Proactive Compliance

You are always ahead. No chance for ATO to Chase You

Business Compliance keeps you out of trouble. Gives you Peace of mind. Above all, you can't run a 'Business' if you are not compliant.

Compliance has enormous value when your accountants do it proactively. It means you get your numbers to have more lifestyle, freedom and sustainable profit instead of doing it for the ATO.
Are you interested to find out :
  • What do you gain by being compliant?
  • What pains does Proactive Compliance remove from your life?
  • How do you know that you have achieved Proactive Compliance Status?
  • How does being compliant impacts on your lifestyle, freedom and sustainable profit?
  • What are the consequences if your business is not compliant with ATO, ASIC and other many regulatory bodies?
100% Client Satisfaction
No Box Approach
Shorter Time To Market

Business Activity Statements (BAS) are used to report and pay the GST that has been collected and paid by your business. Instalment Activity Statements (IAS) are used to report and pay amounts withheld from your employee’s wages and salaries.
If you are a business registered for GST you need to lodge a business activity statement (BAS).

Super, or superannuation, is money set aside during your working life for when you retire. For most people, super begins when you start work and your employer starts paying a portion of your salary or wages into a super fund for you. These payments are known as super guarantee contributions or concessional (pre-tax) contributions. We Prepare and lodge employees’ superannuation obligations including Reportable Employer Super Contributions

Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency. … Reduction of tax liability and maximizing the ability to contribute to retirement plans are crucial for success. Proactive tax planning enables you to take advantage of tax strategies and concessions available. Through this, we also ensure you know your tax position well in advance of when it is due.

If you are a business that is operating in Australia you must prepare accounts / financial statements based on the financial year end which is 30 June.The end of the financial year is an important time for your small business. You’ll need to complete bookkeeping, tax returns and plan for the new financial year. We Prepaare of End of Year Accounts / Financial Statements for Sole trader, company, Trust & Partnership & NFP’s

A tax return covers the financial year from 1 July to 30 June.When you lodge a tax return you include how much money you earn (income) and any expenses you can claim as a deduction. This information allows ATO to check how much tax you should have paid. If you have paid more tax than you need to, ATO will refund the extra amount to you (this is called a tax refund). If you have not paid enough then you may receive a tax bill.

Single Touch Payroll (STP), is a new way of reporting tax and superannuation information to ATO. With STP you report employees’ payroll information – such as salaries and wages, pay as you go (PAYG) withholding and super – to ATO each time you pay them through STP-enabled software.

Accident insurance policy with WorkCover Queensland—which covers your business for the cost of any work-related injuries to your worker. You need to declare your wages information to them by 31 August 2020 so they can calculate your premium for the year.

Small business benchmarks are a guide to help you compare your business’s performance against similar businesses in the same industry.ATO benchmarks are based on the biggest data set available – calculated from tax returns and activity statements from over 1.5 million small businesses and they account for businesses with different turnover ranges (up to $15 million) across more than 100 industries

It is third party reporting of certain tax related information to the ATO by suppliers of certain services. In this context it is reporting to the ATO annually of payments made to contractors where they are engaged to help provide your services.
If your business makes payments to contractors or subcontractors you may need to lodge a Taxable payments annual report (TPAR) by 28 August each year. The taxable payments reporting system aims to create a level playing field – to prevent dishonest operators from gaining an unfair advantage over the majority. The information ATO collect in the TPAR allows them to identify contractors who are not meeting their tax obligations.

Trust Resolutions are ‘resolutions’ made by the Trustee, in accordance with the Trust’s Deed, to resolve who the Trust income is to be distributed to on or before year end. It is also for trustees who wish to make beneficiaries specifically entitled to capital gains forming part of the trust capital. If a resolution is not effective, other beneficiaries or you (as trustee) may instead be assessed on the relevant share of the trust’s net (taxable) income. Where a trustee is assessed, that may be at the top rate of tax.

An annual review is a yearly assessment to ensure that ASIC is up to date with your company’s current details and ability to pay its debts. Your company’s annual review usually takes place on the same date that your company was registered. Your annual review is accompanied by an annual statement.

Need Gap Analysis

Motivational Question
- Move Towards Gain

What do you gain by being compliant?
  • To have a license to run the Business
  • To protect your assets
  • To minimise Tax
  • To get the best possible interest rates on your borrowings
  • To get the insurance
  • To protect your IPs
  • & more….

Motivational Question
- Move Away From Pain

What pains does Proactive Compliance remove from your life?
  • Paying late lodgement fines and penalties
  • Chasing the reactive accountants and bookkeepers for your lodgements
  • To remember all the dates to avoid missing any deadlines
  • Continuous wastage of your time and efforts to be compliant
  • & more….

Measurement Question
- A few KPIs

How do you know that you have achieved Proactive Compliance Status?
  • Your Monthly, quarterly and annual complaince is completed on time without incurring and notices or penalties
  • Your banks reporting reqirements are met.
  • Your insurance companies requirements are met.
  • Any centrelink requirements are met
  • & more….

Value Question
- Emotional Value

How does being compliant impacts on your lifestyle, freedom and sustainable profit?
  • Business Direction & Control
  • Accountability Map
  • Improved decision making abaility
  • Personal Asset Growth
  • Peace of mind
  • A good night sleep
  • & more….

Value Question
- Monetary Value

How does being compliant impacts on your lifestyle, freedom and sustainable profit?
  • $ Saving on Tax Liability x 5 years on average.
  • Increase in Free cash
  • Centrelink Payments received on time.
  • Government Grants
  • Debt Reduction
  • Increased value of business
  • & more….

Consequence Question - If Kpi Or Objectives Not Achieved

What are the consequences if your business is not compliant with ATO, ASIC and other many regulatory bodies?
  • Receive ATO Notices asking for Lodgements or Payments.
  • ATO Audits to scrutinise the Business Practices
  • High (Ineffective Tax Rates)
  • Loss of Free Cash (which could be in your pocket)
  • Pay high interest rate
  • Not able to buy stock or hire people
  • In nutshell..Don’t have a business
  • & more….

Motivational Question - Move Towards Gain

What do you gain by being compliant?
  • To have a license to run the Business
  • To protect your assets
  • To minimise Tax
  • To get the best possible interest rates on your borrowings
  • To get the insurance
  • To protect your IPs
  • & more....

Motivational Question - Move Away From Pain

What pains does Proactive Compliance remove from your life?
  • Paying late lodgement fines and penalties
  • Chasing the reactive accountants and bookkeepers for your lodgements
  • To remember all the dates to avoid missing any deadlines
  • Continuous wastage of your time and efforts to be compliant
  • & more…

Measurement Question - A few KPIs

How do you know that you have achieved Proactive Compliance Status?
  • Your Monthly, quarterly and annual complaince is completed on time without incurring and notices or penalties
  • Your banks reporting reqirements are met.
  • Your insurance companies requirements are met.
  • Any centrelink requirements are met
  • & more….

Value Question - Emotional Value

How does being compliant impacts on your lifestyle, freedom and sustainable profit?
  • Business Direction & Control
  • Accountability Map
  • Improved decision making abaility
  • Personal Asset Growth
  • Peace of mind
  • A good night sleep
  • & more....

Value Question - Monetary Value

How does being compliant impacts on your lifestyle, freedom and sustainable profit?
  • $ Saving on Tax Liability x 5 years on average.
  • Increase in Free cash
  • Centrelink Payments received on time.
  • Government Grants
  • Debt Reduction
  • Increased value of business
  • & more....

Consequence Question - If Kpi Or Objectives Not Achieved

What are the consequences if your business is not compliant with ATO, ASIC and other many regulatory bodies?
  • Getting ATO Notices asking for Lodgements or Payments.
  • ATO Audits to scrutinise the Business Practices
  • High (Ineffective Tax Rates)
  • Loss of Free Cash (which could be in your pocket)
  • Pay high interest rate
  • Not able to buy stock or hire people
  • ..a long list in nutshell..Don’t have a business
  • & more....

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Glen Coventon
- Pertrain Pty Ltd -

“Mukesh and his team take the time to understand your business and are willing to do what it takes to provide a quality service at fair price”.

Annette Holdaway
—Aussie Bargain—

“We have been with Nexzen Accounting for a number of years and recommend them highly for their personal service, professional knowledge and just how they make it so easy to cover all our accounting needs”

Ross Broadfoot
—HRB Consulting—

“I have always found the team led by Mukesh at Nexzen Accounting to be very helpful. As a Sole Operator, moving to Xero has been a great move! Mukesh also set up a Drop-Box for us to share documents to each other”.

Stevhan Pereira
—Bombaywala Pty Ltd—

“I like Nexzen’s idea of providing us a quarterly analysis of our financials along our BAS lodgement. It helps us to keep on track”.

Bryce Coventon
—Performance Training—

“I would like to recommend Mukesh to anyone seeking a competent accountant who offers a service that is tailored to meet their exact need. It is refreshing to meet a professional who I can trust with our finances“.

Steve & Sancha
—Suncoast Sign—

“Mukesh and the team at NexZen Accounting have been so proactive with regard to responding to the Covid-19 situation. I called first up Monday morning and from the outset they explained that they were working on customised responses to suit all their individual clients needs and particular circumstances. At times like this you need strong professional action like this! many thanks”.

Soraya Saraswati
— Global Records Essential oils—

“Mukesh from NexZen Accounting has been very helpful and we are so impressed they are now our new accountants. We are very happy with the service. Thank you.”

Simon Murray
—CEO Sunshine Coast Disability Services—

“Consider this. With all my years in business I have never come across a more professional company then NexZen Accounting. Their transferable knowledge is beyond reproach.

Neil Steffensen
—SQ Homes—

“Setting up accounting software for business is not an easy task anytime. But Mukesh and his team has been extremely helpful and well informed which is why I would not hesitate to recommend their services to any business.”

Anton Oud
—PSS Group Pty Ltd—

“nexZen are next level accountants and bookkeepers. If you’re looking for a proactive, high value, low cost, one stop solution at a fixed cost and is never on holidays, then I highly recommend nexZen accounting”

Vivek Nayyar
—VKN Pty Ltd—

“The support and help we receive from nexZen is just excellent. Their expertise in accounting and taxation assures us the best possible decision for our business.

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Partners and certifications

Accredited Practice

nexZen Accounting is a CPA Practice. We are fully accredited Tax Agents, Public Practice Tax Accountants, Cloud Bookkeepers and Business Advisors.

We have a dedicated Quality Control Department to lodge your documents on time and meet Quality Standards

SYSTEMS REDEFINED

The member presented as a confident and capable professional and impressed me with his commitment to maintaining a very high level of professionalism.

His system displayed a real focus on assessing his clients behaviour and his philosophy was on building a relationship with his clients that would be long term. As you would expect with a practice using this model the Quality Control Manual and Risk Management statement showed evidence of being continually updated and adjusted as needed.

I really felt that the investment the member has made in building his systems will pay off as his client numbers grow.
Reviewer - RHETT Robinson CPA
Review Date - 11 May 2016