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Bribie Accounting Services
June 12, 2017 webMaster
Take Action Before June 30

About Bribie Accounting ServicesThe end of the financial year is approaching fast and now is the time to think about your tax position and to take action to maximise your tax deductions.Take Action Before June 30. For employees, think about making a personal contribution to super (if you meet the eligibility criteria for the co-contribution) and purchasing work-related expenses before June 30. There are many other strategies that you may benefit from depending on your circumstances and eligibility. For business owners, think about paying as many expenses as possible by June30, prepaying interest, insurances etc., making personal contributions to super, pay employee super up to date, purchasing stationery, equipment, motor vehicles and other expensive items now and consider the tax offsets that you might be eligible for. It is in your best interest to do some tax planning now, so please contact me. Here is a handy checklist for small business owners.

February 2, 2017 Noelene Lake
Review your Business Performance

REVIEW your business sales, expenses, profit and bank balance -monthly at a minimum. COMPARE the budgeted figures with the actual figures and analyse the variances. MANAGE your business by changing your business plan if it is wrong and implementing strategies to improve your business bottom line. QUESTIONS TO ASK YOURSELF:

  • What value am I to my customers and can I add more value?
  • Can I do it better, quicker or more efficiently?
  • What other services can I offer?
  • Who am I marketing my products and services too?
  • Is this the right market for me or should I target another market?
  • Are there any new products or services and can I offer?

January 20, 2017 webMaster
Tax Tips Jan 2017

START TAX PLANNING STRATEGIES NOW

The month of June is not the time to start tax planning. NOW is.
There are lots of things you can do to legally minimise your income tax.
I will list a few:
Undertake and pay for:
• work related study
• work related travel 
• work related car expenses
• work related uniforms and protective wear
• income protection policy
• donations to registered charities
• retirement savings (e.g., before tax contributions to superannuation via salary sacrifice). 
• Hold investments in the name of the lower income earner if you are part of a couple and in different tax brackets. 
 
Your particular circumstances will determine the tax strategies to use. 
 
It is in your best interest to do some tax planning now, so please contact me. 
 

TAX TIPS 2017 - FINANCIAL DIFFICULTY 

 
If you suspect your company is in financial difficulty get proper accounting and legal advice as early as possible, as this increases the likelihood of a company surviving. 
Some warning signs of insolvency are:
• Ongoing losses
• Poor cash flow
• Incomplete financial records 
• Increasing debt
• Problems selling stock or collecting debts
• Unrecoverable loans
• Creditor’s unpaid or paid outside of trading terms
• Solicitor’s letters, demands, summonses, judgements, warrants 
• Suppliers placing your company on C.O.D. terms
• Overdraft limit reached or defaults on loans repayments
• Problems obtaining finance
• Overdue taxes and superannuation obligations
 

TAX TIPS 2017 - Analysing trends to improve business

 
Analysing your business performance is valuable if you take action to improve your business results, however one trend by itself, is not that useful.  If, for example, your employee wages are trending upwards, you need to also look at turnover, and profit; and then analyse the ratios of wages to profit. Doing financial calculations, and analysing ratios will allow you to step back from the day to 
day operations of your business and look at the overall business performance. Remember, it is only useful if you act on the results.