Flashing your fantastic plastic comes at a price. Credit card transactions in Australia increased by 6 per cent in the past year and consumers aren’t showing any signs of shying away from relying on them for purchases.
But many myths surround credit cards and how to use them. This can cause big financial problems, so we’ve debunked a few of them. Read More
First, the bad news – there is no pot of gold at the end of the franchising rainbow. And if the 600 complaints received by the ACCC last year are any guide, there may be a lot worse. The bulk of these complaints relate to unrealistic expectations held by prospective franchisees who have not done their homework.
The stakes are high. Buying into a franchise begins at $5000 for start-ups and stretches beyond $1 million for established brands. New franchisees also have to pay brand royalty fees and a contribution to advertising and marketing – that can easily amount to 15 per cent or more of monthly takings. Read More
This information evening is a ‘MUST’ for all SELF-MANAGED SUPERANNUATION FUND TRUSTEES. The AUSTRALIAN TAXATION OFFICE has stepped up it’s AUDIT activity in compliance to the rules and regulations that govern super.
As a trustee you need to adhere to the rules and know that you are ultimately responsible for the running of the fund.
Read More
A few stats on super might surprise people:
For the 2009-10 year, $72 billion in employer contributions were received by super funds. If compulsory super goes to 12%, that amount can only grow. Total estimated superannuation assets are around $1.28 trillion (and growing). Self-managed super funds (SMSFs) have over $400 billion in assets. As at the end of September 2010, there were about 435,000 such funds.
No wonder the Government and regulatory bodies like the Tax Office are keen to ensure the industry (especially those who set up their own self-managed or DIY super fund) complies with the laws that govern it – there’s a lot of money at stake here.
Making a super fund non-compliant (meaning it loses its concessional tax status), or disqualifying a trustee, are serious sanctions, and the ATO says it does not impose them lightly. The time for the ATO to take a tough line on super fund compliance is already here. Read More
As we commence the beginning of another year, the natural tendency is to just continue doing what you did last year. That makes no sense to us.
Your business must evolve over time & now is the perfect opportunity to make any changes required.
Why not take a proactive stance?
If you are genuinely interested in helping your clients – and I trust you are, otherwise why be in this business? – then take this opportunity to show them that you mean what you say. I am also hearing from accountants that they expect to run out of work two or three months before the financial year end. If you believe that to be the case, you can bet it will happen. So there is another reason to get on the front foot. In this article I outline a suggested process that will make a real difference, for you and your clients. Read More
With all our children now returning to school, the associated costs can add up quite quickly.
The Australian Government is helping you with the costs of educating your kids.
The Education Tax Refund provides up to 50% back on a range of children’s education expenses.
Refunds may be as much as $397 for every child at primary school, and up to $794 for every child at secondary school.
Who is eligible?
People on other allowances may be eligible too. So check your eligibility and the full list of what can be claimed on the website www.australia.gov.au/educationtaxrefund
Remember to keep your receipts for tax time.
We remind all employers of their superannuation obligations, setting out common mistakes we are seeing, including: -
To find out more about employer super obligations, visit www.ato.gov.au/employersuper or contact our office.
Please note that our office will close on Thursday 22 December 2011 at 3pm and reopen on Wednesday 11 January 2012.
