End of Financial Year
We would like to say thanks to our clients and associates for their support in the 2014 Financial Year. Reviewing end of year numbers with clients and discussions amongst our different offices and divisions seem to indicate that it was a much more stable year financially for Small to Medium Business.
Clients of the firm will have by now received a prompt with end of year checklists for Individuals and Businesses to send in 2014 end of year data as early as possible. We would like to work with our clients to ensure all lodgement deadlines are adhered to so that we can spend our time adding value for you.
Clients who undertake budgeting, dashboarding and strategic planning within their service packages will also be given the opportunity to meet for annual planning sessions in the first 2 weeks of the Financial Year if they have not done so leading up to the end of the year.
Free Start-up guide
We are often approached by start-up businesses who are seeking advice and considering options to kick-off their new business idea. The challenge for us is always balancing “giving great advice” with the plain fact that new businesses often cannot afford to spend thousands on business advisory services. We have prepared this short guide to enable those with a start-up idea to be pointed in the right direction and articulate some important information – and hopefully save some money and time in the process. It also contains some good information for established business looking to re-inject some enthusiasm into their business planning.
‘Super Stream’ now a reality
From 1st July 2014, employers with more than 20 employees will be required to provide timely information regarding superannuation contributions they have made.
SuperStream or Data and Payment Standards, is a new process requiring employers to pay their employees superannuation contributions using the government’s new data standards. In layman’s terms, it means all superannuation contributions need to be made and recorded electronically – no more cheque writing.
Employers will have to comply with 2 things under SuperStream:
1. The payment must be made electronically to the nominated superfund.
2. Details of the payment transaction, such as employee name, Tax File Number and Super fund member number are also sent to the superfund.
Employers with less than 20 employees have a further 12 months to implement this change.
Those business clients with xero payroll properly setup are more than likely compliant by default, but for other payroll programs or manual systems, there may be work to be done to ensure compliance. Please contact us if you are unsure of your obligations. We are able to conduct Super Stream compliance reviews and also cloud based payroll setups.
Superannuation Guarantee increases to 9.5% for 2014
From 1 July 2014, the Superannuation Guarantee rate rises to 9.5% from 9.25%. Superannuation Guarantee (SG) is the official term for the compulsory superannuation contributions made by employers on behalf of their employees. Employers, irrespective of if they are a Large or Small business will need to contribute 9.5% of an employee’s salary for the 2014/2015 year.
News around the firm – INSEA ready to kick off at the MCG!
The International Society for Education Through Art is a non-governmental organization of the United Nations Educational, Scientific, and Cultural Organization (UNESCO) and was founded in the aftermath of World War II.
Education through art is a natural means of learning at all periods of the development of the individual, fostering values and disciplines essential for full intellectual, emotional and social development of human beings in a community.
Bourke Group Director Stuart Smith is a member of the Executive committee involved in organising this year’s INSEA world congress from 7-11 July at the world famous Melbourne Cricket Ground. There will be around 500 congress attendees from all over the world with over 100 papers presented on a variety of topics relating to Arts Education, engagement and social development.
Stuart’s role on the committee has been related to the financial and budgetary aspects of the congress. We wish the organisers and delegates all the best with this important initiative. More details on INSEA and the congress can be found at www.insea201.com