Mining & Resources Accounting Solutions
Mining services businesses operate in a demanding environment where project timing, equipment costs, workforce requirements and lengthy payment cycles can place pressure on cash flow and profitability.
At J&N Accountants, we provide accounting, tax and advisory support for mining service providers across Perth and Western Australia. We help business owners maintain accurate financial records, understand contract and project performance, manage compliance obligations and prepare for future financial commitments.
How We Help Mining Services Businesses
Our accounting and advisory services include:
- Project and contract profitability reporting
- Job costing and margin analysis
- Cash flow budgeting and forecasting
- Management reporting and KPI tracking
- Payroll, superannuation and payroll tax compliance
- GST and BAS preparation
- Taxable Payments Annual Report preparation
- Equipment, vehicle and depreciation reviews
- Equipment finance and loan reconciliations
- Fringe Benefits Tax reviews
- Finance and loan documentation
- Business structuring and tax planning
Project and Contract Profitability
Mining services contracts can involve significant labour, equipment, mobilisation, travel and accommodation costs. Without clear reporting, it may be difficult to determine whether individual contracts are meeting expected margins.
We assist with job costing, project reporting and margin analysis so business owners can compare actual results against budgets and identify cost overruns or changes requiring attention.
Cash Flow Budgeting and Forecasting
Mining service providers may need to pay wages, subcontractors, equipment costs and mobilisation expenses before receiving payment from customers.
We prepare cash flow budgets and forecasts to help businesses anticipate upcoming commitments, assess funding requirements and plan for periods of changing activity.
Forecasts may also support discussions with banks, lenders and equipment finance providers.
Management Reporting
Standard financial statements do not always provide enough detail for operational decision-making.
We prepare management reports tailored to the business, including information on revenue, project margins, labour costs, equipment costs, overheads and cash flow. These reports help management monitor performance and investigate significant variations.
Workforce and Payroll Compliance
Mining services businesses may employ office staff, tradespeople, project personnel and fly-in fly-out workers. Payroll can include allowances, reimbursements, superannuation and other employment-related costs.
We assist with payroll processing, Single Touch Payroll reporting, superannuation reconciliations, payroll tax and Fringe Benefits Tax reviews. Specialist employment law advice may also be recommended where required.
Equipment, Vehicles and Finance
Vehicles, machinery and specialised equipment can represent a substantial investment.
We review asset purchases to determine the appropriate accounting and tax treatment, including depreciation and any available immediate deductions. We can also assist with recording equipment finance arrangements, reconciling loan balances and preparing information requested by lenders.
Tax and Compliance Support
We assist mining services businesses with ongoing obligations, including:
- Business Activity Statements
- GST reporting
- Income tax returns
- Payroll tax
- Superannuation
- Fringe Benefits Tax
- Taxable Payments Annual Reports
- Year-end tax reconciliations
- ATO correspondence
Where applicable, we can also review the tax treatment of project costs, contractor payments, travel, accommodation, vehicles and other business expenses.
Business Structuring and Tax Planning
Business structures should be reviewed as ownership, operations and contract requirements change.
We provide accounting and tax advice for businesses establishing a new entity, changing an existing structure, bringing in additional owners or preparing for expansion. We also conduct tax planning reviews before the end of the financial year.
Who We Work With
We support a range of mining and resource service providers, including:
- Drilling and exploration service providers
- Engineering and technical consultants
- Equipment hire and maintenance businesses
- Civil and earthworks contractors
- Geological and environmental consultants
- Labour and workforce service providers
- Transport and logistics contractors
- Other mining support businesses
Talk to Our Mining Services Accounting Team
Whether you need assistance with tax compliance, payroll, project reporting, cash flow forecasting or business planning, our team can provide support relevant to your operations.
Contact J&N Accountants to discuss your accounting needs and the financial challenges facing your mining services business.