How To Make Your Business More Efficient

How To Make Your Business More Efficient

Business, Taxation
How often have you been late sending in your Business or Instalment Activity Statement to the ATO? It is the last thing you want to think about when running a business, doing the hard yards on the farm or when on a holiday and having a few drinks. Once you have processed all transactions in your cashbook and filled out your paper BAS, you then need to package it up and go to the nearest post box to send it off to the ATO – but what if the BAS is lost or even in a few instances I have seen, the ATO take the payment but doesn’t process the BAS? These are annoying circumstances; however they can be avoided. There is an ATO online system called the Business Portal…
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2017, What Will You Achieve?

2017, What Will You Achieve?

Business, Insurance, Investments, Superannuation, Taxation
If you are wanting your 2017 to have a better outcome than your 2016 and you haven’t started your New Year differently don’t expect to end it differently (although it is not too late to make changes). We are already well over half way through January 2017. What have you done in a different way to what you did in 2016? The new year not only brings a new number to remember when writing the date but it also brings with it opportunities to start afresh, to make a change, set a new goal (make it a little challenging), take a chance or simply improve on what may have been a great 2016. So here at Accession3 we are not going to promise to help you lose weight, have well…
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ATO Tax Tables Change As A Result Of May 2016 Budget

ATO Tax Tables Change As A Result Of May 2016 Budget

Taxation
In following from the May 2016 budget discussions, the government will be making some adjustments to the individual income tax rates. This, in effect, will also adjust the tax rates on wages paid to your employees. This change will see an individual’s marginal tax rate of 37% start when their income exceeds a total of $87,000 in taxable income. The current threshold is $80,000 before the 37% kicks in. While this hasn’t officially been passed by the government, the ATO have attended to the required updates for the tax rates, in anticipation this will go through. Effective from Saturday, 1 October 2016, there will be new tax withholding rates on all wages being paid to your employees. Note that for all wages paid before this date, the old tax table…
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Information Is Key

Information Is Key

Taxation
Is it really that important to have up-to-date financial information? Of course it is! And this is why: 1. Cashflow If you don’t know what is coming in, how do you know you can pay what needs to go out? Knowing your current debtor position and historical payment trends allows you to determine an appropriate level of working capital (cash in the bank) to ride the worst of bumps and not be scratching for cash. Perhaps a simple income to expense ratio (income/expenses) can determine the health of your cashflows. 2. Decision Making Without analysis of your current financial information and historical data you are not going to be able to make future business decisions. When is the best time to purchase plant? – how to structure the timing of…
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Year End Tax Planning Strategies

Year End Tax Planning Strategies

Taxation
With the End of Financial Year quickly approaching, it may be in your best interests to do a quick business check, see how your profit is looking, what you expect from the remainder of the year and see if there are any options available to you to get the best tax result possible. For most businesses your entity structure will determine how profits are applied for tax purposes, for example: Sole Trader - It is all on you Partnerships & Companies - are going to flow with equity holdings Discretionary Trusts - give you some scope for planning, although you should have determined how profits are going to be distributed prior to 30 June. It is important to review what your taxable profit will be, the potential tax payable on…
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End Of Financial Year Checklist

End Of Financial Year Checklist

Taxation
As we approach the end of the financial year, implementing specific strategies to help you achieve your goals and objectives can become time critical. Make sure you’re you don’t miss out on the benefits of the following strategies. Maximise super contributions Superannuation can be a tax-effective way you to build your retirement nest egg as investment earnings within the fund are taxed at a maximum rate of 15%. However, the Government has placed rules on how much a person can contribute to super in a financial year. So it is important you take into consideration the thresholds below, the consequence of exceeding the caps can be very costly.       Note: The non-concessional contributions cap will remain at $180,000 in 2016/17, unless changes are legislated as part of this…
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Fuel Tax Credit Rates Have Increased

Fuel Tax Credit Rates Have Increased

Taxation
The Fuel Tax Credit Rates have increased for fuel acquired on or after 1 August 2015, due to a rise in the consumer price index (CPI). The new rates for fuel purchase on or after 1 August 2015 (till the next rate change) are: . $0.1306 per Litre of Fuel for on-road use (excluding private use) . $0.392 per Litre of Fuel for all off-road use (excluding private use) Check online to make sure you are using the right rate or contact our office.
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