Case Study 2
how we helped and continue to advise
BSN & Co are pleased to have assisted our client to bring his affairs into order, particularly now that all reporting is prompt.
Our client, a sole trader, undertook his own bookkeeping and accounting work, lodging his own taxation returns but eventually realised his business had grown so much that time simply did not permit him to attend to all the bookkeeping, accounting and administration work of the business and he called on our services.
We found that lodgements were in arrears and a review of the previous financial statements and tax returns revealed our client’s taxation knowledge didn’t match his other skills and selling expertise; he had the mistaken belief that the full time employment of his spouse in the business entitled him to split the income of the business as her remuneration. Hence it was necessary to rework the financial statements and amend the taxation returns to reflect the actual income position in respect of the sole trader business.
With the co-operation of our client, we liaised with the Australian Taxation Office to report the necessary amendments to remedy the unacceptable income splitting.
We introduced accounting software for current transaction posting so that business activity statements are now lodged in a timely fashion and we provide quarterly financial statements to our client and his bank for regular up to date information for management purposes.
BSN & Co are pleased to have assisted our client to bring his affairs into order, particularly now that all reporting is prompt, and our client knows his financial and tax positions.
more case studies
Case Study 1
Our client has never looked back and was very happy for BSN and Co to facilitate the lending. It really is “all about you”, the client.
Case Study 2
We at BSN & Co are pleased to have assisted our client to bring his affairs into order, particularly now that all reporting is prompt.
Case Study 3
We advised these clients as to the most appropriate structure to move forward and cater for future tax implications and concessions.
Case Study 4
The ATO accepted our representations on behalf of our client, felt relief was appropriate and waived the general interest charges.