More Regulation. Higher Compliance Burden. No Room for Error.
Financial services businesses carry compliance obligations that most industries never have to think about. The specifics depend on what you’re licensed to do, but in most cases, the penalties for getting it wrong are severe.
You need to know the paperwork is in order, and that someone is available to answer questions when they come up.
AFSL holders are required to prepare General Purpose Financial Reports, have them audited annually, and meet ongoing financial resource requirements under RG 166.
ACL holders operate under the National Consumer Credit Protection Act with their own annual compliance certificate requirements and financial resource obligations under RG 207.
Financial services income is predominantly input-taxed, and the GST rules that follow can be highly complex. Managing client money carries its own separate reporting obligations on top of that.
Many accountants aren’t set up for this. We are.
We work with financial services businesses as a specialist accounting partner. For clients who need more support, we can act as a fully outsourced finance function.
We handle the full compliance and advisory suite. Day-to-day accounting, payroll, ASIC lodgements, audit support and strategic tax planning. Get in contact today.
Our Solutions
We offer bespoke accounting solutions for financial services businesses to help you stay compliant and work towards your business goals.
Our industry experience means we have developed clear and repeatable processes to help you comply with your license conditions.
AFSL compliance and ASIC reporting
We can help prepare and lodge your annual General Purpose Financial Reports (GPFRs) with ASIC, support your audit process and keep your financial records in order, helping to meet your lodgement deadlines.
GST and BAS Lodgement
GST on financial services income is one of the most complex areas of Australian tax law. We account for input-taxed supplies and reduced credit acquisitions correctly from the start, so you are not dealing with tax issues later.
Many financial services businesses grow by acquiring external client lists or merging with other practices. We advise on the tax and structural implications of acquiring client registers, bringing on new partners or authorised representatives and restructuring ahead of a business sale.
Beyond the specialist work, we handle the full suite of tax compliance, including the preparation of financial statements, income tax returns, BAS preparation and regularly monthly accounting and payroll.
We scale our support up or down depending on what your business needs.
Who We Work With
At JD Scott + Co, we work with a diverse range of small to medium financial services businesses across Sydney and nationwide. Our clients include:
Mortgage Brokers
We support from your bookkeeping to tax obligations, helping you track the numbers in your business as your trail book grows.
Insurance Brokers
Most of our insurance brokers run a lean team, so offloading the compliance burden and accounting support makes sense.
Fund Managers
We cover structuring, tax, ASIC reporting and ongoing compliance for fund managers where needed.
FinTechs/InsureTechs
As your business grows, we can scale up our support as needed, starting with the day one compliance fundamentals, all the way to taking over as your outsourced finance function.
Stockbrokers and Financial Advisors
Our processes are built around your sector, designed to scale with your business in the long term.
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