Accounting & Taxation

We believe accounting services should be straight forward and stress-free. By providing cutting edge bookkeeping, accounting, taxation and financial solutions and using the right products for your record keeping, our team at Milton Advisory will work with you to understand your needs and help you achieve your goals, making it easier for you to manage your cash flow and meet your tax obligations.

While fiscal compliance is of the upmost importance, we at Milton Advisory also believe in offering management advice and support at all levels of our services. We are committed to offering the highest level of friendly and professional service and welcome the opportunity to work with you.

The areas we specialise in are as follows:

• Accounting & Tax Consultancy Services
• Personal & Business Tax Returns
• Annual Reporting
• Business and Tax Advisory
• ATO correspondence Management
• Self-Managed Super
• Cloud accounting experts

Business Advisory

Choosing your business structure is an important decision and Milton Advisory can consult with you and suggest the best structure for your business. There are four main business structures commonly used by small businesses in Australia. They are:

Sole trader: an individual operating as the sole person legally responsible for all aspects of the business. Like other structures, as a sole trader you can employ people to help you run your business. The structure is inexpensive to set up because there are few legal and tax formalities.
Partnership: an association of people or entities running a business together, but not as a company. A partnership is relatively inexpensive to set up and operate.
Company: a legal entity separate from its shareholders. It is a complex business structure, with set-up and administrative costs that are usually higher than for other business structures.
Trust: an entity that holds property or income for the benefit of others. Trusts require a formal trust deed that outlines how the trust operates, require the trustee to undertake formal yearly administrative tasks and if you operate your business as a trust, the trustee is legally responsible for its operations. A trustee of a trust can be a company, providing some asset protection.

Companies and Trusts are more complicated business structures but they have their advantages and Milton Advisory can discuss these with you. It is important to note that you can change your business structure throughout the life of your business.

We can also assist with:

• Business takeovers
• Valuation of business
• Due diligence reports
• Due diligence services
• Business risk profiles
• Specialist Tax advice
• Tax planning
• Board of Directors representation
• Specialist Tax advice

Corporate Secretarial Services

Milton Advisory has the experience and understanding of the legal and regulatory framework that applies to business entities and we can help you understand the myriad compliance programs and regulated obligations that affect your business/company. We will make sure your business/company meets all its obligations to ASIC (Australian Securities & Investments Commission), the ATO (Australian Taxation Office) and the SRO (State Revenue Office of Victoria). Compliance is of paramount importance but we also believe that management advice and support is a crucial aspect of corporate accounting.

We can assist with:

• The formation of trusts and new company registrations
• Preparation of annual company statements
• Attending to ASIC returns and regular filings on your behalf
• Any company changes or change of directors
• Business name registrations and maintenance
• Renewal of business name/s and other registrations
• Preparing meeting minutes and drafting resolutions
• Share allotments/transfers/buy-backs
• Unit Trusts and allotment/transfer of units and change of Trustee
• Family Trust set up and change of Trustees
• Provision of registered office services for service of notices
• Preparing minutes and drafting resolutions.

Wealth Management & Protection

Wealth creation, management and protection is a team sport. You need your team to consist of competent professionals and a high quality, well qualified and experienced financial planner should be top of the list.

A client needs to put in place the right strategies and structures, to create and protect wealth and then review these strategies and structures on a regular basis. That is because your circumstances and goals will change and so will the economy and the legislation relating to how your affairs are structured.

Milton Advisory maintain a close relationship with a local financial planner who we trust to help you navigate this important side of your finances.

Self-Managed Superannuation

Setting up a Self-Managed Superannuation Fund is a major financial decision. We understand that you’re busy and that the SMSF rules are complicated. We will provide you with an end to end solution giving you access to all the support and expertise you need to ensure your SMSF is well managed and compliant.

A SMSF can have many advantages but, equally, you need to consider the reasons why a SMSF may not suit your needs. We can help you decide if this is the right option for you.

Advantages of a SMSF:

Having control of your retirement savings can lead to a deeper understanding of how your overall wealth is tracking, and gives you more confidence in your investment and lifestyle decisions.

You can have access to a broader range of investments. You can invest in the usual options such as shares, term deposits, managed funds and property but you can also hold alternative assets such as artwork, jewellery, antiques, and wine. There are though, very strict rules on holding the latter assets in your self-managed super fund.

You retain control while still being able to take advice from your advisors.

Beneficial tax planning strategies.

Greater flexibility for accessing Centrelink benefits such as the age pension.

But a SMSF is not for everyone:

If you have set up a self-managed super fund (SMSF), you are in charge and you make the investment decisions for the fund. You must also be aware that you are responsible for complying with superannuation and tax laws, maintaining records, providing financial statements, completing tax returns and organising an annual independent audit.

You also need time and expertise to run your SMSF.

Compliance is very important.

There can be up to 4 Trustees and their thoughts and ideas have to be included.

The ATO offers advice on the responsibilities of having a SMSF.

Milton Advisory offers advice on all SMSF services, including:

• The setting up of a SMSF and all administration tasks such as preparation of your trust deed and the completion and lodgement of relevant ATO statements.
• Superannuation consolidation.
• Ensuring your SMSF is compliant with current superannuation laws and regulations
• Advice on life and disability Insurance options.
• If there is more than one member in your SMSF, we can offer advice on what will happen in the event of ill health, death, relationship breakdown, or waning interest.
• Advice regarding Investment in Property
• Appointment of Trustees
• Audit of your SMSF

Bookkeeping

Milton Advisory can take over all, or some of your bookkeeping activities allowing you to concentrate on growing your business.

Services we can offer include:

• Design, establish and review accounting systems and software
• Perform checks, reconciliations and end of financial year reports
• Manage your accounts receivable and accounts payable
• Ensure your business is up to speed with legislative requirements and management reports
• Undertake payroll duties and compliance
• Prepare and lodge BAS statements
• GST & PAYE advice
• BAS Lodgement
• GST Reconciliation
• PAYG Withholding & Superannuation reports
• Completing expense reports
• Direct to bank account transactions
• Organising your documents and records
• Data / ledger entry
• Paying bills
• Completing expense reports
• Direct to bank account transactions
• Provide general business administrative support