[ Tax & Accounting ]

Know where you stand before the deadline arrives.

Tax returns, BAS and financial statements still need to be completed accurately and on time.

But the more useful tax conversation happens before the year is over.

We help you understand the expected tax position, what is driving it and anything that needs to be considered while there is still time to act.

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[ How we see tax ]

Tax should not start with the tax return.

By the time a tax return is being lodged, most of the financial year has already happened.

That is why we prefer to understand the position earlier.

For business owners, that can mean looking at:

→the profit the business is likely to make
→the tax that may follow
→how much cash is available
→what the owners have taken from the business
→upcoming investments or purchases
→the structure of the business group
→any issues that should be addressed before year-end

The objective is not to manufacture a tax outcome.

It is to understand the position properly, consider the available options and make sure the eventual return reflects what actually happened.

[ The annual work ]

We take responsibility for the accounting and tax work required to keep the business and its owners up to date.

The foundations still matter.

This can include

01Company tax returns
02Trust tax returns
03Business-related individual tax returns
04Financial statements
05BAS and GST
06Fringe Benefits Tax
07Division 7A
08Tax reconciliations
09ATO correspondence and liaison
10Other annual tax and compliance requirements relevant to the group

The exact work depends on the entities involved and the scope of your engagement.

[ Tax planning ]

Understand the position before 30 June.

Tax planning should give you more than an estimated tax bill.

01What profit are we expecting for the year?
02What tax are the business and owners likely to pay?
03What has already been paid?
04What cash will we need when the tax falls due?
05Are there decisions that need to be made before the financial year ends?
06Have the owners taken money from the business in a way that needs to be addressed?
07Are there legitimate options that should be considered before year-end?

We work through the expected position with you before the year is finished, rather than waiting until the return is prepared to have the conversation.

The value is knowing what is coming and understanding the choices available.

[ Tax and cash ]

A profitable year does not mean the tax is sitting in the bank.

This is one of the areas that can create confusion for business owners.

A business may have made a healthy accounting profit while its available cash has been affected by:

→debt repayments
→equipment purchases
→owner drawings
→loan accounts
→stock
→debtors
→previous tax payments
→distributions
→other investments in the business

What tax are we likely to owe?

Where will the cash come from to pay it?

Those are related questions, but they are not the same question.

Understanding both before the liability falls due gives the owners more time to plan.

It also connects tax with the wider financial position of the business rather than treating it as an isolated annual event.

[ Owners ]

Taking money out of the business needs to be understood properly.

For many privately owned businesses, the line between business cash and personal cash can become complicated.

Owners might receive money through:

→wages
→dividends
→trust distributions
→drawings
→repayments
→loans
→other transactions between entities in the group

The accounting and tax treatment of those amounts matters.

We help keep track of what has moved between the business, related entities and the owners so the position can be understood before it becomes a year-end clean-up exercise.

Depending on the structure, that may involve

→Division 7A
→shareholder or director loan accounts
→trust distributions
→wages and superannuation
→dividends
→retained profits
→owner drawings

The right approach depends on the circumstances of the business and its owners.

[ Business structures ]

The structure should still suit the business you have now.

A structure that made sense when the business started may need to be reviewed as circumstances change.

The business might now have:

→more revenue
→more assets
→additional owners
→different risks
→new investments
→employees
→related entities
→succession plans
→plans to buy or sell a business

We can review the accounting and tax implications of the existing structure and help work through changes where appropriate.

This can include

01Companies
02Trusts
03Group structures
04Business restructures
05Ownership changes
06New business entities
07Asset-holding considerations
08Succession-related tax considerations
09Division 7A
10Tax implications of acquisitions and disposals

Where legal documentation or specialist legal advice is required, we work alongside the appropriate legal adviser rather than presenting accounting advice as legal advice.

[ Before a major decision ]

Tax is one part of the decision.

Some of the best times to speak with us are before you:

→purchase significant equipment
→buy property
→acquire another business
→sell part or all of a business
→bring in another shareholder
→buy out an existing owner
→move assets between entities
→make a significant distribution
→restructure the group
→enter a major new investment

Tax matters.

But it should be considered alongside:

→cash flow
→funding
→profitability
→ownership
→commercial risk
→the longer-term objective

A decision should not make commercial sense only because of its tax treatment.

[ ATO matters ]

Understand the issue before responding.

ATO correspondence can range from a straightforward request for information to something that needs more careful consideration.

Depending on the matter, we can assist with:

→responding to ATO correspondence
→reviewing account balances and liabilities
→resolving discrepancies
→lodgement issues
→payment matters
→information requests
→amendments
→reviews of historical tax positions
→communication with the ATO on your behalf where appropriate

The first step is understanding what the ATO is asking, what the records show and what needs to happen next.

[ What the year can look like ]

The work happens at different points for different reasons.

The exact timing depends on your engagement and circumstances, but the tax relationship can include work throughout the year.

Throughout the year

BAS, GST, accounting and other ongoing obligations are completed as required.

Before 30 June

We review the expected tax position, consider anything that needs attention before year-end and discuss the likely cash requirement.

After the year ends

We finalise the accounting records and financial statements, resolve outstanding matters and prepare the required tax returns.

Before lodgement

We explain the final position and any material differences from what was expected.

When something changes

If you are considering a significant transaction or something changes in the business, we would rather have the tax conversation before the decision is finalised.

[ More than one owner? ]

Everyone should understand the tax position.

Tax decisions can become harder when several owners are involved.

One owner may want to retain cash. Another may need a distribution. One may be focused on growth while another is thinking about reducing debt or preparing for an eventual exit.

The business still needs a position that everyone understands.

We help explain:

→the expected tax
→where the liability sits
→what has been distributed or drawn
→what cash needs to remain available
→what decisions need to be made
→what those decisions mean for the different owners

That makes tax planning part of the wider owner conversation rather than something one person receives from the accountant and has to explain to everyone else.

[ A worked example ]

A good tax conversation might start with a business decision.

Imagine a business has had a stronger year than expected.

Profit is up substantially.

At the same time, the owners are considering:

→buying another piece of equipment
→increasing their personal drawings
→paying down business debt
→hiring another person

How do we reduce the tax?

That might be one question, but it should not be the only one.

We also need to understand:

→what the expected taxable position is
→how much cash will be required for tax
→what cash the business needs for its existing commitments
→how the proposed investment affects the forecast
→how money taken by the owners is being treated
→whether anything needs to happen before 30 June

Once those pieces are understood, the owners can make the next decision with the whole position in front of them.

[ Behind the advice ]

Good advice still depends on good accounting.

Tax planning only works when the underlying information can be relied on.

That means:

→transactions need to be recorded properly
→accounts need to reconcile
→entities need to be understood together
→loan accounts need to be tracked
→GST needs to be treated correctly
→the information used for planning needs to be current enough for the decision being made

We use Xero, connected systems, automation and AI where they can reduce repetitive work and improve information flow.

But technology does not determine the tax position or make the commercial decision.

That still requires judgement and an understanding of the business and its owners.

[ Where to start ]

Start with what is happening.

You do not need to arrive asking for a particular tax strategy.

You might simply tell us:

“We have had a much better year and don't know what the tax will look like.”
“There is profit in the accounts but not much cash in the bank.”
“The owners have taken a lot of money out this year.”
“We are about to buy another business.”
“We want to purchase a property.”
“Our structure has not been reviewed for years.”
“One shareholder is leaving.”
“We have received something from the ATO and aren't sure what it means.”

Those are useful starting points.

We can work out what needs to be considered from there.

[ Client words ]

What clients say about working with us

“Mitch isn't your typical accountant who just crunches numbers once a year—he's proactive, forward-thinking, and genuinely invested in our success. Whether it's structuring strategies, keeping us accountable, or just being available for a call when something urgent comes up, the support has been next level.”

Ray Beaufils

Google review

“I've had a great experience working with Wakefield Pacific — they're knowledgeable, responsive, and incredibly thorough. They explain things clearly, especially when it comes to Xero and cleaning up complex accounts. I always feel supported and confident that everything is being handled properly. Highly recommend to anyone looking for a reliable and trustworthy accountant.”

Linda Kadar

Google review

“Mitch and his team are always happy to answer my calls at any time of the day. They are very knowledgeable, always able to answer my questions and make everything easy to understand. Since switching to Wakefield Pacific my business finances have never looked better.”

Beau Warden

Google review

[ Related reading ]

Know the position before you need to act on it.

Tax is easier to manage when the conversation happens early enough to understand what is coming.

Tell us what is happening in the business and we can work through the accounting, tax and commercial implications with you.

Book an introductory call →See how we work

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