Self Managed Superannuation Funds (SMSF)

With more and more Australians taking control and responsibility for their own retirement, there is a dramatic uptake in establishing and running a SMSF.

There are more than 557,000 SMSF in existence with combined assets worth over $590 billion, it is no wonder why so many people are asking about the benefits. 

SMSF offer a number of advantages over retail or industry super funds, like:

• Choice and flexibility of what assets to invest in (e.g. direct property, shares etc.)
• Ability to borrowing in your SMSF via a limited recourse borrowing arrangement (LRBA);
• Greater control over estate planning and taxes payable on death benefits
• Lower fees  (as a percentage of balance) then other funds
• Maximise tax-effective planning in retirement
• Choice of insurance policies that suit your needs

Unfortunately, for many people the task of running a SMSF and complying with the strict rules set out under the Superannuation Industry (Supervision) Act 1993 (SIS Act) can be daunting  and off putting.  Parallax Accounting offers a wide range of pro-active services that will help you navigate through the mine field and ensure you receive strategic advice to help grow your superannuation savings for your retirement.

Our services we offer to you:

• Establishing your SMSF

• Establishing limited recourse borrowing entity (bare trust) – borrowing within super

• Preparation of annual financial accounts and ATO annual return

• Help you to meet your annual administrative requirements;

• Advice on taxation benefits and pension strategies

• Pension setup and commutation

• Liaise with your auditor for a smooth audit process

• Strategies and taxation advice around estate planning

If you would like to set up a super fund, or if you need advice on your existing fund please contact us for a no-obligation consultation.

Business Taxation

At Parallax we know that your business and especially the fruits of your labour – your profits - are precious to you. 

As tax professionals, we strive to provide you with tax planning advice to ensure you are maximising your return for your business.  We work with the business owners to effectively and legally structure their business affairs to maximise wealth creation and minimise tax payable.

 Services we offer:

• Annual Accounting – Preparation of Profit & Loss Statements and Balance Sheets with depreciation schedules to show your business’s journey through the year.
• Tax Returns - Compliance is the preparation and lodgement of the annual income tax forms for your business.
• FBT – Fringe Benefits tax may be payable if you provide non-monetary benefits to your employees.
• BAS, IAS, PAYG – Preparation of your BAS to comply with the GST legislation and the deemed PAYG amounts for the period.
• Worker’s Compensation – We can help in reporting annual wages, both estimates and actuals, to enable your insurance provider to calculate your annual premium.

If you would like to discuss possible ways to reduce your business tax please contact us for a no-obligation consultation.

Individuals & Investors 

At Parallax Accounting we provide every client with an advanced level of guidance and tax advice when it comes to managing your investments and structuring them in a way to optimise growth and minimise costs.

Services we offer:

• Assessing your current investments to ensure that optimal deductions are being utilised
• Utilising different structures to protect you and your assets and ensuring that they are as tax efficient as possible 
• Tax planning before the purchase and sale of assets and investments to ensure that there are no unnecessary taxes or hidden costs.

Contact us now for a no obligation review of your investment portfolio.

Tax Accounting

Taxation compliance is often looked upon as the “necessary evil” or the “chore” that has to be done to comply with the current taxation legislation.

There are a multitude of tax laws and complying with them is a complicated maze.  Here at Parallax Accounting we thrive on keeping up to date with the ever changing tax regime and can guide you through the maze. 

Come in today and see how we can make a difference for you and enjoy simple to understand, hassle free accounting services that removes stress and optimises your investments to achieve the growth you deserve.

If you would like to discuss possible ways to reduce your business tax please contact us for a no-obligation consultation.