Are you managing your stock? And other news

Clear Vision • October 9, 2015

Do You Want Some Warm & Fuzzies?

Clear Vision in conjunction with Lifeline Toowoomba are raising money for a local Toowoomba family with their Back To School Supplies for 2016.

This local family have five children ranging from Year 12 to Prep and with the father severely injuring his arm and being unable to work life has gotten tough. Back to School time is expensive and with 5 school aged children the costs can easily run past $1000 when you start adding in shoes, uniforms, text books and backpacks.

We are asking our clients to create some “warm & fuzzy feelings” by helping us raise money for this family. You may notice at the bottom of our invoices is a new donation section, simply tick the box and write the amount you would like to help with.

Alternatively come and see Melissa at Reception for over the counter donations, or call us if you can help in other ways. We would love to hear from you!

Gossip…

Paul has recently come back from another holiday….. this man has more holidays than Tony Abbott is about to have! This time he went to Daydream Island with his family…lots of pool time and cocktails!

Justin went on the train to Spring Bluff for the Carnival of Flowers with his family. The gardens at Spring Bluff are looking amazing as usual and the tunnels provided lots of screaming entertainment for the kids!

Office of State Revenue Website Changes

The Office of State Revenue website has closed but the content can now be found on the Qld Government website. This move is to provide a one-stop shop for all government agencies.
All bookmarks to the OSR website you may already have saved will still redirect to the new web page, however if you wish to save the new website address below is the new link:
www.qld.gov.au/payrolltax. The new link for the Qld Land Tax to bookmark if used regularly is below:www.qld.gov.au/landtax
Financial Performance
As accountants and business advisors we often get asked by business owners how often they should be reviewing their financial performance.

While the answer will always be unique to the individual and business involved there is one thing we know for sure. Whether you spend a little time or a lot of time reviewing your financial performance you will always be better off than the business owner who does nothing!

Many business owners miss the opportunity for ongoing business improvement by failing to consider their financial performance other than at tax time.

That’s why Clear Vision has developed a dedicated, multi-level Financial Performance Monitoring Program to assist its business clients.

Drawing on your financial data, our business and accounting expertise and your knowledge of your business we offer three levels of performance monitoring and recommendations including:
1. Monthly Online/Email Review
2. Quarterly Face to Face
3. Monthly Face to Face
Contact Justin Searle to discuss which Financial Performance Monitoring level best suits your business.
Are You Managing Your Stock?

Anyone with stock in their business knows it’s a cash killer and also knows it’s critical to making money. Quite often it’s the biggest asset in the business and quite often it’s the hardest asset to sell when it’s time to sell the business. What are the issues?

Quite simply stock needs to managed. It’s the biggest asset in a business and when asked, under 5% of business have a formal stock management process. Biggest asset, biggest cash killer, no management =/ robust business practices. By working with Clear Vision Accountancy Group, we can help you develop and put in place an effective Stock Management Process. As part of this process, we can put in place Key Performance Indicators that allows you to manage your stock on a weekly basis (depending on your needs – sometimes monthly is more appropriate). The best part is, you take action much more quickly when business isn’t as effective as expected – that helps cashflow.

Payday Super is Coming - 1 July 2026

By Caroline Gillies • March 1, 2026
From 1 July 2026, the Federal Government will introduce one of the most significant changes to superannuation administration in recent years: “Payday Super.” These reforms fundamentally shift how and when employers meet their Superannuation Guarantee (SG) obligations. What’s Changing? Under the new rules, SG contributions must be paid at the same time as salary and wages and received by the employee’s super fund within seven business days of payday. This replaces the current quarterly payment system. The changes apply to all eligible employees, including those captured under the expanded definition of “employee,” and extend to salary sacrifice amounts and other qualifying earnings (QE). Employers will calculate SG at the legislated 12% rate on QE, which includes ordinary time earnings and relevant additional payments. Contributions remain subject to the Maximum Contribution Base, limiting employer liability to approximately $30,000 per employee per financial year. Employers will also be required to report QE and SG liabilities through Single Touch Payroll (STP), enabling the ATO to monitor compliance more closely and identify underpayments earlier. Operational Impact for Employers The shift to payday reporting and payment means payroll systems must be updated to calculate, process, and remit super contributions each pay cycle. Businesses will need to ensure their software can manage QE calculations and facilitate timely electronic payments to super funds. Cash flow management will also require attention, particularly for small businesses accustomed to quarterly payments. Super will become a real-time obligation rather than a periodic liability. Importantly, failure to meet the new deadlines will trigger the revised Superannuation Guarantee Charge (SGC), including penalties and interest. While late contributions and SGC amounts remain tax deductible, interest and penalties do not. Employers currently using the Small Business Superannuation Clearing House must transition to alternative payment solutions before its closure on 30 June 2026. Preparing Now Although implementation begins in 2026, early preparation is essential. Reviewing payroll systems, assessing cash flow impact, and updating internal processes will help ensure a smooth transition and minimise compliance risk. Payday Super represents a move toward greater transparency and timeliness, but it also demands proactive planning from employers. If you would like assistance preparing your business for Payday Super, our team at Clear Vision Accountancy Group is here to help. Please contact us on 4688 2500 to discuss how we can support your transition and ensure you remain compliant. We drew inspiration for this article from the ATO

Don’t be on the ATO’s naughty list in 2026

By Caroline Gillies • December 11, 2025
The ATO is cracking down on people who claim too many tax deductions for properties that they use both personally and as rentals — especially holiday homes. A new draft ruling says that if you use a property for both personal use and renting it out, you must split (apportion) the expenses in a fair and reasonable way. You can only claim deductions for the portion of time or space used to earn rental income. If the ATO thinks your property is really a holiday home — for example, you block out peak times for your own use and only rent it occasionally — they can classify it as a “leisure facility.” If that happens, you cannot claim big expenses like mortgage interest, council rates, land tax or maintenance. You’ll only be allowed to claim small costs like cleaning, advertising and platform/agent fees. The ATO says many owners of holiday homes have been claiming too much by showing “rental losses” every year. They are now looking more closely at cases where the owner keeps the property unavailable for rent during busy periods.  How do I stay off the ATO naughty list? If you mix personal use with rental use, be careful. Only claim the rental part of your expenses, or the ATO may deny most of your deductions.

ATO Small Business Superannuation Clearing House (SBSCH) Closure

By Caroline Gillies • October 17, 2025
From 1 October 2025, the Australian Taxation Office (ATO) officially closed the Small Business Superannuation Clearing House (SBSCH) to new users. Thanks to the efficiencies of Xero, this change does not impact Xero clients, as Xero includes its own built-in auto-super functionality. This means employers can make superannuation payments directly through Xero—without needing to access the ATO’s separate clearing house service. Key Dates and Details No new users: From 1 October 2025, the SBSCH stopped accepting new registrations. Full closure: The SBSCH will be fully decommissioned on 1 July 2026. Existing users: Businesses currently using the SBSCH can continue until 30 June 2026 but are encouraged to transition to an alternative solution before this date. At Clear Vision Accountancy Group, we highly recommend Xero as an efficient, streamlined, and ATO-compliant payroll and superannuation solution. If you’d like to discuss transitioning your business to Xero, call our team today on (07) 4688 2500 — we’re happy to help.