Expertise

 

Audit & Assurance

At Priestley & Morris we understand your business and its needs.

Our audit & assurance services are tailored to meet your business requirements and add value to your organisation, through an independent, cost-effective approach.

We provide value for money services, and can assist your business in:

•   Statutory Audit - Add value to your financial report, through our expert, independent analysis

•   Internal Audit - Improve your efficiencies, control and manage risk

•   Due Diligence - Focus on key financial and valuation areas

•   Corporate Governance - Be guided through structure and operations; prioritise and minimis risks

•   IT Systems review - Improve your systems; security and performance

Contact and availability is a key component of our service and relationship with your business. We will respond to your needs as they arise and our staff are readily accessible to provide a timely response.

We understand the importance of continuity of staff on an assignment and we ensure that the most appropriately qualified staff members are utilised and retained for your needs.

The number of years our team have worked together and our technical and industry knowledge will benefit your business today.

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Business Advisory Services

At Priestley & Morris you will have access to a wealth of knowledge and experience whether you are acquiring, running or selling a business. Our services include:

•   Financial Accounts preparation

•   Management Accounts preparation

•   Income Tax Return preparation and lodgement

•   Fringe Benefits Tax Return preparation and lodgement

•   Business Activity Statement preparation and lodgement

•   Payroll Tax Return preparation and lodgement

•   Incidental Tax Planning and Advice

•   Cash Flow and Profit Projections

•   Business Plans

•   Business Valuations

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Outsourced Payroll & Accounting

We can assist you with many of your business requirements by:

•   Processing payrolls and electronic fund transfers

•   Withholding and payment of PAYG tax

•   Processing commissions, bonuses, other additions and deductions

•   Preparation and lodgement of Business Activity or Instalment Activity Statements

•   Preparation of annual PAYG summaries & PAYG summary statements

•   Processing of superannuation Guarantee payments and reporting obligations

•   Processing Eligible Termination Payments

We also provide outsourced accounting services to small branch offices and divisions of larger organisations and multinational companies which include:

•   Maintenance of general ledger reports

•   Preparation of monthly reports

•   Processing and payment of expenses through a trust account

By outsourcing these services companies can spend more time concentrating on their key business activities.

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Remuneration Packaging

We can provide you with a salary packaging design and administration service to optimise the after tax remuneration of your employees.

Our specialist knowledge and software allow us to perform “What If” projections so that a number of scenarios can be considered.

We have experience providing packaging services to employers with between
1 employee and 1000+ employees.

We can tailor a remuneration packaging service to suit your particular needs.

Services provided can include:

•   Information sessions to educate employees

•   Remuneration package processing

•   General ledger reviews – pre & post package implementation

•   Assistance with the preparation & lodgement of Fringe Benefits Tax returns

•   Assistance with the calculation of termination payments which take into account remuneration

    packaging balances

•   Development of an organisational remuneration packaging policy

Benefits commonly packaged include:

•   Motor vehicles

•   Additional superannuation

•   FBT exempt benefits such as laptop computers, briefcases & mobile phones

•   Other personal expenses (certain concessionally taxed organisations)

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Superannuation

Self Managed Superannuation Funds (SMSFs) enable you to take control of your superannuation and allow you the flexibility of choosing investments that are tailored towards your specific needs and preferences.

Priestley & Morris provide a comprehensive service including:

•   Fund establishment

•   Preparation and maintenance of statutory documents and member records

•   Preparation of financial statements, income tax returns and member reports

•   Conducting financial and compliance audits

•   Calculating and processing benefit payments

With superannuation legislation changing frequently, our team is committed to ongoing training and information gathering to assist clients to comply with the prevailing laws. We provide advice on regulatory issues such as in-house assets and access to your superannuation benefits.

We can also provide you with consultancy services during the accumulation stage and in conjunction with your financial adviser assist you in deciding how to structure your funds on retirement.

Our services are enhanced by our commitment to:

•   Standard practices and documents

•   Separation of financial and compliance audits to enhance audit independence

•   Strategic alliances with other professionals


ADMINISTRATION SERVICES

Our specialised superannuation software allows us to accurately and efficiently record and maintain all details of the fund. Below is some of the information we maintain for our clients:

Members                                Investments
Personal information               Separate register for each investment
Beneficiary nominations          Maintains all purchase and sale information
Preservation components        Valuation of investments

In addition to electronic record-keeping, important documents such as the Trust Deed, member application forms, trustee documents and minutes are also maintained.

Our aim is to assist you in maintaining and administering your superannuation fund to ensure the maximum benefits can be achieved for retirement. Our suite of administration services can be tailored to your specific requirements and will generally include:

•   Comprehensive financial report

•   Annual Member’s Statements

•   Preparation and lodgement of income tax returns

•   Preparation and lodgement of member contribution statements

•   Trustee minutes and resolutions

We can also assist in other related services such as:

•   Full fund establishment service

•   Establishment of complying and allocated pensions

•   Completion of rollover documentation

•   Completion of eligible termination payments

•   Completion of RBL forms

AUDIT SERVICES

The Superannuation Industry (Supervision) Act 1993 requires that the accounts and statements, and a self-managed fund’s compliance with the provisions of the Act, be audited each year by an approved auditor.

Our role as auditors is to perform a financial and a compliance audit of a self managed superannuation fund’s operations and financial position each year.

Our audit procedures ensure an independent review is conducted in accordance with governing superannuation laws and Australian Auditing Standards. It can sometimes be difficult to remain independent when you are also closely involved in dealing with and advising your clients about their businesses or other investments.

We provide an audit management letter for each fund where we have found breaches or potential breaches and recommend courses of action to ensure your fund is maintained and operated in accordance with the law.

We also provide advice on regulatory issues such as in-house assets and access to your superannuation benefits.

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Taxation Consulting

Taxation is a significant and often costly aspect of business and investment. At Priestley & Morris we encourage you to contact us before transacting in order to ensure arrangements are made in the most tax-effective manner.

Australia’s tax system is complex and ever-changing, and penalties for non-compliance are high. We will work with you (and other professionals such as lawyers and financial planners) to provide the best and most practical outcome in your circumstances.

Our services include:

•   Asset/Business Acquisitions and Sales

•   Estate / Business Structuring

•   Capital Gains Tax advice

•   Deceased Estates

•   Business Succession Planning

•   Goods and Services Tax (GST) advice

•   Fringe Benefits Tax (FBT) advice

•   Assisting with ATO compliance review and audit activities

•   Non-resident and international tax issues

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Corporate Secretarial Services

At Priestley & Morris we have specialist corproate compliance software that can streamline the process of maintaining your company's statutory records and updating the Australian Securities and Investment Commission (ASIC) for any changes.

We are an ASIC registered agent and we have extensive experience in the corporate secretarial field. We provide a cost-effective service that will allow you to focus on your core business, knowing that your company's statutory requirements are taken care of.

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