Xero software makes maintaining records and compliance easy! Real time income and spending updates allow you and your accountant to commumicate effectively and keep on top of your accounts, providing a better understanding of your position and allowing greater flexibility. As it is hosted in the ‘cloud’ there is no need for complex installation processes or backing up your data on a CD or usb. Simply use your secure login to access your accounts from anywhere, anytime. For more information visit the Xero website or contact an accountant at EFS.
EFS Bulletin July
Since its inception, Elite Financial Solutions has always offered a broad range of Information Technology, Financial/Corporate, Business Development and other key services to meet your requirements in today’s rapidly changing business environment.
With this concept in mind, we are currently implementing an expansion of our IT services to incorporate online bookkeeping, ecommerce, and the continued expansion of our specialist activities. Therefore we are very pleased to announce the imminent launch of our new interactive web practice.
Services available online will include finance calculators, specialist content and valuable taxation information.
ASSET – YOUR INCOME
One in six women and one in four men between the ages of 35 and 65* can expect to be off work for 6 months or more due to an accident or disability, according to our Financial Planner, Christine Hallowes.
However despite these alarming statistics, few Australians consider the financial ramifications of being out of work for an ongoing period of time – until it happens to them.
THE FEDERAL BUDGET
The Federal Budget contained a number of relatively minor amendments, with the main focus on restricting spending to bring the Budget back into surplus by 2012/13.
There were several announcements relating to superannuation, tax and pensions that could have an effect on your financial position.
If you think you may be affected and have questions, our financial planner Christine can provide more information about what action you need to take.
THINKING ABOUT STARTING A NEW BUSINESS?
Before you launch into the process of setting up your own business, read through the suggestions below for some vital steps to consider:
Is it right for you?
It takes more than just a good idea to start a business. Commitment and dedication are also important because getting your idea off the ground can often involve long hours and many sacrifices – well worth it if you are passionate about your business.
You need to have good business management skills to keep the business running effectively. This is especially true since, according to the Australian Bureau of Statistics, most new enterprises fail within their first five years of operation!
TAX TIPS FOR SMALL BUSINESSES
Taxes are one of the most important issues facing small, growing businesses. Business owners need to ensure that they are meeting all their responsibilities to the ATO – and also seizing every opportunity to reduce their taxes.
Remember important deadlines
We are all aware that the ATO requires individual tax returns to be lodged by a certain deadline. Similarly, the ATO has deadlines for businesses to lodge activity statements, GST returns, FBT reports, PAYG withholding reports, superannuation and income tax returns.
URGENT ACTION NEEDED: UPDATING YOUR COMPANY’S CONSTITUTION
On 1 July 2010 the Government amended Section 254T of the Corporations Act 2001. Due to this change, Company Directors now have to satisfy each of the following three separate criteria before declaring to pay a dividend: