Chartered Accountants since 1979

Specialists in small business, self-managed superannuation funds and taxation with our clients involved in a
wide spectrum of professional activities and industries.

Business Advisory
and Accounting

Business Advisory & Accounting

Business advice is a key component of the services provided at Barassi & Co. Our expertise extends through the entire life cycle of business, from formation, running and managing operations, growth and expansion to the eventual sale, closure or succession

SEE LIST OF BUSINESS SERVICES HERE

Company and Personal Tax Accountants

Tax Accountants

A pillar of the services offered at Barassi & Co is our taxation advice and compliance function.

We provide advice on a variety of direct and indirect taxes, including income tax, GST, PAYG, capital gains tax, fringe benefits tax, stamp duty and payroll tax.

SEE LIST OF BUSINESS SERVICES HERE

Self Managed
Superannuation Funds

SMSF

Over recent years we have witnessed a significant rise in popularity of Self-Managed Superannuation Funds (SMSF’s) as superannuation has become a vital part of any retirement strategy. The expertise gained over many years of working with SMSF’s can be combined with our working knowledge of our client’s circumstances to implement the most appropriate structure for their needs.

SEE LIST OF BUSINESS SERVICES HERE

Looking for expert accounting advice?  Our team of experienced professionals are here to help you.

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Latest News

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Unpaid “crypto” tax another big target for ATO revenue collection

December 2nd, 2019|0 Comments

For some time now, the ATO’s data matching arm has been collecting bulk records from Australian cryptocurrency designated service providers. It follows a growth in Australian taxpayer participation with bitcoin and other cryptocurrency assets over recent years, with estimations from the ATO that between 500,000 to one million local taxpayers (including SMSFs) have invested in crypto assets.

ATO Deputy Commissioner Will Day announced that it will be working with other regulators, particularly AUSTRAC and ASIC, to make sure tax laws are adhered to within a whole-of-system approach. “The ATO is also working in a joint international effort as part of the Joint Chiefs of Global Tax Enforcement” (also known as J5) “aimed at investigating cryptocurrency-related tax evasion and money laundering,” he said.

According to a report from US-based blockchain and crypto news site BitcoinerX, the ATO expects a three-fold return on an estimated $1 billion spend on chasing what it calls “crypto tax”. […]

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Regulator Roundup November 2019

December 2nd, 2019|0 Comments

Draft guidance directs that capital gains are not to be included in FITO limit
A draft taxation determination has been issue by the ATO to clarify that capital gains are not included when calculating the foreign income tax offset (FITO) limit.

TD 2019/D10 says the FITO limit calculation involves a comparison between Australian tax actually payable and the Australian tax that would be payable if certain income, and deductions reasonably related to that income, were disregarded. Generally, the higher the amount of income captured, the higher the FITO limit.

The draft determination states that if a taxpayer made a capital gain in respect of which you have not paid any foreign income tax, no amount in respect of that capital gain will be included. The ATO states that amounts are included if they are amounts of “ordinary” or “statutory” income from a source “other than an Australian source”.

But it adds that a net capital gain does not have a source. “It is a product of capital gains and capital losses made during the income year from Australian and non-Australian sources, the application of unapplied net capital losses from earlier income years, and applicable discounts.” […]

What our clients say about us

“Barassi & Co have been our accountants and business advisors for over 15 years. They have a detailed understanding of our business and been particularly astute in integrating our business and personal affairs, including setting up our SMSF.

The growth and success of our business has been due in large part to their excellent support for strategic planning, timely service and ethical taxation advice. We always recommended Barassi & Co to our friends and business associates and they too have been most happy with the advice and level of service they have received. “

Richard Osborn and Susan Sloan, Directors, , Osborn Sloan & Associates Pty Ltd
“We have enjoyed a long term trusting relationship with Barassi & Co since 1998. Adam has a great understanding of our business and personal affairs and the ever changing short and long term goals.

Adam has always provided us with the necessary accounting and business advice in a format and language that we understand. Adam’s advice during a recent sale of a group of our business assisted us in legitimately reducing our income tax and increasing our income.

For any business to succeed they must surround themselves with the right consultants and professionals and we are glad to have the team of Barassi & Co as part of our integral professional team. It is reassuring to hear our other professional partners praise and complement Adam on his professionalism and thoroughness in their dealings with him regarding our business and personal accounting affairs. In addition to being a highly professional accounting firm, the team at Barassi & Co are genuine, approachable and really friendly people.

Martin Catania, Director, Tinusca Group of Companies
“As a healthcare professional, I know these words “Professional, Ethical & Trustworthy” are uppermost in my patient’s mind when they come to see me. When I seek professional help, these values are my guide to assess the quality of the relationship. I have been receiving accounting advice from Barassi & Co for over 30 years and they have demonstrated their capacity to deliver quality service over this time.

Continuity of care is important in my profession and maintaining a long-term relationship with a commitment to look after my best interests, is invaluable to allow me to do what I do best – look after my patients.

Word-of-mouth referrals are the lifeblood of my practice and I have no hesitation in recommending Barassi & Co, as I know they will deliver their advice in a professional, ethical and trustworthy manner.”

Richard Vojlay, Director, Vision Camberwell Pty. Limited
“The team at Barassi & Co has been assisting Immediacy for several years now and we find them to be responsive, helpful and up to date with the latest taxation information.

Our business has benefitted from their insight and desire to assist their clients with the practical and strategic advice.”

Linda Marshall, Director of Immediacy Pty. Limited
“Blockout Blinds have been using the services of Barassi & Co for over 10 years now.

What impresses me is their availability when a crisis arises that needs immediate action or advice.  They are always quick to respond and help me out.  Also, having someone to communicate effectively and efficiently on my behalf with the authorities such as WorkCover and the ATO, allows me to concentrate on growing the business and helps me sleep at night knowing that everything is being handled correctly and complying with the most current laws and regulations.

Barassi & Co have helped me through many situations over the years and my business would not be what it is today without their involvement.”

Jason Graham, Director, Blockout Blinds Pty. Limited