By Nikita Sergey (Own work) [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons
Accounting Professionals is a collaborative, innovative and energetic firm in Shellharbour City Centre, located in the Illawarra. Our point of difference is our preparedness to examine our clients’ businesses, understand how they work, identify how they can be improved and to partner with them during the change and implementation process. The overriding focus of our firm is to assist our clients implement sound organisational infrastructure, robust financial management frameworks and ultimately to be more successful.
Most people accept that they need an accountant for taxation and keeping their books up to date. Accounting Professionals is more than just accountants. We believe in becoming an integral part of our clients business and personal strategies.
Our professional and highly trained staff are dedicated to providing specialised services to conquer any challenges in pursuit of financial independence. We help our clients proactively manage assets and liabilities, critically examine the way they do business, focus on key success factors and help effect change within the business to facilitate growth, increase profitability and improve cashflow.
Our firm has the ability & resources to provide ongoing services to businesses and business owners. We have been operating for 15 years and have built a reputation on the basis of a long term commitment to the success of our business clients.
Our goal is to ensure our clients perceive us as their primary business advisors and value us as their business partners and advisory consultants. The resources we use include highly educated and well-trained accountants and business consultants working with clients as part of their management team.
Professional development, training, exemplary standards of service and professional ethics ensure our firm’s expertise remains at the highest level.
Our firm continues to be actively involved in numerous local business & community groups, including: –
Through our experience in conducting various business improvement workshops and training sessions we have access to a vast array of specialist business service providers that are capable of complementing our services, including business law specialists and human resource service providers.
In line with our vision to expand our specialist services offering we have developed our team of professionals to include expertise in the provision of executive services. The depth of knowledge and experience within our team provides a unique niche Executive Services offering designed to ensure our business clients have access to CEO, CFO and COO services to enhance operational performance.
Garry Pinch – Partner Accounting Professionals
March 24, 2017
Running a self-managed super fund requires trustees to adhere to complex laws and follow a number of onerous rules.
One of the most fundamental investment rules for SMSFs is that the trustees must transact on an arm’s length basis to ensure no conflict of interest arises. An arm’s length transaction requires trustees to conduct on a commercial basis as if there was no relationship between the parties.
This means the purchase and sale price of fund assets should always reflect the true market value of the asset, and the income from the assets held by the fund should always reflect the true market rate of return.
SMSF trustees must obtain independent valuations for assets which are not listed on a public market. Furthermore, if a SMSF sells an asset to a related party or member of the fund, the sale price must be at market value.
Any non-arm’s length income is taxed at the highest marginal tax rate. The ATO considers non-arm’s length income as income which is derived from a scheme in which the parties were not dealing with each other at arm’s length and if it is more than the SMSF might have been expected to derive (if the parties had been dealing on a arm’s length basis).