Annual Compliance Services

Often the primary reason clients engage the services of a chartered accountant is to assist them with meeting their annual compliance obligations. Commonly this requirement includes:

Preparation of Financial Statements & Income Tax Returns

We take care of the preparation of annual accounts for all business entities (companies, individuals, trusts, partnerships, limited partnerships and LTCs). Our systems enable us to quickly prepare accounts from any software package or manual system that you may have (BankLink, MYOB, Quickbooks, Accomplish, Cash Manager, Xero etc). We utilise MYOB’s Accountants Enterprise Client Accounting suite of reports, fixed assets modules and workpapers alongside Tax Return Preparation software.

All our annual accounts and income tax returns are prepared to the highest standards, are presented professionally and comply with CAANZ and Inland Revenue requirements.

A significant part of this compliance function is the preparation of a full workpaper file that thoroughly documents the processes taken, checks made, justification of treatments adopted and the composition of key account balances. If the financial statements are later queried for any reason, this file is invaluable.

Administration of Income Tax Affairs

The filing of your annual income tax return initiates a further sequence of compliance requirements. We use the MYOB Practice Tax Compliance software to record all assessments, payments, use of money interest, late payment penalties, incremental late payment penalties, small balance write offs, refunds, determinations of loss and transfers. By accurately maintaining your records within this system we are able to advise you of due payments and return status. It also enables us to check, and often request corrections to, Inland Revenue’s own records.

To facilitate this process we link all our clients to our agency with Inland Revenue and have all their income tax correspondence come directly to us. This also enables us to review your Inland Revenue records online.

With the current tax management regimes in place it is crucial that your income tax affairs are properly managed if possible interest and penalties are to be avoided.

Maintaining Company Records

We find that being the registered office of our client companies enables us to efficiently manage company compliance requirements. When due, we prepare and send to you annual returns and minutes for your approval. Then once received back, we file the return with the Companies Office and maintain the company’s minute book. We also ensure that a full record is kept of dividends, shareholder salaries, major transactions and other important events. We also maintain the various registers and ensure that the signed annual accounts are kept on file.

Maintaining Trust Records

It is important that all trusts are properly administered. For our client trusts we assist by preparing resolutions and maintaining minute books, including recording distributions and gifts.