Elysium Accounting

Elysium came in and fixed up their accounting software which had never been balanced to their accountants’ reports We also did a forensic analysis of their tax commitments and discovered that GST had not been correctly claimed on their fixed asset purchases As a result, they were due a refund of over $20,000 We also identified major areas of tax compliance risk with the claims made and put in place changes which eliminated these risks With their tax returns now completed on a timely manner, and their accountant responding proactively the business was able to identify areas of concern and quickly turned around their business performance

Craig and Carrie were fruit shop owners who were frustrated with the limited advice provided by their accountant The tax returns and financials were completed but the business was run as a sole trader which provided no tax benefits and poor asset protection

Craig and Carrie wanted to have their structure reviewed and their tax situation analysed to see whether anything could be done to reduce their tax liability

We transferred the business into a discretionary trust and set up a sales agreement Utilising the CGT concessions, no tax was paid on this transfer and there will be substantial tax savings on future profits In addition, we liaised with their bank to obtain finance for the trust to purchase the business from the sole trader These deductible loan was used to pay down their personal debts, creating an interest saving as well

Peter saw our website and contacted us with a tax problem He had sold his pharmacy business and the business premises in prior years and was up for substantial capital gains tax Unfortunately his accountant, although proficient with tax for pharmacies, had no idea of the small business CGT concessions The ATO was after the taxes that the previous accountant had said were owed which was well in excess of $100,000

Peter came to us so that we could review his situation and determine whether there was any recourse or amendments possible that would reduce his tax liability

We discovered that the small business concessions had not been correctly claimed for both the sale of the business and the sale of the property Due to poor advice, he had sold his business just prior to turning 55 If he had received the appropriate advice to wait until then, the entire pharmacy sale would have tax free Instead, we were forced to look to minimise the capital gains tax on the sale of the property We lodged amendments and appeals with the ATO that implemented the small business CGT concessions and resulted in the taxpayer’s tax bills being halved

Real Estate was a newly created real estate agency that was established by a client who had previously worked as an employee rather than a business owner

With a real passion for creating a real estate agency that was different, the client had a firm business model and direction, but needed help with the administration and tax side of things where their experience and knowledge was lacking

Elysium helped establish the business in the most tax effective structure and put in place an external administration and bookkeeping support service that took care of all the tax and accounting services The client was able to concentrate on growing the business and has experienced substantial growth in their first years

Barry and Phil were two clients who came to us after they had sold their gardening supplies business to their sons They had been extremely successful in business and had acquired and owned many of the business’ commercial premises personally or in partnership

Now retired, both Barry and Phil were paying taxes on the rent earned by these properties and were facing substantial capital gain tax liabilities on selling these properties later in life

Elysium helped implement a strategy to transfer these properties into their self-managed super funds In consultation with legal experts, we ensured the client avoided paying stamp duty, accessed the small business CGT concessions and remained within the super contribution caps As a result, the clients now had properties which were CGT free and paid no taxes on the rent received

Why our clients choose us

Our clients chose Elysium because we are a different kind of accounting firm We honestly care about our clients and have a firm commitment to ensuring we maximise our client’s financial and personal position with every contact

Our promise and Guarantee

Elysium promises to respond to all phone calls and queries within 24 hours to give you peace of mind We also promise to give every client a personalised experience The ATO has released its final guidance on home office claims moving forward in the 2023 financial year With COVID lockdowns now thankfully behind us, the ATO has scrapped the concessional home office claim methods which were available to taxpayers in the 2021 and 2022 financial

The ATO has warned accountants they must obtain a full picture of their client’s holiday home rentals before submitting their returns Rental properties have always been an area of interest of the ATO, but this year their focus seems to be increasing on holiday homes The obvious reason for this is that holiday homes often generate substantial losses as they are only tenanted for part of the year but incur large annual

With everyone returning to work after a relaxing break, attention now turns to the remainder of the 2023 financial year with businesses beginning to focus on ensuring they minimise their tax and take advantage of any concessional rules