Goods & Services Tax Advice

GST impacts every business in Australia.

And it passes substantial administrative obligations on to the business owner (frankly the system is a form of outsourcing of the Tax Man’s work).

Staying on top of our GST obligations is paramount. All too often we see businesses fall behind and once they do, the problem can really start to run away from them (remember in virtually all businesses, every single dollar that comes into the business includes a little over 9 cents that aren’t really yours. This very quickly adds up).

There are of course complications with the GST system. Most will know that while GST applies to the majority of transactions, it doesn’t actually apply to every transaction.

These exemptions are actually the systems biggest flaw. As a tax collection mechanism, GST or other similar value-added taxes are amongst the most efficient, and the most difficult to avoid (especially given the move away from cash).

But when the Liberal Party were forced to make exceptions and exclusions in order to get their new tax into law, those lobbyists didn’t really appreciate the extra burden it placed on those responsible for the collection of GST, the business owners!

Property transactions are amongst the most complex. And given the amounts of money involved, are where the biggest risks and biggest errors occur (and when things go wrong with GST, they really go wrong).

International transactions also come with their significant GST issues.

Accounting & Tax

What our customers say

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Duncan Melbin’s firm first became the business accountants for Exploration Data Services, and my Family, when he was still a Graduate Accountant some 16 years ago. Myself and my late business partner have followed him ever since!

In the early days Duncan was very proactive in regards to fine tuning our business structure and the benefits of getting the structure right early are still flowing today.

Throughout my time working with Duncan he has played a key role in ensuring our tax affairs have always been in order and our tax obligations have always been minimised and well managed.

Duncan has also played a key role in ensuring my Family and I have adequate wealth protection in place and that we have maximised our wealth creation including through a regular superannuation contribution strategy and the use of a self-managed super fund that keeps us engaged, in control and to a large extent free from the perils of the GFC.

More recently we took the opportunity to outsource our entire back office accounting function to CapitalQ including switching our accounting and invoicing to Xero. I now spend barely any time at all on my monthly accounting and Activity Statement lodgements, as CapitalQ have it all in hand. This allows me to focus on running my business better, and frankly to have more time to enjoy the spoils of a life in business.

I work closely with Kapil Bhasin, our Client Manager, and Peter Melbin, our outsourced Bookkeeper, and they are clearly very valuable assets for CapitalQ.

Working with Duncan, Kapil and Peter is very easy, they respond promptly to any queries I have and most importantly I have complete trust in the advice they give me and that my business affairs are being well looked after. I would recommend CapitalQ to any potential client without reservation.

So if you own a small business or are looking to grow your wealth I highly recommend you speak to the CapitalQ Team. They will give you good advice, and ensure you are on track for a sound business and financial future (and outsourcing your back office accounting process to them, and switching to Xero, will be two of the best business decisions you will make).

Michael Gray

Director - Exploration Data Services (Perth)

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