*Unlimited = fair use policy
Payment due within 14 days of commencement of quarter
Invoices not paid by due date incur a $50 administration fee
Payments accepted by direct debit, EFT or credit card 

Glossary of Terms

Business packages glossary
All business fee packages are only available to entity’s with fully reconciled bank accounts and accurate accounting software data file such as MYOB, Quickbooks or Xero.

Core services
Review & preparation of financial statements – 360 Partners compile financial statements from clients accounting software data file (such as MYOB, Quickbooks, Xero). This includes financial reports such as Profit & Loss Statement, Balance Sheet, notes to the financial statements, directors’ declarations and reports. In the Premium Package this includes a detailed review of the entity’s data in high risk ATO audit areas.
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Preparation of asset finance schedule and reporting requirements – Compilation of an amortisation schedule enabling the calculation and deduction of interest or finance charges on borrowing arrangements such as commercial hire purchase, chattel mortgage or asset purchase arrangements commonly used for acquiring plant, office equipment or motor vehicles.
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Comprehensive GST review & annual reconciliation – Review of all business activity statements (BAS) for the financial year and reconciliation to the annual financial statements and income tax return of the entity. This is a high risk audit area as the ATO conduct simple cross-checks to ensure accurate reporting of GST, taxable supplies and creditable acquisitions (both capital purchases and business expenses) on BAS’s against figures reported on the annual financial statements and income tax return. This also assists in ensuring the entity has not under claimed its GST entitlements.
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Comprehensive review & preparation of annual PAYG payment obligations – Review reported gross wages and PAYG Withholding (tax withheld from employee’s wages). Ensure gross wages and PAYG Withholding reconcile with the annual financial statements and income tax return. If required, prepare Annual PAYG Payment Summary Report and Individual Non-business PAYG Payment Summary Statements (or amend previously lodged forms if they are incorrect).
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Basic review of Superannuation Guarantee, Workers Compensation and Payroll Tax obligations – A basic review of all statutory payments including superannuation, workers compensation (Workcover) and payroll tax obligations. Due to each obligation being covered by different legislation, this doesn’t include a detailed review for compliance of payments to numerous contractors and consultants.
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Preparation, lodgement or amendment of business activity statements (BAS) – 360 Partners prepare and lodge your monthly or quarterly reporting obligations (GST, PAYG Withholding, PAYG instalments, Fuel Tax Credits, FBT instalments) from the entity’s electronic accounting software data file (MYOB, Quickbooks, Xero, etc). This may also include lodging amended BAS’s where required to reconcile discrepancies identified as a result of our review of the figures on the BAS’s lodged by the entity. We will prepare and lodge an amended BAS (or BAS’s) on behalf of the entity to ensure accurate reporting of these various obligations.
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Basic Division 7A loan assessment (if applicable) – Review inter-entity loans and loans to related parties (directors, shareholders, beneficiaries) to determine compliance with Division 7A including a distributable surplus calculation and basic repayment strategy (by dividends or other). This is a high risk ATO audit area with potentially large penalties and tax compliance costs. Complex analysis and strategies are outside this basic review and may require a separate engagement.
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Preparation and lodgement of income tax return – Preparation and electronic lodgement of the entity’s income tax return. This includes the classification of income and expenses as per ATO determinations and rulings. This also includes completion of all relevant sub-schedules such as dividend and interest schedules, capital allowances schedules and maintenance of franking account (doesn’t include R & D schedule or capital gains tax schedule).
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Synchronisation of entity’s accounting software data file – Ensure complete synchronisation of the entity’s electronic accounting software data file (MYOB, Quickbooks, Xero, etc) to the final financial statements and income tax return. This means all transactions are adjusted in the entity’s data file to match the financial statements prepared by 360 Partners.

Preparation of minutes of meetings – Preparation of minutes of meetings of directors or trustees to approve financial statements. This includes preparation of any dividend or trust distribution statements as required.
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Preparation of dividend statements – Preparation of dividend statements for dividends paid from a private company to its shareholders for inclusion in the shareholders income tax return.
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ASIC agent, registered office, annual solvency minutes – Appointment of 360 Partners as the ASIC agent (representative) for any corporate entity. We also act as the registered office for the serving of any notices or official company mail. Preparation of annual solvency minutes in line with the ASIC Annual Statement to ensure the company is solvent and compliant.
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ASIC preparation and lodgement of Form 484 – All changes to the ASIC register for a company (directors, shareholders, capital structure, registered office address, main business address and the addresses of all directors and shareholders) must be notified to ASIC within 28 days of the change occurring. Penalties automatically apply for late notification to ASIC of these changes. Clients must notify 360 Partners as soon as any changes to the company register occur and we will notify ASIC with the appropriate form.
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Detailed taxation liability forecasting – 360 Partners will review your financial position and all sources of taxable income to provide you with a detailed estimate of the entity’s taxation liability and the timing of these payments. This will greatly assist both businesses and associated parties forecast their taxation liabilities and improve cash flow through effective planning for taxation payments.
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Audit protection fees – 360 Partners provide the entity with cover of our fees up to the dollar value of our fees stipulated in each package. With a significantly increased level of audit activity by the ATO, more and more taxpayers are being audited each year. 360 Partners will provide cover for all our fees up to the limit in each package in the case that the entity is subject to an ATO audit or investigation (audit protection cover does not include third party fees e.g. legal fees, tax payments, interest charges). This cover includes taxation research and advice (case law, tax determinations, seeking a private ruling), meetings, correspondence with the ATO, documentation, work papers, liaison with third parties (e.g. tax lawyers).
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Turnaround time to complete annual engagement – Completion of all annual reporting and compliance obligations within the specified service standard of the relevant plan. This includes financial statements, annual income tax return, minutes of meetings and any other relevant documentation specific to your situation or entity (e.g. BAS amendments where applicable).
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Support  services
Telephone support – Access to all our qualified accountants during normal business hours. If we’re unavailable at the time of your call we will endeavour to return your call as soon as possible or no later than the specified service standard of the relevant plan. (Note: fair use policy applies for Unlimited*phone support).
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Email support – Full email support for any technical or operational queries you may have within the specified service standard of the relevant plan.
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Meetings – Meetings during business hours within the specified service standard of the relevant plan. Any travel time incurred is incorporated within the annual meeting hours allowance.
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Additional support hours – charged at the applicable rate for every hour or part thereof.
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Additional services
Research & Development (R&D) application and lodgement – Preparation of registration for R&D tax offset/concessions. Calculation of R&D entitlements in line with AusIndustry self-assessment requirements. Preparation and lodgement of R&D schedule in the entity’s income tax return.
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Capital gains tax calculations – Calculation of the capital gain or loss made on the disposal of any shares, managed funds, options or real estate (doesn’t include capital gains or losses on disposal of a business or business unit). Includes application of any capital losses (current year or carried forward losses) in most tax effective order and calculation of capital gain under indexation or CGT concession method to ensure the most tax effective outcome.
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Detailed review of Division 7A loans and inter-entity transactions – 360 Partners will conduct an in-depth review of your inter-entity loans and transactions to determine Division 7A compliance. This also includes developing a suitable tax efficient strategy to ensure compliance including structured loan agreements (with legal assistance where required), repayment by dividends or other suitable methods.

Detailed review of Superannuation Guarantee, Workers Compensation and Payroll Tax obligations – If a basic review highlights the requirement for a detailed review, including the payment of contractors and consultants, we will review the various legislations and advise on compliance and reporting obligations including various registrations or amendments where required.
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Personal services income assessment & attribution (PSI) – 360 Partners review your compliance with the personal services legislation (high risk area for contractors, businesses consulting for personal exertion) and complete any required paperwork to ensure correct attribution under the PSI rules.
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Preparation & lodgement of Fringe Benefits Tax return (FBT) – 360 Partners review your data file or summarised FBT data and prepare and lodge the entity’s annual FBT return.
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