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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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Do you know where your super is?

February 21, 2019

If you’re not close to retiring, you may not be thinking about your super or where it is. Even if you are a way off from retiring, you should be keeping track of where your super has gone. $17.5 billion of super was lost in 2017-18, $420 million down from the previous year. If you are not paying attention to your super contributions, accounts and insurances, you may have lost super. You may also have unintentionally lost track of super if you have ever changed your name, address, job or lived overseas.

It is not uncommon for people to have multiple super accounts they have acquired over the years of working at different companies. Having multiple unused accounts can result in high fees that drain your untouched super or you could lose track of it completely. It is in your best interest to consolidate all super into one account that suits your retirement goals. When closing unused accounts, you should be mindful of any termination fees, insurance policies, investment options, and ongoing service fees.

If you have lost track of your super it may be held by either your super fund as a lost account or as an ATO-held account. The easiest way to consolidate super is through the myGov website, linking the ATO to records of your super funds