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We strongly believe we can help anybody and welcome the opportunity to meet with you and discuss your needs, financial objectives and issues.
This  meeting is free of charge with no obligations attached.

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We respect and appreciate every client and that includes any potential new client. We want to take the time to meet you in person to understand you and how we can help you.

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We know these meetings provide clients with peace of mind that their financial and taxation affairs are going to be handled by someone who cares about them and making a difference in their lives.

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See how we have helped
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Case Studies
Gardening Supplies Business
Fruit Shop
After selling pharmacy business
Real Estate Company
Rent on Properties
Gardening Supplies Business

Business Description

This client was a gardening supplies business who were being serviced by an accountant who was unfortunately out of touch. As a result, their tax returns and financials were continually lodged late and they were charged fees that seemed high compared to the service provided.

Goals

This client wanted a proactive accountant who would provide real time service and innovative solutions to help their business, which was performing poorly.

Outcome

Elysium came in and fixed up their accounting software which had never been balanced to their accountants’ reports. We also did a forensic analysis of their tax commitments and discovered that GST had not been correctly claimed on their fixed asset purchases. As a result, they were due a refund of over $20,000. We also identified major areas of tax compliance risk with the claims made and put in place changes which eliminated these risks. With their tax returns now completed on a timely manner, and their accountant responding proactively the business was able to identify areas of concern and quickly turned around their business performance.

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Fruit Shop

Business Description

Craig and Carrie were fruit shop owners who were frustrated with the limited advice provided by their accountant. The tax returns and financials were completed but the business was run as a sole trader which provided no tax benefits and poor asset protection.

Goals

Craig and Carrie wanted to have their structure reviewed and their tax situation analysed to see whether anything could be done to reduce their tax liability.

Outcome

We transferred the business into a discretionary trust and set up a sales agreement. Utilising the CGT concessions, no tax was paid on this transfer and there will be substantial tax savings on future profits. In addition, we liaised with their bank to obtain finance for the trust to purchase the business from the sole trader. These deductible loan was used to pay down their personal debts, creating an interest saving as well.

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After selling pharmacy business

Business Description

Peter saw our website and contacted us with a tax problem. He had sold his pharmacy business and the business premises in prior years and was up for substantial capital gains tax. Unfortunately his accountant, although proficient with tax for pharmacies, had no idea of the small business CGT concessions. The ATO was after the taxes that the previous accountant had said were owed which was well in excess of $100,000.

Goals

Peter came to us so that we could review his situation and determine whether there was any recourse or amendments possible that would reduce his tax liability.

Outcome

We discovered that the small business concessions had not been correctly claimed for both the sale of the business and the sale of the property. Due to poor advice, he had sold his business just prior to turning 55. If he had received the appropriate advice to wait until then, the entire pharmacy sale would have tax free. Instead, we were forced to look to minimise the capital gains tax on the sale of the property. We lodged amendments and appeals with the ATO that implemented the small business CGT concessions and resulted in the taxpayer’s tax bills being halved.

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Real Estate Company

Business Description

Real Estate was a newly created real estate agency that was established by a client who had previously worked as an employee rather than a business owner.

Goals

With a real passion for creating a real estate agency that was different, the client had a firm business model and direction, but needed help with the administration and tax side of things where their experience and knowledge was lacking.

Outcome

Elysium helped establish the business in the most tax effective structure and put in place an external administration and bookkeeping support service that took care of all the tax and accounting services. The client was able to concentrate on growing the business and has experienced substantial growth in their first years.

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Rent on Properties

Business Description

Barry and Phil were two clients who came to us after they had sold their gardening supplies business to their sons. They had been extremely successful in business and had acquired and owned many of the business’ commercial premises personally or in partnership.

Goals

Now retired, both Barry and Phil were paying taxes on the rent earned by these properties and were facing substantial capital gain tax liabilities on selling these properties later in life.

Outcome

Elysium helped implement a strategy to transfer these properties into their self-managed super funds. In consultation with legal experts, we ensured the client avoided paying stamp duty, accessed the small business CGT concessions and remained within the super contribution caps. As a result, the clients now had properties which were CGT free and paid no taxes on the rent received.

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About us
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Why our clients choose us

Our clients chose Elysium because we are a different kind of accounting firm. We honestly care about our clients and have a firm commitment to ensuring we maximise our client’s financial and personal position with every contact.

This may be answering an urgent phone call or responding to an email query. If a client takes the time to contact us, we understand it is important.

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Elysium promises to respond to all phone calls and queries within 24 hours to give you peace of mind. We also promise to give every client a personalised experience

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News, tips and latest
Articles
Choosing the right accounting software for your business
17 Sep 2017

Many small and medium businesses are unsure of what accounting software they should choose and what the differences are between those providers. More options are entering the market and there are many choices now available. Choosing the right software is crucial to ensure it does what you want in the most efficient way possible. Saving time on your administrative work can be invaluable and allows you to devote more time to your business or your ...

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Personal insurances
21 Aug 2017

Insurances are a part of our daily lives and most people would have some exposure to a form of insurance. It could be home insurance, car insurance or private health insurance. However many people fail to insure the most important part of their live – ...

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NEW SUPER REFORMS – WHAT TO DO NOW?
18 Jul 2017

1st July has come and gone and with its passing, the new superannuation regime has officially begun. For those with pension balances above $1.6 million you should have been contacted by your super fund and/or accountant and made an election and signed documentation to commute your pension balance above $1.6 ...

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