Get to know us at Kennedys Accountants

Local personalised convenience for you with the expertise of the ‘big smoke’ accountants, sharing the tools and knowledge to help you to get the most out of your business, tax planning to keep your tax to a legal minimum,  and helping individuals to maximise that tax refund.

Servicing:

Individuals

Maximise your refund & keep your tax up to date!

Businesses

Push your business to it’s full potential financially and excel against competition.

“You have the right to arrange your financial affairs to keep your tax to a minimum. This is often referred to as tax planning, Tax planning is legitimate when you do it within the intent of the law.”

ATO

Australian Tax Office

About Kennedys Accountants

Unlike your stereotype tax accountants our team has real life business experience as well as tax knowledge. Your typical accountant often have just a background in purely a tax accounting firm having gone straight from uni into an accounting firm and just focusing on getting business and individual tax returns out.
We are fortunate to have most of our team having first hand experience of also running family business or been involved in running corporate businesses including the principal Dean. So keeping tax to a minimum using our accounting knowledge is a big focus but we also understand the importance of other business areas such as cash flow and profitability, keeping the banks happy for finance, HR issues, marketing.

 

Often you need more from your accountant than just keeping your tax to a minimum. Between our team we have first hand experience in management of both small and multi million dollar businesses including café’s manufacturing, legal firms, accounting firms, online clothing, trades, bus lines, equine and more. We love helping family owned small businesses THRIVE!

“We’re really passionate about helping small businesses to grow, make a decent profit and have a respectable cash flow, which stems from the number of businesses we’ve been involved with. When combined with our accounting experience, that becomes a pretty powerful tool that we share with other businesses”

Dean Kennedy

Principal Accountant

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Meet the team!

Dean Kennedy

Dean Kennedy

Principal Accountant

Complementing his business and individual tax experience Dean has experience in managing small family businesses and large businesses corporate businesses in Legal, Accounting, Hospitality, Property Development, Trades

Megan Lang

Megan Lang

Tax Consultant

Complementing her business and individual tax experience Meg has experience in the HR / Personnel, Equine, Spiritual, Trades industries  

Olivia O'Riley

Olivia O'Riley

Tax Consultant

Complementing her business and individual tax experience Olivia has experience in the Transport / Bus Line and Equine industries

Shayla McKeown

Shayla McKeown

Executive Assistant & Junior Tax Consultant

Complementing her business and individual tax experience Shay has experience in managing a McDonalds and Hospitality

Jessica Bhanot

Jessica Bhanot

Accountant - Masters in Accounting

Jess is our new Accountant at Kennedys and brings a fresh insight to the industry. She has a great range of Individual and Business tax experience covering a variety of areas.

FAQ

Frequently asked questions

What type of expenses / deductions can I claim in my tax return

It all depends on your work type / business type. In general terms if you incurred an expense to assist your work or to generate sales for your business and it relates to your work then you can deduct the expense provided you can prove that you have incurred it so don’t forget to keep your receipts.

How do I get taxed on my second job?

Second jobs usually have a higher amount of tax withheld from your pay. This is because you are already claiming the tax-free threshold from another paying job. (You can usually claim the tax-free threshold on the first $18,200 of income you earn in the income year. This is called the tax-free threshold.) Withholding tax at a higher rate means that you are less likely to have a tax debt at the end of the income year.

 

When you start a job, your new employer will give you a Tax file number declaration to complete. When you fill in this form you can choose whether to claim the tax-free threshold from your employer. If you:

  1. Are still earning income from your first employer, you should not claim the tax-free threshold for your second job.
  2. Are no longer earning any income (including from paid leave), then you are entitled to claim the tax-free threshold from your second job and have a lower rate of tax withheld
  3. Start receiving income from both employers, you can request that one employer withhold at a higher rate to avoid a tax debt at the end of the year.
I am late with my tax individual and or business tax returns what can I do? What will happen to me?

Generally there is no need to panic too much. It is not unusual for us to do help clients get up to date with their tax returns and in most cases it’s a pleasant surprise with some nice refunds. Over the years we have assisted clients who are just a few months late in lodging their tax return  to others that have 10 years or more of tax returns to lodge.
When we lodge tax returns on a regular basis for clients the due date that they need to lodge by is extended generally to mid May of the following year year instead of the usual end of October deadline.

There can be penalties applied for late lodgement however generally speaking the ATO don’t apply penalties for a one off late lodgement and if penalties are applied we can negotiate with the ATO, explain your situation and ask that they look at reducing or removing the penalty for you.

 

Why does my business profit and loss show that I am doing ok with a healthy profit but I have no cash in the bank

Profit does not equal cash: it is as simple as that! Profit is made after you have made sales and paid all expenses. Of course, you will have to pay tax on the profit as well. Cash is what the business needs to operate every day.Cash can come from different sources — profit is one — but you can also generate cash for the business by selling assets, contributing your own personal funds, using bank loans, car leases.
It also comes down to how you are allocating your transactions as some items go into your Profit and Loss and others into your Balance Sheet so they are not factored into your profit like personal drawings, aged receivables (sales owing to you), aged payables (bills you need to pay), loans, tax owing.
It will also depend on how you have your profit and loss report setup as in cash or accruals settings. So in summary profit does not equal cash available.

 

Kennedys Accountants can provide you with a fresh perspective on your business challenges. We can show you where your business is strongest and point out some positive changes to help it develop.

Dean Kennedy

Principal Accountant

Have you seen our YouTube channel?

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Business Tax Planning Advice

We showcase informative & current business tips & tricks whilst also providing solid industry advice that will help you business in multiple aspects.

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Individual Tax Return Strategies

Our YouTube channel has many educational videos providing examples and suggestions on ways you can help increase your annual tax refund!

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Planning & Advice

Let us help guide you to a wide range of ways you can better plan for your financial tax goals and business operations. See our advisory videos on YouTube about how you can easily plan for that next financial step!

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 see what our Clients say

We can assist you to claim all you are entitled to.

Dean is a friendly, reliable guy who makes sense when explaining the complexities of the ATO. Highly recommended.

Brenton Knott

JHA Investments

We have been using Dean for many years since our last accountant let us down and we have been very impressed with the service we have received. Dean really seems to understand our small business, his extensive knowledge and experience takes the headache out of BAS and annual tax returns.

Anna Henderson

X2 Marketing

Very in depth clear communication and takes the time to look over the numbers and gave great recommendations for how I could improve.

Dave Sayers

Availcare

Since contacting Dean and the team at Kennedy Accountants, my tax affairs have been dealt with in a very professional and diligent manner, unlocking potential to help my business grow. I am happy to recommend this business for anyone’s tax needs, no matter how big or small.

Wes

Business Aviation Consultancy Macedon Ranges

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