M & G Glossop
Accounting Services in Parramatta

We have been clients of Parramatta Accountants for over 10 years in which time have found Michele, Rochelle, Graeme, and staff very professional in all aspects of accounting. We have for a number of years impaired their services as our tax accountants and in more recent years, through personal advice from Graeme, we were encouraged to establish our own Self Managed Splendid Fund. Secondly Parramatta Accountants are healthy networked with the property investment market in our region and were able to point us in the right direction to buy properties in growth areas where demand was certain. The client must bear all information and documentation that is needed to be taken into account in applying the taxation laws. The client’s responsibility is to produce the information that relate to these transactions. Michele specializes in SMSF accounting, gearing strategy, together with providing client’s advice on wealth creation, taxation and business related investment. Furthermore, the business’ bank account is the measurement of all transactions occurring between the business and other third parties, either providing or purchasing goods and services of the business. The person controlling the entity, partnership, or trust has the responsibility to implement a record keeping regime for a period of 5 years or longer regarding capital gains tax. A person must keep records for five years after they are prepared or obtained or five years behind the completion of the transaction or acts to which they relate (which ever is the later). Getting the business structure correct from the first can be one of the main determinant that ensures the victory or failure of a small business. This believe structure states that no beneficiary is presently entitled to either capital or income from the believe until the trustee so determines in a year of income. Business clients, require financial, and taxation advice, on each transaction they enter into, in order, to make a accurate informed management decision. This strategy has seen our client’s splendid funds amplify in value over the past two or three years since the Global Financial Crisis. As the items are depreciated so too does the tax deductible amount, however, the capital allowance or the cost of the building can be claimed over 40 years, at 2.5 of the building costs. One client that purchase one property in 2008 started off with prosperity of 106, 187, purchased one property in 2009, and another in 2010, with net prosperity to pay a gain to members is now 262,216. The property strategy that Parramatta Accountants has worn to achieve good capital gains is as follows: We have spoken about the type of properties to purchase, location, rental returns, new properties as opposed to old property, tax deductibility, but where do you find all of this research, on diverse areas, prices, rental yields, and so forth. I run an accounting practice dealing with over 1200 clients per year, setting up self managed splendid funds, taxation returns, financial records I don’t have the time to go out and research the market on a weekly basis. This client has made a capital benefit of 156,00 over the previous two years in his Self Managed Splendid Fund. Setting up a Self Managed Splendid Fund (SMSF’) requires a corporate trustee as each member of the fund is a director shareholder of the trustee company. Members of a SMSF are required to have an overall investment strategy for the fund. Members of the fund cannot invest, or purchase assets from a related member of the fund, and cannot borrower or lend money to a related party. A SMSF can purchase business authentic property from a member of a fund but not residential property. We love occupied with the team at Parramatta Accountants.