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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Regulatory Roundup – June 2018

June 12th, 2018|0 Comments

Small business concessions under the spotlight
The CGT concessions for small business are important for qualifying businesses in that they can defer, reduce or remove liability to CGT.

The government announced last year that it intended to tighten the eligibility factors for the CGT concessions that are generally available to small businesses, and it has just initiated the formal review of the concessions.

Chaired by Dr Mark Pizzacalla from the Board of Taxation, the review is being conducted independently and is “self-initiated”. Dubbed a “consultation guide”, the Board of Taxation says it will draw on previous work it has undertaken into small business tax, other similar work undertaken by Treasury, as well as international experiences. (Get a copy of the guide here.)

In addition, a reference group of small business, professional and academic stakeholders have also generously volunteered their time and expertise to assist Dr Pizzacalla with his review. The results of the consultation process should be available by the end of October this year. […]

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Asset Valuations and the Contribution Caps

May 25th, 2018|0 Comments

SMSF asset valuations and the contribution caps

Asset valuations and the contribution caps are both contentious issues, with many SMSFs failing to regularly update their asset valuations and some auditors turning a blind eye. And SMSF auditors who do the wrong thing in relation to valuations may also find themselves facing action by ASIC.

The new contribution caps require that assets of the fund, as at 30 June 2017, must be properly valued to determine the fund’s total asset value.

If assets are overvalued this may tip a member over their cap, and if the ATO considers the assets have been deliberately undervalued to keep a member under the cap, then it has the power to take a range of penalty actions.

Generally speaking, assets do not need to be valued by a qualified independent valuer except as indicated below — however this does not mean the trustees cannot just determine any value they like. It must reflect a fair market value of the asset at the time of the valuation, and documentation as to how the valuation was determined should be kept by the fund, so it can provide this to its auditor as well as to the ATO should it seek proof of how valuations were determined. […]

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