Tax Advice - CapitalQ

Tax Advice

We are Registered Tax Agents, both as a business and individually, being the only people allowed to prepare and lodge your tax obligations for you.

Our Team also includes Chartered Accountants and CPAs which requires extensive tax training and expertise as part of the qualification as well as ongoing professional development.

And our Team includes Chartered Tax Advisers, the world’s number one tax credential from Australia’s pre-eminent tax professional body, the Tax Institute of Australia.

As you can see our bread and butter is tax and tax advice.

While there are many other facets to business and wealth building, tax tends to take a majority of the headlines and is the issue most clients are most interest in (or interested in minimising).

And, you may think, strangely enough, it is an area in which we thoroughly enjoy the problem solving, as we seek out ways to get the best results for our clients.

The effective return on investment for our clients is also substantial and can make a huge difference to their long-term wealth, particularly if proactive minimisation is implemented on an ongoing basis over time.

Remember, the Australian tax system is a “self-assessment system”. Which means when you lodge your tax obligations, you are providing a legally binding personal certification and assurance that what you have lodge is correct and prepared in accordance with the law.

AND in the first instance, the ATO take you at your word and consider your return correct.

Investigations into your affairs, if they come, will generally come later down the track. Often after more data has been collected about you, your industry, related transactions and the like. In most cases the ATO have 4 years to investigate, in many cases, they can go back as far as they like.

What this means is that by the time the ATO comes to review and assess how accurate your report was, you may have become complacent, feeling “you got away with something”.

Worse, you may have since done it again and again.

And that is not to mention the passage of time, which is an amended assessment occurs, means interest will have accrued on any shortfall in payment over all that time.

What it means is that it rarely pays to just “take the risk” or to stick your head in the sand and ignore the correct treatment of a particular transaction.

Instead, make sure you have formal, personalised advice so you know you are getting things right and you aren’t left with lingering doubts hanging over your head for years to come.

Accounting & Tax

What our customers say

Logo for Michael Gray
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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