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Growing Numbers

McKern is the first choice in accounting for busy people with complex lives. Let our team work with you to help you grow your life. 

Compliance

McKern can arrange compliance obligations for all structures including Companies, Trusts, Partnerships, & Individuals.  Compliance obligations include Financial Statements, Income Tax Returns and Business Activity Statements.

McKern engages specialist external trainers for monthly in-house training to ensure our team remain up to date on the latest taxation legislation and changes, tax rulings and case law. 

Starting a Business

The McKern team can offer comprehensive advice for any new business and/or investments.  Our services include the incorporation of new companies and the settlement of new Family Trusts, appropriate advice for selecting directors, shareholders, trustees and beneficiaries, as well as managing the registration process right through to the setup of bank accounts. 

In addition to setting up new entities, McKern can assist with new registrations necessary for sole-traders. We will ensure you understand your new structure, including the tax and income implications, by using simple diagrams and detailed explanations. Our team can also provide advice regarding legislative requirements, potential cash-flow implications for starting a business, and your record keeping obligations.

Licensing

The McKern team has experience in various forms of government department licensing application requirements in both Queensland and New South Wales. McKern has assisted clients with Training Provider licenses in Queensland, as well as Pre-qualification for Queensland Transport & Main Roads tendering.  We are able to assist in compliance related issues in a variety of industries with any government departments.

Visit our 'Building Numbers' to discover more about McKern's experience in building compliance. 

Corporate Administration

McKern can take care of your corporate secretarial needs, including ASIC lodgements of annual returns and various other necessary lodgements as required.  We can also assist with completion of Business Name applications for all states of Australia as well as completing change of details forms for submission to the Offices for Fair Trading.

Internal Management

McKern can provide our clients with assistance and advice on the management of their business cash-flows and profitability.  We work with our clients to review their income and expenditure reports on a regular basis to provide insights and facilitate discussion for potential improved profitability.

Investment

Considering the tax effect or cash flow requirements of new investment options? McKern can provide various cash-flow and analysis reports to assist in your decision including various investment forms and different structures.  From a residential rental property owned by an individual, through to managed funds in a geared investment portfolio held by a Trust, in conjunction with a licensed financial planner where necessary, we can provide detailed net cash-flow estimates, based on after-tax dollars.

Self-Managed Super Fund

McKern provides compliance obligation services for you and your Self-Managed Superannuation Fund including Employer Super, Financial Statements, Income Tax Returns, and compliance audits. 

With a strong desire to provide additional service, support and value to you, we are very pleased to announce that we are now able to offer financial planning and advice, ‘in-house.’

The firm currently has three individuals that are licensed to provide financial advice to clients – Damien McKern, the Principal and Owner of the business, Associate, Shelly Hutchison, and Client Manager, Scott Williams. Together they have in excess of 60 years of accounting, tax business advisory and financial services experience, and are well placed to assist you in a broad range of advice areas, like Self-Managed Superannuation Funds.

Growing Numbers FAQs

How do I get an ABN?

ABN’s are issued through the Australian Business Register, and can be applied for online.  There are various requirements to be met before you can get an ABN. Applications may be refused if you are not entitled to an ABN. 

McKern can provide expert advice for structuring your new or existing business, as well as organise any ABN applications you may need.

How do I set up a new business?

There are many things that need doing in order to set up a new business. From choosing and registering your trading name, to setting up bank accounts and registering for your ABN, TFN in some circumstances, and other ATO registrations for GST and employees etc. 

You will also need to ensure you have a suitable accounting system in place to record your financial information and business transactions, to satisfy the ATO requirements. The McKern team would love to meet with you to take you through a step by step list of the things you need to do to set up your new business or improve your existing business structures. 

Do I need a company?

A company has a separate legal existence to its owners.  There are many advantages to setting up a company within your business, one of them being the flat 30% tax rate on all income.  However, there are also many other issues that need to be considered prior to using a company, including the non-availability CGT discount on any capital gains. 

Companies can be more expensive than other entities to set up and maintain each year. Contact McKern to arrange an appointment to discuss your options regarding setting up a company.  

Can I use a family trust?

Put simply, a Trust is where a Trustee is under an obligation to hold property for the benefit of Beneficiaries.  A ‘Family Trust’ is a discretionary trust, where the beneficiaries do not have a fixed entitlement or interest in the trust funds.  The Trustee has the discretion to determine which of the beneficiaries are to receive the capital and income of the trust, and how much each beneficiary is to receive.  The terms of the Trust are set out in the Trust Deed - a very important document that governs how the Trustee is able to operate the Trust.  

One major benefit of using a Family Trust is the ability to distribute the income each year between various family members, utilising lower tax brackets if available.  However, there are many complex areas of Trust Law, so it's essential to get the terms of your Trust Deed right from the start. This will help ensure the Trustees can effectively use the Trust to minimise tax and work as a valuable entity within your organisational structure.

Still unsure? Contact McKern

How do I register a business?

Setting up a new business? There are numerous registrations you will need to organise, including Business Names, ABN, TFN (in some cases), GST & PAYG Withholding, just to name a few.  The number of registrations necessary for your business depends entirely on your exact circumstances. 

The McKern team are experienced in working with our clients to achieve the best outcome for their business and circumstance. Contact Us for an appointment today. 

What is a SMSF?

Self Managed Superannuation Funds (SMSF) are a way of saving for your retirement. Instead of placing your superannuation contributions into the hands of fund managers each year, you can be the Trustee of your own fund, and manage it yourself.

There are various annual costs associated with having a SMSF, including but not limited to annual Accounting and Audit fees that are necessary to satisfy ATO requirements. These costs are minimal when you join a large Superannuation Fund, and for this reason, unless you have substantial retirement funds to roll in to your new SMSF, they may not be appropriate. 

The Superannuation Industry Services (SIS) Act regulates the industry, and there are many complex rules and regulations governing the Trustees of SMSFs. The penalties that can be given out to a Trustee where funds breach the regulations are serious, and can even include jail terms.

SMSFs are not for everyone, contact McKern for an appointment to see if a SMSF is your best option.  

McKern Strategic is a Corporate Authorised Representative of Count Financial and is able to provide advice on the set up and operation of your SMSF.

How do I comply with ASIC?

The Australian Securities and Investments Commission (ASIC) is Australia’s Corporate (company), Markets & Financial Services regulator. If you operate your business or investments through a company, you will be required to satisfy the numerous provisions of the Corporations Act. This is a complex area with many rules and regulations, as well as penalties.

Every company needs to lodge an Annual Return with ASIC each year and to lodge forms for any changes to the company, including changes to Directors, Shareholdings, addresses etc.  McKern are experienced in preparing and lodging annual returns and other forms on our client's behalf as well as providing advice about other ASIC issues you may encounter. Contact McKern to discuss ASIC compliance. 

How to finance a new asset

There are various forms of finance available out in the market including bank loans, chattel mortgages, hire purchases, leases, and many more.  When it comes to financing a new asset, there are many considerations when deciding which form of finance is most suitable.

Some of these considerations will include the effective life of your asset, your cash flow needs, interest rates, tax deductibility, GST registration, and more. To best plan for your next asset purchase, contact McKern to discuss if the finance you are considering is most suitable for your situation.

McKern works closely with trusted finance brokers who may be able to secure you better terms.

Which name should my finance be in?

The name used to draw up a new asset is a crucial choice. By using the incorrect name on the finance documents, it is possible to lose the tax deductibility of interest, and cost yourself additional income tax for years to come. Contact McKern to review the details of your circumstances and for advice on the most suitable entity to apply for your finance.