- Buying a Business
With our extensive experience of small business we can help you determine if a particular business is good for you by determining the real profit picture (preparing “Add Back spreadsheet”), closely looking at the risk factors and advising on all important aspects relating to the potential purchase.
- Selling a Business
Selling a business is an extremely important process which at times requires some years of planning in order to maximize a business’ sales price. Strategies are required, incorporating tax planning, marketing, timing issues as well as other ideas in order to maximize the sale price. Sullivans have assisted many clients to achieve this.
When you have a financial interest in a struggling business, nothing matters more than taking swift action to protect your position.
It’s our job to ensure that the right approach is adopted and the best outcomes are achieved for the benefit of secured and unsecured creditors and stakeholders.
The keys to achieving the best outcomes are:
- Early intervention
The best way to protect your interests is to recognize and act on the warning signs at an early stage. The earlier you act, the greater the options. Our business reviews are designed to detect problems before they are too serious.
- Business understanding
Parfitt's focuses on small to medium sized businesses. Managing issues such as family ownerships, conflict between founders and tensions between owners and managers all require specialist skills and experience.
- Solving Bank related problems
Parfitt's understands the complexities of this situation and have had extensive experience in solving bank-related problems or renegotiating finance solutions.
If a client decides to liquidate or enter into bankruptcy we will assist with referral to an appropriate professional and then work with them on your behalf.
Many private businesses do not have an exit strategy.
Without an exit strategy the years of hard work can result in a year to year living return with no capital lump sum.
Well structured succession ensures the business does not retire with the owners and the value in the business can be realized.
Whether the succession is from family to family, or owners to staff, Parfitt's can assist in the transition.
The discipline in providing succession expertise goes well beyond the financial considerations. Much emotion often surrounds succession issues which must be dealt with delicately and decisively for the benefit of all participants.
Often we approach succession issues with partners covering different generations, thereby providing the exit and entry parties support from professionals in their age group.
Our clients for which succession has been managed have benefited from our expertise in:
- Buy/sell agreements
- Funding options involving cross insurance cover
- Structuring
- Family Meetings
- Supporting working and non-working family members
- Transferring the business to the next generation
For your business to succeed and or to continue to succeed you need to know how to improve the “key drivers” of your business and your management skills in working with these.
At Parfitt's we will provide you with the tools needed to highlight these “key drivers” including referring you to appropiate specialists to advise on achieving the results you seek.
Parfitt's specialises in Self Managed Super Funds. We tailor make our services to individuals who want to set up their Self Managed Super Fund and to existing trustees with yearly annual administration of the Self Managed Super Funds.
Our boutique services include:
- Establishing DIY super funds
- Establishing corporate trustees
- Trust Deeds and Amendments to Trust Deeds
- Complete annual administration of DIY super funds
- Financial Statements
- Income tax returns & regulatory returns
- Member contribution statements
- Establishing pensions of DIY super fund trustees
- Implementing various strategies for converting DIY super funds to pension phase
- Preparing trustees individual income tax returns
There is a requirement for a Superannuation Fund to be audited each year. As a service to our clients we outsource the audit work to an experienced service provider with over 20 years experience in the field. The annual fee for audit services is paid directly to our service provider by our clients. The outsourcing of this work ensures that all checks & balances are in place.
WE DO NOT OFFER ANY INVESTMENT ADVICE
We believe that tax planning should not be undertaken after year end, but rather we encourage our clients to prepare interim financial statements in the last quarter of the financial year which will form the basis of a tax planning review.
This review brings together and allows fine tuning of the tax strategy and other business investment strategies which have been put in place. Importantly, this enables initiatives to be implemented prior to the end of the financial year.
Our consultants specialising in individual returns provide advice that includes:
- Salary packaging to maximise take-home income.
- Advice on tax deferral opportunities
- Advice to maximise franking credits and investment dividend income rebates
- Managing shareholders loans borrowed from your company
- Changing your business structure from sole trader/contractor into a company
- Preparation of objections and appeals to the ATO and representation in the event of an ATO tax audit
Perfect for partnerships and trusts
Partnerships and trusts can be taxation labyrinths, and we are equipped to steer you through these.
- Advice on provisions affecting family trusts
- Maximising use of losses and distribution of trust income to beneficiaries
- Advice on partnership deeds and agreements, goodwill and partnership entry and exit
- Incorporation into a company
Good counsel for companies
Our taxation specialists have considerable experience in tax planning for companies. This is employed with good effect in such fields as:
- Tax effective accounting
- Maximising franking credits and rebates including company loans to shareholders
- Foreign taxes, tax credits
- Managing tax issues with loans to shareholders and related companies
- International tax advice
- Tax audit issues
Our business advisory service works to grow our clients businesses. We can help you identify the issues that are preventing growth, and then help you find solutions that make the business more profitable and competitive. More importantly, we can help you plan to avoid these problems in the first place
Accelerate your business
Some of the ways in which we help our business clients grow are:
- Performing a business diagnosis
- Development of a manageable plan for growth
- Detailed financial analysis of key performance indicators
- Identification of waste and waste removal processes
- Customer profitability analysis
- Budgeting and forecasting
- Developing strategy to manage change
Reliable accounting and business advice is essential to the success of every business. Parfitt's provides a comprehensive range of accounting, taxation and business services. We are committed to providing quality accounting and business services that is both effective and timely. Our services include:
Our basic services include:
- Preparation of Financial Statements
- Preparation and electronic lodgement of Income Tax Returns for companies, superannuation funds, trusts, partnerships, sole traders and individuals
- Preparation and electronic lodgement of Business Activity Statements and Installment Activity Statements
- Fringe Benefit Tax (FBT)
- Capital Gains Tax
- Advice on Stamp Duty, Land Tax and Payroll Tax
- Workers Compensation
- Tax Audit issues
- Assistance in formation and set-up of companies, superannuation funds, trusts and partnerships
- Bookkeeping services
- Corporations Law compliance by directors and company officers
- Corporate secretarial services – ASIC requirements
- Regular performance measurement
- Remuneration planning and salary packaging
- Managing tax issues with loans to shareholders and related companies
