Latest News
Government urged to exempt small firms from TPB reforms
The lower risk profile of small practices means they should not face the same scrutiny as larger ones, the NTAA says.
.
Small firms should be exempted from the government’s proposed TPB registration requirements as their lower risk profiles do not warrant the additional oversight, the National Tax & Accountants’ Association (NTAA) says.
Treasury’s proposal would allow the board to reject or terminate registrations of companies and partnerships based on more stringent criteria including their compliance with governance requirements.
But the NTAA was concerned the proposed change was “too broad in its application”.
“It is evident that the Treasury has reduced the scope of this proposed change to exclude individual tax agents. However, this exclusion does not go far enough,” it said in a recent submission to Treasury.
“The NTAA suggests reducing the scope of the proposed change to exclude small firms.”
“The lower risk level generally associated with smaller firms that operate as companies and partnerships does not warrant additional TPB oversight at the time of registration.”
It said the additional oversight of small firms was an unnecessary burden and provided no benefit to consumers.
But these concerns did not apply to large multidisciplinary firms that had a higher risk of encountering complex practice issues and ethical dilemmas.
“It is clear that the proposed change is intended to target large multidisciplinary firms. The NTAA is fully supportive of a reform that provides additional oversight of such firms,” it said.
“The proposed change would provide a safeguard of sorts to consumers, as it provides a level of comfort that registered companies and partnerships have appropriate controls in place.”
The NTAA said obligations imposed under the tax agent code of conduct would be adequate to deal with smaller firms, with a recent ministerial determination mandating a quality management system at the time of registration.
“The consultation paper proposes a change that would overlay an additional requirement that must be satisfied for certain types of firms to register as a tax agent,” it said.
It also echoed concerns of other professional bodies that having the stringent new criteria as a registration requirement raised procedural fairness concerns.
“Having the quality management system as a registration requirement rather than an ethical standard means that the TPB can decline a registration application by a prospective agent without having to do any real investigation, which would be required under an ethical standards breach,” it said.
“This does not provide the applicant with a fair and just outcome.”
Christine Chen
21 August 2024
accountantsdaily
Latest Articles
Practitioners cautioned on ATO’s top target areas for GST
A tax specialist has outlined three of the major GST areas on the ATO’s radar based on recent...
Christmas Parties and Taxi Fare/Rideshare – FBT implications.
Some employers, who are commendably anxious to protect their employees and clients from the drink/driving...
Assess a business before you buy it
Ensure the business you buy is a worthwhile investment . There are pros and cons to buying an existing...
What are the FBT implications of Employee Christmas Parties and Gifts?
The Christmas break-up party and/or gifts to employees can be exempt from Fringe Benefits if a few rules are...
ATO reveals small business hit list to combat tax debt
The Tax Office hopes shedding light on its enforcement priorities will improve taxpayer...
Once again we are pleased to release an advent calendar. One developed especially for you, our clients, your...
20 Years of Silicon Valley Trends: 2004 – 2024 Insights
Check out the 20 years of Silicon Valley...
1 in 3 crypto owners confused about tax, study reveals
Australian cryptocurrency owners need to be aware of their profits and whether they incur tax, experts have...
Withholding for foreign residents: an ATO focus area
The ATO is currently focusing on ensuring that taxpayers are aware of their obligations regarding treatment of...
Controversial ‘Airbnb tax’ set to become law
A levy on short-stay accommodation bookings will apply from next year after being passed by the Victorian...
Super guarantee a focus area for ATO business debt collection
The ATO has recently confirmed some key focus areas of business debt collection – including debts relating...
Protect your small business by following these essential steps.
Cyber security is everyone’s business. With cyber threats becoming more frequent and complex now is the...
Accounting & Bookkeeping
Modern business demands up to date accurate financial information.
We can take care of all your bookkeeping and accounting needs, including the preparation of your annual accounts and periodic management accounts for tax, business appraisal and planning purposes.
We can also assist with meeting your reporting requirements including Business Activity Statements, PAYG Withholding and Instalment Activity Statements.
We will discuss your requirements with you and provide you with tailored information and constructive advice on a regular basis.
If you would like further information you can contact us on (02) 9300 3000 or .
Acquisitions & Mergers
Whether you are considering buying or selling a business, we are able to assist you in this transaction by providing experienced advice.
Each transaction is different and needs to be assessed on its individual merits. There are a number of accounting and taxation opportunities with these transactions and our experience can ensure you are maximising your benefits.
If you would like further information you can contact us on (02) 9300 3000 or .
Budgeting
A good budget is a necessity in a good business plan. It is one of the best business tools we have, allowing us to set financial targets and measure our performance.
In addition to goal setting value, budgets will often improve your chances of acquiring funding. Financers often require budgets as a prerequisite for funding approval.
We have extensive experience with assisting clients in the budgeting process.
If you would like further information you can contact us on (02) 9300 3000 or .
Business Start-Ups
Before commencing a new business, the following are some of the key items that need to be considered:
- Decide on the most suitable structure for your business – sole trader, partnership, trust or company
- Prepare a business plan, cashflow projections, budgets, and trading forecasts
- Assess your finance requirements, advise on the best sources of finance, and draw up the necessary proposals
- Establish a good working relationship with your bank
- Register for a Tax File Number and an Australian Business Number with the ATO
- Complete registration procedures with Australian Securities and Investments Commission
- Deal with company secretarial issues
- Set up a recording system for your internal use and for complying with statutory requirements
Each new business is different and needs to be considered in relation to your individual circumstances and our experience can ensure you are maximising your opportunities.
If you would like further information you can contact us on (02) 9300 3000 or .
Charitable Institutions
Charitable institutions are set up to hold money or assets and carry out activities for the benefit of the community. In Australia, a variety of charitable institutions exist including:
- Various forms of charitable trusts
- Companies limited by guarantee
- Unincorporated associations
- Deductible gift recipients
- Prescribed private fund
Each type of charitable institution brings with it different requirements and benefits. We know the practicalities of these institutions and are able to assist you by:
- Co-ordinating the preparation of constituent documents
- Applying to the ATO for an Australian Business Number and Tax File Number
- Organising tax exemptions where applicable
- Attending to all compliance and statutory filings
If you would like further information you can contact us on (02) 9300 3000 or .
Company Secretary
Company legislation requires businesses to perform many administration tasks which take up a lot of valuable company time.
We are able to assist you in the following areas:
- General advice on company law
- Company formations
- Filing of annual returns on your behalf
- Preparation of all documentation related to minutes and resolutions
- Maintenance of statutory books
- Assistance in changes of directors, shareholders, addresses, and office details
- Bonus Issues
- Share transfers
- Registered Office Facility
If you would like further information you can contact us on (02) 9300 3000 or .
Financial Structures
Having the right financial structure in place for your business or your family means looking at your individual circumstances and ensuring that your assets are being maximised whilst being adequately protected.
We have extensive experience in ensuring our clients have the best financial structure for their needs both now and in the future. We can provide advice on and assist with:
- Effective structures for asset protection
- Effective structures for tax minimisation
- The optimal structure through which to operate your business
- Structures to assist in succession planning and providing for future generations
If you would like further information you can contact us on (02) 9300 3000 or .
GST
Every transaction has GST implications. We have experience with these issues and are able to offer expert advice on the implications of GST for your business. The GST related services we offer include:
- Assistance with registering for GST
- Filing and adjusting GST returns
- ATO audit assistance
- Advice on GST related issues
If you would like further information you can contact us on (02) 9300 3000 or .
Management Consulting
We are practiced in acting as a sounding board for management, bringing to the relationship years of experience in business growth and analysis.
We are able to check that your business is as competitive, focused, and profitable as it can be and we will work with you to address any issues.
If you would like further information you can contact us on (02) 9300 3000 or .
Payroll Services
We can provide a comprehensive and confidential payroll service including:
- Administration of PAYG Withholding, statutory sick pay, annual leave etc
- Australian Taxation Office filing
- Summaries and analyses of staff costs
- Administration of incentive schemes, bonuses and termination payments
- Assistance with payroll tax and workers compensation obligations
If you would like further information you can contact us on (02) 9300 3000 or .
Rental Properties
We can assist in a variety of areas in relation to residential and commercial property including:
- Advice on funding
- Cash flow analysis of property investment
- Guidance in tax related areas including negative gearing and capital gains tax
- Advice on ownership structure
- Preparation of initial land tax returns and land tax variation returns
If you would like further information you can contact us on (02) 9300 3000 or .
Clients of Wybenga & Partners Pty Limited can engage our partner firm, Washington Brown, for a competitive price on their depreciation services: Tax Depreciation Quote Request – Wybenga & Partners Pty Limited Clients
Strategic Planning & Advice
Our Strategic Planning Service is designed to assist our clients to develop financially towards the achievement of their lifetime objectives. Our experience and proven results provide our clients with the security that their financial goals will be met.
Wybenga Financial Pty Ltd is an organisation providing wealth creation and management services to private clients.
If you would like further information you can contact us on (02) 9300 3000 or .
Superannuation
Self-managed superannuation is a flexible means of saving for retirement. It allows you to take control of your superannuation, adopt a customized investment strategy and control fund administration costs.
Superannution law is a delicate area and personalised planning is required for each individual. We have extensive experience in all areas relating to superannuation and can assist in establishing a superannuation fund that will effectively allow you to reach your financial retirement goals.
Services we offer include:
- Establishment of Self Managed Superannuation Funds
- Advice concerning Compliance Matters
- Advice concerning Taxation Benefits
- Advice on Employer obligations
If you would like further information you can contact us on (02) 9300 3000 or .
Taxation
We offer a complete range of taxation services and advice based on proven knowledge and experience. Our proactive approach ensures we deliver a consistent service and build solid relationships.
We will work with you to help reduce your tax exposure and provide services including:
- Advice on all areas of direct and indirect taxation
- Preparation and lodgement of annual income tax returns for all types of entities
- Preparation of PAYG withholding variation applications
- Preparation of activity statements and advice on payment of tax
- Assistance with GST/FBT obligations including preparation and lodgement of relevant forms
- Advice on and implementation of tax effective trust structures for asset protection and tax minimisation
- Management of any ATO audits or disputes
If you would like further information you can contact us on (02) 9300 3000 or .
Trusts
A trust provides a valuable way of protecting the assets you have accumulated for the benefit of yourself and others. A trust can also be an effective structure for running your business.
We have extensive experience with trusts and are able to offer specialist advice on establishment and compliance, ensuring that all statutory requirements are met.
Wybenga & Partners are able to organise for the preparation and execution of documentation involved in Trust formation.
Our Trust administration service includes:
- Minute keeping service
- Annual accounts
- Taxation
- Maintenance of CGT register
- Income distribution
If you would like further information you can contact us on (02) 9300 3000 or .
Chris Wybenga
B.Bus, CA
Chris is the Managing Director of the Firm who established the practice in August 1994 and has been responsible for its growth and development since that time.
Chris has over 40-years experience in the Chartered Accountancy profession, predominantly spent in small to medium sized firms, advising both small business and individuals in areas such as taxation and accounting as well as business restructuring and superannuation advice.
Chris is active in the development of young accountants both in mentoring cadets at the Firm and lecturing in taxation for the CA Program for the Institute of Chartered Accountants & New Zealand.
- 1980 – Commenced employment and part time university studies
- 1985 – Graduated Bachelor of Business from University of Technology, Sydney
- 1986 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
- 1988 – Registered as a Registered Company Auditor
- 1994 – Established Wybenga & Partners (formerly known as Farrar & Wybenga)
Dianne Bechara
B.Bus, CA
Dianne is responsible for the day-to-day operations and administration of the practice.
Dianne has over 30-years Chartered Accountancy experience and has significant expertise in providing advice and solutions to high-net-worth individuals and their associated entities. Dianne also has considerable knowledge in the areas of taxation, business services, superannuation, and compliance.
Dianne is active in promoting gender equality in the industry through various programs and mentoring opportunities. Dianne is also committed to the development of young accountants and donates considerable time to sharing her expertise.
- 1992 – Graduated Bachelor of Business from University of Technology, Sydney
- 1993 – Commenced employment in acounting profession
- 1996 – Commenced career with Wybenga & Partners
- 1997 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
- 2002 – Appointed as Director of Wybenga & Partners
Roger Potter
B.Bus, CA
Roger is responsible for the HR aspect of the Firm, cultivating the culture, and maintaining the highly social environment we pride ourselves on.
Roger has over 35-years in the Chartered Accountancy profession and significant expertise in providing advice and solutions to small businesses and high-net-worth individuals. He also has extensive experience in the areas of Self-Managed Superannuation Funds and retirement strategies.
Roger is active in the development of young accountants both in mentoring cadets at the firm and lecturing in taxation for the CA Program for the Institute of Chartered Accountants & New Zealand.
- 1985 – Commenced employment and part time university studies
- 1990 – Graduated Bachelor of Business from University of Technology, Sydney
- 1992 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
- 1998 – Commenced career with Wybenga & Partners
- 2002 – Appointed as Director of Wybenga & Partners
Tess Uncle
B.Sc, M.Com, CA
Tess has over 22-years experience in Chartered Firms and in this time has had a broad range of experience in superannuation, taxation, and business services. In particular, Tess has had significant experience in MYOB and assisting clients in day-to-day bookkeeping activities and periodic reporting.
Tess is responsible for the Firm’s training and development needs.
Tess is active in promoting gender equality in the industry through various programs and mentoring opportunities. Tess is also committed to the development of young accountants and donates considerable time to sharing her expertise.
- 2001 – Commenced employment with Wybenga & Partners and part-time accountancy studies
- 2004 – Graduated Masters of Commerce from the University of New South Wales
- 2005 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
- 2007 – Promoted to Manager at Wybenga & Partners
- 2012 – Appointed as Associate Director
- 2016 – Appointed as Director of Wybenga & Partners
Schedule a Meeting with Tess
Adam Roberts
B.Bus, B.Sc, CA
Adam has over 18-years experience in Chartered Firms and in this time has had a broad range of experience in superannuation, taxation, and business services. In particular, Adam has had significant experience in MYOB and assisting clients with periodic management reporting.
Adam is responsible for the implementation of technology in the Firm and sourcing new areas of innovation and efficiency.
Adam is active in the development of young accountants and donates considerable time to sharing his expertise.
- 2005 – Commenced employment with Wybenga & Partners and part-time Accountancy Studies
- 2005 – Graduated Bachelor of Science from the University of Western Sydney
- 2007 – Graduated Bachelor of Business from the University of Western Sydney
- 2010 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
- 2010 – Promoted to Manager at Wybenga & Partners
- 2012 – Appointed as Associate Director
- 2016 – Appointed as Director of Wybenga & Partners