Services at FPCC | Accounting | Tax

Services

You run your business.
We'll handle the rest.

Business Accounting

More than just tax. Effective accounting keeps you on track to your goals.

We can assist in all areas of business accounting from bookkeeping to annual reports.

We have a team of Xero Certified Advisors who can assist on an as needs basis, or on a regular basis to ensure the quality of your business information. From setting up from scratch to preparing your monthly accounts, preparing your BAS, or doing your payroll.

We have clients who outsource all their record keeping to our team, and clients who we visit on an as needs basis to assist with Xero or MYOB reporting.

At Fusion Partners, we understand that every business is different and faces its own unique challenges. That’s why we make it our business to truly get to know you, and your company to understand your needs and provide truly flexible accounting services designed especially with you in mind

A clear understanding of your financial position allows you to make better informed business decisions.

We help you translate financials for management decisions.

Save time so you can focus on things you'd rather be doing.

Tax Compliance

Tax laws are complex. We're here to help you handle it all.

Filing tax returns can be stressful. We're here to take care of the details, so you don't need to worry. We'll ensure that your taxes are lodged on time and accurately. Why pay penalties or interest when we can help take care of your taxes, right from the start.

We work with you to develop effective tax planning strategies that are designed to minimise the tax payable by carefully planning the structure of your business, the timing of your payments and ensuring that tax is planned for. We recommend that we review your business accounts before 30 June each year, so that we can propose steps that can be taken to reduce the impact of tax on your business.

Hire a professional and take the worry out of your taxes.

Attention to detail that only comes from experience and expertise.

We work with you to develop effective tax strategies that deliver results.

BUSINESS ADVISORY

To start, grow and scale a successful business, you need the right team behind you.

Starting, growing and scaling a successful business in today’s uncertain and rapidly changing business environment requires knowledge, perseverance and the right team behind you.

Our highly experienced, skilled and results-driven team can assist you in making informed strategic decisions, budgeting, cash-flow projections and opportunity assessments. Together, we develop comprehensive and rolling plans at each stage of your business’ lifecycle and identify appropriate growth opportunities.

For businesses requiring the expertise of a CFO without wanting to invest in full-time support, our Virtual CFO service can provide real-time assistance and solutions.

We provide honest, forward-looking, long term strategic financial advice, tailored to your needs with no two VCFO engagements the same.

By working with you to understand your business and industry, we provide specialist knowledge and objective advice to help your business meet its full potential.

Our experienced professionals make planning, growing, scaling or exiting your business simple and stress-free.

Our strategic planning allows for better growth opportunities and effective exit strategies.

We work collaboratively to achieve your goals.

self managed superannuation funds (smsf)

With expert set-up and ongoing support, we take the hassle out of your SMSF so you can get on with life.

A Self Managed Superannuation Fund, is a tax effective wealth creation vehicle, that gives the members control over their assets. Our team specialise in the provision of Self Managed Superannuation advice and strategies, and can assist with:

- The Establishment of your SMSF
- Preparation of your annual accounts & tax returns
- SMSF Audits
- Pension Strategy advice, to achieve a 0% tax rate within your fund
- Borrowing in your SMSF to purchase property or shares
- Portfolio Management
- Wealth Creation through your SMSF

We provide complete, rapid and uncompromising support when you need it and will help you identify all the best strategy for fund growth.

From establishment to wind up, our team can prepare, assist, manage and explain all aspects of having a SMSF.

Unbiased, independent, professional advice from our experts.

We work with you to achieve your goals using our expertise to deliver the best client outcomes.

Fusion Partners Clients

Fusion Partners has the experienced professionals to handle all your accounting needs.

Want more information?

Liability limited by a scheme approved under Professional Standards Legislation

Fusion Partners
155 The Entrance Road
ERINA NSW 2250

02 4367 3333

info@fpcc.com.au

Servicing clients Australia wide since 2006.

Downsizer Contributions To Super

By Lisa Cahill • 07 Feb, 2023

From 1 January 2023, those 55 and over can make a ‘downsizer’ contribution to superannuation. Downsizer contributions are an excellent way to get money into superannuation quickly. And now that the age limit has reduced to 55 from 60, more people have an opportunity to use this strategy if it suits their needs. What is a 'downsizer' contribution? If you are aged 55 years or older, you can contribute $300,000 from the proceeds of the sale of your home to your superannuation fund Downsizer contributions are excluded from the existing age test, work test, and the transfer balance threshold (but are limited by your transfer balance cap). For couples, both members of a couple can take advantage of the concession for the same home. That is, if you and your spouse meet the other criteria, both of you can contribute up to $300,000 ($600,000 per couple). This is the case even if one of you did not have an ownership interest in the property that was sold (assuming they meet the other criteria). Sale proceeds contributed to superannuation under this measure count towards the Age Pension assets test. Because a downsizer contribution can only be made once in a lifetime, it is important to ensure that this is the right option for you. Let’s look at the eligibility criteria: You are 55 years or older (from 1 January 2023) at the time of making the contribution. The home was owned by you or your spouse for 10 years or more prior to the sale – the ownership period is generally calculated from the date of settlement of purchase to the date of settlement of sale. The home is in Australia and is not a caravan, houseboat, or other mobile home. The proceeds (capital gain or loss) from the sale of the home are either exempt or partially exempt from capital gains tax (CGT) under the main residence exemption, or would be entitled to such an exemption if the home was a post-CGT asset rather than a pre-CGT asset (acquired before 20 September 1985). Check with us if you are uncertain. You provide your super fund with the Downsizer contribution into super form (NAT 75073) either before or at the time of making the downsizer contribution. The downsizer contribution is made within 90 days of receiving the proceeds of sale, which is usually at the date of settlement. You have not previously made a downsizer contribution to super from the sale of another home or from the part sale of your home. Do I have to buy another smaller home The name ‘downsizer’ is a bit of a misnomer. To access this measure you do not have to buy another home once you have sold your existing home, and you are not required to buy a smaller home - you could buy a larger and more expensive one.

Federal Budget Update - 2023FY

By Lisa Cahill • 25 Oct, 2022

As expected, this year’s second Federal Budget had a strong focus on families, education, health and aged care, energy and affordable housing. From a superannuation perspective it has been a relatively quiet Budget but there were some welcome announcements that will benefit SMSF members funding their retirement. Please remember the following budget announcement are not yet law. Reducing the eligibility age for downsizer contributions The eligibility age to make downsizer contributions into superannuation is set to be reduced from 60 to 55 years of age. All other eligibility criteria will remain unchanged This change will provide a boost to the number of individuals eligible to make a one-off, post-tax contribution to their superannuation of up to $300,000, using the sale proceeds of their family home – regardless of their superannuation balance. Relaxing residency requirements for SMSFs Previously announced in the 2021/2022 Budget, the residency requirements applicable to SMSFs and small APRA funds were set to be relaxed through: The extension of the central management and control test “safe harbour” from two to five years, and The removal of the “active member” test – which would allow members who are temporarily absent from Australia to continue contributing to their SMSF. Both of these proposals had been slated to commence from 1 July 2022. The Government has confirmed that these changes, broadly aimed at allowing greater flexibility for SMSF members who are temporarily overseas, are still set to go ahead. However the start date for both measures has been deferred. Incentivising Pensioners to Downsize The current Centrelink asset test exemption for proceeds from the sale of a family home, intended for the purchase of a new home, will be extended from 12 months to 24 months. Additionally, for income test purposes, only the lower deeming rate (currently 0.25%) will apply to these exempted proceeds over the 24-month period. These changes will allow pensioners more time to purchase, build or renovate a new home before their pension is affected. Increased Commonwealth Seniors Health Card income threshold The Government has confirmed its commitment to increase the income threshold for Commonwealth Seniors Health Card eligibility from $61,284 to $90,000 for singles and from $98,054 to $144,000 (combined) for couples. This change will increase the number of individuals eligible to benefit from a Commonwealth Seniors Health Card. Freezing of deeming rates The Government has also confirmed that it will freeze the social security deeming rates at their current levels until 30 June 2024. This change will support older Australians who rely on income from deemed financial investments, as well as the pension, to deal with the rising cost of living.

You run your business. We'll handle the rest.