Accounting Solutions for Share Traders & Investors

Munro’s provides professional accounting advice and assistance for Self-Managed Superannuation Funds that invest into shares and other investments.

Upon setting up a SMSF, if you intend to invest into a diverse range of investments such as domestic shares, international shares, ETFs, index funds, managed funds, hedge funds, venture capital, derivatives, options, foreign currency, etc, it is essential that the rules of the SMSF as defined in the trust deed permit this.

Thereafter, when making the investments, it is essential that you comply with the Super rules such as Sole Purpose Test (it’s for your retirement only), restrictions on who you can buy from, maintaining arm’s length transactions and abiding by strict borrowing and margin trading conditions.

As the Professional Problem Solvers, we are here to firstly prevent SMSF problems and mitigate them should they already exist. We work closely with clients and their financial advisors to attend to the annual compliance obligations such as tax return, financial statements, fund minutes and seamless audit.

If you need specialist assistance with your SMSF, we are 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.

Munro’s helps people with 12 distinct stages of life, which not only includes accounting for businesses and tax returns, but also estate planning and estate administration.

Estate planning is the process of planning for death with regards to financial affairs. It isn’t something that should only be acted upon in later years of life, but rather something all adults should be on top of. It’s about preparing your financial affairs for the inevitable, ensuring your wishes are respected, and your loved ones are protected.

One of the first steps is understanding the importance of having a Will. Without one, State law decides who inherits your wealth, which might not align with your wishes. With a Will and appropriate estate planning, you can ensure your assets go to the people you choose, together with achieving tax optimisation.

• Depending on your circumstances, there may be much to consider for your estate plan. Such as:
• Choosing an Executor – the person or people responsible for your deceased estate.
• Who do you want to get your assets? Do you give specific assets to specific beneficiaries?
• What happens if a beneficiary dies before you, who gets it then?
• What are the implications of owning property in joint tenancy as opposed to tenants in common?
• How is your superannuation distributed following your death? Superannuation may skip the deceased estate and not be subject to your Will if appropriate death benefit nominations are not active.
• How do you deal with who gets family trusts, companies and other entities if you have them? Control of these entities may or may not be effected through a Will.
• Do you need to consider bloodline clauses and a family constitution to protect your heirs?
• Have you protected beneficiaries in case of bankruptcy, divorce, legal dispute, drug addiction or mental illness?
• Deciding the age at which children inherit.
• Is it appropriate to include a testamentary trust? If so, one trust for each beneficiary or just one trust for all? Is there flexibility for some to opt in and others to opt out?
• Addressing loans and gifts made during your lifetime.
• Planning charitable donations for tax efficiency.
• Understanding tax implications for shares, real estate and other investments. Will your home continue to be tax free? Will the Executor be able to access the necessary records to appropriately lodge tax returns? Are there foreign investments & foreign taxes to consider?
• If you have exotic investments such as cryptocurrencies, gold and collectables, will your Executor be able to access them?
• Have you arranged EPAs, EPGs and Advanced Health Directives?
• And, should you already be implementing proactive tax mitigation strategies?

The more complex your circumstances, the more vital it is to have a well-thought-out estate plan.

At Munro’s, we provide professional assistance to clients when it comes to tax-effective estate plans tailored to their needs.

If you need help with estate planning, please reach out to us. We’re here to help ensure your financial legacy is secure and your loved ones are taken care of.