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Comprehensive & Flexible Plans for You

Service Plans

Enjoy flexible service packages to suit your business needs and budget so you can focus on running your business with peace of mind.

Depending on where you are in your journey right now, we have flexible service plans to cater to your needs and budget at every stage of your business. Check out our service plans below and feel free to contact us for more details or customisations.

Service Plan 1
Startup
Service Plan 2
Growth
Service Plan 3
Scale
Rental Plan
Flexible

Service Plan 1

Perfect for businesses handling fewer than 50 transactions monthly and those seeking foundational services without the need for invoicing.

Plan Details:

  • Subscription and support for accounting software (Xero or MYOB)
  • Yearly business performance review meeting
  • Bank statement alignment and verification
  • Access to email and phone assistance
  • Timely reminders for income tax dues
  • Income Tax return processing and submission
  • Crafting of an annual financial plan
  • Frequent informative newsletters
  • Tax due date reminder services
  • End-of-year financial guidance, tax insights, and budgeting tips
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Service Plan 2

Designed for small to medium enterprises handling up to 200 transactions monthly, we're here to boost performance and business growth, letting you concentrate on your core strengths.

Incorporates all features from Service Plan 1, with additional offerings:

  • Periodic assessment of your digital transactions with performance insights
  • Frequent tax and business advisories
  • Reporting on outstanding payments & receivables
  • Bi-annual business performance evaluations and KPI discussions with a senior partner
  • Half-yearly consultations with your accountant for business assessments
  • Comprehensive management of company and trust affairs
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Service Plan 3

If scaling up your enterprise is your aim, Service Plan 3 is tailored just for you. Benefit from our consistent advice and insights to facilitate your business growth.

Building on the foundations of Service Plan 1 and 2, Service Plan 3 further offers:

  • Oversight of cash flow and budget dynamics
  • Monthly business evaluations
  • Detailed financial reports each month
  • Monthly performance snapshot
  • Monthly revenue analyses
  • Tax planning insights every month
  • Regular monthly sessions focusing on business advice and key performance indicators
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Rental Plan

For dedicated property investors, our Rental Service Plan saves you time, ensuring your investments are optimized for tax benefits and fully aligned with property tax regulations.

Plan Details:

- Comprehensive year-end financial reports
- Annual tax return drafting and submission
- End-of-year financial insights, tax, and budget recommendations
- Management of ATO requirements
- Reminders for tax payment schedules
- Included software subscription
- Regular updates through Business Newsletters
- End-of-year Income Statement
- Complete annual financial documentation
- Precision in preparing and filing income tax returns
- Top-tier accounting software provision
- Accessible email and phone assistance
- Timely notifications on tax and business updates

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Capital Allowances

Deductions for the decline in value of depreciating assets are available under the Uniform capital allowance (UCA) system. In addition to the rules for depreciating assets, deductions are allowed for certain other capital expenditure.

Small business entities have the option of choosing simplified depreciation rules. Under these rules, small business entities can claim an immediate deduction if the cost is below the relevant threshold or else add the asset to the small business depreciation pool.

Land, trading stock and most intangible assets (excluding exceptions such as intellectual property and in-house software) are not depreciating assets.

The decline in value is generally calculated by spreading the cost of the asset over its effective life, using one of two methods:

Prime cost method – decline in value each year is calculated as a percentage of the initial cost of the asset
Diminishing value method – decline in value each year is calculated as a percentage of the opening depreciated value of the asset
MORE: Australian Taxation Office (ATO) Decline in value calculator.

For most depreciating assets, taxpayers can either self-assess the effective life, or use estimates published by the ATO. Taxpayers can recalculate, either up or down, the effective life of an asset if the circumstances of use change and the effective life initially chosen is no longer accurate. An improvement to an asset that increases its cost by 10% or more in a year may result in an obligation to recalculate the effective life of the asset.

Decline in value of cars is restricted to the car limit. From 1 July 2022, the luxury car tax threshold for luxury cars is $64,741 (it was $60,733 for the year commencing 1 July 2021). Luxury car leases are treated as a notional sale and purchase, with decline in value restricted to the car limit.

The decline in value of certain depreciating assets with a cost or opening adjustable value of less than $1,000 can be calculated through a low-value pool. The decline in value for depreciating assets in the pool is calculated at an annual diminishing value rate of 37.5%.

Changes for 2022 and 2023

From 12 March 2020 until 31 December 2020, the asset cost threshold for the instant asset write-off (which is usually only available to small business entities) has increased from $30,000 to $150,000 and the eligibility criteria expended to cover entities with an aggregated turnover threshold of less than $500 million (up from $50 million).

Further, from 12 March 2020 until 30 June 2021 the Backing business investment measure applied to businesses with aggregated turnover below $500 million and provides either:

A deduction of 50% of the cost or opening adjustable value of an eligible asset on installation (existing depreciation rules apply to the balance of the asset's cost), or
For businesses using a small business depreciation pool, a deduction of 57.5% of the cost of the asset in the first year, with the balance added the asset to the small business pool
In addition, from 6 October 2020 to 30 June 2023, full expensing applies to allow eligible businesses with an aggregated turnover of less than $5 billion to deduct the full cost of new eligible depreciating assets. For businesses with aggregated turnover of less than $50 million, full expensing also applies to eligible second-hand assets.

Activity Statement

Businesses use activity statements to report and pay a number of tax obligations, including GST, pay as you go (PAYG) instalments, PAYG withholding and fringe benefits tax. Non-business taxpayers who need to pay quarterly PAYG instalments also use activity statements.

Activity statements are personalised to each taxpayer to support reporting against identified obligations.

Activity statements for businesses may be due either quarterly or monthly. Generally, businesses can lodge and pay quarterly if annual turnover is less than $20 million, and total annual PAYG withholding is $25,000 or less. Businesses that exceed one or both of those thresholds will have at least some monthly obligations. Non-business taxpayers are generally required to lodge and pay quarterly.

Taxpayers with small obligations may be able to lodge and pay annually. Some taxpayers may receive an instalment notice for GST and/or PAYG instalments, instead of an activity statement.

The Australian Taxation Office (ATO) web site provides instructions on lodging and paying activity statements. Detailed instructions are provided for each of the different tax obligations:

GST (Goods and Services Tax)
PAYG (Pay As You Go) Instalments
PAYG (Pay As You Go) Withholding
FBT (Fringe Benefit Tax)
LCT (Luxury Car Tax)
WET (Wine Equalisation Tax)
Fuel Tax Credits