OST accountants

Accounting

Financial Statements

The preparation of statutory reports and financial statements is a core part of our service. Reports prepared by us comply with professional standards and where appropriate recognised accounting standards.

Statutory Ledgers & Records

We maintain statutory records for clients. We are registered with the Australian Securities & Investment Commission (ASIC) as agents and can lodge company records electronically and access to the ASIC base.

Computer Packages

Computer accounting can involve a variety of different systems and complexities. Apart from our own firm system which is used by clients we can accept data and assist clients with most of the commercially available packages including MYOB, Quickbooks, Cash Flow Manager etc.

Entity Planning

• Company

Many small enterprises operate using a proprietary limited company (private company - identified as Pty Ltd or P/L). A private company is limited to no more than 50 members and operates with restricted right of transfer of shares. A private company company can neither invite the general public to subscribe for its shares or debentures nor take deposits from the public. A private company, is managed by directors, who are commonly, also, shareholders, and can be formed for any lawful purpose. Larger enterprises may require a public company with is subject to greater statutory requirements.

• in the most common type, a company limited by shares, shareholders' liabilities are limited to the amount of the unpaid shares;
• a company limited by guarantee is generally used for clubs in which members' liability is limited by the company's memorandum of association to an amount that has to be contributed should the company be wound up;
• an unlimited company is an incorporated partnership in which the members are not limited in their liabilities;
• a no-liability company is one in which shareholders are not bound to pay calls on their shares. This structure is restricted to mining companies.

• Joint Venture

Cooperation between two or more companies, countries or other entities, or between the public and private sectors, to construct or operate a project. Large joint ventures are common in emerging economies, where governments might seek the expertise and technology of industries in more advanced countries in exchange for access to new markets or other benefits. Joint-venture agreements can be complicated by cross-border differences in law, taxation and trade practices.

• Individual & Sole Trader

In the legal and commercial sense the simplest of all entity - you the individual.

• Trust

In the legal and commercial sense, money or property vested with an independent third party (the trustee) to administer on behalf of others (the beneficiaries of the trust).

• Partnership

Two or more individuals who have joined together to carry on a business, sharing in risks and profits. As partnerships are not incorporated, each of the parties shares equally in these risks and rewards and is liable for all the partnership's debts. Creditors of a partnership can claim on the partners personally; there is no limited liability for the partners as is available to shareholders of a limited liability company.