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Tourism & Hospitality

Overview

The tourism and hospitality sector has seen gradual growth over the past 5 years, with café revenue expected to grow by an annualised 7.4% during this period. Consistent growth has been boosted by rising consumer sentiment and growing incomes. This sector largely remains dependent on domestic and overseas travellers, as well as disposable incomes.

This sector has a number of different business types including:

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Accommodation providers

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Tourist attractions

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Restaurants & cafes

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Event organisers

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Catering services

What we do for this industry

Apart from being experts in taxation compliance, BAS and Tax returns, we also specialise in:

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Budget and cash flow

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Profit improvement (KPI analysis, benchmarking)

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Bookkeeping support

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Business purchase and sales (due diligence reports)

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Assist with equipment finance

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Self Managed Super Funds

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Employment and Human Resource Support (advice on awards, dispute resolution, employment agreements)

Challenges & Opportunities

The drop in value of the Australian Dollar will see an increase in Australians holidaying locally and an increase in overseas tourists. This is beneficial for the sector as a whole but events and other paid entertainment might see a drop in attendees as there is less disposable income.

Case study 1: Financing motel construction

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Issue

Our client required advice on constructing and successfully managing a motel business.

Solution

We prepared advice on structuring the motel to optimise asset protection and appropriate tax considerations. We prepared a cash flow forecast to allow the client to understand their finance requirements during the construction phase and introduced audit insurance, as GST refunds are regularly checked on large construction projects.

Outcome

The client was able to construct their motel with a strong financial picture to present to financiers. They are now running a successful business and can implement planning strategies to maximise personal wealth. ATO reviews were completed without cost or significant additional work required by the client.

Case study 2: Struggling with time management

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Issue

A client that recently established a new café was struggling with having the time to run their business and maintain the tax compliance burden.

Solution

We assisted them in implementing an online accounting and payroll application to handle the day-to-day recording. We also helped prepare a comprehensive budget and cash flow that allowed for the client to allocate cash for their tax obligations. A monthly review of key performance indicators was completed to keep the owner focused on successfully managing the business.

Outcome

The client was able to focus on the key business drivers that were relevant to their success. They were able to fully understand their cash flow requirements and have money put aside for their regular tax obligations.

To find out how we can help you

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