Archive for June, 2010


June 26, 2010  |  Posted by Rova Partners |  No Comments

We also extend services beyond standard compliance. In addition to the preparation of financial statements and tax returns we facilitate the delivery of proactive knowledge to assist your business. We work with you from the ideas stage through to implementation.

Our qualified bookkeepers will get your accounts up to date in a quick and timely manner, with an emphasis on accuracy. This way, you can track how your business is performing and have the peace of mind that all your income and expenses are accounted for.

From there we can keep on top of your periodic reporting obligations by lodging your Business Activity Statements, Instalment Activity Statements, PAYGW summaries, Annual GST Returns, or any other ATO requirements. By keeping on top of this we can effectively create tax strategies to get you the most tax advantageous result.

Finally, we will consolidate your trading information into a yearly set of financial accounts, incorporating the Profit & Loss Statement, Balance Sheet, and Members Balances. This is not only useful for gauging your business’ performance from year to year, but is also often the first thing required when applying for finance. We can also prepare interim financial statements if required by your lending institution.


June 26, 2010  |  Posted by Rova Partners |  No Comments

Rova Partner’s taxation team is well equipped to act as your trusted business adviser. Our team helps you minimise risk and maximise opportunities.

Company Tax

Our tax firm specialises in gaining an in-depth understanding of your business and the core tax issues that impact on it. We offer tax and accounting advice, ideas and services with the benefit of specialist knowledge across a broad range of industries and markets. We leverage our experience to ensure you are able to understand and manage your tax and accounting obligations in the following critical areas:

  • Taxation preparation and compliance
  • Taxation planning and strategies
  • Domestic Structuring, including Financing
  • GST Management, which includes BAS related services , ABN & GST registration and bookkeeping
  • Mergers & Acquisitions
  • Tax Compliance & Process Management
  • Withholding Tax Management.
  • Fringe Benefit Tax Reporting & Compliance

We will help you stay on top of your books and tax obligations, giving you the freedom to achieve your goals and to focus on the success of your business. Strategic tax advice and ongoing support is part of the service our clients find most valuable.

Personal Tax

We can assist you with more than just your company tax obligations. Our tax firm also specialises in advising clients on their personal taxation affairs as well as personal asset protection and we can provide you with advice in relation to:

  • Investment Structures
  • Remuneration Strategies
  • Retirement & Superannuation Planning
  • Strategic Tax Planning.

Your tax return is prepared in your interests. You can be assured that your taxation affairs are in safe hands. We pro-actively prepare your tax return to achieve the tax outcomes you need.  Confidence and trust in a reputable tax agent is important when dealing with your taxation affairs.

As a Registered Tax Agent with abundant experience and knowledge of the tax system and Australian taxation law and procedure, you will access the benefits and reliability of a professional who acts in your interests, and achieve the best legal outcomes suitable to your circumstances.

Late Lodgements

June 26, 2010  |  Posted by Rova Partners |  No Comments

Lodging a tax return every year is not always possible, or even a priority, but it is a requirement for most taxpayers in Australia. You may have missed lodging a tax return in one year and, after unforeseen circumstances occur, before you know it several years have passed and the Australian Taxation Office is demanding lodgement of all your outstanding tax returns. The Tax Office may be threatening you with interest and penalties of up to $550 if they are chasing you to lodge tax returns. As a Registered Tax Agent, we are able to work with you and, in many situations, can have these penalties reduced or even remitted.

If you have missed the deadline for an outstanding tax year then arrange a time to come in and see us. Whether you are late for one year or ten years, our office is experienced in assisting people with late returns and can get you back up to date with your Tax Office requirements.

We can also lodge overdue Business Activity Statements and look at ways to restructure some reporting fields to minimise any late lodgement fees and penalties that may apply.

Propriety Limited Companies

June 26, 2010  |  Posted by Rova Partners |  No Comments

The private company, or Pty Ltd, is a separate legal entity.  It has rights and obligations to much the same extent as a real person. It can sue and be sued, enter into contracts in it’s own name and borrow money in it’s own name. In practice though, the directors of the company manage the company, a company can’t manage itself, and the shareholders own the company. Generally the directors and shareholders are the same person, and so the people effectively own and control the company as if it was their own. It must be kept in mind, however, that a company is a separate entity and the assets and income of the company are it’s own until they are distributed to the shareholders by dividend. Failure to appreciate this separate existence can be expensive on the tax side as there are many tax laws that deal with keeping the company and directors/shareholders separate.

A company is an ideal structure to run a business, especially if that business is likely to be sold in the future. The basic tax benefit of a company is that tax is limited at 30%.  As a company is a separate entity it can employ the owners and there can be some substantial tax benefits of being an employee of your own company, such as a company car.

A company provides a good level of asset protection. If the company is sued, the shareholders are not liable. The company directors are also not liable unless they were acting dishonestly or incompetently. From our experience for most small businesses and investors, a company is most suitable to acting as a trustee of a trust. Tax issues are generally much simpler and asset protection is enhanced.

We are able to run through the pros and cons of a company and, if required, setup one for you and assist with the tax, accounting and compliance work.

Trust Structures

June 26, 2010  |  Posted by Rova Partners |  No Comments

Small businesses generally begin as a sole trader. However, as your business and income grows, you may need to consider alternative business structures.

Many businesses are also organized to include a trust. The trust is normally a discretionary, unit or hybrid trust that could either trade on a day to day a basis or purely ‘hold’ property or other investments on behalf of the beneficiaries (normally individuals). This arrangement allows for tax efficient outcomes in terms of profit distribution and should the business be sold. The use of trusts is most suitable for medium-sized businesses.

A trust is normally set-up with a company acting as trustee. This is done so that the advantages of a company are available whilst full control is maintained as the family members become directors of the company and/or beneficiaries of the trust. The main advantage of a trust structure is the ability to minimize taxation, whilst offering some flexibility in terms of privacy and limited liability.

In recent years the Federal Government has sought to remove or limit the tax advantages of trusts. Therefore, you need to consult with us to obtain the latest information. By its nature, a trust structure is a highly involved, legal process and professional advice is necessary.

The issue raised above needs to be considered before deciding on the most appropriate business structure. You need to familiarize yourself with your options and choose the best mix of features that is suitable for your circumstances.

Self Managed Superannuation Funds

June 26, 2010  |  Posted by Rova Partners |  No Comments

At Rova Partners we can also provide detailed advice and assistance in setting up your Self Managed Super Fund. We can assist you in areas of superannuation and estate planning (along with our advisers), such as accounting, taxation, account based pensions and in-house asset rules and any other regulatory compliance required for the functionality of your self managed superannuation fund.

All self managed superannuation fund trustees are required to have financial statements prepared, lodge income tax & regulatory return and other relevant statements with the Australian Taxation Office each year.

The trustee must all ensure the self managed superfund is audited each year by an approved auditor. The audit covers both financial statements audit and compliance audit. The findings of the audit must be reported on the income tax & regulatory return. We can provide you with all of the above services, which include the compilation of a full set of financial statements, preparing the income tax & regulatory return, other relevant statements and audit of self managed superfund. When you use Rova Partners, you can be assured the highest level of services. Our team are qualified accountants with specialist knowledge, expertise and skill in self managed superannuation fund reporting.

Here’s what we will do:

  • Prepare of annual financial statements, including operating statement, statement of financial position, notes to financial statements
  • Prepare and lodge the fund’s annual return (income tax return), calculate and advise of tax liability or tax refund due
  • Audit of the SMSF by an approved auditor
  • Prepare member benefits statement, which contains member’s tax components
  • Facilitate obtaining of an actuarial certificate where required
  • Manage communications and correspondence with Australian Taxation Office

We invite you to contact us to discuss how we can managed your self managed superannuation fund’s accounting and taxation needs or our processes.


June 25, 2010  |  Posted by Rova Partners |  No Comments

Our Self Managed Superannuation Fund auditors are qualified and experienced to manage your Self Managed Super Fund audit. We provide a high quality yet cost effective service to firms and trustees who would like to outsource their SMSF audits to a specialist auditor. As your SMSF audit expert, we can also provide technical support for your practice, ensuring that your firm has access to highly educated SMSF specialists to answer all your compliance questions.

We provide you with support to ensure any compliance issues can be accurately assessed and rectified, whether during the audit process or as they arise. If you are looking for a knowledgeable and positive approach to dealing with your compliance problems that will also help reduce your risk and liability, then book a time with one of our friendly staff members.

We also are affiliated with Registered Company Auditors if you have a public listed company or large propriety company that requires the necessary complying yearly audit for the Australian Securities and Investments Commission and other regulatory bodies.

Lending & Financial Planning

June 24, 2010  |  Posted by Rova Partners |  No Comments


Deciding which loan is best for you can be a daunting task. With so many lenders and products in the market it can be almost impossible to determine the best deal for you.

Our accredited mortgage consultants offer an obligation free assessment of your lending needs and an impartial look at over 30 lenders and their products.  They will help you decide which product best suits your situation and will guide you through the loan process from submission to settlement.

Your consultant will deal directly with the lender to keep you updated throughout the process. After settlement, your consultant will continue to contact you throughout the life of your loan to make sure your loan still fits with your situation.

They are paid by lenders for the service they provide you, so you won’t pay our accredited mortgage consultants for their services. In addition to home loans, our consultants also offer business and commercial loans, leasing solutions and personal loans.

For peace of mind our consultants are accredited with the Mortgage & Finance Association of Australia (MFAA)

Financial Planning

At every stage of life and at every turn, our advisers can help you make the most of life – with expert advice and reliable service that add up to complete wealth help.
Our advisers don’t just do the head work; they also do a lot of the leg-work. So you can get on with life, confident that the financial side of things is properly taken care of. Here are just some of the many things they can help you with:

  • Streamline your finances to save you time and money.
  • Reduce your living expenses.
  • Ensure you have the means to live well in retirement.
  • Make your money work smarter for you.
  • Get the most out of your super.
  • Protect your lifestyle.
  • Make sure you enjoy your wealth along the way.

They can’t protect you from misfortune – a serious accident or illness for example – but they can help you weather the storm if it strikes. How? In several ways:

  • Lifestyle protection insurance. By making sure you have the right kind of insurance cover and the right amount. Depending on your individual situation and objectives, these may include Life insurance, Trauma insurance and Income protection insurance.
  • Estate planning. Get it wrong and your loved ones could end up with a lot less than they should have, or worse left fighting over your assets. Get it right and you can maximise the transfer of your assets and ensure a smooth transition. We work closely with your lawyer and advisor to achieve the best possible result.
  • Aged care planning. Not something you’re likely to think about until later in life, but it’s far better to get it all sorted while you’re still hale and hearty. Then, if and when the time comes, you can make the transition with a minimum of fuss, and live somewhere you know you’ll be happy.

With a successful protection strategy in place you’ll be able to maintain the lifestyle you’ve come to enjoy – come rain, hail or shine.