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Foreign Owned Subsidiaries

Start up phase – help we can provide:

  • Advice on choosing a business structure including discussing the advantages and disadvantages of the available options
  • Assistance in setting up the business structure including incorporation or registration, referring Australian Directors and acting as the Australian registered office for the Australian Securities and Investments Commission (ASIC)
  • Applying for relevant tax registrations including Australian Business Number (ABN), Tax File Number, PAYG withholding, Goods and Services Tax (GST) etc
  • Applying for a Substituted Accounting Period for Tax and ASIC reporting to align with the parent company
  • Tax advice for expatriate employees including benefits of living away from home allowances, exempt fringe benefit entitlements and temporary visa tax concessions
  • Advice on Thin Capitalisation and Transfer Pricing
  • Advising on employer obligations including workers compensation, superannuation, Payroll Tax, Fringe Benefits Tax and annual reporting requirements

Operational phase – help we can provide:

  • Outsourced accounting function including preparation of monthly management accounts, reconciliation of inter-company receivables, payables and loans, providing information in a format as required by the parent company and monthly bank reconciliations
  • Outsourced payroll services including new employee forms, Tax File Number declarations as required by the ATO, remittance of tax withheld from salaries, payment of the required superannuation, payroll tax and workers compensation and attending to the payment of the payroll via electronic transfer
  • Bookkeeping functions including payments, invoicing, banking and document storage
  • Preparation of Business Activity Statements (BASs), reconciling the BASs with the final details as lodged with the annual tax return and ensuring compliance with the Goods and Services Tax legislation
  • Preparation of Annual Financial Statements ready for audit or in the format as required by the parent company
  • Preparation of annual Fringe Benefits Tax returns.
  • PAYG Withholding reconciliation if making interest, royalty or unframed dividends to overseas entities
  • Review and file of the annual company statement with ASIC
  • Audit of the business if required or obtaining an audit exemption through ASIC