Xero updates – what else can you do?

Over recent editions of the S & W Insight we have been giving you the update on applications within Xero, or that integrate with Xero, that can help you with your business. This month we have 2 more improvements for you.  Hubdoc A new smart addon of Xero that helps businesses with automatic document collection and management. The features of … Read More

Can my SMSF purchase a residential property from my brother?

Buying residential property is not just about finding the right property even though this is often the most time-consuming part. Don’t fall into the trap of purchasing from a related party even if it’s at market value. Take for instance the following case study: Facts Harry and Megan have their own SMSF, the Nottingham Super Fund which has a corporate … Read More

Is that Ute or Dual Cab really exempt from FBT?

The Australian Tax Office (ATO) has recently announced a crackdown on work related expenses, including motor vehicle deductions. This crackdown will also extend to employers who provide motor vehicles to employees and who are subject to Fringe Benefits Tax (FBT) on those vehicles specifically regarding the private use of these business vehicles. There has been a huge increase in the … Read More

Cyber Attacks: How to protect yourself and what you have to do if you have one!

Protection We are all very aware of how technology and the internet and cloud-based software has changed our businesses and our daily lives. An unfortunate consequence of this advancing technology is the increase of cyber criminals and cyber-attacks. The Australian Cyber Security Centre (ACSC) in its 2017 Threat Report revealed that 47,000 major cyber security incidences occurred over the past … Read More

How to make sure you make the right decision when acquiring that business!

Continuing our series on audit, assurance and related services, in this month’s newsletter we explain what is a “financial due diligence”, its purpose and core benefits. What is a due diligence? A purchaser or investor in any future business target will want to know that what they are acquiring is worth the price they are paying for it. Whilst valuations … Read More

Staff and Job management Add-ons for Xero

This month we will be looking at two Xero addons to help you manage staff and track your jobs. Below are the features of each add-on. Xero Projects Add-on allows you to manage all your jobs/projects on the go. $10 per user/ month; You can allocate task time estimates and budget costs to each job so you can monitor and … Read More

Trust Income Distribution – Year end planning

It’s nearing that time of year again and we would like to remind you that if you have a family trust, please make sure all income distribution decisions and resolutions are done by 30 June 2018 to ensure that it is compliant with the trust rules.  We would also like to draw your attention to key trust issues that have … Read More

Single Touch Payroll comes in on 1 July!

As mentioned in past editions of S & W Insight, single touch payroll comes in on 1 July. Are you ready for it?  Employers with more than 20 employees will be required to provide real time reports to the ATO of all employee related payments (ie salary and wages, SGC contributions, ordinary time earnings of employees and PAYG withholding amounts).  … Read More

Year end Tax Planning – make sure you don’t miss the boat!

It is that time of year again and you should be proactive in planning for the year end to make sure you do everything you legally can to make sure you don’t pay any more tax than you absolutely have to. In the June addition of the S & W Insight we usually go through all the things that you … Read More