ATO Stormtroopers now on foot
In recent months we have been informing clients of the ATO’s brutal stance on lodgement and payment deadlines. This is the most extreme we have seen the fines, audit activity and debt collection policy in our combined 70 years’ experience.
We would like to deliver this message to our clients to help you navigate the challenges:
* Lodge on time, or if you cannot, be proactive and contact us so we can negotiate with ample time before lodgement dates, or lodge estimate to be amended at a later date
* If you cannot pay your Tax/GST/PAYG/Super or debt, be proactive and engage us to negotiate on your behalf or assess other options
* You may notice an increased level of contact from us around lodgement deadlines, please remember we are doing this in an effort to prevent you being fined.
We have attached a lodgement schedule for your convenience and reference.
Want to buy an investment property with your Super?
It may be possible for you to purchase an Investment Property from within the Superannuation environment – you may even be able to borrow to do so. We have developed a turn-key package to enable our clients to do this.
We can assist with all aspects of SMSF Property Investing including:
* Fund setup and Administration
* Borrowing Arrangements
* Property Sourcing and Advocacy (by referral)
For more information, please contact your client manager.
Budgeting tips for Business owners
As you approach the end of the Financial year, you should be thinking about what the 2015 financial year will bring. A good cashflow forecast or budget is critical to your business success, and should be done in tandem with your business and marketing plans. This month we would like to share some tips on constructing meaningful forecasts and budgets:
* Prepare budget on under estimated revenues and overestimated (or exact) expenses
* PROVE and REFERENCE your forecasting with some research, don’t just plug a number in. Ask yourself, “Do I have the staff, working capital, customers, stock or production capacity to actually achieve these numbers?” It only takes one element to be missing to miss targets and objectives.
* Always review your ACTUAL results against your BUDGET regularly and ask yourself “WHY?” when things don’t go to plan
* Don’t continually change items or ignore outcomes to avoid being accountable; if need be, ‘recast’ your numbers, but be honest about how inaccurate your initial numbers were – it will make your budgeting better in future!
We offer a monthly or quarterly option to provide this service to clients which our team can perform at very competitive rates.
Tax Planning time
With the end of financial year approaching, it is time to start tax planning. In an improved economic environment, we are seeing more profits around this year, so tax planning is again at the forefront of our clients minds. For new clients, our process is as follows:
* Gather interim ‘actual’ data
* Gather estimates for the balance of the year
* Create a Actual/Forecast end of year tax position
* Suggest strategies to maximise your tax savings.
Your client manager will be on contact to discuss options in the coming weeks.