Call:  03 9870 1300

287 Maroondah Highway, RINGWOOD, VIC 3134

Tax News - December 2016

Audit & Assurance Services

Retirement & Wealth Management

Taxation & Business Advisory

CHN Herold Ross is a Chartered Accounting firm located in Ringwood, in the eastern suburbs of Melbourne. As a professional services firm we pride ourselves on our high standards, technical skills and our lateral approach to solving the varied challenges facing our clients. In today’s rapidly changing business environment we recognize that our clients want a firm that offers accuracy, proactiveness, accessibility, affordability and innovation, all things that CHN Herold Ross aspires to provide.

OUR MISSION
(what we do every day)

Every day, we help our clients to understand and choose the most appropriate actions to;

  1. Improve their business growth, profitability and cashflow through strategic planning;
  2. Protect and grow their net wealth; and
  3. Legally minimize their taxation.

OUR VISION
(what we are striving to become)

CHN Herold Ross is to be regarded as Melbourne's most professional and trusted profit, wealth and taxation advisors.

OUR VALUES
(what is non-negotiable)

Integrity & Respect
Accountability & Commerciality
Innovation, Passion & Fun


 

Contractors vs Employees - What's the difference?

Contractors and employees – what’s the difference? When hiring a worker it is important to clarify whether they will be classed as an employee or contractor, as it will significantly affect your tax, super and other related obligations. Just because someone provides you with an ABN and an invoice for work undertaken, doesn’t necessarily mean that they are a contractor. Likewise,...
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Fringe Benefits Tax

Fringe benefits tax (FBT) is a tax employers pay on certain benefits they provide to their employees, including their employees’ family or other associates. The benefit may be in addition to, or part of, their salary or wages package. FBT is a large and often complicated area, however we have outlined the following two most frequently asked questions.   How does Fringe Benefits Tax...
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December 2016

Client Alert tax news | views | clues Contrived trust arrangements in ATO sights The ATO has cautioned taxpayers against arrangements that seek to minimise tax by creating artificial differences between the taxable net income and distributable income of closely held trusts. Deputy Commissioner Michael Cranston said the ATO is investigating arrangements where trustees are engineering a reduction...
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Business Structuring

Which business structure is right for you? When starting a new business, there are a variety of options in relation to how you set up and structure your business. While we highly recommend getting personal and tailored advice, we have briefly outlined some of the pros and cons of common business structures. Sole Trader     Pros      - Low setup & compliance cos  ...
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Purchasing property through a Self Managed Super Fund

Benefits of an SMSF Self Managed Super Funds (SMSF), sometimes referred to as DIY funds, offer greater control and choice over the investment assets of a superannuation fund as well as increased retirement planning benefits. A SMSF can have up to four members, making it a popular option for family groups. SMSFs are also popular for small business owners as they can purchase their business real...
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Our Happy Clients Say;

  • We are very happy and appreciate the expertise, support, honesty and guidance we receive from you and all the staff at CHN Herold Ross.As owner manager of a small business, the everyday operating is difficult enough, without trying to keep abreast of the accounting and ever changing tax rules.Staffing, technology advancement, computer software updates, reporting regulations…. the ever evolving changes necessary within the business.Imagine the mess we would get ourselves into! Doesn’t bear thinking about.

    So, we take this opportunity to thank you along with all the CHN staff, for your professionalism, your accessibility when we hit a hiccup and for your genuine interest in our business.

    Bruce Shepherd | Bob Watson Service Centre

  • Andrew, Mark & the team at CHN Herold Ross have been guiding us for all of our 28 years in business and have contributed greatly to our wealth creation plan.

    They have always been very professional and sound in their business & tax advice and have been willing participants in assisting us with our in-house accounting methods to ensure accuracy with economy.

    I have no hesitation in recommending their services.

    Shane Doran | Doran Printing

  • As a busy design studio, we have little time for for anything else other than helping our clients. So naturally, we are wrapped when our accountants, CHN Herold Ross, consistently make the preparation of all our end of year bookwork simple and quick.

    When the time comes to sign the documents, we even get a practical review of the past year and what action we can take for the future to minimise our tax and maximise our profits.

    Peter King | Burst Creative

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