Fixed Asset Specialist Services

Do you need some help with your tax Fixed Asset Register?

Skye is a specialist in all things tax Fixed Assets, and can help solve your FAR problems

Skye can:

Review (and Preparation) of tax fixed asset register and ATO submissions
Prepare specialist advice on a particular issue
Recommend Tax fixed asset process improvement, including drafting policy and governance documents
Tax FAR data migration or implementation
Training of staff

We are not constrained by audit independence rules. We are happy to work with other tax professionals to help serve their clients.

Tax Fixed Asset Review

There are certain times when you need a Tax FAR review.

You want to know that there are no big mistakes that the ATO might identify as part of their review, before you submit responses to an information request.
You want to identify potential historic risks and future implications hiding in the tax FAR of the Target you are acquiring.
You are about to migrate to a new system and don’t want to replicate the same mistakes.
You have a new client, and don’t want to make any significant misrepresentations by ‘rolling forward’ the prior year tax FAR prepared by another firm.
As part of your ongoing good governance
You prepared the tax FAR and either don’t have someone else to review it (solo firms!) or want a specialist to review the tax FAR prepared by your team.

A FAR review doesn’t have to take weeks, or cost tens of thousands of dollars. We adopt a phased and customized approach tailored to your risk, time and budget.

Sometimes a review may be a 1hour call to work through your ATO submission, or the tax FAR prepared by your junior team member; or it could be a workshop showing a data visualisation of your effective lives to identify anomalies in both your tax and accounting FAR.

Tax FAR Processes and Systems

Is your Tax FAR preparation process cumbersome? Do you have assets in a software system and then make adjustments in ‘excel’? Is it tax equals accounting except for TFE/IAWO, repairs, make good, software, buildings…etc ? Can you readily extract the information you need – forecasts, tax return disclosures, tax effect accounting information. Do you have a CGT register?

Skye has experience in a wide range of different tax FAR systems, and can work with you to make your tax FAR process simpler. We are agnostic as to whether you use SAP, AssetAccountant, Xero or even excel. We just want to help make your tax FAR work for you.

Our goal is to understand what you are currently doing, and work with you to determine what you want to be doing having regard to best practices, budget and what is practical for your business. We help bridge that gap.

Drafting tax FAR policy and procedure documents
Managing data migration between systems, and reviewing new systems
Migrating excel workpapers into the tax FAR to remove ongoing manual adjustments required (eg, TFE, IAWO)
Providing bespoke training for finance teams
Preparing ‘bolt on’ analytics to assist in reviews and tax reporting
Consolidating data provided from multiple sources (eg, QS reports) to create a single source of truth

Ongoing Tax FAR compliance

Is the tax FAR just too hard?

Would you rather have someone else look after the tax FAR? Do you have a finance team who looks after your accounting assets, but they don’t focus on tax? Do you need a FAR prepared for a single period, before migrating to another ERP system? Would you rather free up your team to focus on delivering ITRs, BAS and providing other services to your clients?

If you want someone who is reliable and knowledgeable to take care of your tax FAR, we can:

Prepare your Tax FAR (one off or periodic)
Be your on call tax expert who is part of your assets team. We can be onsite during peak capitalisation times to answer questions (or provide the tax input) in real time
Review your internal capitalisations forms to make sure the tax outcome is correct before adding it to the Tax FAR
Prepare ATO ready FAR workings