Evaluating Management Companies

To evaluate management and umbrella companies use the following evaluation criteria and checklists.

1. Preliminary
     There should be no:

• company start up cost
• annual company fees
• illegal or dubious transactions

2. Statutory Requirements
     All statutory requirements should be met such as:

• Company Registration Returns
• GST/VAT & Tax returns
• Tax File No. Registration
• Payroll Tax Registration
• Fringe Benefits Tax Registration
• Withholding Tax Registration
• GST/VAT Registration
• LAFHA Declaration
• Quarterly BAS/Tax Statements

3. Administration
     All administration should be done.

• Invoicing
• Collection
• Banking and the costs of distribution of funds
• Tax paid
• Salary paid (multiple accounts)
• Superannuation / Pension and Medical cover paid
• Tax returns compiled and submitted.

4. Growth
     There should be an increase in net income.

• Salary Packaging
• LAFHA interstate and overseas
• Company reimbursement of business expenses (Education, Laptops, Airfares)
• Novated Leases
• Finance for non-residents, Administration, Fleet Card

5. Insurances
     The following Insurances should be covered:

• Workers Compensation
• Public Liability
• Professional Indemnity (if required)

6. Superannuation
     Is superannuation available?

• Is your existing fund transportable?
• Check the fund for flexible investments,
• Does it have life insurance without medical examination and income protection

7. Other

• Visa processing and migration sponsorship
• Seamless transfers overseas
• Bank reference letters
• Real estate and medical Insurance referrals
• No exit costs and zero cost whilst not billing

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