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Welcome from Saul Markunsky CA


"Welcome to ‘In The Picture’, a boutique accounting firm in Sydney’s Surry Hills, established over 20 years ago we specialize in the Entertainment Industry but have a vision which embraces all professions."
 

I bought into the practice four years ago when the client base consisted of about 300 clients, we have since expanded the practice to over 1,500 clients and growing. We must obviously be doing something right.

The practice consists of two partners, Kamal Gill Thomas and myself, four full time accountants and a host of auxiliary support staff that keep the office running.

Our expanding practice now boasts a wide range of clients both in the entertainment industry, sports industry and representatives of other professions, tradespeople and average wage earners. No client is too small to get our dedicated, professionally focused approach.

Anybody can do basic compliance work, what you get from us is an understanding of your financial situation and advice that will help you minimize your tax and maximize your financial well being. Help you reach your life’s goals.
We endeavour to surround ourselves with professionals that have the same approach and competence as we adhere to, hence we have firms who we refer our clients to with whom we are comfortable with and confident in. Experts who can advise on financial planning, insurance and legal matters. Our clients are looked after from every angle that needs attention.

A good question to ask yourself is how do you know if you have a good accountant and financial advisor?

Maybe the answer is you get what you pay for!

Recently I had a new client come to me, when I asked him what he does he told me that he worked for one of the mass market tax preparation firms and that he prepared tax returns. I was quite taken back and asked why he had come to see me. His reply was that after a three week course he was put in front of clients to prepare their tax returns and that he felt his knowledge was not adequate to complete his own return and I thought what about all the poor clients who are paying for his services?

A good understanding of tax and years of experience are essential in getting the best results, although some of our employees are young they have the proper university education and all work is reviewed and signed off on by a partner before it is submitted to the Australian Tax Office. Each return is given all the attention it deserves and the best results are achieved. Our staff required to continue their professional education to keep up with the latest changes in the Australian tax system and compliance. You will be fully assisted in your taxation matters feeling secure that the decision being made will be in line with the very latest tax office decisions.

Another new client of ours who is involved in the wholesaling industry, his old accountant had prepared three years worth of his financial return and told him he had to pay over $100,000 in tax. The returns were correct but the accountant had failed to look at some of the Income Tax Act Provisions which provided relief for companies likes his from taxation. By using the Simplified Tax System to the clients advantage we managed to get them into a situation that not only did he not have to pay tax but also has a loss carried forward of over $30,000.

How did we do this?

By using the Act to his advantage. In the first two years his receivables exceeded his payables so we put him into the Simplified Tax System which allows one to account on the cash basis this means that you do not pay tax on money that you have not received. In the third the situation reversed and his creditors were higher than his debtors. We then took him out of the STS System and returned him to the accruals basis. This is not hard and not expensive but merely experience and thought that was needed to save the client heaps of money.
So to answer the question a good accountant must not only have an excellent knowledge of the tax laws but must be able to think laterally to give you value for money.

I would welcome those of you who are not clients to come and see us, experience the difference, and let us put you back in the picture.

Saul Markunsky CA
Managing Partner

 

© 2007 In The Picture Financial Services Pty Ltd. All rights reserved.  

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