Accounting and Taxation

SERVICES

Acquisitions & Mergers


There are several scenarios where you might wish to attain a business enterprise. Whatever the situation, McDonnell Hume Partners can remove the stress from the process and maximise the opportunity for you.


Whether you are considering buying a business or merging with another business, we have the experience and expertise you require. Are you getting a good deal? Is the business right for you? Can you afford it? Have all avenues for future growth been investigated? We ask the right questions, and find the required answers.


The services we provide cover every stage of the process - From identifying potential acquisitions and negotiating the commercial elements of the transaction to forecasting the future of the business. Our services include:


  • A review of your goals and objectives
  • Due diligence services
  • Preparation of financial forecasts
  • Advice on the potential pitfalls and rewards involved in a merger
  • Assistance with purchase negotiations
  • Advice on financing
  • Assistance with preparing a business plan


Drawing on the skills of professionals reduces your chances of purchasing an unsuitable business. Let McDonnell Hume Partners show you how our experience can save you stress and provide you with the great opportunity a business acquisition or merger can be!

Charitable Trusts


Charitable trusts are set up to hold money or assets and carry out activities for the benefit of the community. Five main types of charitable trusts exist in Australia:


  • Australian charitable trust
  • General charitable trust
  • Prescribed charitable trust
  • Deductible gift recipient
  • Prescribed private fund


Each type of charitable trust brings with it different requirements and benefits. At McDonnell Hume Partners  we know the practicalities of the charitable trusts and so are able to assist you by:


  • Preparing the trust deed
  • Applying to the ATO for an ABN
  • Organising tax exemptions where applicable


Most importantly, our experience enables us to ensure your trust is used to effectively reach your charitable goals.

Company Secretary


Company legislation requires businesses to perform several administration tasks that take up a lot of valuable company time. The last thing you need as a business owner is to be stressed out trying to ensure you comply with the Corporations Law. The possible threat of penalties for failing to keep up with the changing rules is too great a risk to take.


At  McDonnell Hume Partners we can relieve this burden for you. Our services include: 


  • General advice on company law
  • Company formations
  • Filing annual returns on your behalf
  • Preparing all documentation related to minutes and resolutions
  • Maintaining statutory books
  • Assistance with changes of directors, shareholders, addresses, and office details
  • Bonus issues
  • Share transfers
  • Registered office facility


Please contact us for further information on how we can help you get back to running your business.

Farm Accounting


Farm accounting involves specific business, financial, and taxation issues, and a specialist understanding of the industry. At McDonnell Hume Partners we keep abreast of the developments in both the farming and accounting industries, ensuring we are uniquely placed to provide up-to-date, accurate advice.


Our services include:


  • Farm budgeting and cash flows
  • Farm sales and purchases
  • Ownership structures
  • Preparation of financial statements
  • Taxation
  • Seasonal planning
  • Succession planning

Audit


At McDonnell Hume Partners we view audits not as an overhead or necessary evil, but as a great opportunity to review your business.



Our audit team will work closely with you to get to know your business. We use the latest computerised systems, based around a detailed analytical review of the accounts. This enables us to offer an objective view of your business so we can advise you of any potential problem areas.

GST Management


The GST system is a complex and confusing one. Consequently McDonnell Hume Partners ensures our team remains up to date with any changes, enabling us to offer you accurate advice.


Every transaction now has an associated GST issue. We are experienced in these issues and can offer expert advice on the GST implications for your business. The GST-related services we offer include, but are not limited to:


  • Advice on registering for GST
  • Filing and adjusting GST returns
  • ATO audit assistance

Taxation


At McDonnell Hume Partners we offer a full range of taxation services. Our taxation consulting division is nationally recognised and we offer advice based on proven knowledge and experience. Our proactive approach ensures we deliver consistent service and build solid relationships that stand the test of time.



Taxation can be a major cost to your business. We will work with you to minimise your tax and help you achieve your key objectives. We provide a complete service of assistance and advice in each of these areas:


  • Preparing activity statements and advice on tax payments
  • GST/FBT obligations
  • Advice on, and implementation of, tax effective trust structures for asset protection and tax minimisation
  • Managing any ATO audits or disputes

Insolvency


The key to avoiding insolvency is to seek professional help as soon as the first signs of difficulty appear. The experienced professionals at McDonnell Hume Partners can assist in identifying problem areas and suggest solutions to improve the position of the company. Timely, expert advice could save your business from liquidation or receivership.


Receivership entails someone being appointed to raise funds within the company to repay a financier. Liquidation becomes necessary when so many of the company assets are sold that it cannot continue its daily business. A liquidator disposes of all the company assets, repays the creditors, and the company ceases to exist.


In the event that liquidation or receivership is necessary, McDonnell Hume Partners has the required experience and skills to assist. If your business is struggling under financial and operational difficulties, proactive and insightful action is vital to avoid, or at least minimise, the ramifications. Contact us today for an appointment and expert advice to assist with your situation.

FBT Management


The rules for FBT payments change on a regular basis. At McDonnell Hume Partners we keep up to date with the latest tax trends, enabling us to provide accurate advice on preparing FBT returns. We can also advise on the FBT consequences of proposals you intend to make, ensuring you make informed decisions.


Rather than paying excessive amounts of FBT, let the experts answer your tax queries. We can help you develop and complete the administration for a cost-effective employee benefit plan.

Rental Property


At McDonnell Hume Partners we have the expertise required to assist you in a variety of areas relating to residential and commercial property.


The services we offer include:


  • Advice on purchasing a property
  • Reviews of lease agreements
  • Advice on funding
  • Guidance in tax minimisation
  • Advice on ownership structure
  • Periodic reviews to ensure returns are maximised


The importance of forecasts in making a residential investment cannot be emphasised enough. We can provide you with forecasts for:


  • Revenue returns
  • Financial position
  • Potential growth


Contact us today for more information on how we can assist you in the business of rental properties!

Superannuation


As the Government encourages Australians to take responsibility for and reach their financial retirement goals, citizens are repeatedly required to deal with superannuation funds. Self-managed superannuation is a means of saving for retirement. It enables you to control your investment strategy, reduce tax while obtaining tax benefits, and control administration costs.


Superannuation law is a delicate area and personalised planning is required for each individual. The team at McDonnell Hume Partners are superannuation experts who can assist in establishing a superannuation fund that will effectively enable you to reach your financial retirement goals.


Services we offer include:


  • Establishing self-managed superannuation funds
  • Completing information for the Insurance and Superannuation Commissions
  • Superannuation audits
  • Advice on compliance matters
  • Advice on taxation benefits
  • Advice on employer obligations

Trusts


A trust provides a valuable way to protect the assets you have accumulated for the benefit of others. Our extensive experience with trusts enables us to offer specialist advice on trust formation and ensures all statutory requirements are met. Obligations for trustees can often be onerous, and our assistance in trust administration can prove invaluable. We can assist with:


  • Preparing and executing the vital documentation required for trust formation
  • Attending to the special requirements involved in reporting for trusts
  • Completing the trust administration:
  • Minute-keeping service
  • Annual accounts
  • Taxation
  • Asset management
  • Investment monitoring
  • Income distribution


Contact us today to ensure your trust is formed and administered as effectively as possible, covering all legal requirements and guaranteed to fulfill its purpose!

Valuations


Am I getting the best price for the sale of my business? Is the asking price too much? An independent valuation provides you with answers to the questions you often need to ask about the value of a business or property.


We are trained and experienced in business valuations and can provide you with simple guidelines and formulae to determine the value of your business or property. We can also appear in court or for arbitration as expert witnesses in relation to business valuations.

Choose McDonnell Hume Partners for a professional, accurate valuation service!

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