Consulting

iTax Consultants

Proactive or Reactive Client Services - "Prepared to Assist You!"

Professional Independent Advice - "Without Fear or Favour"

Professionals pride themselves in providing expert advice from skills and knowledge acquired from an objective standpoint. On 1 July 2016 legislation implemented removal of the 'accountants exemption" relating to superannuation advice and a licencing regime for those Accountants who chose to do so. It is not mandatory; suitable; or viable for many practitioners; including this one. (This is despite calls and claims from scaremongers many of whom; we believe; stand to gain from training and servicing the licencees.) We stand by the old Institute of Chartered Accountants motto "without fear or favour." Unfortunately this legislation makes inroads to this motto which is a loss for the community.

Taxation advisory and problem solving, SMSF auditing and accountancy systems are our prime areas of expertise; so we do not consider it appropriate to pursue a licence to provide financial investment advice to include superannuation funds. This advice may be sourced by appropriate independent licenced practitioners who can assess the posiiton objectively. Once that advice has been obtained , we are then authorised to implement client instructions. This has the potential advantage of ensuring that SMSFs for example are not established or structured (eg gearing) inappropriate to circumstances and the client is provided with advice from two professionals with two distinct skill sets. Not many professoionals will have dual skills of investment and taxation advisor; they are separate specialised skills and areas of experience; so commonly may cohabit in larger firms. The disadvantage; we believe; which may not be avoided without a change in the legislation; is that the cost of delivery of financial product advice has risen due to the complexity and volume of the paperwork arising on each delivery; plus the heavy on costs of maintaining the licence.

It is not possible to force professionals to act in the best interests of their clients. This is supported by the recent Royal Commission into the financial sector.

In my opinion this legislation has added a substantial cost to the consuming public and has not guaranteed their protection.

Any statements on our website about investments, including superannuation or other products deemed to be financial products or investment advice should be read as statements of fact available from public domain; not from iTax Solutions ; should not be relied upon without proper independent professional advice from a registered financial planner; and not construed as endorsements or advice from our Firm. Anyone seeking investment advice should make their own enquiries from reputable firms or contact our office to discuss. We may suggest consideration of engagement of financial planners known to us but not recommend any one firm as we do not provide or propose to provide; financial planning or product advice.

Our loyal clients share a desire to resolve short term problems promptly so they may focus on long term goals.

Examples of What We Do: Income Tax Consulting

• Artists, Film-Makers, Writers and Other Successful Creative Professionals - Income Tax Advisory
• Accounting Systems Advisory - Assistance with choosing off the shelf software and tailoring to nature and size of business.
• Capital Gains Tax Analysis Computation including assistance with missing records
• Computer Modelling -Integrating Marketing and Expense budgets with Federal (Income Tax and GST) and State (eg Payroll Tax) Tax Planning
• Budgets and Breakeven Analysis
• Benchmarking -Comparing Results with ATO industry benchmarking expectations
• Formation New Structures - Companies Trusts and (Until 30 June 2016) SMSF
• Income Tax, GST Reviews and Mock Audits
• Income Tax Planning for Corporate Families
• Investors or Traders ? Pursuing a Hobby Or Carrying on a Business ?
• Negative Gearing Analysis - Implementing Income Tax planning to avoid surprises and improve cash flow.
• Payg Self assessment -assistance with review estimates
• Property Developers Versus Isolated Property Ventures- Income Tax and GST Review and Analysis, Investor versus Trader
• Salary Packaging involving consideration of fringe benefits
• Structure Review

Please contact us to enquire about this service