monthly and quarterly activity statements.

We believe in proactive compliance management, which is why we highly recommend engaging in annual tax planning before the end of each year. This not only aids in mitigating taxes but also provides clarity on your upcoming tax obligations and therefore cash flow management.

Once the tax year concludes, our team is dedicated to preparing your financial statements and tax returns efficiently and accurately. And if a Fringe Benefits Tax Return is on your list of obligations, rest assured, we’ve got that covered too.

Life in business is unpredictable, and whenever you encounter surprises or need guidance, we’re just a phone call, an email or a meeting away—online or in person.

Our specialisation spans across almost all areas of accounting and tax, ensuring that we’re well-equipped to assist you no matter the challenge.

So, as a business owner, executive, financial controller or internal bookkeeper, please feel welcome to reach out for exceptional assistance.

You can approach tax in one of two ways:

1. You can reactively treat it as something that needs to be done after the end of each year; or
2. You can proactively manage the situation for future success.

We are in it to help you find tax success in the now and future.

For instance, upfront when you’re starting or buying a business we’ll work through your goals and situation to structure the business for tax minimisation.

Then we’ll work with you as things naturally pop up from time to time, where you need help knowing what your tax obligations are and how best to manage them.

Both to mitigate the hassle of compliance and to reduce tax as much as possible.

As each financial year draws to a close, we’ll work with you so you understand the upcoming tax bills and, where possible, what actions you can take to reduce them further.

Then, finally, after the tax year we’ll get all your tax returns in order and lodged.

So, you’ll find that working with us, you have a trusted confidant who’ll advise you on best practice accounting. Whenever a complex situation arises, you’ll be expertly guided to the optimal result…. and very importantly, it is a highly held value of ours to keep things understandable with clear solutions so you can make the best decisions.

As you’ll see from our many 5-star Google Reviews, you’ll be in great hands. In fact, you’ll be helped by one of the Top 2% ranked Australian Accounting Firms.

We are looking forward to speaking with you soon.

Let’s be very open, there are many good advisors who can handle tax very well. On the spectrum between poor, average and exceptional, we sit in the group delivering exceptional advice…. and we have the proof to back this up.

For instance, there’s our pioneering involvement in the blockchain industry.

Years ago, we were one of, if not the first, to commit extensive professional help to those using blockchain and cryptocurrency. We did this because we saw many Australians struggling to understand their tax obligations, and even more importantly, failing to take the necessary steps to legally minimise their taxes.

Through this process, we gathered a wealth of knowledge of how to help our fellow Australians. This led us down a journey where many people came to us with some extraordinarily complex situations. Being passionate about finding clever ways to legally minimise tax, we took those challenges on. We’re extremely proud to say those clients well and truly got their money’s worth.

Sometimes people running large, or small, businesses come to us to double check the state of their tax affairs. Unfortunately, things aren’t always perfect and we’re tasked with fixing up historical messes.

In situations like this, we help those business owners come to terms with the tax dilemma they face, and with our experienced outside-the-box thinking put in place measures to mitigate the tax damage as much as legally possible. Then we move forward to a programme designed to proactively mitigate problems arising in the future.

There are a great many additional examples we could provide. Including the clever top-hatting solution we implemented to proactively help a client alleviate their Division 7A problems.

But rather than you just take our word for it, we suggest you take a look through the collection of 5 star reviews submitted on Google, which place us in the Top 2% of Australian Accounting Firms.

If you have a complex tax problem, or want to proactively avoid them, please do let us know. We’re here to help.

If you find yourself in a tax dispute, you’re going to want have an experienced winner by your side.

Munro’s have those wins.

Whilst we’re always doing our best to prevent a tax dispute in the first place, sometimes you might find yourself defending in an audit, objection or tribunal situation.

In our experience, very few of our clients are audited. We’re confident this is because we have a solid reputation for doing things the legal way.

Since audits are few and very far between, our clients immediately have peace of mind. They get on with taking care of their business, rather than worry about a potential audit.

When we do see an audit, it’s usually a high wealth review. Once your business and/or wealth is around $50 million plus, you’re likely to be pulled into the regular high wealth review program.

Our role in the process is to sit between you and the ATO, finding out what the ATO wants and helping you put the replies together to get them off your back as soon and as painlessly as possible. It’s a strategy we excel at.

There comes other times when you might need to object to a tax assessment or decision. In these instances, we use our experience and research techniques to consider the avenues to success, and where we determine a successful outcome is realistic, we help you throughout the objection process.

Over the years, our clients have saved thousands upon thousands of dollars due to successful objections.

In the extremely rare instances that an objection is not successful, but we feel confident you have been wronged by the outcome, we have the option to go to the Tribunal.

We’re limited by what we can say here, due to confidential settlements. What we can say, is that if you want to have an experienced winner by your side, then you’ll have that with us.

So, what’s it like being a client of Munro’s? You ordinarily don’t have to worry about tax disputes because we legally minimise your taxes and seldom experience ATO audits. In the cases where an audit, objection or Tribunal situation arises, you have the winning experience by your side.

In order to set you for financial success, no matter what you do, it is important you start with the basics – tracking, classifying and monitoring your financial transactions.

In business, the practice of tracking, classifying and monitoring your financial transactions is called bookkeeping.

You need to know where your money has gone, and how much you are making from your products and services

There are many problems that can come from inefficient or inaccurate bookkeeping, such as:

• Lots of time and resources wasted unnecessarily.
• Inability to perform financial analysis.
• Financial losses through such issues as missed payments, invoicing errors and cash flow problems.
• Non-compliance with relevant government authorities, such as the ATO and the State Revenue Office, which could lead to severe penalties wasting thousands and thousands of dollars.

As accountants in business since 1973, we know business owners don’t only need to get the bookkeeping done for compliance purposes, they also should utilize it for powerful strategic financial management.

Insights gained from your financial records can, and should be, a key driver in how you make better decisions to grow your business.

But, the first place always starts with accurate, up-to-date bookkeeping.

A couple of the common issues we’ve seen with bookkeeping include:

• relying on the software too much, and
• business owners wasting too much time on the bookkeeping.

The software these days is far better than it has ever been, but it’s seldom a plug-in and let rip solution. This is especially true when payroll is involved.

We also mention business owners wasting too much time on bookkeeping because it’s not usually where your talent and best output lies.

Whether you are starting your business or looking to grow, you should be putting adequate time into working ON your business rather than IN your business.

You don’t need to concern yourself with endless amounts of paperwork and general bookkeeping tasks. These can be better left to skilled employees or to professionals such as ourselves.

Before we finish this video, we’ll use an example of a bookkeeping problem, and solution, to give you additional context about what we’ve been discussing.

Say you are a small business experiencing net profit growth year-on-year. Due to increased revenue over the last year, you are required by the tax system to lodge more frequent Business Activity Statements.

Up to then, you maintained your financial records in a spreadsheet, which presented many issues such as inefficiency and inaccuracy. So, things have to change.

In a situation like this, we could assist you in setting up a modern bookkeeping system, and provide you with comprehensive training on how to use the program.

The result, an improved bookkeeping system allowing you increased functionality to track your business performance and meet your tax obligations.

Additionally, with the more efficient bookkeeping system, you might also free up some of your time, which could then be used to grow your – allowing you to work ON your business, rather than IN your business.

If you want more time, and advanced insights, so you can focus on growing your business, please don’t hesitate to contact us and book a no-obligation meeting with one of our specialist advisors. We guarantee you won’t regret it.

True business structuring is an evolving exercise over the business journey.

The tax structure you start with may require changing as your business grows from a small business to one with several million in revenue and a wider diversity of assets and activities.

The entity structure is also shaped along the journey by wealth protection and succession. If you develop considerable Intellectual Property (IP) you might need to protect it in a dedicated vehicle. If you’re exposed to the possibility of large claims, whether immediate or in the distant future, likely or unlikely, a service entity may be prudent. As you admit more people into ownership, or as people leave, succession planning plays a critical role.

Then there is the operational structure (aka organisational design). As your business grows, or has grown, new positions, responsibilities, accountabilities and management team will evolve. The shape taken when you are a small business may not be the shape needed to propel your business further. That’s when careful restructuring should be considered.

Helping you solve any one, or all of these problems, is what we’re here to achieve for you; as The Professional Problem Solvers.

When you’re ready, please get in touch, so that we can work together on your future success.