SERVICES

Vision based accounting, business and SMSF services

This is our mission

Our mission is to assist our clients, you, to identify your ambitions, dreams and what- ifs…. You are important to us. We respect your individuality and dedicate all our resources to the fulfilment of your goals.
We will help you work out how it is you get there, how to do it in the best possible way and how to be the best you can possibly be. We will stand behind you and help you up and then we will stand beside you and applaud your achievements.
When we do this, you will be the best you can possibly be, and so we will be the best we can possibly be.

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SOFTWARE SUPPORT

We support our clients with cloud-based accounting systems and help our clients understand them, how they work, and to use them to maximise the benefits. It is our business to support our client’s compliance with tax responsibilities and track their own business transactions. We can assist with migrating existing desk top accounting programs to an online system; setting up bank feeds, Single Touch Payroll (STP), super clearing house setup and online accounting. We can also assist with discounts on most software packages when you subscribe through The Romero Practice.

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INDIVIDUALS

We promise to deliver the best possible tax outcome for all of our clients, not just business. Australia’s everyday, normal people are a key part of our industry. The Romero Practice will work with you to minimise your taxable income and legally maximise your deductions – and any offsets you may be entitled to. We work with individuals who own rental properties, have investments in shares or managed funds and trusts or investments overseas. The sky is the limit for individual tax returns and the countless variations that may occur. Like each person out there, their tax return is as distinct and specific as them.

Is the ATO chasing you and you’re scared to answer your phone? We can help. We are expert in dealing with multiple years of outstanding returns and negotiating with the Australian Taxation Office for remissions of penalties and interest charges.

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BUSINESS

Looking to start a business? Already established and need advice or assistance to grow? Are you paying too much tax, or are unsure of GST, or your responsibilities as an employer? The Romero Practice can help with all this and more. If you want to start a business, we can guide you through the web of registrations and licences and mandatory subscriptions you will come across. We can discuss the best business structure for you and how it will work in your world, and how to get you the best tax outcome. Our current clients include medical practitioners, and their service entities; we have legal practices, football clubs, RSL clubs and real estates – local tradespeople, builders, painters and concreters, restaurants, hairdressers and interior design and artists and authors, and so many more. We can help you and your business to run smoothly, effectively and efficiently. Our goal in our business is to see your business prosper and achieve all its goals – that to us is a success story.

Remember…
“Markets come and go. Good businesses don’t”
Fred Wilson Co Founder of Union Square Ventures.

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COMPANY AND OTHER STRUCTURE PURCHASES

The Romero Practice offers a full suite of purchases of company, trusts and Self-Managed Superannuation Funds and bare trusts for clients. We can provide the full package of entity purchase, ABN and TFN registration and GST, PAYG Withholding and FBT registration to fit your situation.

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RETIREMENT

To assist you as an individual retiring or working through a through business and into retirement, we can help. Financial services reforms in Australia have tightened the restrictions on who can advise you on Self-Managed Superannuation Funds (SMSF) and who cannot. We are experts in SMSF and with Politis Investment Strategies Limited as our Financial Service Licensee, we are able to produce Statements of Advice for your own financial position and offer support with all facets of investing for retirement. We provide advice regarding limited recourse borrowing strategies, investment strategies and estate planning, just to name a few of the millions of possibilities. The ATO have also changed the playing field for super, introducing the $1.6 million cap on retirement phase pension accounts, known as the transfer balance cap. We can help with that too. Superannuation is a complex and constantly changing environment and it requires expert and knowledgeable guidance to navigate successfully through its channels.

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CAPITAL GAINS or LOSSESS

If you sell a capital asset, such as real estate or shares, or your business, you usually make a capital gain or a capital loss. This is the difference between what it cost you to acquire the asset and what you receive when you dispose of it. Individuals are required report capital gains and losses in their income tax return and pay tax on the capital gain. Although it’s referred to as capital gains tax (CGT), this is actually part of income tax, not a separate tax.
When an individual makes a capital gain, it is added to assessable income and may significantly increase the tax liability. However, the ATO have concessions in place for business sales, sales of a going concern and roll over provisions or retirement provisions. Do not fall into the trap of thinking your investment sale is simple. It may be, but often… it is not. Recently, the government amended the laws, and sales to non-residents have special rules and transactions where GST is applicable, or even not applicable, and this can muddy the already cloudy waters of CGT.

Working with The Romero Practice is a tremendous asset to Boom Shankar. Their financial and accounting acumen, as well as general business advice has been paramount to our growth. As a small but quickly growing brand with limited resources, the support from John, Chloe, and the rest of the team is invaluable!

Johnny West

General Manager, Boom Shankar