One Minute Tax helps over 260 companies and 4300 individuals (numbers are still increasing) with every aspect of their financials. Here, you’ll find a selection of our expert work. Take a look at some of the results we’ve delivered.
Case Study Individual Tax Return
To resolve income tax challenges and maximise client refunds.
Our client, Kate Millers, who has investment property since the last 5 years had never done her tax returns, the challenge she was received a letter from the ATO that charged her with a heavy penalty on not completing her tax returns on time. The client had no clue about what to do next and sought out assistance from One Minute Tax. We helped Kate liaise with a Quantity Surveyor, professionals who maximise depreciation deductions for investment property owners. Quantity Surveyor helped her get the maximum deductions she could get and also maximised her tax return for coming financial years with a tax depreciation schedule.
The client was able to get maximum deductions on her tax returns and also claim missed deductions through the tax depreciation schedule that was created by the Quantity Surveyor. The schedule has helped in reducing the taxable income from her investment property and helped her to pay less in taxes each financial year.
Case Study Bookkeeping
To provide reliable financial reporting and give greater internal control to businesses.
Our client belonging to the manufacturing industry was recently confronted with a lack of proper online financial reporting by his bookkeepers who were not proficient enough in Xero, a cloud based online bookkeeping software. Previously, the bookkeeping was being done using, primitive, excel-based software for bookkeeping which slowed the process. Due to the lack of accurate record keeping, the transactions were not being recorded timely. Keeping all these challenges in consideration, One Minute Tax modernized the manufacturing companies bookkeeping by introducing a cloud based accounting software, Xero, that automates bookkeeping process and saves the company time and money.
Once the new accounting software was in place, the manufacturing company was able to manage its invoices better than before and maintain proper bookkeeping online. The bookkeeper at the company can now continually monitor transactions and can also manage the cash flow better than before. Accurate bookkeeping and reporting has not only led to improved efficiency and profitability but has also reduced the stress of the bookkeeper.
Case Study Company Tax Return
To provide the clients with an effective tax minimization strategy to help them save thousands of dollars in tax each year.
Our client belonging to the construction industry saw a rapid growth in its first operational year and at the end of the year experienced an enormous tax problem. The client had not done any tax planning in the past and did not have any structure that could help them to minimize the tax consequences of their rapid growth in the industry. The company was losing 30% of its profits in tax liabilities. Keeping all these challenges into consideration, One Minute Tax created multiple strategies for the client to reduce their overall tax, from aspect of reconsidering the structure of the business, superannuation, prepaid expense and depreciation that allowed them to minimize their tax obligations in future transaction.
Tax minimization strategies recommended by One Minute Tax saved the construction company over $20,000 in taxes in their second year. The tax return strategies were implemented properly, thereby protecting their assets of the business in the long run.
One Minute Tax showed us how to implement and take advantage of some of their innovative tax strategies. The results led to significant savings on corporate tax. The company has demonstrated professionalism and exceptional business acumen in reducing our company’s tax burden and improved our net worth.
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