Ascend have taken the complete suite of traditional accounting services and tailored them specifically for the strata sector. With Ascend, the below services are all available, however we know that each management business is different and therefore, the packages of services we provide for your clients can be tailored to your needs. Once we’ve identified your requirements, our systems will ensure that your entire portfolio, and not just those you remember to email us about, remains compliant at all times.
In addition to the standard preparation and lodgement of your clients’ BAS, our qualified accountants will:
Taxation Ruling 2015/3 outlines the correct tax treatment for the various types of income collected by strata companies. The important takeaways from the tax ruling are:
For those of your strata companies that DO require a tax return, our qualified accountants will go the extra mile and take full advantage of all available tax opportunities. Utilising things such as apportionable deductions (for management fees, archiving etc) and carried forward losses from prior years often more than offsets the cost of the tax return itself, meaning that our clients receive additional value for their accounting dollar that others miss out on.
Strata Master, Property IQ, Strata Max, Stratamatic, REST, MYOB – we have working knowledge of them all. More importantly, we can provide step by step guidance to help you correct issues in your accounts and prevent mistakes in the future.
Fringe benefits are defined as payments for services via non-cash methods. Common examples include the provision of premises, payment of personal expenses and motor vehicles. Many strata schemes fall inadvertently provide fringe benefits to caretakers and set themselves up for possible costly tax bills as a result. Ascend is able to prepare your clients’ FBT Returns and will provide advice on minimising (and often eliminating) the risk of FBT in future for your clients.
It’s a breeze to register for any of the usual tax office acronyms… GST, ABNs, TFNs, PAYG, FBT. Flick us the details and things can usually be sorted in a matter of hours – allowing you to get on with what you do best. Our team will also be sure to run the necessary checks to ensure you’re only doing what is in your clients’ best interests.
The 1936 Income Tax Assessment Act requires that all companies (including strata companies) keep the position of duly appointed public officer constantly filled or risk financial penalties. The public officer can even be held personally liable for penalties in the event that a strata company does not meet its tax obligations… so it’s an important concept to understand and get right. This is particularly so in strata where managements can change hands and often managers will act on behalf of multiple companies.
Ascend can provide you with the tools necessary for valid appointments, help devise solutions for your managements, and update ATO records on your clients’ behalf to ensure they are protected.
It’s amazing how many managers out there (including plenty of the larger ones) aren’t aware of what is outstanding when it comes to their clients tax obligations and accounts. We’ve even seen one strata company that had a credit balance with the ATO of just under $7,000 from four years beforehand - all because they had never provided up to date bank details. Another didn’t even know they were registered for GST!
Ascend will update your clients’ details with the ATO and provide a standard summary report on their current tax situation whenever you take on a new management. It’s a standard service for our strata manager partners and let’s you demonstrate to your new clients just how on the ball their new managers are.
From assisting with load-ons of more complex schemes, to written advice on specific client situations, our experienced team are available to assist with whatever will help make your job easier.
We’ve even had team members attend AGMs in person and Skype in on Council of Owners meetings to explain tax issues relating to managements.
We’re big enough to be efficient in our processes but small enough to be flexible to our clients’ individual needs
Talk with us about your requirements and let us tailor a pricing package that works for your business and your clients.