Accounting

Failing to plan is a plan for failure' this quote attributed to Benjamin Franklin and Winston Churchill among others is still being spruiked today. Perhaps the reason for its longevity is that the statement rings true for so many aspects of our lives. We plan holidays and weddings, home projects and even grocery shopping. So why would you risk your...

Cash flow, as they say, is the lifeblood of any business. It doesn't matter whether you're making thousands of cars a year or selling lemonade to neighbours, if you're stuck waiting for payment from customers then you can't pay your suppliers for the next batch of products to sell. Here are 10 tips to help you improve your cash flow:...

How can a redundancy payment impact on your family law settlement? The Coalition Government's decision to cut 12,000 public sector jobs during its term means that some government departments have started to offer or will be offering redundancies, both voluntary and A redundancy payment, whether voluntary or forced, can impact on a family law property settlement. It can also have...

A recent legal case in the Victorian Supreme Court has highlighted the importance of ensuring that the correct GST clause is used in business contracts. A properly drafted GST clause can avoid any problems or unintentional financial consequences. Last month the ruling illustrated the continued difficulties (and disputes) with regards to GST and real property transactions. In this case the...

Personal Properties Securities Act 2009 (PPSA) which came into force on 31 January 2014 fundamentally changes the way security interests in personal property are regulated across Australia. If your business borrows or lends money; purchases or sells goods on agreement, assignment or credit; grows crops or livestock; owns or leases machinery or vehicles, then this Act affects you. The legislation...

As you head into the New Year and begin to reflect on all those things you have and have not achieved in 2013, consider the benefit of obtaining legal advice about your family law matter from an experienced family lawyer. Consider:- * Have you delayed your property settlement too long and what could that mean for you? * Are you...

While Australian businesses can be quick to embrace new technology, many aren't as quick to adopt solid IT security measures. How secure are your IT arrangements? According to a recent study, almost a third of Australian businesses surveyed experienced cybercrime in the preceding twelve months. As advances in technology make it easier for us to do business, those same advances...

We have seen a significant amount of activity by the Australian Taxation Office ("ATO") in relation to reviewing the timing of Superannuation Guarantee ("SG") payments. Employers are currently required to pay 9.25% (up from 9% in 2012-2013) of Ordinary Times Earnings into the employees' superannuation fund by the 28th day after each quarter end (i.e. 28 October, 28 January, 28...

For many people, updating their Facebook page, sending a tweet or keeping their blogs fresh are easy ways to stay in touch and keep others informed. Even our politicians have embraced social media to share information with us all... sometimes more than we want course… But, in the context of a Family Law matter extra care should be exercised. Real...

All not for profit organisations need to manage risk, from small local associations through to national peak bodies. While the risks vary across operational sectors, the processes and concepts involved in risk management are similar. Once you understand the basic principles, it's not as complex as it sounds - but it's certainly important to undertake the process. An organisation that...

At the moment the number of self-managed superannuation funds is increasing by 3,500 a month. Of this 70% of funds have individual trustees. A lot of trustees are unaware that if a trustee becomes incapacitated, then they can no longer act as trustee for their SMSF. The same goes with being a Director of a corporate trustee. In this case...

It is possible for people to lose track of their super over the years as they change employers or funds. In this article, we look at how people can track their lost super by using the ATO's SuperSeeker service. Losing super According to the Commissioner of Taxation's 2010/11 Annual Report, Australians have around $20.2 billion in lost and unclaimed super....

On 16 July the Federal Government announced major changes to the Fringe Benefits Tax ("FBT") legislation in relation to car fringe benefits. The change is estimated to save the Government approximately $1.8 billion in the forward estimates. According to Treasurer Chris Bowen, the Government intends to remove the statutory formula method for both salary sacrificed and employer provided cars. The...

Some good news coming out of the 2013 Federal Budget is some extra red tape for Self Managed Superannuation Funds (SMSF) has been removed providing opportunities for those with tight cash-flows to continue making contributions via off market share transfers. SMSF Share Transfers The Government had previously announced that from 1 July 2013 you would not be able to contribute...

With so many businesses now being run from home, the ATO is eager to ensure that those claiming tax deductions do so correctly. Understanding the rules. A home-based business may use the home as the principal place of business (such as a hairdresser, a doctor or a dentist), with clients coming to the home. Alternatively, the business can comprise of...

It is early days yet and of course there is no certainty that the Labor Government's changes will pass Parliament (and who knows whether the Liberals will roll them back any way if they win the coming election).However, here are a few thoughts on the effect of the proposals on Estate Planning if the amendments pass. It is proposed that...