SMS Accounting Partners

Welcome to SMS Accounting Partners

At SMS Accounting Partners we integrate our expertise in the Tax and Finance gained through the years. We ensure that clients receive the fruits of best business practices and long term financial stability. SMS Accounting Partners is a leading Tax and Finance strategy planning company that ensures that their clients can manage their tax affairs for their respective entities in the best possible way. The company was established with an aim to make best use of their expertise and knowledge in accounting, taxation and financial planning to cater to a wide range of client needs, while delivering efficient outcomes in relation to tax affairs and wealth creation goals.

The company comprises of a team of able, experienced and highly qualified accountants that ensure to provide their clients with best and extremely effective finance practices to help in ensuring long term financial stability. Our company culture strongly stresses on continual learning to expand our knowledge and stay abreast with the latest regulations to ensure that we can deliver the best possible advice for our clients. SMS Accounting Partners is known for its reliability and efficiency in strategies and practices relating to Taxation and financial planning services for businesses and individuals.

OUR SERVICES

Tax Returns

• Individual
• Company
• Partnership
• Trust

Business Activity Statement

Business Setup and Registration

• Company
• Partnership
• Sole Trader
• Trust 

Capital Gains Tax

Bookkeeping Services

Financial Reports Preparation

Budgeting and Cashflow Report

Payroll Services

PERSONAL

As an Australian resident for taxation purpose, it is a requirement to declare all income that you have received worldwide in your personal / individual tax return.

SMS Accounting Partners located in Melbourne’s various Suburbs like Oakleigh, Dandenong, and Point cook is the best option to assist you in the preparation of your individual tax returns. You can get your individual tax return done by simply calling our office and speaking to one of our friendly staff and providing some basic information or you can fill your details in Contact us form from our website. Dealing with hundreds of income tax returns every year, our team is capable enough of solving each and every query that you may have to maximize your eligible deductions whilst still being ATO compliant.

List of Documents

To make the most of your appointment, we advise that you bring the all of the following documents that are relevant to you:

Deductions

• A list of work-related expenses (with receipts). This includes your motor vehicle log book
• Interest and fees on investment loans
• Donations to charities (unless you get a ticket to win something in return, those ones don’t count)
• Details of amounts spent on self-education.
• Fee charged for previous year’s tax return
• Income protection insurance
• Sickness and accident insurance
• Private health insurance statement from the provider.
• Any extra superannuation contributions
• Amount of HELP debt or Financial Supplement loans outstanding

Income

• PAYG Payment Summaries (previously Group Certificates)
• Details of any distribution from companies, trusts or partnerships
• Payment Summaries from Centrelink
• Interest earned from bank accounts
• Share dividend statements

Other

• Spouse details (Full name, income etc)

CORPORATE

Are you worried about your company tax return obligations with ATO? We at SMS Accounting partners, team of tax experts are here to guide you from your tax time worries and get your Company Tax Returnsdone.

Our Experienced and qualified staff with all kind of tax structures thus can give you ATO-compliant tax returns and provide advice on how to minimize tax payable by claiming all eligible deductions that you may not have been aware of.

With the constant changes in the Australian tax laws, it is difficult to keep up to date with the rules and regulations of different fields. No matter what field you are in, whether it is in construction, medical or retail, SMS Accounting partners are constantly updated with the changes and will ensure that your tax returns are prepared in compliance with the ATO rules.

SMS Accounting partners will also remind you of your pending returns every year and thus you will be safe from lodging late tax returns and receiving to avoid a late lodgement penalty.

Small Businesses

Starting 1st July 2015, the government has introduced a range of tax concessions for businesses with a turnover of under $2 Million. Contact us to learn more about the Small Business concessions like simplified depreciation ($20000 instant depreciation, small business pool etc.) and small business tax offset.The Company will generally pay tax at the rate of 28.5% of its net profit if it has an aggregated turnover is under $2 million. For Companies with an aggregated turnover in excess of $2million then the tax rate is 30%.

The 2016 Federal Budget has proposed to increase the threshold to $10 Million and reduce the tax rate to a 27.5% for small businesses, as part of a Ten Year Enterprise Tax Plan of the current government. Please refer to our blog section for further details. The legislation is pending approval of the budget.

Deductions

• A list of work-related expenses (with receipts). This includes business motor vehicle logs
• Receipts of charitable donations
• Interest and fees on investment loans
• Donations to charities (unless you get a ticket to win something in return, those ones don’t count)
• School building levies and library funds
• Fee charged for previous year’s tax return
• Insurance details

GST

SMS accounting partners is registered to cater to your GST needs as well. We offer a one-stop shop for all your accounting needs and keep you compliant with all the ATO regulations. Please contact us to discuss an annual package for managing your tax affairs.

Record keeping obligations

• Details of all the directors, shareholders and secretaries
• Details of the changes if the persons authorised to act on behalf of the organisation have changed
• The date of dissolution (if applicable)
• The date of the reconstitution (if applicable)
• Variation of business agreement: Keep a copy of any variation to the business agreement for the life of the partnership plus five years.
• Business records including: books of account (with accounts for each beneficiary’s capital contribution, drawings and share of profit or loss), minutes of business meetings, and memoranda of decisions reached, especially regarding shares of income and losses.
• Depreciation worksheets

PARTNERSHIPS

Partnership firm is required to lodge a tax return at the end of each financial year. Partners running a partnership firm are liable to pay tax for their share of income from the partnership firm. Each individual in the partnership firm has to lodge their individual tax returns as well as partnership tax returns. Partnership tax returns should allow assessable income with legal expenses and deductions to compute net income/loss for the financial year. Our experienced staff will help you identify your business expenses which can be deducted against partnership income.

SMS accountingpartners will work with your tax return so that you can rest assure that you are getting all the right deductions claimed. Before lodging any tax return we confirm, compare and update every detail to provide you with accurate results to avoid ATO audits and penalties. SMS Accounting Partners will provide you with highly professional services will allow you to grow in your business.

Record keeping obligations

• Details of the partners, including TFN, Date of birth and address.
• Details of the changes if the persons authorised to act on behalf of the Partnership have changed
• The date of dissolution (if applicable)
• The date of the reconstitution (if applicable)
• Variation of partnership agreement: Keep a copy of any variation to the partnership agreement for the life of the partnership plus five years.
• Business records including: books of account (with accounts for each partner’s capital contribution, drawings and share of profit or loss), minutes of partnership meetings, and memoranda of decisions reached, especially regarding shares of income and losses.

Deductions

• A list of work-related expenses (with receipts). This includes business motor vehicle logs
• Interest and fees on investment loans
• Donations to charities (unless you get a ticket to win something in return, those ones don’t count)
• Fee charged for previous year’s tax return
• Superannuation contributions paid as part of the Superannuation Guarantee

TRUST

SMS Accounting Partners also provide service for Trust tax returns. Trust Forming and managing is a complicated process which needs professional guidance. All the trustees have the responsibility to meet the tax obligations of the trust including the lodgement of the trust tax return, without the Proper understandings of the tax laws this may be a very confusing and difficult to manage. If you are thinking, of what to do and how to do your trusts tax return, contact us and let one of our experts help you manage the tax obligations and prepare your trust tax returns.

Record keeping obligations

• Details of all the beneficiaries.
• Details of the changes if the persons authorised to act on behalf of the organisation have changed
• The date of dissolution (if applicable)
• The date of the reconstitution (if applicable)
• Variation of business agreement: Keep a copy of any variation to the business agreement for the life of the partnership plus five years.
• Business records including: books of account (with accounts for each beneficiary’s capital contribution, drawings and share of profit or loss), minutes of business meetings, and memoranda of decisions reached, especially regarding shares of income and losses.

Deductions

• A list of work-related expenses (with receipts). This includes business motor vehicle logs
• Receipts of charitable donations
• Interest and fees on investment loans
• Donations to charities (unless you get a ticket to win something in return, those ones don’t count)
• School building levies and library funds
• Fee charged for previous year’s tax return
• Insurance details