MR Hibbert & Associates offer a large variety of accounting and taxation services to help out small, medium or large businesses.
Our professional accounting team has extensive experience and training in all aspects of business accounting and taxation.
Whether you’re a small single director company or have a complex structure with many involved parties we can help. We believe a sound business relationship with your accountant is vital to your business success, that’s why we pride ourselves on offering our clients the same great service year after year and watching our client’s grow and prosper.
Our team is here all year round and happy to answer the smallest of queries you may have with your business accounting needs. In growing your business with us you may require changes to your current structure or the way in which you operate, we are able to advise and assist you in this process and guide you through these changes.
We have a dedicated team member who administers the corporate section, she has a comprehensive knowledge of all ASIC related issues, establishment of trusts and companies and will guide you through the steps to ensure your entity is correctly set up and has met its compliance needs.
Let us relieve you of the burden and allow us to prepare your quarterly or annual BAS summaries, PAYGW, Subcontractor Returns all can be completed and lodged online so you can focus on running your business and not getting bogged down with paperwork.
Our services for businesses include:
- Sole Trader business accounts
- Partnership accounts
- Trust/Company Accounts
- Structuring of your business and new entity set ups
- Annual Taxation returns and financial reporting
- Corporate management and compliance
- Small Business Concessions
- Capital gains
We also offer accountancy audit insurance in the event of an audit, this insurance will cover our costs* in dealing with the ATO on your behalf for the audit coverage period. For more information please see the following PDF Accountancy Audit Insurance
* note: audit coverage limited to your policy and only during the period of coverage taken out, please read full insurance documents for complete coverage details.
We will provide an initial consultation, free of charge, to see if establishing a Self Managed Super Fund (SMSF) is right for you.
If a SMSF is right for you we can establish the fund and guide you step by step through the process to ensure the trustees of the fund understand their obligations and all the required documentation is correctly completed.
The superannuation team are available on a daily basis to offer advice and answer any questions that you may have, we appreciate SMSF is a daunting subject for many and we know how vital it is that you have a point of contact to assist you and answer your queries.
Our Superannuation Services Include:
- Establishment of your SMSF
- Appointment of Trustees
- Preparation of annual financial statements
- Completion and lodgement of annual taxation return
- Audit of your SMSF
- Technical advice on superannuation matters
- Provision of regular email superannuation newsletter to clients
- Manage on going compliance obligations for your SMSF
Changes to Superannuation 1st July 2017
The laws relating to superannuation are changing and will potentially have a significant impact on your Self-Managed Super Fund (SMSF) from 1ST July 2017
To ensure your fund is well positioned to take advantage of or to mitigate any negative impact to the legislative changes, relevant documentation may need to be in place prior to 30th June 2017. Failure to act prior before this date could mean it is too late.
The main changes are:
- $1.6 million is the maximum individual member balance, known as the transfer balance cap, which can be in pension phase with investment earnings being taxed at 0%. Any excess investment earnings received on a members balance above $1.6 million can remain in the fund, but the income will be taxed at 15%
- For members who are currently in pension phase or receiving a transition to retirement pension and have unrealised capital gains on assets within the fund there will be the ability to reset the cost bases of these assets before 30th June 2017 (as long as the asset was owned by the superfund as at 9th November 2016.) This could be an appropriate strategy where you have a significant member account balance.
- Transition to retirement pensions that continue post 1st July 2017 will no longer receive any tax exemption on the fund’s investment income
- Annual concessional cap is reduced for all members to $25,000 (previously $30,000 for under 50’s and $35,000 for over 50’s)
- Annual non concessional cap reduces to $100,000 (previously $180,000) and cuts out entirely when you have reached your maximum transfer balance cap within the fund of $1.6M
- High income earners threshold reduced to $250,000 per annum (previously $300,000). If you earn in excess of this threshold you will pay an additional 15% tax on your concessional contributions, known as Division293 taxation
- Removal of the 10% work test – you will be able to claim a personal tax deduction for a super contribution irrelevant of where you derive your taxable income
We are currently reviewing all of our clients’ superfunds and will be in contact with you if we identify that a member is currently withdrawing a pension from the fund and has a member balance in excess of $1.6M as you will be directly impacted by these changes with effect from 1st July 2017.
If you are withdrawing a pension and are approaching a member balance of $1.6M we shall also contact you to discuss actions that you may wish to take.
Please note if you have commercial or residential property within your superfund, or if you have an indirect investment via your superfund with a structure that holds property, and this has not been revalued recently this could have a direct impact on your current member account balance. Please contact us on 03 9757 5100 to discuss your fund.
Consideration also needs to be given to the changes to non-concessional contributions as this will have an impact on any members that would like to maximise the amounts they can contribute to the fund going forward.
For example if you are currently under 65 years of age and have not contributed any non-concessional amounts to your super within the last 3 years you could make a non-concessional contributions of up to $540,000 and utilise the 3 year bring forward rule prior to 30th June 2017, irrelevant of your current member balance.
Post 1st July 2017 if your current member balance within your superfund is for example $1.4M you will only be able to contribute further non concessional contributions of $200,000 as you will of reached the maximum allowable member balance of $1.6M. The rules will now prevent you from being able to contribute any further non concessional contributions.
Please ensure that you contact us if you wish to make non concessional contributions to your fund prior to 30th June 2017 so we can review your individual circumstances and advise you accordingly.
RG146 Compliant Firm
M R Hibbert & Associates Pty Ltd (ASIC No. 1246359) ABN 28 911 606 961 is a Corporate Authorised Representative of Merit Wealth Pty Ltd ABN 89 125 557 002, Australian Financial Services Licence Number 409361
Kim Chapman (ASIC No. 1246357) is a Limited Authorised Representative of Merit Wealth Pty Ltd ABN 89 125 557 002, Australian Financial Services Licence Number 409361
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Here at M R Hibbert & Associates we want our clients to be happy!
This starts at the individual level, whether you’ve got a basic personal tax return or you have a variety of investments and rental properties, we want to assist you in getting the most out of tax time. We take the time to go through your return in detail and make sure there’s nothing missed and you get back the maximum refund that you are entitled to.
Our friendly team is happy to go explain, in plain English, anything you may not understand or want more detail on.
We offer a variety of ways to complete your personal tax return each year, whether you prefer the face to face meeting with one of our team, we offer early mornings and late evening appointments, sending your tax data via email or posting or we can even arrange a tax appointment via Skype – the choice is yours.
Our services for individuals include:
- Basic Salary and Wage returns
- Complex Individual Returns
- Rental Properties
- Sole Traders
- Shares and Dividends
- Capital Gains
- Employee Share Schemes
- Employment Termination Payments
- Partnership and Trust Income allocation