Building and Construction

A large industry that is often the target of the ATO, the building and construction sector is subject to complex rules for subcontractors and employees. These differ depending on whether Income Tax, Superannuation or Workers Compensation is being assessed. Lincolns reviews and advises on ATO benchmarks before you become a target. We make sure you meet your reporting obligations and do not attract the attention of the ATO.

Business Services

This broad industry sector includes diverse business offerings such as:

• Office product supply and service
• Computer supply and service
• Professional services, Legal, Engineering, Surveying and Consulting
• Communications

With clients across these sectors, Lincolns benchmarks your business against others in the same industry to ensure you are maximising income and keeping a handle on your costs.

Farming

Lincolns understands farmers. Lincolns’ partners Craig and Brendan grew up on farms in the Wheatbelt and Gary was raised in Katanning. We understand the unique nature of farming businesses, the attachment to land and the desire to keep the farm in the family. We also understand the stresses and the reliance on factors outside producers’ control, including weather, prices, disease, pests and economics. We understand the conflicts of decision-making, including production efficiencies and getting more out of what you have versus getting bigger. Concessions available to primary producers including tax averaging, farm management deposits, landcare concessions, minimum tillage rebates, diesel rebates and water conservation rebates are all investigated to make sure you have access. Our close working relationship with farm consultants means that we apply the ‘two heads are better than one’ philosophy to getting the desired results. We conduct family meetings to promote smooth farm succession. We care about the Industry, believe in its strong future and keep ourselves up-to-date with the changes that will test the industry in the future.

Health Services

Our client pool includes large and small pharmacies and medical practices, some of which face unique challenges in regards to asset protection and wealth creation. In many cases, our advice includes setting strategies and goals to assist in buying, growing and selling your business. We also provide expert taxation advice covering all ATO and ASIC compliance needs, and high level advice on acquisitions, restructures and sales. Our business relationships with lawyers and specialist lenders enable us to undertake and enact strategies on your behalf, letting you get on with business.

Manufacturing

The health of the Australian manufacturing industry is the subject of much media speculation, including:

• The value of the Australian dollar
• High wages due to mining sector demand
• Finance issues due to negative sentiment from the banking sector

Lincolns understands these issues and more. We possess tools and techniques to enable our manufacturing clients to maximise productivity and profits, and forecast business performance. These tools have become preferred products by some banks to assist in their financing decisions. Utilising these instruments, we help clients obtain working capital finance without property security. We access Trade Property Security and Trade Finance Facilities (using inventory securities) and offer regular monthly or quarterly meetings for strategy, planning, monitoring performance and marketing. We prepare Action Plans to help you with accountability, follow-up and monitoring.

Real Estate

The Real Estate Industry rides the waves of the property market, presenting a unique set of issues, including the need for flexible working capital facilities to handle volatility. Property Sales and Property Management are different businesses within the same industry, sometimes within the same business. Commission-based sales representatives have a unique method of PAYG withholding tax deduction. Lincolns’ models assist with calculation and deduction, and we are always on hand to help with complex GST or capital gains questions.

Retail

The retail industry has been doing it tough since the Global Financial Crisis hit in October 2008. Lincolns has followed the trends and assessed the pathways required to rebuild the retail sector. The days of opening the doors at 8.30am in the hope that customers will walk in to buy your product are gone. Today’s successful retailer is offering to a wider customer base, selling 24/7, utilising digital marketing and offering a fabulous retail experience.

If this is not you, Lincolns can introduce you to these concepts and platforms, benchmarking your business against others in the industry, helping you to adjust where necessary. We explain the power of profit margins, discounts, volume-selling and expense management.

Tourism and Hospitality

Lincolns experience in the tourism industry includes engagement with the accommodation, restaurant/café and tour operations sectors. Businesses in this sector can be rewarding and satisfying, however the financial benefits can be more difficult to achieve. Lincolns benchmarks your business against others in your industry and assists you to set and achieve strategies to help you attain greater financial rewards for your efforts. We also advise on the experiences of industry leaders who have embraced digital marketing and social media marketing tools to expand market share. Our introductions to complementary businesses will assist you to network for mutually beneficial results.

Wineries and Vineyards

“Anyone who tries to make you believe that he knows all about wine is obviously a fake” wrote the American wine writer, Leon Adams.  We can see his point, as there are many wines from many countries to taste. 

However, here at Lincolns we can confidently make the claim that “we know all about the Wine Equalisation Tax (WET)”. 

This is a claim very few accountants in WA can make. 

What is WET?

WET is unique to the wine and cider industries and is a complex web of imposts and rebates, supposedly for the betterment of these industries.   In reality WET has created a taxing mine field among the vines. 

Our other wine industry expertise

Wineries have other compliance edicts that we have command of, such as absorption costs measurement of stock on hand.  This is a great tool for helping calculate the true cost of a bottle of wine.  Along with this is the expertise we bring with regards to succession planning and advice on buying and selling businesses.

Our wine industry specialists

At Lincolns both Robert Prior and Phillip Mortimer have mastered the art of WET and all business matters wineries need to be aware of.  This ensures they are not only compliant with the current WET regulations but that they maximise the rebates due to them and they are also prepared for the changes that are coming.   Changes are frequent in this area, as are ATO Audits – which are on the increase.  Our winery clients are the full bottle (pardon the pun) on what it costs to turn each vintage into cases of wine. 

We have also within our bookkeeping ranks a former winery owner, Kylie Smith, who is well aware of the WET issues, having dealt with such personally for many years.

As a team Robert and Phillip work together to assist our clients ensure that their systems are up to WET compliance, they are able to understand the many peculiarities and they know where they are headed.

Come and see us

For all the winemakers out there, so you can better enjoy a glass of your labours, come and see us at Lincolns to help relieve you of the red tape wrapped around your wine bottles.

And for those of you who don’t own a winery, as you enjoy a glass – please spare a thought for the winemakers who not only have to deal with growing their grapes and turning them into a lovely drop for your enjoyment - but they have to also contend with a myriad of regulations and tax complexities imposed on them.