SOLD
Accounting Practice - Sutherland Shire

This long-standing and well-established firm, located in Sydney’s southern suburbs approximately 30 km from the CBD, provided accounting, tax, and SMSF audit services. Over 30+ years of operation, the firm built a strong reputation in the local community, with growth driven by personal, hands-on relationships with clients and an emphasis on service and outcomes. The firm generated maintainable fees of approximately $1.1 million, with new clients primarily sourced through referrals.

Key Highlights:

Client Base:

• 607 client groups, with an average size of $1.8K.
• Revenue largely generated from annual fees between $3K–$20K and $30K+.
• The top 20 client groups contributed 36% of fees, with half being clients for 30 years and almost all for 20+ years.

Lodgements:

• 749 total tax lodgements in 2019, including:
• 540 individual returns
• 41 trusts, 94 companies, and 59 SMSFs
• 15 partnerships and 4 statutory audits
• 58 SMSF audits, 76 quarterly BAS, and 161 corporate secretarial lodgements.
• Average lodgement fee: Just under $1.3K.

Operations:

• SMSF advice provided under limited licences held by principals.
• A small portion of fees ($120K) retained by one vendor with suitable restraints in place.
• Key client contacts ranged in age from early 40s to late 70s, with nearly half aged 70+.

Transition & Lease:

• Vendors proposed retirement but offered up to six months of transition support.
• Current lease terms extended until December 2020, with an option for an additional three years or potential relocation.