Our aim is to provide you with advice when your business needs it - not just when you ask for it.
We'll help you manage every aspect of your business, and because we establish a one-to-one relationship with each of our clients, our advice will be tailored for your business.
We've developed our traditional taxation and accounting practices into innovative client-focused services. Our flexibility and adaptability will ensure we can help you get the best results.
Consulting & Advice
DSR Partners is practiced in acting as a sounding board for business, bringing to the relationship years of experience in growth. We have invested substantial resources in gaining new skills and knowledge to ensure your business achieves the potential it's capable of.
When you are prepared to grow your business we can be an
integral part of providing smart advice and tools to manage
the process. Helping you effectively manage and grow your
business will ultimately increase profits and provide you a
more valuable asset.
The techniques we adopt in the analysis and formation of
budgets, financial projections, cash flow patterns, inventory
management, costings and other business influences will
allow you to consider future scenarios, make smart informed
business decisions and open new markets.
Difficult questions such as "what would be the effect of a
price increase" or "should I employ more staff" can be
explored with assurances that any decisions you make is
based accurate and realistic data and information.
When it comes time to sell we are trained and experienced in business valuations and are able to provide you with simple guidelines and formulae for evaluating the worth of a business.
We can help you navigate the complex issues that come with growing a business so it can become as competitive, focused and profitable as it can be.
With the help of our team of professionals you will see the possibilities open to your business.
Business Setup & Tax Structures
As a potential business owner you should ask yourself – where will my business be and what will it look like in a few years from now?
Other questions worth consideration are whether you want to stay small and work from home, do you want to grow, employ staff and expand an empire, do you want to take on a business partner and what start-up capital do you need? Decisions like these will affect a business's tax treatment and compliance obligations. That's why it is an excellent idea to have a robust and long term plan right from the get-go.
In business you have four basic structures – sole trader, partnership, trust or company. Deciding on which structure is right for your business will depend on your personal circumstances and plans for the future. We'll go through a brief summary of each structure and how it affects the way your income is taxed, operating costs, asset protection and how your clients deal with you.
As a sole trader you will operate the business on your own, and will control & manage all its aspects and be legally responsible for everything the business does.
For tax purposes, your personal financial affairs and your business's affairs are one and the same – there is no separation. Therefore you will use your personal Tax File Number when lodging a tax return and the business income is treated as your personal income, however you will also be able to claim the expenses associated with running your business.
A sole trader structure is inexpensive to set up. You will also receive the full benefit of any profits, and keep all after-tax gains when you sell-up.
Likewise you will personally bear the full brunt of any operating losses. If your business suffers serious debt personal assets including your house and car are at risk and can be targeted in any debt collection action.
Partnerships operate with more than one person, and the income from the business is shared jointly. Partnerships are inexpensive to set up.
The structure is similar to a sole trader however there are more people to share the profits, losses and responsibilities. It is also likely there will be greater financial resources available because more people are invested.
All the partners are responsible for any debts the partnership owes, even if you personally did not directly cause the debt. Each partner's private assets may still be at risk in the event of serious debt. This is known as 'joint and several liability'. Partners are jointly liable for any debt entered into the name of the business. If one partnership defaults on their share then the remaining partners may be severally held liable for the whole debt.
For tax purposes, the business itself does not pay tax however it will still need to lodge an income tax return, showing the income and expenses associated with running the business. The partnership income (after deductions and allowable costs) is distributed between the partners and each partner is responsible for paying tax on their share by lodging a personal tax return. If the business makes a loss then each partner can offset their share of the loss against their other income.
Companies are incorporated entities registered with the Australian Securities and Investments Commission and must comply with legal obligations under the Corporations Act. A company is a separate legal entity and has the same rights as a person which means it can generate income and incur debt. This is a more complex business structure and therefore more expensive to set up and administer.
As a company you will have greater access to capital and shareholders are not liable for the debts of the business beyond the amount of capital they contributed. Shareholder's personal assets have greater protection because creditors can only pursue the company's assets in the event of serious debt recovery action. The company is also be directly responsible for paying its debts and its own tax on profits.
As a shareholder in the company you would be entitled to receive dividends which you would pay tax on.
For tax purpose companies are more complex and require greater detail because of additional reporting responsibilities.
A trust is where a person or a company agrees to hold income-earning assets or property for the benefit of others. This person or company legally holds the asset and is referred to as the trustee. Beneficiaries are the people who benefit from the income earned in the trust.
A trust separates legal ownership and control (which the trustee has) from beneficial ownership (which the beneficiaries have). This results in increased asset protection because the beneficiaries' personal finances are not put at risk by the business as the business assets are legally owned by the trustee and not by the beneficiaries.
The most common trust is a discretionary or family trust. Another type of trust is a Unit Trust where the beneficiaries and their interests are identified by the number of units they hold in the trust and therefore receive income according to those holdings. Setting up a trust can be more expensive, and administrative paperwork potentially more complicated.
Tax Benefit Strategies
A Tax Depreciation Schedule shows you how much depreciation to claim on your
investment property. The inspection is carried out by a qualified quantity surveyor
who then presents their report which you can use for tax purposes.
Depreciation is just compensation for wear and tear on your investment
property. Houses, units and commercial property all qualify. So you get to
depreciate them, or write them down, a bit every year.
The asset and building list is extensive on items that can be depreciated on
your investment property. Depreciable assets include (but not limited to) above
ground swimming pools and filtration, hot water systems, electronic security
systems, air conditioning units, furniture, carpets and curtains. Building items
such as in-ground pools, saunas and spas, fencing, electrical wiring, built in
kitchen cupboards, roller door shutters and driveways & paths to name a few
are also depreciable.
The cost of getting a Tax Depreciation Schedule is also 100% tax deductible.
By using an ATO recognised Tax Depreciation Schedule, as a property investor,
you can claim thousands of legitimate tax dollars back on your investments,
conserving your cash flow and safeguarding your future.
Speak with us to discuss the tax opportunities available to you using a Tax Depreciation Schedule.
Bookkeeping Systems & Payroll Management
Up to date accurate financial information is vital for any business to succeed. Choosing the right Accounting System crucial to how effective your business operates. Equipped with the tools to stay in control of your financial data will relieve any unnecessary headaches.
Administering your payroll can be time-consuming and divert you from the core activities of your business. Payroll & employment legislation is growing increasingly complex.
We can relieve you of this burden by providing a comprehensive and confidential payroll service, including:
Processing payroll and pay slips
Administration of National Employment Standards and SuperChoice legislation
Updates of Award conditions for your staff
Summaries and analyses of staff costs
Administration of incentive schemes, bonuses and termination payments
Even if you have only a few employees, you will make savings by engaging us to administer your payroll.
We have expertise and are able to advise and provide assistance on all the popular Accounting packages such as MYOB, BankLink, XERO , CLASS Super and QuickBooks. Whether you prefer Computer or Cloud technology we are able to assist you in the selection of the right software as well as implementation and training.