Locmans Advisors

Our goal for excellence in the provision of our services coupled with a broad knowledge base and experience have been the hallmarks of giving our clients a complete professional experience.

In providing tailored, timely tax and accounting advice, Locmans Advisors seeks to constantly build and protect your wealth, increase your profits and earnings, and ultimately increase your financial position.

Our Story

Specialty Services

Our services are designed to help you. Regardless of what we’re doing for your, we always approach our work with
your best interests in mind.

Industry Experts

Making an impact
across a range
of industries

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Construction

Manufacturing

Health

Technology

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Get in touch today to discover how Locmans Advisors can help with your accounting and advisory needs.

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FAQs

When you sell any capital assets such as real estate or shares, you usually make a capital gain or a capital loss. The difference between the two is what it cost you to acquire the asset and what you receive when you sell it – this amount is added to your assessable income and may significantly impact the amount of tax you may need to pay.

There’s a lot of factors that go with deciding when you should register for GST, here are a couple:

  • When your business or enterprise has a gross income of $75,000 or more.
  • When you start a new business and you expect your turnover to reach the GST threshold in your first year.
  • You’re already in a business and have reached the threshold and many other more.

There are a number of other factors – With these considered, the factors are there to guide you to answering the question of when you should register for GST

Business Activity Statements (BAS) are used to report and pay the GST that has been collected and paid by your business. BAS are either quarterly or monthly, depending on your turnover threshold.
Instalment Activity Statements (IAS) are used to report and pay amounts withheld from your employee’s wages and salaries. This usually is generated monthly.
We at Locmans Advisors can provide a full review of your information, calculate the GST liability and electronically lodge your BAS or IAS forms on your behalf. We ensure your wages are correctly entered on your activity statements and your input tax credits are calculated properly to check that you pay only the required amount of GST by the due date

When closing down the business is your last resort, a number of steps arise before you lay it to rest. Our advisors are here to help and assist you through these steps. From lodgement and payment to record keeping, we guarantee that you’ll be able to send your business off with a proper farewell to ensure nothing comes back to haunt you in the future.

You may have a pre-existing bookkeeping program and you feel like it’s time for a change, speak with our accountants so that the can help you pick out the plan that’s perfectly tailored for you.
Remember, the first step to making the big move is making sure we understand what we’re carrying together, onto the next chapter.

Whether you run your own business or earn investment income, planning for your income tax is important to help you keep a healthy cash flow. Pay as you go (PAYG) instalments help you do this. By making regular payments throughout the year so that you won’t have to pay a large tax bill when you lodge your tax return.

The Medicare levy surcharge (MLS) is levied on Australian taxpayers who do not have an appropriate level of private hospital cover and earn above a certain income.

  • MLS is designed to encourage individuals to take out private hospital cover to use the private hospital system to reduce demand on the Medicare system.
  • The MLS rate (depending on the level of your income) of 1%, 1.25% or 1.5% is levied on the sum of your taxable income, total reportable fringe benefits, and any amount on which family trust distribution tax has been paid.
  • MLS will not apply If your MLS income does not exceed $90,000 for singles or $180,000 for families.

Expertise You Can Trust