Accounting & Taxation Services

Farm Accounting

Farm accounting involves specific business, financial, and taxation issues and a specialist understanding of the industry.

At Teakle Accounting we keep well informed with changes to accounting and taxation policies and with the developments affecting farming businesses and the rural sector.

Shane Teakle completed a Diploma of Farm Management at Marcus Oldham Farm Management College in 1989 and has previously worked on the family farm and other properties. Shane's rural experience and knowledge helps him to provide professional up-to-date and accurate advice to our farm business clients.

Shane and his experienced accounting team will meet with you to discuss and interpret your accounts and help you plan future strategies. We will provide comprehensive advice on farm financial management, business structuring, budgeting, financing and succession planning.

Our services include:

• Farm budgeting and cash flows
• Preparation of financial statements
• Providing advice on farm sales and purchases
• Providing advice on ownership structures
• Seasonal planning
• Succession planning
• Taxation

Preparation of Financial Statements

At Teakle Accounting we understand the importance of clear and accurate financial reporting.

Taxation law is complex and constantly changing. With the benefit of our many years of experience preparing financial statements for all kinds of small businesses and farming businesses; we aim to ensure that your financial information is presented in a clear and concise manner, so you can have a better understanding of your business's financial health.

We are committed to providing comprehensive financial reporting services to help you make informed decisions about your business.

Rental Property

At Teakle Accounting we have the expertise required to assist you in a variety of areas relating to residential and commercial property.

The Rental Property related services we offer include:

• Advice on funding
• Advice on ownership structure
• Advice on purchasing a property
• Guidance in tax minimisation
• Review of lease agreements

The importance of forecasts in making a residential investment cannot be emphasised enough. We can provide you with forecasts for:

• Financial position
• Potential growth
• Revenue returns

Self-managed Superannuation Funds

Superannuation for most people is one of their biggest long-term investments, so it makes complete sense to seek the advice of an expert.

Teakle Financial Planning can take the stress out of deciding which superannuation fund is going to work most effectively for your personal circumstances.

Our Teakle Financial Planning advisors can help you determine if a Self-managed Superannuation Fund (SMSF) might be right for you.

Superannuation is an effective vehicle for growing wealth and minimising taxation and should most likely form a part of your retirement plan.

There are trust laws and legislative requirements for setting up a Self-managed Superannuation Fund. Typically you need to:

• Obtain a trust deed
• Appoint trustees
• Sign a trustee declaration
• Elect to become a regulated fund
• Obtain a Tax File Number
• Obtain an Australian Business Number

Teakle Accounting can manage all of your Self-managed Superannuation Fund taxation, accounting and compliance requirements.

Our Teakle Financial Planning advisors can provide the professional advice you need to set up your own Self-managed Superannuation Fund and greatly simplify the process for you. 

Taxation

At Teakle Accounting we provide a comprehensive range of public accounting, business advisory and taxation services to small businesses, farming businesses and individual clients.

Primarily our commitment to our clients is to ensure compliance with the taxation legislation. We can manage all of the tax affairs for our clients including the preparation of business and individual tax returns, financial statements, self-managed superannuation funds as well as providing tax planning services, tax advice and tax minimisation strategies.

Taxation can be a major cost to your business. We will work with you to minimise your tax and to help you achieve your key business objectives.

We provide a complete service of assistance and advice in each of these areas:

• Individual tax returns
• Business tax returns
• Self-managed superannuation funds 
• Preparing Business Activity Statements
• Advice on tax payments
• GST obligations
• Advice on, and implementation of, tax effective trust structures for asset protection and tax minimisation
• Managing ATO audits or disputes
  

Trusts

A trust is a commonly used structure for protecting business or family assets, managing income and planning for a smart financial future. 

A properly configured trust will help you to distribute your income, manage and minimise taxes and create structures to maximise long-term wealth and provide a valuable way to protect the assets you have accumulated.

A trust structure can save you tax by distributing income to family members as well as providing income to loved ones, while reducing your total family tax liability. Legally reducing the amount of tax you pay is vital in your path of wealth creation. 

At Teakle Accounting we can help you determine which type of trust is right for your business and personal future, then help you make the most of it to save taxes and protect your assets.

Our extensive experience with trusts enables us to offer specialist advice on trust formation and ensures all statutory requirements are met. Obligations for trustees can often be onerous, and our assistance in trust administration can prove invaluable.

We ensure your trust is formed and administered as effectively as possible, covering all legal requirements and guaranteed to fulfill its purpose.

We can assist with:

• Preparing and executing the vital documentation required for trust formation
• Attending to the special requirements involved in reporting for trusts
• Completing the trust administration:
• Annual accounts
• Asset management
• Income distribution
• Minute-keeping service
• Taxation