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Preparing for the second half of the financial year

Posted on May 8, 2013 by admin


Businesses should start reviewing whether their accounting systems are keeping track of all revenue and expenses, together with any private use of business assets. Planning ahead can save significant tax penalties, which start at 25 per cent of the unpaid tax to as high as 75 per cent. There are a few key areas business owners should focus on. –       Go through each employee and check whether contractors are actually employees, as the ATO has flagged this as an issue they will be cracking down on. –       Look at whether any new business equipment needs to be bought in order to take advantage of the new $6,500 instant write off. –       Review quarterly PAYG instalments. If profit is down considerably from last year businesses may wish to reduce their instalments. –       Businesses may also wish to review personal loan agreements and trust deeds to make sure they comply with the law and that company distributions to owners are properly treated for tax purposes.


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Business Fraud

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Last year business fraud over $100,000 hit the courts more than 61 times, totalling more than $131 million. There are a few ways to minimise the potential of business fraud happening. –       Start at the recruitment phase. Look for employment gaps in the potential employees history, do an internet search to see whether someone left under improper circumstances. –       Notice different or anti-social behaviour of employees. Also look for circumstances changing, such as their partner losing their job or an illness in the family. These things happen to everyone, but it can cause a lot of stress and anxiety and may cause them to find risky solutions to their problems. –       Check on the accounting systems in place. Avoid having all the business asset eggs in one basket. Separate responsibilities for those who record and those who have power to confirm any changes. – Regularly review bank reconciliations to check for a growing discrepancy between accounting records and actual cash and be aware of who can authorise payments and change accounting records.


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Secrets to a savvy SMSF

January 17, 2018

Opting for a self-managed super fund (SMSF) can be a clever financial decision, but it’s not for everyone.

If you aren’t prepared to adhere to the following tips, your SMSF will most likely fail to perform as well as you would of hoped it to.

Stay informed
You can’t expect your SMSF balance to be the most profitable for you in your retirement phase if you don’t remain educated on the vastly changing compliance laws. Remaining up-to-date with these changes, and how they impact upon your nest egg is an essential aspect of making your SMSF work for you, your spouse and your children.

Strategy
The ultimate long-term goal of your SMSF is to allow you to retire comfortably, maintaining the life you have become accustomed to throughout your working years. To do this, you need to have a strategy; the decisions you make regarding your SMSF should be part of this strategy, not just transfers here and there because your financial advisor told you to. Your strategy should be reviewed at least annually. You need to be aware of how each decision will impact upon and ultimately lead you towards the financial security you work so hard to achieve for your later years.

Seek advice
Running a self-managed super fund doesn’t involve having all the answers, but it does require understanding when it’s time to talk to a professional to get the best advice on your SMSF. You can never ask too many questions when it comes to your future financial security.