Your trusted business and tax advisor

With a solid foundation of knowledge as Accountants, our Business and Tax Advisory team can not only provide accurate and timely compliance reporting, but also help interpret these reports, so you can shape your future.

Accounting, tax and compliance is our bread and butter

Accounting and Tax Compliance is the foundation of all of the services we offer at MGIDC...so it's important to get it right!

MGI Dobbyn Carafa form one of the leading Business and Tax Advisory teams in an accounting firm in Melbourne.  We understand the compliance process better than anyone; and our focus is to ensure that your compliance is not only accurate and timely, but that it also provides you valuable insights.  

Whether you are a small business owner that requires genuine guidance to navigate the compliance minefield; or a family group that has a number of different entities of complexity, we have solutions for you.

No matter the context, our team have a solid grounding as we invest heavily in our team and processes to ensure that you find our outcomes valuable.

We invest heavily in our training and development

Having the right answer when it matters means that we can provide sound and practical advice when it counts. This is why we invest heavily in our teams’ development and knowledge.

We automate using technology

Being a cloud based firm, we have invested in our processes and technology so that we spend less time crunching numbers and more time advising clients.

But don't just take our word for it...

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Our Accounting Services

'It's accrual world'

Our most common services are listed below, but let us buy you a coffee to discuss your specific requirements.

Financial statements and tax returns

Many organisations undervalue the importance of accurate and timely financial reporting.  Whilst you might not get as excited by the numbers as we do, we pride ourselves of our preparation; and our ability to keep up to date with the latest legislation changes to ensure the best possible tax position for your structure.

Management Reporting Packs

If you are a proactive business owner…wouldn’t it be nice to have a good grasp on the financial position of your business, with insights provided to help you make decisions NOW.  Well our Management Report Packs allow just that with a full set of financials completed monthly/quarterly, and a detailed analysis provided.  Take the guess work out of running your business.

Taxation Planning

Every year, many of our clients participate in our tax planning.  Tax planning is the process of preparing your tax position for the end of the financial year before time, so that you can see what tax implications you may be faced with.  The advantage of seeing it before time, means that we can setup structures or plan the best course to ensure you get the most optimised tax position possible.

Structuring and asset protection

The correct structure setup is not only the best way to ensure you have the most optimal tax structure, it is critical for asset protection.  The risks of operating a business are great; so you need to ensure that you are operating in a structure that offers you the greatest protection.  We help by providing advice around the most optimal structure for you.

The highest performing teams are assembled with mutually reinforcing strengths.  Numbers are our strength…so what better way to ensure that your business is performing optimally than getting one of our team involved on a regular basis.  From Payroll assistance, to cashflow management, our Virtual CFO services will ease your financial management concerns.

Other compliance

Along with year end compliance, our accounting firm in Melbourne also handles all other regulatory compliance services such as Business Activity Statement preparation, IAS, PAYG summaries, Payroll Tax, Land Tax, R&D concessions and more.

What makes MGI Dobbyn Carafa different?

Big firm capability...small firm relationships

Equipped with a team that has the experience and capabilities of a big firm, but maintaining our deep, personal connection is something we pride ourselves on. Our team are highly supported and we are conscious of wanting to keep our numbers small, but our value high.

est.

2006

Decades of expertise

We have a team of experienced professionals from a diverse range of backgrounds, highly qualified for every business need. Some of the qualifications our team possess include:

+87

Client Net Promoter Score®

We take great pride in our customer service and the deep relationships we have with our clients and we are humbled to learn that our clients feel the same way.

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Employee Net Promoter Score®

Much like client NPS®, we take great pride in our employee engagement and the deep relationships we have with our team as we support them on their professional journey.

Meet Our Team

Frequently asked questions

Taxation compliance in Australia refers to the obligation of taxpayers to comply with the tax laws and regulations established by the Australian Taxation Office (ATO) to ensure they pay taxes correctly and on time. Taxpayers are required to maintain accurate records and lodge their tax returns by the due date. In Australia, the ATO is responsible for enforcing compliance measures by conducting audits and reviews of taxpayer records to verify their tax returns and ensure they comply with tax laws. It’s worth noting that the ATO provides an online service (‘myGov’) where individual taxpayers can lodge their income tax returns directly to the ATO.

The ATO uses various measures to promote compliance with the tax laws, including providing information, education, and support to taxpayers to help them understand their rights and obligations. It also employs strategies such as risk assessment and treatment, targeted compliance activities, and debt and lodgement programmes to ensure taxpayers are complying with tax laws.

Taxation compliance plays a crucial role in Australia’s tax system to ensure that taxpayers contribute their fair share towards the funding of public services and government programs. Failure to comply with tax laws can attract penalties, interest charges, and/or legal action.

Accounting compliance in Australia is essential for several reasons. The purpose of accounting compliance is to ensure that financial information is accurately recorded, reported, and disclosed in accordance with the applicable accounting standards and regulations.

By adhering to accounting compliance requirements, businesses and organisations in Australia can achieve the following objectives:

Transparency and Accountability: Accounting compliance helps contribute to transparency and accountability by ensuring that financial information is reliable and can be trusted by stakeholders, such as investors, creditors, and regulators.

Standardisation: Compliance with accounting standards promotes consistency and comparability in financial reporting, allowing stakeholders to make meaningful comparisons and assessments of different entities.

Legal and Regulatory Requirements: Accounting compliance is necessary to fulfill the legal and regulatory obligations imposed by various authorities, such as the Australian Securities and Investments Commission (ASIC) and the Australian Accounting Standards Board (AASB). Compliance with these requirements helps entities avoid penalties and legal consequences.

Financial Decision-Making: Accounting compliance provides accurate and timely financial information to stakeholders, enabling them to make informed decisions regarding investments, loans, and other financial transactions.

Investor Confidence: Compliance with accounting standards builds investor confidence in the financial statements of entities, as it assures stakeholders that the financial information is prepared in accordance with established principles and guidelines .

Financial Statement Audits: Accounting compliance facilitates external audits of financial statements, providing assurance to stakeholders about the accuracy and completeness of the reported financial information.

Accounting compliance in Australia is essential for several reasons. The purpose of accounting compliance is to ensure that financial information is accurately recorded, reported, and disclosed in accordance with the applicable accounting standards and regulations.

By adhering to accounting compliance requirements, businesses and organisations in Australia can achieve the following objectives:

Transparency and Accountability: Accounting compliance helps contribute to transparency and accountability by ensuring that financial information is reliable and can be trusted by stakeholders, such as investors, creditors, and regulators.

Standardisation: Compliance with accounting standards promotes consistency and comparability in financial reporting, allowing stakeholders to make meaningful comparisons and assessments of different entities.

Legal and Regulatory Requirements: Accounting compliance is necessary to fulfil the legal and regulatory obligations imposed by various authorities, such as the Australian Securities and Investments Commission (ASIC) and the Australian Accounting Standards Board (AASB). Compliance with these requirements helps entities avoid penalties and legal consequences.

Financial Decision-Making: Accounting compliance provides accurate and timely financial information to stakeholders, enabling them to make informed decisions regarding investments, loans, and other financial transactions.

Investor Confidence: Compliance with accounting standards builds investor confidence in the financial statements of entities, as it assures stakeholders that the financial information is prepared in accordance with established principles and guidelines.

Financial Statement Audits: Accounting compliance facilitates external audits of financial statements, providing assurance to stakeholders about the accuracy and completeness of the reported financial information.

Overall, accounting compliance plays a crucial role in maintaining the integrity and trustworthiness of financial information in Australia, helping to foster a healthy and transparent business environment.

Tax compliance is important in Australia for several reasons. Such as:

Funding Government Services: Taxation is the primary source of revenue for the Australian government. Compliance with tax obligations ensures that the government has the necessary funds to provide essential public services such as healthcare, education, infrastructure, and social welfare.

Fairness and Equity: Tax compliance helps ensure a fair and equitable distribution of the tax burden among taxpayers. When everyone fulfills their tax obligations accurately, it prevents the burden from falling disproportionately on a few individuals or businesses. This promotes social cohesion and trust in the tax system.

Law and Governance: Tax compliance is a legal requirement. By complying with tax laws, individuals and businesses adhere to the legal framework established by the Australian government. Non-compliance can lead to penalties, fines, and legal consequences. Maintaining tax compliance supports good governance and upholds the rule of law in society.

Maintaining Economic Stability: Tax compliance supports economic stability by providing a stable and predictable revenue stream for the government. With adequate tax revenue, the government can implement economic policies, invest in infrastructure, and support economic development and growth.

Supporting Public Infrastructure and Services: Tax compliance helps finance the construction and maintenance of public infrastructure, such as roads, bridges, and public transportation. It also contributes to the funding of essential public services like healthcare, education, and defence.

Maintaining International Reputation: Compliance with tax obligations contributes to Australia’s reputation as a reliable and transparent business environment. A robust tax compliance framework instills confidence in investors, both domestic and international, and helps attract investment to the country.

In summary, tax compliance is important in Australia for funding government services, ensuring fairness, upholding the law, maintaining economic stability, supporting public infrastructure and services, and preserving the country’s international reputation.

Have we piqued your interest?

Let us buy you a coffee to discuss your requirements.