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D'Ambrosio & Co Pty Ltd
       
 
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D'Ambrosio & Co Pty Ltd
 
 
Overview: 

Established 30 years ago, this inner city firm specialises in servicing smaller businesses in a variety of industries e.g.: retail, IT, consultancies, medical, tradesmen, cafes, car dealers and SMSFs.

The team is made up of Michael D’Ambrosio, the principal and chartered accountant, Ruth the office manager and Nerida our bookkeeper. Our small efficient team has a wealth of experience to handle all aspects of the job and are able to offer personal attention.

Services provided include BAS preparation, tax advice and return preparation, property acquisition appraisal, cash flow/feasibility projections, employee share options, capital gains tax calculations with particular reference to the sizeable small business concessions.

Recent examples of special assistance to clients
Company A – maximum superannuation claims not made. Amendment of past 3 years returns to gain a tax refund of approx. $17,000.

Company B - incorrect capital gains calculation on sale of a business related property. Amendment of past return to reduce the gain and result in a tax refund of approx. $24,000.

SMSF A – financial statements and tax returns had not been prepared for the last 6 years leading to the fund’s complying status being withdrawn. Member wished to withdraw benefits and current accountant unable to undertake the complex assignment within the one month time period requested.

Company C – Directors owed a substantial amount to the company. Specific strategies were implemented to reduce and extinguish the debt over a set time period.

Company D – ATO conducted audit of income tax, GST and FBT for 2 years.  Director to save accountant’s time and fees handled the meetings with the ATO, provided documents and answered queries at his premises.  Unfortunately he signed certain admissions drafted by the ATO auditors and consequently was issued with amended assessments totalling approx. $100,000.  Our firm disputed the assessments, had the assessments set aside resulting in a net refund of $5,000 to the client.

Company E – Company prepared and lodged its own BAS returns.  On an ATO GST audit, our firm confirmed that rental income of $250,000 had been omitted and GST not remitted.  However the client was also unaware that the rent had not been charged and was now able to render the invoice to recover the debt.  Additionally our firm negotiated with the ATO for a full remission of late lodgement/payment penalties on the GST under-remitted.


 
 
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