From 1 July 2016 Accountants can no longer recommend various strategies associated with self managed superannuation funds unless they are appropriately licensed under new legislation. Accounting firms have had 2 years to decide how they will comply with this new legislation, with many accounting firms still yet to implement a solution. At Initiative, we embraced this new regulation
Transfer/Reconcile Money between your bank accounts
Use Xero to record the details of a transfer you have made between your bank accounts. You can also record a transfer directly from a specific account on the Bank Account Details screen or during the reconciliation if you have imported a transfer transaction from your bank but have not yet recorded this in Xero.
Xero Tip of the Month – Payroll EOFY
Make this Payroll year end the smoothest yet End of year is a busy time for everyone, but it doesn’t need to be complicated. Payroll in Xero makes your year end tasks as painless as possible — providing you with the tools and education to make your compliance tasks a breeze and freeing you up to
Stay alert for tax scams
Unfortunately scamming continues so please be very aware. Scammers may contact you by phone, SMS, or email, and claim to be from the ATO. They will often ask you to provide personal information or money, or to click on links that can infect your computer with a virus. The ATO may occasionally contact you directly,
Small Business CGT Relief
Thinking of selling your business or a business use asset? Then this could be important to you! Capital gain tax applies to the capital gain made on the disposal of certain assets, except for some specific exemptions or concessions. The main exemption includes the principal place of residence. The other common concession is the 50%
Discounted rate on ASIC annual review fees
Advance payment of ASIC annual review fees: Companies and schemes can choose to pay their annual review fees in advance for a period of ten years by a single payment at a discounted rate. Advance payment will protect a company or scheme from future fee increases for the term of the payment. If your company
Allow yourself some breathing space…
Do you have Trauma insurance? Have you considered Trauma insurance? What is Trauma insurance? Trauma insurance pays you a lump sum on the diagnosis of a specified non-pre-existing illness or injury, including heart attack, stroke, cancer to name a few. The benefits of Trauma Insurance Trauma insurance gives you the
Xero Tip of the Month – Square
Have you heard of Square? Connect Square to Xero online accounting software and you can run your whole business seamlessly. With Square Reader, you can accept payments from anywhere, whether you’re in the store, on the job site or on the go. Every day your accounts in Xero will be updated with sales, refunds, and
Good, bad or ugly… the 2016 Federal Budget
So we’ve finally heard Scott Morrison’s federal budget (3/5/2016). From the information supplied to date the most prominent changes are to super and small business. From a small business perspective, the increase in turnover that defines a small business, means any business with a turnover of less than $10,000,000 can now access tax concessions previously
Anzac Day & Dawn Services
It is often suggested that the Dawn Service observed on Anzac Day has its origins in a military routine still followed by the Australian Army. The half-light of dawn was one of the times favoured for launching an attack. Soldiers in defensive positions were woken in the dark before dawn, so by the time first
