Services

Tax and financial reporting: it needs to be done but do you need to do it?

Australian and international taxation is a complex area of law, which is reformed on an ongoing basis. Most businesses have neither the time, the infrastructure nor the expertise, to manage all their taxation and financial reporting obligations.

That’s why smart businesses are leveraging the vast expertise and resources of Jennings Partners to manage their finances.

Here’s how we make financial reporting less taxing:

• Income Tax Lodgement
• Financial Reporting
• Employment Tax

• Income Tax Consulting
• Transfer Pricing
• Indirect Tax Consulting

Income Tax Lodgement

Nothing strikes fear in the heart of company directors like the threat of an ATO audit. Yet, failure to comply with income tax regulations frequently results in just that – as well as hefty penalties.

Most businesses don’t intend to fail to meet their income tax obligations, they just don’t have the time or expertise to stay on top of this complex and fluctuating area of law.

That’s why it pays to use Jennings Partners to manage your business income tax compliance.

We can assist your business with:

• Direct and indirect tax return preparation and review;
• End of year taxation resolution;
• Co-ordination of global tax compliance requirements;
• Representation at financial audits, investigations, negotiations, and settlements.

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Financial reporting

Financial reporting is an important legal and corporate governance requirement. Jennings Partners prepare all forms of financial reporting, for audit committees, councils and boards, and other external stakeholders.

We prepare:

• General financial reports for boards and councils;
• Special purpose financial reports for specific stakeholders such as major donors;
• Reduced disclosure financial reports;
• Annual and interim financial reports.

Additional services offered to your business include:

• Consultation on financial reporting benchmarks;
• Review and advice on corporate governance statements;
• Preparation of financial report forms and templates.

We prepare financial reports for all types of businesses including:

• Listed entities;
• Non-listed public entities;
• Companies limited by guarantee;
• Proprietary companies;
• Partnerships;
• Sole proprietors.

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Employment tax

Employment tax is complex and detailed – and ever-changing. Understanding the legislation and staying on top of new new concessions and exemptions requires particular expertise and experience.

Jennings Partners are experts in making sure your business meets all its taxation obligations, and takes advantage of all relevent savings, to ensure you pay exactly the right amount of tax.

We provide:

• Payroll tax return preparation and review;
• Advice on payroll tax and workcover responsibilities for companies engaging employees as well as contractors;
• Regular reviews to identify and optimise tax savings;
• Develop payroll tax policies and procedures.

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Income tax consulting

Successful taxation management is not simply a case of knowing what tax to pay and when. It’s about proactively identifying opportunities and exemptions, and utilising changes to minimise tax liabilities.

The tax consulting team at Jennings Partners are experts in Australian taxation law, who take the time to properly understand your business and its goals and tailor an individual taxation plan to help you achieve those goals quicker.

We specialise in:

• Income tax and capital gains tax planning and implementation;
• Debt and equity issues;
• Analysis of taxation legislation and the planning required to ensure compliance;
• Taxation legislation in regard to specific industries and business structures.

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Transfer pricing

Transfer pricing is the number one commercial issue facing multinational companies.

Since the Global Financial Crisis, many countries have begun to crack down on corporations that have until now avoided paying the required transfer pricing. The Australian Taxation Office has released specific compliance and documentation requirements, and companies failing to meet these regulations.

More that ever, it is important that your company’s transfer pricing is managed by competant experts in the area. Jennings Partners can manage your transfer pricing, vastly reducing your company’s risk.

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Indirect tax consulting

As well as standard business taxation law, Australian businesses are also expected to comply with a range of indirect taxes, such as the GST and customs duties. Indirect taxes are transaction-based, and apply to most businesses that provide goods or services.

Indirect tax is an ever-changing area of law and unless managed carefully by experts like the taxation team at Jennings Partners, businesses may be exposed to financial risks and expensive tax penalties.

Let our indirect tax professionals assist your business by:

• Advising on local and international indirect tax legislation;
• Structuring transactions to obtain maximum indirect tax efficiencies;
• Reviewing and preparing indirect tax returns including Business Activity Statements;
• Providing regular reviews to identify areas of potential risk and opportunities for refunds of tax;
• Training your staff to improve the management of the day-to-day indirect tax compliance.

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Need a hand with tax and financial reporting?