Clear Vision Accountancy Group

Vanity Metrics vs Real KPIs: Which One Are You Tracking?

Thu, 26 Mar 2026 04:26:09 GMT

More data doesn’t mean better decisions. Many business owners are drowning in numbers but starving for direction, tracking everything and understanding nothing. The result? Decisions based on gut feel, cash flow surprises, and growth that looks good on paper but doesn’t actually strengthen the business.

Vanity metrics can be misleading. Total revenue, website traffic, or social media likes might feel positive, but they don’t always reflect real performance or profitability.

Real KPIs tell a different story. They give you clarity, control, and confidence in your decisions. While every business is different and the right KPIs will vary, here are some examples of powerful KPIs businesses often track:

• Profit Margin – Are you actually making money?
• Cash Flow – Do you have enough cash to operate and grow?
• Customer Acquisition Cost (CAC) – What does it cost to win a new customer?
• Debtor Days – How quickly are you getting paid?
• Customer Lifetime Value (CLV) – How much is each customer worth over time?

If you’re not tracking the right numbers for your business, you’re essentially flying blind.

Because success isn’t about more data—it’s about the right data.

Payday Super is Coming - 1 July 2026

Sun, 01 Mar 2026 23:00:04 GMT

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

Thu, 11 Dec 2025 04:09:59 GMT

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

Fri, 17 Oct 2025 00:22:01 GMT

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.

What Records to Keep for Your Rental Property

Sun, 03 Aug 2025 23:00:00 GMT

If you own a rental property or holiday home, keeping the right records is key to maximising your tax deductions and staying ATO-compliant. This week, we’re highlighting what the ATO expects you to keep when it comes to residential rental properties.

Here’s a quick checklist of the documents you should hold onto:

Purchase & Sale Documents – Contracts, settlement statements, and legal documents.

Loan & Ownership Records – Loan statements, refinancing documents, land tax assessments.

Rental Income – If you don’t have a rental statement you will need to document all rental income received, including bond money retained, insurance payouts, and any other reimbursements.

Expenses & Repairs – Keep receipts and invoices for expenses like advertising for tenants, property agent fees, council rates, strata levies, repairs, maintenance, insurance, and interest on loans.

Depreciation & Capital Works – Receipts for assets over $300, depreciation reports, and capital improvement records. Before and after photos of any capital works.

Holiday Home Use – If your property is rented out part-time, you’ll need evidence of when it was genuinely available for rent (e.g. booking requests, advertising, availability calendars).

How long to keep records:
You’ll need to keep most records for at least 5 years after lodging your tax return, or longer if claiming capital works or carrying forward losses.

Keeping detailed records ensures you claim everything you're entitled to—and makes things much easier in the event of an ATO audit.

Need help getting your documentation in order? Reach out to our team at Clear Vision Accountancy Group—we’re here to help.

To read a more detailed list of items you need to keep for your rental property visit: Records for rental properties and holiday homes | Australian Taxation Office

How Much Do You Need to Make? Understanding Business Turnover

Sun, 13 Jul 2025 23:00:24 GMT

Running a business isn’t just about making sales — it’s about making enough sales to cover your costs and pay yourself what you deserve. But how do you figure out how much turnover (aka revenue) you actually need to make each month?

Knowing this number helps you:

Set realistic sales targets
Price your products or services properly
Know when to cut costs or increase margins
Understand when your business is sustainable

This isn’t just about numbers — it’s about clarity and control. Once you know your required turnover, you can stop guessing and start planning. Whether you’re a solopreneur, a growing startup, or a small business owner, this is the foundation of making your business work for you — not the other way around.

We love numbers — seriously. And we get that not everyone does. If you need help breaking things down in a way that’s simple, practical, and actually makes sense (even if numbers aren’t your thing), call Clear Vision Accountancy Group today on 4688 2500.

12% Superannuation Guarantee - 1 July 2025

caroline@cvaccountancy.com.au (Caroline Gillies) — Sun, 22 Jun 2025 23:00:00 GMT

From 1 July 2025, the Superannuation Guarantee (SG) rate in Australia will increase to 12%.

This means employers will be legally required to contribute at least 12% of an eligible employee's ordinary time earnings to their superannuation fund.

This increase is the final step in a legislated rise from 9.5% in 2021 to 12% by 2025, aimed at boosting retirement savings for Australian workers.

If you use Xero for payroll, the SG rate should automatically update in the system. However, we recommend you double-check your payroll settings to ensure everything is correct. If you’re unsure or need assistance, please contact your bookkeeper or get in touch with us at:

Clear Vision Accountancy Group

(07) 4688 2500

We’re here to help you stay compliant and avoid any costly errors.

Capital Gains Tax Implications of Subdividing Land in Australia

Sun, 01 Jun 2025 23:00:24 GMT

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Autumn Tax Tips: Make the Most of the Final Weeks Before Year-End

Sun, 25 May 2025 23:00:03 GMT

As we step into the final week of autumn and feel winter’s chill approaching, it’s a natural time for reflection—and that includes taking stock of your financial and tax situation. The end of the year is closer than it seems, and a bit of preparation now can make a significant difference come tax season.

Here are a few things to consider as the leaves fall:

1. Review Your Income and Deductions
This is a good moment to check your income year-to-date and consider whether there are any deductions you can still take advantage of. Charitable donations or investment losses might help reduce your taxable income before year-end.

2. Maximise Super Concessional Contributions
If you haven’t yet maxed out your superannuation concessional contributions, there’s still time. Remember unused cap amounts carry forward for 5 years and the 2019-20 unused cap amount will expire 30 June 2025. These contributions not only help secure your future but can also offer tax benefits now.

3. Organise Your Records
Autumn’s slower pace is perfect for pulling together receipts, invoices, and financial documents. Getting organised now means less stress later when tax season begins in earnest.

4. Consider Tax-Loss Harvesting
If you’ve had investments that underperformed, selling them before the end of the year to offset gains can be a strategic move. Consult with us today to see if this makes sense for you.

5. Plan Ahead
Winter may bring holidays and downtime, but it's also a good window to consult with a tax professional. A quick meeting before year-end can reveal savings opportunities or help avoid surprises when you file.

So, as the days grow shorter and frost begins to settle in, use this time to bring clarity and warmth to your finances.

Have you Thought About Where Your Business Will Be in 5 Years?

Sun, 11 May 2025 23:00:01 GMT

At Clear Vision Accountancy Group, we offer tailored services to support your long-term success—from strategic business planning to high-end tax administration. Whether you're aiming for growth, improved profitability, or a clearer direction, we're here to help you build a plan that gets results.

If you're ready to map out the next five years with clarity and confidence, contact us today on (07) 4688 2500.

Our 1-Page Business Plan will help you with:

1. Vision & Purpose
Where are you headed, and why does it matter?

What is the core purpose of your business?
In five years, what positive impact will you have made on your customers, team, or community?
What do you want your business to be recognised for within your industry?

2. Growth & Scale
What does success look like, and how will you achieve it?

What revenue, profit, or market position are you targeting?
How many clients or customers do you want to serve—and in which markets?
Are you planning to expand your offerings or enter new territories?

3. Team & Culture
Who is helping you build it—and how?

What does your ideal team look like in terms of structure, culture, and capabilities?
How will you attract, retain, and develop top talent?
What kind of leadership values and workplace environment will you foster?

4. Operations & Systems
How will you deliver at scale—efficiently and reliably?

What systems and workflows need to be in place to support sustainable growth?
Which technologies or platforms will you implement to improve efficiency?
How automated or streamlined do you want your business operations to become?

5. Brand & Customer Experience
What do customers say about you—and why do they keep coming back?

How will clients describe their experience with your business?
What kind of reputation or brand presence will you be known for?
What sets your business apart from the competition ?

 Our Dream it. Plan it. Get it! will help you with:

1. Lifestyle & Personal Goals
How does your business support the life you want to live?

What level of involvement do you want in the day-to-day operations?
What does ideal work-life balance look like for you?
What personal or financial goals will your business help you achieve?

Reducing Tax by Paying into Super and Carry-Forward Contributions: Key Points

Thu, 27 Mar 2025 02:10:41 GMT

As the end of the financial year approaches, many Australians are looking for ways to reduce their tax burden, and one effective strategy is contributing to superannuation.

Paying into super can help reduce your taxable income while also boosting your retirement savings. One of the most beneficial options is to take advantage of carry-forward contributions , which allow you to use unused concessional caps from previous years.

 How Super Contributions Reduce Tax

Contributing to your super fund can lower your taxable income, as concessional contributions (before-tax contributions) are taxed at a lower rate of 15%, rather than your marginal tax rate. This means that if you’re a high-income earner, salary sacrificing or making personal deductible contributions can significantly reduce your tax bill.

The concessional contribution cap increased on 1 July 2024 to $30,000, which includes employer contributions, salary sacrifice, and personal contributions for which you claim a tax deduction.

Carry-Forward Contributions

The carry-forward contributions rule allows you to use unused concessional contribution caps from previous years. You can carry forward unused caps for up to five years . For instance, if you didn't reach the $27,500 cap in past years, you can make larger contributions this year by carrying forward the unused portion.

Which Financial Year is About to Drop Off?

As the 2024-25 financial year ends, unused caps from 2019–2020 will drop off on 30 June 2025. This means any unused contribution space from that year won’t be available after this date. If you haven't maximised your contributions in previous years, now is the time to catch up.

Benefits of Carrying Forward Contributions

Maximise Super Savings: You can top up your super by using unused cap space from previous years.
Tax Reduction: Making larger concessional contributions can reduce your taxable income and save on tax.
More Growth: Additional contributions allow for greater compounding growth in your super.

Things to Remember

To carry forward unused caps, your super balance must be less than $500,000 .
If you exceed the concessional cap, excess contributions are taxed at your marginal rate plus an additional 15% penalty.
Contributions must be made by 30 June 2025 to count towards this financial year.

If you would like to take advantage of the carry-forward contributions before 30 June 2025 and need help, call us today at 4688 2500 to make an appointment.

Lifeblood of Your Business

Sun, 09 Feb 2025 23:00:00 GMT

The metaphors we use when talking about money are both intriguing and revealing. When we overspend, we say we're "bleeding" cash; when it arrives out of the blue, it's "pennies from heaven." Money holds such importance in our lives, yet so many businesses seem to throw it around without a clear budget.

Sticking to a budget is a fundamental aspect of financial health. It also signals to others that you're in control and on top of things. Keeping your business on budget doesn’t have to be a hassle—think of it as a creative challenge. If you're open to putting in the work and making some tough choices, sticking to a budget can be the best workout for your business mind.

Do you know how to build a budget that keeps your business safe from financial troubles? We do, and we’re here to help you create a budget that works—and ensures you stick to it. If you need help with your budget give us a call today 4688 2500.

Clearance Certificates - Australian Residents

Thu, 16 Jan 2025 01:55:23 GMT

From 1 January 2025 all Australians selling property need a clearance certificate to prevent a portion of the sale price from being withheld. While it is understood that most lawyers are handling this process for their clients, it’s important for everyone involved to be aware of this requirement.

Clearance certificates for Australian residents

All Australian residents (for tax purposes) selling or disposing of Australian real property (property) must have a clearance certificate and give it to the purchaser at, or before settlement.

Without a clearance certificate, the purchaser must withhold up to 15% of the sale (or market value if not sold at arm's length) for foreign resident capital gains withholding (FRCGW) purposes.

Example: the importance of getting a clearance certificate early – 15% withheld from sale

Willow and Stanley are Australian residents for tax purposes. On 1 September 2024 they decide to sell their family home, their main residence. They need the funds from the sale to purchase a new residence.

They are both listed as owners of the property on the certificate of title, so both must apply for their own clearance certificate.

They find a purchaser on 8 January 2025 and sign the contract of sale, with a settlement 30 days later on 6 February.

They don’t apply for a clearance certificate until 15 January and don't have both of their clearance certificates at, or before settlement.

The property sold for $600,000, however:

• Willow's clearance certificate issued and was given to the purchaser

• Stanley was still waiting for his clearance certificate.

The sale goes through and settlement occurs. As Stanley didn't have a clearance certificate at settlement, 15% of Stanley's share of the sale ($90,000) must be withheld by the purchaser and paid to us.

Stanley must wait until his 2025 tax return is lodged and processed for a refund.

As the purchaser had received a clearance certificate from Willow, there's no withholding required on her share of the sale. (Example provided by the ATO website)

If you would like to read more about Clearance Certificates, please click on the below link:

https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/foreign-residents-and-capital-gains-tax/foreign-resident-capital-gains-withholding/australian-residents-and-clearance-certificates#ato-ClearancecertificatesforAustralianresidents

Good news for Clients with Student Loans - Study loan indexation change

Thu, 05 Dec 2024 02:26:16 GMT

We wanted to bring to your attention some important changes regarding student and training loan indexation that have just passed through Parliament.

The law is changing how the indexation on student loans is calculated. In the past, indexation has been based solely on the Consumer Price Index (CPI) . However, moving forward, the indexation rate will be based on the lower of either the CPI or the Wage Price Index (WPI) .

This new rule will be backdated to 1 June 2023 , which means it will affect loans from that date onward. Here’s how the updated indexation rates break down:

3.2% for 1 June 2023 (reduced from 7.1%)

4% for 1 June 2024 (reduced from 4.7%).

Impact on Your Loan

If your loan has been over-indexed in the past two years, you may be entitled to a refund . The Australian Taxation Office (ATO) will automatically adjust your account to reflect the new, lower rates and will process refunds for any excess amounts already paid.

This means:

If after the adjustment, your account is showing a credit (i.e., you've paid more than required), this excess will be refunded to your nominated bank account provided you have no outstanding tax or other Commonwealth debts .

If your loan is in credit after the adjustment, any remaining funds may be transferred to offset your income tax account (if applicable), and the remainder will be refunded to you.

What You Need to Do

For most clients, there’s nothing you need to do at this stage. The ATO will automatically recredit excess amounts to your account once the legislation receives Royal Assent , and this process will begin soon after.

You should expect to see these credits applied to your account by the end of January 2025 . However, in some cases, due to the complexity of individual accounts, it might take a bit longer.

Unfortunately, the ATO cannot provide a list of exactly which clients will receive refunds, as they will only know once all recredits are processed.

We drew inspiration to write this article from the ATO

Payday Super for employers and employees

Thu, 19 Sep 2024 01:46:24 GMT

Starting from 1 July 2026, employers will be required to make Superannuation Guarantee (SG) contributions to employees with every pay cycle, rather than on a quarterly basis. This reform aims to strengthen Australia’s superannuation system by ensuring employees receive their contributions more regularly, which helps mitigate unpaid super issues.

Frequent SG payments will enable employees to better track their entitlements while also streamlining payroll management for employers. To facilitate a smooth transition, best practice would be to begin implementing these super changes now. This proactive approach will help businesses adapt to the new requirements ahead of the deadline.

Legislative design will progress through the second half of 2024 ahead of draft legislation being released for consultation. This change is part of a larger government initiative focused on improving retirement outcomes and tackling superannuation theft. By starting early, employers can enhance their compliance and support their employees’ financial security more effectively.

Example:

By switching to payday super, a 25‑year‑old median income earner currently receiving their super quarterly and wages fortnightly could be around $6,000 or 1.5 per cent better off at retirement.

The Essential Gude to Monitoring Financial Performance

Thu, 08 Aug 2024 00:01:47 GMT

Monitoring your financial performance is like checking your businesses financial heartbeat. It’s all about tracking those crucial metrics and indicators to see how well your financial engine is running. Ready to dive in? Here’s how to keep your financial game strong and your money matters on point!:

Set Clear Objectives and Metrics: Define specific financial goals and key performance indicators (KPIs) that align with your business strategy. Examples include revenue growth rate, profit margins, cash flow, and return on investment (ROI).
Regular Financial Statements: Review and analyse financial statements regularly. The main documents include:
Income Statement: Shows revenue, expenses, and profitability over a period.
Balance Sheet: Provides a snapshot of assets, liabilities, and equity at a specific point in time.
Cash Flow Statement: Tracks cash inflows and outflows to assess liquidity.
Financial Ratios: Calculate and analyse financial ratios to gain deeper insights into different aspects of financial performance:
Liquidity Ratios (e.g., current ratio, quick ratio) measure the ability to meet short-term obligations.
Profitability Ratios (e.g., gross profit margin, net profit margin) assess the profitability of the business.
Activity Ratios (e.g., inventory turnover, accounts receivable turnover) evaluate operational efficiency.
Debt Ratios (e.g., debt-to-equity ratio) indicate the level of financial leverage.
Budget Variance Analysis: Compare actual financial results against budgeted figures to identify discrepancies and understand the reasons behind them.
Trend Analysis: Track financial trends over time to spot patterns, opportunities, or potential issues. This involves comparing current performance with historical data.
Benchmarking: Compare your financial performance with industry peers or competitors to understand your relative position and identify areas for improvement.
Cash Flow Management: Monitor cash flow regularly to ensure sufficient liquidity for operational needs and to support growth.
Risk Assessment: Identify and assess financial risks that could impact performance, such as market risks, credit risks, or operational risks.
Management Reporting: Develop concise and informative reports for management and stakeholders, highlighting key financial metrics, trends, and insights.
Use of Financial Software: Leverage accounting and financial software systems to automate data collection, analysis, and reporting processes, improving accuracy and efficiency.
Regular Reviews and Adjustments: Conduct regular reviews of financial performance and adjust strategies as needed to achieve financial goals and improve overall performance.

By following these steps and methods, businesses can effectively monitor their financial performance, make informed decisions, and drive sustainable growth and profitability.

If you require assistance with designing, implementing, or understanding any of these steps, please contact Clear Vision Accountancy Group, 4688 2500, and allow us to assist you.

Monitoring Financial Performance – Where Results Meet Potential!

Wed, 07 Aug 2024 05:42:56 GMT

Now, this topic might not sound thrilling at first, but stick with me. Mastering this aspect can turn your business into a success story worth every initial yawn. Why? Because effective Financial Performance Monitoring is crucial for achieving goals. Without it, that dream vacation, new home, or luxurious pool might remain just that – a dream.

For those aiming to expand their business, metrics like sales, profit margins, and cash flow reign supreme. Neglecting to track these indicators means missing out on crucial insights into where bottlenecks exist and how to overcome them.

Financial Performance Monitoring encompasses a wide array of critical areas such as Profit Drivers, Inventory Management, Accounts Receivable, Accounts Payable, Sales and Invoicing Practices, Cash Flow Projections, and Sales Analysis.

Without accurate, consistent, and diligent reporting, businesses risk falling into disarray – a tough reality. After all, how can you enhance what you don't measure?

Contact us today on 4688 2500 to discuss your specific needs and find out how we can help you achieve your financial goals.

Refresh Your Budget: Get Back on Track with Confidence

Thu, 30 May 2024 03:18:24 GMT

It's that time of year to revisit the budget you crafted last year. Do you even remember where it is? Don’t worry—help is here.

Creating and maintaining a budget on your own can be daunting, and it’s easy to lose motivation. However, with a little time and focus on a few key areas of your business, you can get back on track in no time.

We all know that a budget is a vital tool for managing finances, but it often doesn’t get the attention it deserves. So, what do you need to do to get back on track?

Start by reviewing the following aspects of your business:

Time Frames: Ensure your budget aligns with your business’s operational timeline.
Fixed & Variable Costs: Identify and categorise your expenses.
Income: Track your revenue streams.
Actuals: Compare your budgeted figures with actual performance.
Business Tracking: Monitor key performance indicators to gauge your business's health.

Need some guidance? Give us a call 4688 2500. We’ll provide you with a comprehensive checklist of what your budget should include and help you create a plan that considers all the factors affecting your bottom line. Our goal is to help you feel in control and confident about where your money is going.

Super Concessional Contributions

Thu, 23 May 2024 03:36:39 GMT

Concessional contributions are payments made into your Self-Managed Super Fund (SMSF) that count towards the SMSF's assessable income. These contributions are taxed at a concessional rate of 15%, often called the 'contributions tax'.

The most common types of concessional contributions include employer contributions, such as super guarantee and salary sacrifice contributions. They also include personal contributions made by members for which an income tax deduction is claimed.

Annual Cap on Concessional Contributions

Concessional contributions are subject to an annual cap:

· From 1 July 2024: The general concessional contributions cap is $30,000 for all individuals regardless of age.

· For the 2021-22, 2022-23, and 2023-24 financial years: The cap was $27,500 for all individuals regardless of age.

· For the 2017-18, 2018-19, 2019-20, and 2020-21 financial years: The cap was $25,000 for all individuals regardless of age.

· For the 2014-15, 2015-16, and 2016-17 financial years: The cap was $30,000 per financial year, increased to $35,000 for members aged 49 or over.

Since the 2013-14 financial year, if your contributions exceed the cap, the excess amount is included in your assessable income and taxed at your marginal tax rate instead of being subject to excess contributions tax.

Unused Concessional Cap Carry Forward

Starting from 1 July 2018, you can make 'carry-forward' concessional super contributions if your total superannuation balance is less than $500,000. You can access your unused concessional contributions caps on a rolling basis for five years. Amounts not used within five years will expire.

For example, if you have an unused cap amount from the 2019-20 financial year, it will expire if not used by the end of the 2024-25 financial year.

Embracing the Bright Side: Finding Joy in Everyday Moments

Thu, 07 Mar 2024 01:20:47 GMT

In a world that often feels chaotic and uncertain, it's easy to get caught up in the hustle and bustle of life, forgetting to pause and appreciate the simple joys that surround us. But amidst the challenges and hardships, there is always a glimmer of light waiting to shine through the darkness. Today, let's embark on a journey to explore the uplifting and positive aspects of life, reminding ourselves of the beauty that exists in every moment.

Gratitude: A Key to Happiness

Gratitude is a powerful tool that can transform even the most mundane of days into something extraordinary. Take a moment each day to reflect on the things you're grateful for, whether it's the warmth of the sun on your face, the laughter of loved ones, or the beauty of nature. By shifting your focus to the blessings in your life, you'll find that joy naturally follows.

Embracing Imperfection

Life is messy, unpredictable, and imperfect – and that's what makes it beautiful. Instead of striving for perfection, embrace the flaws and quirks that make you unique. Celebrate your successes, no matter how small, and learn from your mistakes with grace and humility. Remember, it's okay to stumble along the way – it's all part of the journey.

Finding Joy in the Little Things

Happiness doesn't always come from grand gestures or monumental achievements. Often, it's the little things that bring the most joy – a kind word from a stranger, a hug from a friend, or a quiet moment spent watching the sunset. Pay attention to the small moments of beauty and wonder that pepper your day, and you'll find that happiness is never far away.

Spreading Kindness and Love

In a world that can sometimes feel cold and indifferent, kindness is like a ray of sunshine breaking through the clouds. Make it a priority to spread love and positivity wherever you go, whether it's through a simple act of kindness or a heartfelt compliment. By lifting others up, you'll find that you lift yourself up in the process.

Cultivating Inner Peace

True happiness comes from within, rooted in a sense of peace and contentment that transcends external circumstances. Take time each day to nourish your mind, body, and spirit – whether through meditation, mindfulness, or simply taking a walk in nature. Cultivate a sense of inner peace that will sustain you through life's ups and downs, allowing you to navigate challenges with grace and resilience.

Embrace the Journey

Life is a journey filled with twists and turns, highs and lows, but it's also a journey filled with beauty, wonder, and endless possibilities. By embracing the bright side of life, finding joy in everyday moments, and spreading love and kindness wherever we go, we can create a world that is a little brighter, a little kinder, and a little more beautiful for us all. So let's embark on this journey together, with open hearts and open minds, ready to embrace all that life has to offer.

Boosting Your Superannuation: Seven Powerful Strategies

Thu, 22 Feb 2024 03:46:52 GMT

Boosting Your Superannuation: Seven Powerful Strategies

1. Maximising Tax-Deductible Contributions: Historically, salary sacrifice has been a popular method to bolster one's superannuation savings while enjoying tax advantages. Contributions made through this method are taxed at a favourable rate of 15%, compared to the individual's marginal tax rate, which can reach up to 45%. Recent changes have made these pre-tax contributions, known as concessional contributions, more flexible. Individuals can inject funds into their super at any time and claim a tax deduction, up to the annual cap of $27,500. From 1 July 2024 the concessional contribution cap will increase from $27,500 to $30,000.

2. Leveraging Catch-Up Contributions: Individuals with a super balance below $500,000 at the beginning of a financial year can tap into unused concessional contribution caps from the previous five years. This presents a valuable tax planning opportunity, particularly for those experiencing significant capital gains events, such as selling investments, as they can mitigate a substantial portion of the tax liability by channelling additional funds into their super.

3. Harnessing Co-Contributions: The government offers incentives for lower-income earners by matching contributions of up to $500 annually for those who deposit $1000 of after-tax income into their super fund. Eligibility varies based on income, with individuals earning below $58,445 qualifying for partial co-contributions, and those earning under $43,445 eligible for the full $500, providing an impressive 50% return on their investment.

4. Utilising Spouse Contributions: Couples can optimise their super balances and tax savings by contributing to the account of a low-income spouse. Individuals can claim a tax offset of up to $540 by depositing $3,000 into their spouse's fund, provided the spouse earns below $40,000.

5. Implementing Super Splitting: As couples approach retirement, maintaining similar super balances becomes crucial for managing asset caps, retirement income, and insurance. Super splitting allows individuals to transfer up to 85% of their pre-tax super contributions from the previous financial year to their spouse's account, subject to their fund's policies.

6. Capitalising on Age Advantages: Transferring superannuation funds into the account of a younger spouse as one partner reaches pension age can strategically shield assets from Centrelink's assets testing, potentially increasing eligibility for age pension benefits.

7. Exploring Downsizing Opportunities: Individuals aged over 55 who downsize their homes can inject an additional $300,000 from the sale proceeds into their super without affecting other contribution caps. This includes the annual $110,000 cap for after-tax contributions (to rise to $120,000 after 1 July 2024), providing a valuable avenue for boosting retirement savings.

If you would like to discuss any of these strategies further we recommend contacting your Financial Planner.

Deciphering Property Deposits: What You Need to Know

Thu, 09 Nov 2023 01:36:41 GMT

So, you've probably asked around about how much cash you need to snag a house, and you've likely received a bunch of different answers. Well, it's no surprise because the deposit game is a bit of a maze. Your magic number depends on the type of property you're after, the bank you're cozying up to, and whether you qualify for any government sweeteners. Plus, don't forget there's more to it than just the bank's demands – there are those extra costs lurking around the corner.

You've probably heard the classic "20% deposit" rule to dodge that dreaded Lenders Mortgage Insurance, which is slapped on if your deposit is on the lean side. But guess what? Going super lean might cost you more in fees but can still make sense for some.

Imagine time traveling to the pre-COVID era. You'd snatch up a property, no matter the cost, knowing it could skyrocket by over 200 grand in just a year. Or perhaps you're currently shelling out rent and buying could mean smaller monthly bills. Maybe you've stumbled upon that dream property that you just can't resist. Regardless, there are ways to sneak into the property game with a tiny upfront sum.

Let's break it down by the different scenarios for the smallest possible deposit based on a $500,000 property:

First Home Buyer (FHB): Total $30,000 with these costs:

Bank Deposit: $25,000

Stamp Duty: $0

Lenders Mortgage Insurance: $0

Other Expenses: $5,000

Owner Occupier (excluding FHB): Total $44,000 with these costs:

Bank Deposit: $15,000

Stamp Duty: $9,000

Lenders Mortgage Insurance: $15,000

Other Expenses: $5,000

(Note: This low deposit option is available to First Home Buyers too but watch out – the major bank offering this won’t let you avoid Lenders Mortgage Insurance, making them not-so-pocket-friendly for first-time buyers.)

Investor: Total $61,000 with these costs:

Bank Deposit: $25,000

Stamp Duty: $16,000

Lenders Mortgage Insurance: $15,000

Other Expenses: $5,000

Finally, the most budget-friendly option: the Family Guarantee or Guarantor loan.

This option is available to First Home Buyers, Second Home Buyers, and even Investors with certain lenders:

Family Guarantee: With this ace in your sleeve, you'd need $0 in upfront costs. You can roll all your deposit and fees into the loan, and there's no Lenders Mortgage Insurance to worry about.

A quick note for “Other Expenses”. This will cover things like Conveyancing ($1,800), Transfer fees ($1,500), Mortgage fees ($500), Building and Pest inspections ($500), and stash $700 for any unexpected curveballs.

In an ideal world, avoiding Lenders Mortgage Insurance is the goal. But if you can't dodge it, weigh up the perks of snagging your dream property or entering the market sooner versus the cost. At 3% of the purchase price, a 3% growth in the first year can cover this expense. Or, you can always opt for a Family Guarantee or a 20% deposit to dodge that bullet. If you've got questions about your options or need advice on the best bank for your needs, reach out to the friendly team at Plex Finance Group for expert mortgage guidance. They've got your back!

https://plexfinancegroup.com.au/cva-clients

Changes to Company details and ASIC – How to avoid a fee

Thu, 19 Oct 2023 00:59:56 GMT

When it comes to being a Director of a company, there are administrative requirements that must be complied with, including keeping ASIC in the loop.

We all hate paying unnecessary fees, and ASIC loves to charge fees. To avoid late fees, ASIC must be told about any changes to company details, including your business or residential address, within 28 days.

If your company's information changes, please let us know so we can notify ASIC on your behalf.

Example: Jarryd gets a late fee

Jarryd recently moved his company to a new storefront. In the rush of changing to his new principal place of business, he forgot to update his address details with ASIC.

A month later, Jarryd logged into his online account to change his address to reflect the address of his new principal place of business. Because it was outside the 28 day timeframe, the company was charged a $93 late fee.

If he had waited longer and lodged the change of address more than a month late, the company would have been charged a $387 late fee.

To avoid fees in the future, Jarryd realises it's important to update his details as soon as they change.

In summary, be like Jarryd and realise the importance of advising Clear Vision Accountancy Group of any changes.

Example supplied by ASIC

Super Death Benefit Nominations – Lapsing and Non-Lapsing

Thu, 05 Oct 2023 01:49:22 GMT

A superannuation death benefit nomination can be binding or non-binding.

A non-binding nomination has no expiry date. A binding nomination can be lapsing (valid for 3 years) or non-lapsing (no expiry date).

Superannuation death benefit nominations are legal directives to a trustee of a superannuation fund informing the trustee of how a member would like their superannuation benefits paid if the member were to pass away, provided the beneficiary/ies are eligible to receive the benefits.

This is separate from a Will, which covers your estate assets.

If you value certainty in estate planning, you should enquire about the nomination options your superannuation fund offers.

There are a variety of templates for SMSF lapsing and non-lapsing binding death benefit nomination forms, as well as non-binding death benefit nomination forms, available online; however, given the document's legal significance and the constantly shifting legislative and regulatory landscape for SMSFs, hiring a specialised estate planning lawyer to draught the nominations is strongly recommended.

In conclusion, both lapsing and non-lapsing superannuation death nominations are important in determining the distribution of benefits upon a member's death. Understanding the differences between these types of nominations is essential for individuals to make well-informed decisions that align with their intentions and goals.

We drew inspiration for this article from SMSF Alliance.

Airbnb Vs. Traditional Rentals: Where should you put your money?

Thu, 05 Oct 2023 01:44:02 GMT

Airbnb vs. Traditional Rentals: Where Should You Put Your Money?

Investing in real estate can be a smart way to make your money work for you and secure your financial future. These days, there's a trendy twist to this classic investment strategy – Airbnb rentals. But how does Airbnb stack up against good old traditional rentals, and what does it mean for your ability to secure loans for future investments? Let's dive into it!

Airbnb:

The Good Stuff:

Show Me the Money: With Airbnb, you can potentially rake in 2-3 times more money compared to traditional rentals. This is especially true if your place is in a touristy spot.
Flexibility Rules: Airbnb lets you call the shots. List your property when you want, for as long as you want. You can even block it for renovations, maintenance, or those last-minute personal getaways.

The Not-So-Good Stuff:

Hands-On Gig: Be ready to roll up your sleeves because Airbnb is a more hands-on gig. You'll need to arrange cleaning, restocking, and deal with those unexpected "Oops, I locked myself out" moments.
Rollercoaster Occupancy: Airbnb's occupancy rates can feel like a rollercoaster ride. It depends on things like where your place is, the time of year, and what's happening in the market. Be prepared for the occasional dry spell and budget for it.

Quick Tips for Airbnb Hosts:

Use apps to price your pad competitively.
Two words: key lockboxes. One for check-ins and another for lockout emergencies.
If you're not up for the hustle, more real estate agencies are now offering management of Airbnbs.
Check local council rules before diving in; they can be strict about short-term rentals.

Traditional Rental Property:

The Good Stuff:

Money on Lock: Traditional rentals offer financial stability. With leases usually running for 6-12 months, you know when the rent's coming and how much.
Easy Breezy Maintenance: No need to deck out your place like an Airbnb. Traditional rentals are less time-consuming, and property managers can handle the nitty-gritty tenant stuff.

The Not-So-Good Stuff:

Poor cashflow: Traditional rentals might not fill your pockets as fast. And with current interest rates and expenses, your cash flow could be in the red.
Rent Price Red Tape: New laws mean you can only up the rent once a year for existing tenants. That means slower income growth.

Quick Tips for Traditional Landlords:

Pick a property manager based on their skills, not just the price.
Bedrooms are the Most Valuable Players in rental properties. More bedrooms usually mean more rent.

The Money Talk:

From a bank's point of view, both Airbnb and traditional rental income can count. But they do it differently.

Rental Income: Banks usually look at rental income from the purchase date but play it safe by shaving off as much as 30% for expenses and vacancies. Some banks will consider only 10% for these expenses but one of our mortgage brokers will find the right bank for you.
Airbnb Income: Airbnb money is treated like a business. You must show two years of tax returns to prove it's the real deal. Once you've got those, your borrowing power goes up. During those first two years, though, banks treat it as vacant and use the rental appraisal for your loan.

So, whether you are team Airbnb or team traditional rental, just remember to chat it out with your trusted advisors– accountant, mortgage broker, and real estate agent. They'll help you make the best moves for your money. As always, any questions drop us a line!

This article was kindly supplied by Plex Finance www.plexfinancegroup.com.au

‘Financial Performance Monitoring’ – And the excitement is building?

Thu, 27 Jul 2023 04:08:55 GMT

Ok, so it doesn’t sound very exciting but bear with me because if you get this right, the excitement of watching your business go from zero to hero will make this article worth the initial yawn… Why? Because this aspect of managing your business is critical to ensuring you achieve your goals. Without Financial Performance Monitoring, that overseas holiday, new home, swimming pool may not come to fruition.

If you plan to grow your business, you know that sales, profit margins and cash flow are KING! And if you don’t monitor these performance indicators you won’t see where the bottlenecks are and how you can unblock them.

Financial Performance Monitoring covers many aspects of the business, including Profit Drivers; Stock management; Debtors collection; Creditor payments; Sales/Invoicing procedures; Cash Flow Budgets & Breakdown Sales.

Lack of precise, regular and persistent reporting can lead to business disrepair… harsh but true. If you don't know where it hurts, how can you decide what has to be improved?

How to Monitor Financial Performance for Your Business – Part 1

Wed, 05 Jul 2023 23:29:22 GMT

All business owners should monitor the performance of their business. Every business has maybe only three numbers they need to be watching weekly. And remember, Revenue is Vanity, Profit is Sanity, and Cash is king – so don’t think everything is about Revenue.

1. Preparation of Financial Statements:

The primary reports that every business owner needs to see are the balance sheet and the profit & loss statement. They give an overview of the business's financial health and, in a nutshell, tell the owners everything they need to know about how their enterprise is faring. Realistically, if you can’t produce a profit and loss within 14 days after the end of the month, you need to re-assess your business systems in this area.

2. Review Aged Debtors Report:

Every month, an aged debtor’s report should be prepared so the business owner can keep track of all the customers who owe them money – and then follow up with the slow payers!

If you want to discuss this further, please get in touch with us on 07 4688 2500.

Can You Spot Phishing Emails or Text Messages?

Thu, 15 Jun 2023 04:26:53 GMT

Phishers can make an email or text message appear and sound like it came from a trustworthy company, but there are several tell-tale signs to watch out for. Do not download, share, or reply to messages that:

Ask you to enter personal ID details
Ask you to confirm Card details
Ask for your one-time passwords
Ask you to enter Account details to unlock or verify your Account
Come from an unusual address, or have misspellings or strange language

STOP

Take a moment to stop and think. Don't make transactions or share sensitive information unless you are 100% sure the request is genuine.

CHALLENGE

Could it be a scam? Be extra cautious if there is any reference to urgency or payment. It is perfectly okay to reject or ignore any suspicious requests.

PROTECT

Contact your bank immediately if you think you have been a victim of fraud, revealed your Card number or any other sensitive information.

Get set for a Minimum Wage and Superannuation Increase

Fri, 09 Jun 2023 05:56:49 GMT

Get set for a Minimum Wage and Superannuation Increase

The Fair Work Commission has announced that the National Minimum Wage will increase from $21.38 per hour to $23.23 per hour, amounting to $882.80 per week for a 38-hour week. The increase applies from the first full pay period starting on or after 1 July 2023.

It is important that employers review their payroll system before 1 July 2023 to ensure that adjustments are made for the first full pay period after that date.

The minimum wage increases also affect other payments such as penalty rates, overtime, allowances

and more.

Superannuation

From 1 July 2023, the superannuation guarantee rate will increase from 10.5% to 11%.

If you are unsure of any of these changes, please visit https://www.fairwork.gov.au/

We drew inspiration for this article from Murdoch Lawyers

Cash Flow Tip – What’s Your Forecast?

Fri, 19 May 2023 03:24:25 GMT

Cash Flow Tip – What’s Your Forecast?

A well-run business should build a 13-week cash flow forecast that considers the exact week a payment is expected to be received or sent out.

Understanding your cash requirements for the upcoming quarter enables you to manage your working capital effectively and decide when to take proactive steps to stretch it out.

Protect Your Brand

Wed, 03 May 2023 03:52:59 GMT

Hot in the media last week was the news story – Katie Perry v’s Katy Perry. The 14-year legal battle on the use of the trademark name.

When it comes to protecting your brand, trademarks are a must-have! A trademark is a legally recognised sign or symbol that you can use to distinguish your products or services from those of your competitors and is an asset for any business. Make sure you get yours registered to protect your business!

A Reminder to Pay your Super Obligations On Time

Fri, 21 Apr 2023 04:27:45 GMT

It's time to pay your employees' super guarantee contributions for the quarter ending 31 March 2023. Payments must be received by their fund by 28 April 202328 April 2023

What you need to do

· Pay your employee’s’ super into their chosen super fund before 28 April 2023.

· Funds must be received by the due date.

If you can't pay on time

If you can't pay your employees' super on time you must lodge a Super Guarantee Charge (SGC) statement and pay the Super Guarantee Charge to the ATO. You must lodge by 28 May 2023 to avoid extra penalties. You can get the SGC statement from the ATO website at ato.gov.au/SGC

If you don’t lodge a SGC payment:

· Penalties and interest payments apply

· We may also take further compliance action.

If you need help paying

Please contact us at Clear Vision Accountancy Group and we will assist you in negotiating a payment plan with the ATO 4688 2500.

Remember If you're trying to do the right thing, the ATO is committed to understanding your situation and helping you where possible.

Boutique Tax Planning

Thu, 13 Apr 2023 04:23:47 GMT

Tax planning can be a complex process, but here are some general tips to help you get started:

1. Understand your tax situation: Before you start planning, it’s important to understand your current tax situation. This includes knowing your income and deductions.

2. Keep good records: Good record-keeping is essential for effective tax planning. Keep all your receipts, invoices, and other important documents in a safe and organised place.

3. Maximize your deductions: Take advantage of all the deductions available to you. This includes things like charitable donations, home office expenses, and education expenses.

4. Plan ahead: Tax planning is most effective when done well in advance. Make sure you’re thinking about your taxes throughout the year, not just at tax time.

5. Consult a professional: If you’re unsure about your tax situation or need help with tax planning contact Clear Vision Accountancy Group. We can help you navigate the complexities of tax and ensure you’re taking advantage of all the tax-saving opportunities available to you.

Phishing Alerts

Wed, 22 Mar 2023 01:43:17 GMT

Just a reminder to all our clients to be on the alert for phishing emails and text messages from seemingly trustworthy sources.

This type of scam involves scammers sending communication disguised as being from a trusted sender; their aim is to steal confidential information.

Where a scammer is successful in stealing your information, they often use it to carry out further fraudulent activities; they may:

· Attempt to gain access to information you hold on your device

· Steal money from you

· Attempt to use your email to send further phishing attempts to your contacts, possibly whilst impersonating to be you

Steps you can take to protect yourself against phishing attacks:

1. Use spam filters or secure email gateways to block deceptive emails

2. Be on the watch out for fake links and attachments

3. Do not provide information to unverified sources

If you think you have fallen victim to a phishing attack visit the Australian Cyber Security Centre https://www.cyber.gov.au/learn/threats/phishing for a list of steps you should take.

Employer WH&S Obligations

Fri, 17 Mar 2023 02:16:50 GMT

Did you know, managing psychosocial hazards and risks at work is just as important as managing physical risks.

Most jobs involve some psychosocial hazards. These are the hazards that can harm workers' mental health. Under the model WHS laws, a person conducting a business or undertaking (PCBU), such as an employer, must manage psychosocial risks (e.g. risks to mental health) at work.

The Work Health and Safety Act 2011 (WHS Act) imposes a 'primary' duty on the PCBU to ensure the physical and psychological health and safety of its workers and other people, so far as reasonably practicable.

PCBUs should follow a four-step risk management process to meet their health and safety obligations under the Code and Regulations:

1. Identify psychosocial hazards

2. Assess the risk

3. Control the risks

4. Review the controls

Part 3 of the Code provides detailed information about these steps for psychosocial hazards.

https://www.worksafe.qld.gov.au/laws-and-compliance/codes-of-practice/managing-the-risk-of-psychosocial-hazards-at-work-code-of-practice-2022

If you need any assistance understanding your obligations, please feel free to contact us on 4688 2500

Working from Home Deduction 2022-23

Tue, 14 Mar 2023 03:41:21 GMT

To be eligible to claim a deduction for working from home expenses, you must:

1. incur additional running expenses as a result of working from home

2. keep records at the time you work to prove you incur the cost

For the 2022-23 financial year, there are two ways you can claim the work-related part of the expense:

- Revised fixed rate method

- Actual cost method

To use the Revised fixed rate, the ATO has advised that from 1 July 2022 to 28 February 2023, they will accept a record which represents the total number of hours worked from home (for example, a 4-week diary). From 1 March 2023, a record of all the hours you worked from home is required.

If you are unclear about what you need to do, please get in touch with us at Clear Vision Accountancy Group on 4688 2500.

https://www.ato.gov.au/uploadedFiles/Content/IAI/Downloads/Toolkits/TaxTimeToolkit_Workingfromhomededuction.pdf

Small Business Pay Practices

Thu, 09 Mar 2023 03:11:38 GMT

There is an interesting podcast from Accountants Daily warning that small business pay practices are currently a target for Fair Work with hefty fines being handed out.

There are currently trends, especially in the agriculture sector, of audits being undertaken focusing on pay accuracy and poor record-keeping. You don’t have to employ significant numbers to be on the radar of Fair Work; businesses with 20-30 people are being audited particularly if one person raises a query on their pay slip or any other query with Fair Work!

We drew inspiration for this article from Accountants Daily

https://www.accountantsdaily.com.au/tax-compliance/18252-fair-work-on-warpath-over-slack-payslips-poor-record-keeping

Don't Worry Be Happy

Thu, 23 Feb 2023 03:21:41 GMT

Happy people balance their self-confidence with a good sense of humour and humility. Don't just tell yourself the best is yet to come - believe it!

Having a positive optimistic outlook on the future doesn't just make you happier; it also improves your performance by increasing your sense of effectiveness.

Being happy at work is infectious, why not give it a go.

Boutique Tax Planning

Thu, 16 Feb 2023 01:16:44 GMT

A correctly implemented tax planning strategy can significantly impact how much money you have left over at the end of the financial year, provided that your approach and applicable tax deductions are legal and compliant.

In a nutshell, when appropriately executed, boutique tax planning can allow you to:-

• Estimate the amount of income tax payable

• Estimate when tax instalments are due

• Estimate how much each tax instalment will be

• Create strategies to lower the tax payable while also growing your net wealth

• Evaluate your financial goals and profitability to track your success

• Evaluate and review your superannuation

• Ensure your business and investment structures match your long-term goals

The objective of well-organised tax planning is to pay the minimum tax on your income possible.

Paid Family and Domestic Violence Leave – Commenced 1 February 2023

Fri, 03 Feb 2023 01:31:02 GMT

Employees of non-small businesses (those with greater than 15 staff) employers can now access 10 days of paid family and domestic violence leave in a 12-month period.

Employees of small businesses (those with less than 15 staff) will have access to the leave from 1 August 2023. Until this date, employees still have access to unpaid domestic violence leave.

Under the new provisions, family and domestic violence means violent, threatening or other abusive behaviour by an employee’s close relative, a current or former intimate partner, or a member of their household that both:

• seeks to coerce or control the employee

• causes them harm or fear.

A close relative is:

• an employee's

• spouse or former spouse

• de facto partner or former de facto partner

• child

• parent

• grandparent

• grandchild

• sibling

- a child, parent, grandparent, grandchild or sibling of an employee’s current or former spouse or de fact partner, or

- a person related to the employee according to Aboriginal or Torres Strait Islander kinship rules.

Payment for leave

Full-time and part-time employees can take paid family and domestic violence leave at their full pay rate for the hours they would have worked if they weren't on leave.

Casual employees will be paid at their full pay rate for the hours they were rostered to work in the period they took leave.

For further information visit: https://www.fairwork.gov.au/

We drew inspiration for this article from Clifford Gouldson Lawyers

Xero Single Touch Payroll Phase 2

Wed, 25 Jan 2023 23:36:11 GMT

By now, you’ll be familiar with Single Touch Payroll Phase 2. This will see your business build on its existing STP reporting to share more information with the ATO and additional government agencies whenever you process a pay run. With Xero’s deferral soon coming to an end, mandatory Phase 2 reporting is set to commence from 31 March 2023. This means that all Xero Payroll users must transition to the Phase 2 reporting standard.

Time is of the essence as the deadline is rapidly approaching, so we strongly advise that you make your transition today. The good news is that you can now opt-in to STP Phase 2 and transfer all payroll data with just a few simple actions.

Uncertain where to begin? Don't worry; get in touch with Clear Vision Accountancy Group on 4688 2500, and we'll help.

Dream it. Plan it. Get it!

Fri, 20 Jan 2023 03:39:01 GMT

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Mindset Monday

caroline@cvaccountancy.com.au (Caroline Gillies) — Fri, 20 Jan 2023 03:37:39 GMT

Mindset Monday is an excellent way to cut through the weekend's haze. It's not necessary to hate Mondays. Monday should be viewed as a fresh start, a time to experiment and seek out new opportunities.

Tip 1 – Get More Sleep and Wake Up Early

Tip 2 – When You Can Plan Ahead and Prepare, Do It

Tip 3 – Treat Yourself to Something Special

Tip 4 – When it Comes to Attitude, Apply Perspective, Try and Stay Positive

Tip 5 – Appearance “When You Look Good, You Feel Good”

Tip 6 – Make Monday Better for Someone Else

Tip 7 – Smile, You’ll Feel Better, or When All Else Fails, Fake it Till You Make It

Five New Year Resolutions for 2023 for You and Your Business

Thu, 05 Jan 2023 00:52:03 GMT

1. Commit to work on your business, not just in your business

2. Ensure you are using an appropriate bookkeeping software

3. What did your business do successfully in 2022, and how can you replicate this?

4. Put the right people in the right jobs – Get the right people on the bus, in the right seat and the wrong people off the bus

5. Talk to Clear Vision Accountancy Group and plan for tax

Whiteboard Huddle

caroline@cvaccountancy.com.au (Caroline Gillies) — Thu, 08 Dec 2022 04:19:34 GMT

Business by Design- Business Alert at 9:00 am With CVA - Whiteboard Huddle

What is this? Well, it's the one constant at Clear Vision Accountancy Group that will never change. The benefits are enormous!

A daily huddle consists of every team member writing on the whiteboard three tasks they aim to finish that day. It's not a sit-down meeting; it's a quick check-in. We mark a tick or cross against the day befores tasks and then add another 3 - EVERY SINGLE WORK DAY.

Mondays, we erase our green ticks from the week before and start again. But no task gets erased until it's received a green tick.

It sounds so simple, and yes, it is, but it's incredibly effective. Everyone in the office takes part - even if they're not there with the rest of the team at 9:00 am, they simply add a tick or a cross from the previous day and add three more tasks when they arrive. Give it a go!

ATO Lodgment Dates December 2022 & January 2023

caroline@cvaccountancy.com.au (Caroline Gillies) — Fri, 02 Dec 2022 04:42:44 GMT

21 December

Lodge and pay November 2022 monthly business activity statement.

21 January

Lodge and pay December 2022 monthly business activity statement except for business clients with up to $10 million turnover who report GST monthly and lodge electronically.

28 January

Make quarter 2, 2022–23 super guarantee contributions to funds by this date.

Employers who do not pay minimum super contributions for quarter 2 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement by 28 February 2023.

Note: The super guarantee charge is not tax deductible.

Business Alert at 9:00am With CVA - Cyber Crime

caroline@cvaccountancy.com.au (Caroline Gillies) — Fri, 25 Nov 2022 03:52:58 GMT

The recent ACSC Annual Cyber Threat Report, July 2021 to June 2022, has stated that since the pandemic began in 2020, cyber threats have grown rampant, particularly from phishing calls and text messages, attacks on video conferencing and insider threats.

Over 76,000 cybercrime reports were reported to the ACSC, an increase of nearly 13% from the previous fiscal year.

The states hit hardest were Queensland (29 per cent of all cybercrime reports) and Victoria (27 per cent). However, the highest average reported losses were from victims in the Northern Territory (over $40,000) and Western Australia (over $29,000).

Statistics show sophisticated cybercrime is a severe problem, and there are no signs of it slowing down anytime soon.

Cybercrime can affect anyone, but you can reduce your risk by being informed and understanding how these threats are made.

The three most frequently reported:
- Online fraud: 27 per cent
- Online shopping: 14 per cent
- Online banking: 13 per cent

5 Tips to protecting yourself:

1. Check if You’ve Already Been Involved in A Data Breach
Visit haveibeenpwned.com and change those passwords for any accounts that it suggests may have been compromised.

2. Check the Strength of Your Passwords
Test the strength of your passwords at howsecureismypassword.net (use something similar to your original password to test its strength).

When choosing a password, remember: the longer it is, the stronger it is. A strong password is at least 12 characters long and hard to guess. Using a sentence is a great way to create a long password that you’ll never forget.

3. Avoid Simple Passwords

4. Trust No One (on emails)
This may sound a bit extreme – but always be on the lookout for deceitful emails and compromised web pages (spam and phishing). Interacting with these puts your information at risk and can download viruses. Remember:

• don't open emails from unknown email addresses
• trash attachments in unexpected emails
• avoid risky clicks – instead, type the address into your browser.

5. Secure Your Device
If your mobile device is unsecured, lost or stolen, it could be used to access your info, your money or steal your identity and irreplaceable data like photos or messages. Secure your devices by:

• installing anti-virus software
• setting a password, gesture or fingerprint that must be entered to unlock
• setting the device to require a password before applications are installed
• leaving Bluetooth hidden when not in use and disabling automatic connection to networks
• enabling remote locking and/or wiping functions if your device supports them.

https://www.vu.edu.au/about-vu/news-events/study-space/5-easy-ways-to-protect-yourself-from-cyber-attacks

Business Alert at 9:00am With CVA - Trust and Loyalty Builds Repeat Business

caroline@cvaccountancy.com.au (Caroline Gillies) — Fri, 25 Nov 2022 03:47:15 GMT

When you interact with your customers offline and online, you can build trust and loyalty with them. The service journey and the first impressions your customer has of your company begin at the moment of engagement.

It's crucial to provide intuitive, pertinent, high-quality customer service to draw in and keep your ideal target market. You may fine-tune your service and guarantee a devoted customer base into the future by paying attention to your customers' demands and valuing them and their interactions with your business.

We drew inspiration for this article from Liz Ward at Smart Company Plus

Business Alert at 9:00am With CVA - Cash Flow Tip

caroline@cvaccountancy.com.au (Caroline Gillies) — Thu, 24 Nov 2022 04:37:03 GMT

Upfront Deposit

When working with large or unique product, you should require an upfront 50% deposit before you start the work. One-of-a-kind products have a limited sales value, usually only to the person or company making the order. Without an upfront deposit, you are subjecting your business to the risk of either not receiving your money at the time of delivery or having to accept a reduced payment.

A deposit reduces the likelihood of a financial loss in the worst circumstance. Be sure that your policy is understood from the beginning and that no work will commence without a financial commitment.

Business Alert at 9:00am With CVA - Business By Design

caroline@cvaccountancy.com.au (Caroline Gillies) — Thu, 24 Nov 2022 04:31:27 GMT

You can run your business or you can own your business. Owning your own business is more intimate and demands a dedication on your part to see and understand every facet of it. It's known as "Business by Design."

Having a long term profitable business comes from having passion for your business and having passion for your business means you have:-

A Business Plan
Dream It Plan It Get It session
A Boutique Tax Plan
High end tax administration
Performance Monitoring

These important discussions & plans set your business up for success. It's a winning combination and one that we want & can design for you.

Business by Design is you designing what type of business you want.

Business Alert at 9:00am With CVA - Director ID - Deadline 30 November 2022

caroline@cvaccountancy.com.au (Caroline Gillies) — Thu, 24 Nov 2022 04:12:09 GMT

Company directors are required by law to apply for a director identification number (director ID).

A director ID is a unique identifier that a director will apply for once and keep forever – which will help prevent the use of false or fraudulent director identities.

All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation will need a director ID. Unfortunately, you must apply for your own director ID, Clear Vision Accountancy Group is unable to complete this process for you.

The fastest way to get a director ID is to apply online using the myGovID app. It’s free and you only need to apply once.

Directors appointed on or before 31 October 2021 have until 30 November 2022 to apply.

ASIC is responsible for enforcing director ID offences set out in the Corporations Act 2001. It is a criminal offence if you do not apply on time.

To apply visit:
https://www.abrs.gov.au/director-identification-number

The Australian Taxation Office has prepared a brief tutorial video to help with this process. You can access the video here: https://buff.ly/3SRVqmR

Business Alert at 9:00am With CVA – 3 Ways to Keep Your New Year Goals

Wed, 22 Jan 2020 23:00:00 GMT

Turn things down to turn things up. In Patrick Rhone’s book ‘Enough’ he says “saying no is saying yes to other things”. This is so true. By evaluating quality over quantity, you’ll have more time to focus on the tasks you’ve agreed to complete.

Be selective with your attention. Being selective with your attention means that you decide what to work on & when to work on it. Every time you work on something, you’re clearly giving it your attention however it’s too easy to be distracted. Turn off notifications & silence your phone. Ultimately attention comes down to choice, your choice.

The post Business Alert at 9:00am With CVA – 3 Ways to Keep Your New Year Goals appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Business by Design

Mon, 16 Dec 2019 23:00:00 GMT

Business by Design

You can run your business or you can own your business. Owning your business is more intimate and requires a commitment from you to see & know all aspects of your business. This is called Business by Design. Having a long term profitable business comes from having passion for your business and having passion for your business means you have:-

A Business Plan.

Annual planning sessions.

A Boutique Tax Plan.

High end tax administration.

Performance Monitoring.

These important discussions & plans set your business up for success. It’s a winning combination and one that we want & can design for you. Business by Design is you designing what type of business you want.

The post Business Alert at 9:00am With CVA – Business by Design appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Laugh anyone?

Tue, 10 Dec 2019 23:00:00 GMT

I got a letter from a lawyer today. It said “Final Notice”. So good he won’t be bothering me anymore.

Well maybe someone laughed…. Did you know that kids laugh 300 – 400 times a day and adults are lucky if they laugh 17 times a day?

A recent study found that people who smile & laugh at work are more engaged in their jobs. And the more engaged you are, the happier and more enthusiastic you’ll be. So basically, it’s time to share a laugh.

The post Business Alert at 9:00am With CVA – Laugh anyone? appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Fighting Burnout. Get organised.

Thu, 05 Dec 2019 00:40:00 GMT

Much of the stress we experience doesn’t actually stem from having too much work; it stems from being too disorganised to handle the work effectively.

When you take the time to get organised, the load feels much more manageable.

The post Business Alert at 9:00am With CVA – Fighting Burnout. Get organised. appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Fighting Burnout. Schedule relaxation.

Thu, 05 Dec 2019 00:38:00 GMT

We plan our work time but it’s equally as important to plan relaxation time. It’s doesn’t have to be hours or days, start small:-

The benefits are enormous but the trick is to schedule this time because if you don’t, it won’t happen. Not only will your mind & body benefit, you’ll also find having something to look forward to can halt the feeling of burnout.

The post Business Alert at 9:00am With CVA – Fighting Burnout. Schedule relaxation. appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Fighting Burnout. Pay Attention

Thu, 05 Dec 2019 00:36:00 GMT

Pay attention to your body signals

Headaches aren’t always a sign of dehydration or an aching neck is not always caused from sleeping on it the wrong way. These can be signs of accumulated stress & anxiety.

Burnout manifests in our body, so learn to pay attention to your body’s signals so that you can nip burnout in the bud. Your body is always talking, but we’re not always listening. It’s important to stop, listen and act.

The post Business Alert at 9:00am With CVA – Fighting Burnout. Pay Attention appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Thank you QMA

Wed, 04 Dec 2019 23:00:00 GMT

Queensland Machinery Agency are experts in providing a broad range of new & used agricultural equipment & spare parts. Specialising in Stock Feeding equipment and Grain Drying & Handling equipment – they have a long standing & loyal clientele who have only positive feedback about them. QMA have been reliably serving communities for more than a decade and work hard to ensure the solutions they provide help customers be more efficient and ultimately more profitable with their individual systems. They pride themselves on delivering high performance products, reliable service and post-sale back-up support to customers.

We really enjoy working with Mark & Clare and invite you to contact them if you or someone you know requires new or used agricultural machinery.

Contact QMA at 07 4696 3350 or email Mark at mark@qma.net.au

The post Business Alert at 9:00am With CVA – Thank you QMA appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Do you own land in NSW?

Sun, 01 Dec 2019 23:00:00 GMT

All Family Trusts that own residential land in NSW considers Family Trust to be automatically subject to the Foreign Persons Surcharge on stamp duty and Land Tax for any New South Wales residential property owned through the Trust.

Revenue NSW has recently written to Trustees of Family Trusts that hold land to remind them that they will be subject to the 2% foreign person land tax surcharge unless their Trust Deeds are updated to exclude foreign beneficiaries.

Now is the time to get the trust deed amended or face the prospect of paying the 2% additional tax. Of course, it’s always best to get advice when it comes to new rules that may or may not affect you.

We urge you to phone us if you’re concerned.

We drew inspiration for this article from Law Central – thank you.

The post Business Alert at 9:00am With CVA – Do you own land in NSW? appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Fighting Burnout. Take regular breaks.

Wed, 27 Nov 2019 23:00:00 GMT

Physiologically, we work best in spurts of an hour to an hour and a half, followed by 15-minute breaks. If you wait until you feel tired to take a break, it’s too late – you’ve already missed the window of peak productivity and fatigued yourself unnecessarily in the process. Keeping to a schedule ensures that you work when you’re the most productive and that you rest during times that would otherwise be unproductive.

The post Business Alert at 9:00am With CVA – Fighting Burnout. Take regular breaks. appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Fighting Burnout

Thu, 14 Nov 2019 00:35:00 GMT

Feeling burnt out is a common feeling at this time of year. You may recognise the symptoms like feeling negative, or losing your motivation. These symptoms can manifest into fatigue & a general lack of interest & performance but there are things you can do to fight burnout.

Over the coming weeks, we’ll share a few ideas with you that should help fight the feeling of burn out.

The first is to disconnect . When we’re feeling burnt out, almost immediately we start to work harder and not smarter. We feel pressured so we work longer hours or we take work home which means we don’t fully disconnect. This means we don’t switch off & rejuvenate our brains & our bodies. Start by leaving work at work, including work emails on your phone, don’t be tempted to look at them. They’ll still be there in the morning and you’ll be better equipped to handle them.

The post Business Alert at 9:00am With CVA – Fighting Burnout appeared first on Clear Vision Accountancy Group .

Building Your Credit

dantoombs@fastfirms.com (Dan Toombs) — Mon, 16 Sep 2019 15:02:07 GMT

How to build your personal credit

Write about something you know. If you don’t know much about a specific topic, invite an expert to write about it. Having a variety of authors in your blog is a great way to keep visitors engaged. You know your audience better than anyone else, so keep them in mind as you write your blog posts. Write about things they care about. If you have a company Facebook page that gets lots of comments, you can look here to find topics to write about.

Add a caption that relates to the image and the content of the blog.

How to build your personal credit

Understanding Tax Laws

dantoombs@fastfirms.com (Dan Toombs) — Mon, 16 Sep 2019 14:56:57 GMT

This is a subtitle for your new post

Write about something you know. If you don’t know much about a specific topic, invite an expert to write about it. Having a variety of authors in your blog is a great way to keep visitors engaged.

Write about something you know. If you don’t know much about a specific topic, invite an expert to write about it. Having a variety of authors in your blog is a great way to keep visitors engaged

Write about something you know. If you don’t know much about a specific topic, invite an expert to write about it. Having a variety of authors in your blog is a great way to keep visitors engaged.

Setting Up Your Business

dantoombs@fastfirms.com (Dan Toombs) — Mon, 16 Sep 2019 14:54:56 GMT

This is a subtitle for your new post

Write about something you know. If you don’t know much about a specific topic, invite an expert to write about it. Having a variety of authors in your blog is a great way to keep visitors engaged.

You know your audience better than anyone else, so keep them in mind as you write your blog posts. Write about things they care about. If you have a company Facebook page that gets lots of comments, you can look here to find topics to write about.

Write about something you know. If you don’t know much about a specific topic, invite an expert to write about it. Having a variety of authors in your blog is a great way to keep visitors engaged.

What to do with Dividends?

dantoombs@fastfirms.com (Dan Toombs) — Mon, 16 Sep 2019 14:49:39 GMT

This is a subtitle for your new post

Writing a blog post is easy once you get the hang of it. Posts don’t need to be long or complicated. Just write about what you know, and do your best to write well.

2. Show customers your personality

When you write a blog post, you can really let your personality shine through. This can be a great tool for showing your distinct personality.

3. A terrific form of communication

Blogs are a great communication tool. They tend to be longer than social media posts, which gives you plenty of space for sharing insights, handy tips and more.

4. Supports SEO

Search engines like sites that regularly post fresh content, and a blog is a great way of doing this. With relevant metadata for every post, you’ll make it extra easy for search engines to find your content.

Business Alert at 9:00am With CVA – Boost Your Super to 15 Percent

Wed, 04 Sep 2019 01:40:00 GMT

Once you do this, you’ll forget it even happened but your super statement won’t. It will automatically be taken at 15 percent from the day you change it and you won’t even notice.

It’s a simple task, call your super fund, get them to email you a standard salary sacrifice form (some funds allow you to complete this online) and then give the completed form to your employer.

Now pat yourself on the back; you’ve done something good just for you.

The post Business Alert at 9:00am With CVA – Boost Your Super to 15 Percent appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Pay It Forward

Wed, 28 Aug 2019 01:25:00 GMT

Let us advertise your business.

Over the years our amazing clients have helped us raise money for Lifeline to assist a family start the school year with everything they need. This year is no different however we’ve decided to up the ante by committing to sponsoring a little 7 year old girl through The Smith Family.

This is a big challenge for us but one we’re proud to take on. Which brings us to you, our clients. We are hoping you might be able to dig a little deeper to help us support these kids and their families. And by helping us, we’re going to help you.

If you are able to donate, we would like to say thank you by advertising your business through our Business Alerts.

Our Business Alerts touch over 500 contacts & businesses weekly so not only do you get to help kids who really need & deserve your help, you get free advertising & business exposure you wouldn’t necessarily get. Not bad at all.

Click the ‘Pay It Forward’ link below if you’re able to help. $52 is all it takes to sponsor our child for 1 month and we would appreciate any extra for our Lifeline family.

Thank you!

The post Business Alert at 9:00am With CVA – Pay It Forward appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Cash Flow Tip – Polite but Firm

Mon, 26 Aug 2019 23:00:00 GMT

The post Business Alert at 9:00am With CVA – Cash Flow Tip – Polite but Firm appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Cash Flow Tip – Tread Carefully…

Wed, 21 Aug 2019 23:00:00 GMT

Be very frugal with spending. This seems like an obvious one. Truth is, business owners often fail to identify which expenses are absolutely essential for growth and which ones aren’t. When developing your budget you want to separate expenses into two buckets: necessary and nice to have. The necessary bucket should only include expenses that directly correlate to the growth of your business.

The post Business Alert at 9:00am With CVA – Cash Flow Tip – Tread Carefully… appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Cash Flow Tip – What’s Your Forecast?

Thu, 15 Aug 2019 23:00:00 GMT

A well run business should build a 13 week cash flow forecast that takes into account the exact week in which a payment is expected to be either received or sent out. It gives you the ability to understand your cash needs over the next quarter and make smart decisions about how to manage your working capital and when to make active decisions to stretch it out.

The post Business Alert at 9:00am With CVA – Cash Flow Tip – What’s Your Forecast? appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Physically Healthy Workplace

Mon, 12 Aug 2019 23:00:00 GMT

Sitting at a desk in front of a computer 9 + hours a day is not good for anyone but some businesses require this so how can you create a physically healthy workplace when this is the case.

We have a few ideas that might benefit you and your team.

Here’s one idea that worked for us. We asked a personal trainer to show us a few exercises we can do at our desks and it was surprising how quickly these became routine. Just small movements made all the difference to the team and when one team member starts, you’ll find others follow.

We also encourage a walk around the block. When we see an employee with that look of frustration on their face or their eyes start to glaze over from glaring at the computer screen, you’ll hear one team member say, “time for a walk maybe?”. This works every time…

A work environment where your team members care for each others health can’t be a bad thing.

The post Business Alert at 9:00am With CVA – Physically Healthy Workplace appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Cash Flow Tip – Get Serious!

Tue, 06 Aug 2019 23:00:00 GMT

The typical professional services firm has between $50,000 and $100,000 of overdue accounts receivable on their books. That means ‘your money’ is sitting in other people’s bank accounts.

The post Business Alert at 9:00am With CVA – Cash Flow Tip – Get Serious! appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Cash Flow Tip – More for Less

Wed, 31 Jul 2019 23:00:00 GMT

Form a buying cooperative. Think power in numbers; find other like-minded companies willing to pool their cash in order to haggle lower prices with suppliers. Suppliers usually give bigger discounts to large firms who buy in bulk.

We know this won’t suit every business or every part of your business however if there’s a way, you could save some real cash $$$.

The post Business Alert at 9:00am With CVA – Cash Flow Tip – More for Less appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Healthy Workplace – Healthy Eating

Sun, 28 Jul 2019 23:00:00 GMT

Healthy eating is about feeling great, having more energy, improving your outlook and your mood.

When catering at work, try promoting healthy choices such as salads or sandwiches. Have you thought of providing a fruit bowl for snacks? Having 6 oranges in a bowl won’t break the bank, but your team will notice the gesture and appreciate it.

The post Business Alert at 9:00am With CVA – Healthy Workplace – Healthy Eating appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Cash Flow Tip – Systemise

Wed, 24 Jul 2019 23:00:00 GMT

Make sure you systemise every aspect that impacts on your cash flow – dates & time.

Once your team knows your budget and what you expect, they can do this themselves and typically very well. But here’s the catch – it needs to be in writing so that when your team orders stationery or office supplies etc., they know what the budget is and stay within it.

The post Business Alert at 9:00am With CVA – Cash Flow Tip – Systemise appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Creating a Healthy Workplace

Mon, 15 Jul 2019 23:00:00 GMT

Creating a Mentally Healthy Workplace

A happy (and healthy) employee is a productive employee. People who enjoy their jobs are more likely to engage thoroughly with their work. As an employee, it is always in your best interest to keep your staff happy, otherwise resentment could start to impact on the quality of their work or they may even consider leaving.

Creating a healthy workplace environment does not have to be difficult or costly. A healthy workplace environment improves productivity and reduces costs related to absenteeism, turnover, workers’ compensation, and medical claims.

The post Business Alert at 9:00am With CVA – Creating a Healthy Workplace appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Cash Flow Tip – Nuts for the Winter

Wed, 10 Jul 2019 23:00:00 GMT

Have a backup plan for that rainy day.

Always have a plan in place to handle any unexpected expenses. You never know when something will break down or when purchasing a new piece of equipment all of a sudden becomes essential to your business.

You’ll be relieved to know you have the money when you truly need it.

The post Business Alert at 9:00am With CVA – Cash Flow Tip – Nuts for the Winter appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Cash Flow Tip – Margins Matter

Sun, 07 Jul 2019 23:00:00 GMT

Test higher prices on some of the products and services you sell.

A small increase in prices can often produce a big increase in profits. For example, if you currently have a 40% gross profit margin, and you have a 10% price increase, you could have your sales drop by 20% and you will still have the same total gross profit dollars as you had before.

Imagine your cash flow if your sales don’t drop….

The post Business Alert at 9:00am With CVA – Cash Flow Tip – Margins Matter appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Truck Drivers Travel Allowance Claims

Tue, 18 Jun 2019 03:42:00 GMT

Truck Drivers and their employers may need to look more closely at how travel allowances are being recorded. The ATO have inflicted penalties to Truck Drivers for being reckless with the expenses they’ve claimed without sufficient proof.

Our advice is to be vigilant with your log book or work diary to ensure you have records of overnight travel, allowances you’ve received and expenses you’ve incurred. You can’t be too detailed, the more information you have, the better off you are.

By not taking due care, you could leave yourself open for scrutiny & in turn penalties. For the 2019 income year, the meal allowance stands at $24.70 for breakfast, $28.15 for lunch and $48.60 for dinner. It’s important to know that these amounts can not be combined e.g. if you skip lunch, you can’t add the lunch allowance to dinner.

Also if you start the work day from home at 4:00am, you can’t claim the breakfast allowance, it is expected you will eat breakfast before you leave your home. Travel allowance is exactly that, you need to be away. If you start work at 4:00am and don’t get home until 12 noon the next day, you can claim lunch, dinner and breakfast – nothing more.

What’s important is how you record information and the records you can show; eftpos receipts, credit card statements, logbooks, travel diaries, letters from your employer stating how long you are away for and how much allowance you’ve been given – all of these will prove you are not reckless and that your claims are relevant.

If you’re not sure about anything, give us a call. It’s better to be safe than sorry.

The post Business Alert at 9:00am With CVA – Truck Drivers Travel Allowance Claims appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – EOFY Super Processing Dates

Sun, 16 Jun 2019 23:00:00 GMT

Did you know, superannuation payments are only considered to be paid once they have been received by the super fund?

To make sure super funds receive your payments before the 30 June end of financial year deadline, your payments must be received by the Small Business Superannuation Clearing House (SBSCH) no later than close of business 24 June 2019.

The post Business Alert at 9:00am With CVA – EOFY Super Processing Dates appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Cash Flow Tip… Bad Habits

Wed, 12 Jun 2019 23:00:00 GMT

Once you know what those tendencies are within your business then you can eliminate them and improve your overall cash flow.

The post Business Alert at 9:00am With CVA – Cash Flow Tip… Bad Habits appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Downsizing Into Super

Tue, 11 Jun 2019 22:38:00 GMT

An extremely valuable & attractive option for older individuals to boost their superannuation entitlement is to make a downsizer contribution.

If you are aged 65 or over and sell your principal residence that you have owned for at least 10 years, you will be able to make a non-concessional contribution to super of up to $300,000 from the proceeds. Couples will be able to contribute $300,000 each.

Even better news, the TSB (total superannuation balance) restriction does NOT apply meaning the downsizer contribution can still be made even if you have a total super balance greater than $1.6 million. Please note the contribution cannot exceed $300,000 (each) and the contribution amount can’t be greater than the total proceeds of the sale of your home. In other words if the total proceed is $250,000, the maximum downsizer contribution you can make is $250,000.

There are some other restrictions but all in all it’s an excellent new ATO guideline.

The post Business Alert at 9:00am With CVA – Downsizing Into Super appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Minimum Wage Increased

Tue, 04 Jun 2019 06:32:00 GMT

The new adult National Minimum Wage will be $740.80 per week or $19.49 per hour. This constitutes an increase of $21.60 per week to the weekly rate.

If this affects you or someone who works for you, please note that these changes are effective from 1 July 2019.

The post Business Alert at 9:00am With CVA – Minimum Wage Increased appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Upfront Deposits

Mon, 03 Jun 2019 23:00:00 GMT

The post Business Alert at 9:00am With CVA – Upfront Deposits appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Lifeblood Of Your Business

Wed, 29 May 2019 23:00:00 GMT

Keeping to your own business’s budget is a basic task of financial wellness. It’s also a signal to all that you’ve got a hold on what you’re doing.

Staying on budget doesn’t need to be a burden. In fact, it’s a creative opportunity if you treat it like one. If you’re not afraid of the work, or the potentially painful decisions you’ll have to make, making the most of your budget is the best exercise your business brain will get.

Do you know how to create a budget that will keep the wolves from the door? Because we do. We can help you create a budget and also ensure you stick to it.

The post Business Alert at 9:00am With CVA – Lifeblood Of Your Business appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Cash Flow Tip – Tech Upgrades

Sun, 26 May 2019 23:00:00 GMT

Technological upgrades (software and hardware) occur several times a year. Often, the change between one version and the next is minimal or adds features which you will never use.

Be prudent when buying or upgrading computers, cell phones, etc. If you don’t need to spend the money, don’t.

The post Business Alert at 9:00am With CVA – Cash Flow Tip – Tech Upgrades appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Share The Love

Wed, 22 May 2019 23:00:00 GMT

This creates a panic situation after revenue stops rolling in because let’s face it, expenses don’t… they keep rolling out.

It’s a good idea to always know what deals and prospects you have in your sales funnel. When you’re in the middle of one prospect, look for the next and then the next…..

Remember to share the love, if your financial revenue is mainly sourced from one area or company this can implode if the market shifts.

By consistently prospecting, you can predict, diversify and better manage your business & your cash flow.

The post Business Alert at 9:00am With CVA – Share The Love appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Quick Cash Flow Tip – Plan your payments

Tue, 07 May 2019 05:59:00 GMT

There are many unpredictable expenses, but for those that happen every month/year – it’s nice to see them so you can plan. In addition it helps in tracking down those small monthly recurring expenses that you’re no longer using.

The post Business Alert at 9:00am With CVA – Quick Cash Flow Tip – Plan your payments appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Looked at your budget lately?

Wed, 01 May 2019 03:42:00 GMT

This is the time of year to remind ourselves of the budget we wrote last year. Do you even know where it is? Don’t worry, help is here.

Tackling a budget on your own can be really daunting, so much so that most of us give up, but if you take some time and work out a few key factors in your business, we can have you sorted in no time.

We all know a budget is an important tool but that doesn’t always mean we give it the time it deserves so what do you need to do to get back on track?

Firstly you’ll need to look at your time frames, your fixed & variable costs, income, actuals & how you’re tracking your business.

Give us a call; we can start you off by giving you a checklist of what your budget should include and then we’ll help you write one that’s going to consider all the factors that affect your bottom line. We want you to feel in control & confident that you know where your money is.

The post Business Alert at 9:00am With CVA – Looked at your budget lately? appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Quick Cash Flow Tip

Tue, 30 Apr 2019 05:47:00 GMT

Many small business owners get caught out when a large opportunity turns up because they are unable to take advantage of it due to a lack of cash. Don’t let that happen to your business.

A reliable accounting system will help you track & report on key business metrics. These include accounts receivables aging, operating margins & inventory turnover. Having a good handle on these business metrics will help you manage your cash like a pro so that you can say YES with confidence to taking advantage of new opportunities.

The post Business Alert at 9:00am With CVA – Quick Cash Flow Tip appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Get the Best

Tue, 23 Apr 2019 02:38:00 GMT

Your team can help make your business or break your business. Unfortunately as humans we have a tendency to underestimate our impact so it’s in your best interest to spend some time making your team members feel valued & appreciated. If they feel appreciated, they’re often happier & aspire to perform better in their role.

If this is an area you struggle with, these five suggestions could help you to strengthen your team and your business culture.

1. Create a welcoming environment There are a couple of questions you can ask that will go a long way towards making your team feel welcome & comfortable. – Good morning, how was your weekend? – Are you stuck on anything at the moment? – Do you have everything you need to complete your tasks?

Questions like these don’t seem like a big deal but to your team member, it means the world; it’s acknowledgment.

2. Keep the lines of communication open We’ve all heard the phrase ‘a stitch in time saves nine’ but are you guilty of ignoring a broken thread, hoping it will go away? Having a 10 – 15 minute one on one catch up each week with your team members can help alleviate gaping holes in your business.

3. Celebrate wins When you have a win, don’t claim all the glory for yourself, give credit where it’s due to create confidence through open acknowledgement. If you don’t celebrate the wins, everything tends to feel indifferent & uninspiring. Celebrating a win can be anything from a ‘well done’, to buying morning tea for the team.

4. Offer Development opportunities Keep in mind your team may be just as eager as you to learn & evolve professionally. You only have to ask the question, is there anything you wish to learn or achieve? You might be surprised by the answer plus any skill they learn can be used in your business.

5. Get to know them Finding out what makes them tick and what motivates them will help you to get the most out of your team. Do you know what they’re saving for? Do you know what their kids names are? Where they want to go on their next holiday? Believe it or not, it’s the small things that make a BIG difference.

The post Business Alert at 9:00am With CVA – Get the Best appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am With CVA – Budget Points You May Not Know

Tue, 16 Apr 2019 02:49:00 GMT

Budget Points You May Not Know

Not everything is televised on mainstream television. Here are some budget points we found interesting.

Fire ants under attack…. The government has allocated $18.3 million over three years to assist an immediate program to support the eradication of fire ants.

Tax breaks for Men’s and Women’s Sheds Have you spotted the Men’s Sheds and Women’s Sheds around town? Well the budget is allowing gifts of $2 or more to be tax deductible from 1 July 2020. The deduction applies to both gifts of money & property, and the measure is designed to encourage philanthropy and support for the not-for-profit sector.

Museum & memorial for sex abuse victims The budget has allocated $2.5 million in 2019/2020 for consultation on options for a national museum or memorial for victims & survivors of institutional child sexual abuse. The funds will also be used in preparatory work for a national orphanage museum.

Adelaide Space Centre Adelaide’s status as the centre of Australia’s newly formed space industry will be secured with $6 million funding for a Mission Control centre to support the emerging space startup industry.

Dark Mofo light show Hobart’s Dark Mofo festival will receive $1.5 million for a major light show to encourage tourism to Tasmania during the closure of the Tahune Airwalk as a result of recent bushfires.

Facilities for para athletes Essendon Football Club’s “The Hangar” facility, which is also Paralympic Australia’s Victorian base, will receive $4 million over two years to construct new facilities.

Sports integrity A new body called Sport Integrity Australia will be established as part of $33 million in funding to safeguard the integrity of Australian Sport. The new body will carry out anti-doping and a National Sports Tribunal will be created to hear and resolve rule violations.

The Federal Budget was developed with the May election in mind and therefore these budget items will only be in play if they are reelected.

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Business Alert at 9:00am With CVA – Budget Basics

Wed, 03 Apr 2019 03:43:00 GMT

The Federal Budget was developed with the May election in mind and if reelected, tax cuts, incentives for business & $$$ for health & welfare is one on table. See below for a brief breakdown of the Budget for 2019-20.

Wage & salary earners $158 billion in personal income tax cuts. Low to Middle Income Earners ($37K – $127K) Singles – Up to $1,080 back. Couples – Up to $2,160 back

Business Instant asset write-off increased from $25,000 to $30,000. Instant asset write-off extends to businesses with a turnover of up to $50 million – currently $10 million.

Building & transport industries Infrastructure to receive $100 billion over 10 years for Road & Rail. Urban Congestion Fund to increase from $1 billion to $4 billion and $2.2 billion for roads & $1 billion to improve freight routes and access to ports and $100 million for regional airports.

Education $525 million on skills package which will create $80,000 new apprenticeships in industries with skill shortages and double the payout to $8,000 to employers per apprenticeship placement.

Rural Areas Commitment to major spending in regional & rural areas to expand water infrastructure, provide drought relief & upgrade regional airports.

Natural Disasters $3.9 billion set aside for Emergency & Response Fund

Older Australians $725 million for aged care, with 10,000 new home care packages & capital works focused on regional Australia. Single pensioners will get a $75 one off cash payment for their energy bills, while couple pensioners will get $125.

Health Sector Australians suffering from cancer, heart disease, epilepsy and who live in rural areas are likely to benefit from several major investments in assistance programs & medication. The budget also contains $461 million for youth mental health & suicide prevention.

Superannuation industry & older Australians Currently, people aged 65 & older must work a minimum 40 hours over a 30-day period. As of 1 July 2020, the budget is allowing people approaching retirement to boost their superannuation balances, with those aged 65 – 66 years able to make voluntary contributions without satisfying the work test.

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Business Alert at 9:00am With CVA – FBT Time…. Workhorse Vehicles

Tue, 26 Mar 2019 03:15:00 GMT

FBT – ‘Workhorse’ Vehicles

This year there are new ATO guidelines for FBT-exempt ‘workhorse’ vehicles. The provision of a motor vehicle that is a workhorse vehicle is FBT exempt where the private use of the vehicle is limited to either work-related travel of an employee, and any other private use by the employee is minor, infrequent and irregular.

Some conditions must be satisfied before a workhorse vehicle is exempt from FBT. To look at it simply, ask yourself these questions.

Clear as mud?

Don’t worry, we live for this stuff so give us a call if you have any questions or need clarification. We’re here to help.

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Business Alert at 9:00am With CVA – Got The App Yet?

Wed, 20 Mar 2019 01:12:00 GMT

Got The App Yet?

We’ve transformed the way we communicate with clients by placing CVA in the palm of your hands.

As part of an ongoing commitment to utilising cutting edge technology to provide a market leading service, Clear Vision Accountancy Group is now bringing accounting genius into the palm of your hands with the launch of the CVA App.

The CVA App allows existing clients to contact us at the touch of a button – regardless of your location.

The app, which provides users easy access to the latest information, is free to download and features a host of cutting edge tools such as Receipt Manager, Tax Tables, Calculators, Log Books and many more designed to help with your everyday needs.

Call 07 4688 2500 to get the password, get set up and get started or email alex@cvaccountancy.com.au to get the step by step actions.

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Business Alert at 9:00am With CVA – STP Checklist

Wed, 13 Mar 2019 03:11:00 GMT

STP – Do you have a checklist?

We have developed a checklist to prepare our clients who have 19 employees or less for the inevitable Single Touch Payroll switch over as of 1 July 2019.

The checklist which is available for you now covers what you need to do as an employer and what information you need from each employee.

It runs through the information that you are required to report to the ATO each pay run plus it even covers how you can check if your payroll system is STP enabled.

Our goal is to assist you to start reporting before 1 July 2019 so that you are an old hand before the deadline is reached.

Single Touch Payroll is inevitable, but with our help it won’t be painful so email me alex@cvaccountancy.com.au and I’ll be happy to email the checklist to you. There’s no charge so only gain.

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Business Alert at 9:00am With CVA – Cash Flow Tip

Tue, 05 Mar 2019 05:29:00 GMT

How quickly are you spending money and how quickly are you receiving money?

$$$ IN

A clever but polite invoicing strategy will usually get you a long way but first, ensure your invoices are sent immediately after delivering your service or product. If your invoices go out late, you’re inadvertently telling your customers you don’t really mind if they pay late.

Payment terms of 7 to 14 days seem to be ‘the new black’ for most businesses today so don’t be afraid to review your terms and make changes where necessary.

Don’t be too lenient with your customers either. As receivables age, the product or service they relate to can devalue in your customers eyes so act sooner rather than later.

$$$ OUT

On the other side of the scale, always try and negotiate the longest payment terms with suppliers. When money comes in faster than it goes out; your business’s cash flow will significantly improve.

If you communicate often and make your suppliers feel confident that payment is coming, they will be more confident to extend their deadline. You can always offer a split payment too, half now, half next month. It’s all about regular polite communication.

We have lots of ideas to increase your cash flow so keep an eye out or if you don’t want to wait, give us a call, we’re happy to share.

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Business Alert at 9:00am With CVA – Purpose & Values 101

Wed, 27 Feb 2019 02:51:00 GMT

When you read about successful businesses, these words are sprouted so easily but for most it’s difficult to grasp what the difference is.

So what is the difference between a Company Purpose and Company Values?

Company Purpose

A purpose statement derives from what got you started in the first place. It conveys what your business stands for and why. A company’s purpose is the driving force that enables a company to define its true brand and create its desired culture.

Before you start working on yours, watch Simon Sinek ‘Why’ on YouTube, it’s inspiring!

Company Values

These are the rules and boundaries that are a part of the company’s foundation. They’re your company’s core nonnegotiable rules.

Your company’s Core Values should so completely penetrate your company that you would be comfortable referring employees to them when faced with a tough decision or ethical dilemma.

Having a Purpose & Values help determine a company’s direction. Successful business owners use these to engage their employees and to keep themselves on track. It’s your compass, guiding you towards your business desires.

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Business Alert at 9:00am With CVA – STP What’s Next?

Wed, 20 Feb 2019 02:08:00 GMT

STP is set to be rolled out in stages to smaller organisations with less than 20 employees as at 1 July 2019. This may require you to use a software solution that will transmit the date to and from the ATO on your behalf.

This payroll or reporting system must to STP Compliant, so that each pay cycle you can report the following items to the ATO:

If your system is already automated with reports that can provide the information listed above for every pay cycle, all you need to do is confirm if your product is STP compliant.

However, if your system is still manual it is now time to discuss and review your internal processes. The STP regime is mandatory for all employers by 1 July 2019.

Our advice is to become STP ready to avoid any fines or penalties in the future from the ATO. In the event that you need a solution or just want your system reviewed, we are happy to help by advising a suitable cost effective solution for you.

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Business Alert at 9:00am With CVA – Get Up Earlier.

Wed, 13 Feb 2019 00:10:00 GMT

Want to be more productive? Get up earlier.

Getting up early is one routine that many successful people have in common. There’s a sense of control acquired from beating the inner voice and once beaten there seems to be no end to the benefits.

It doesn’t matter what time the alarm goes off, that inner voice calls out for more sleep but here’s a scary thought for you; if you were to get up just 1 hour earlier each morning, you would gain 15 days in a year – 15 days, that’s half a month….

Early risers are one step ahead of the crowd. They’re calm, collected, and they’ve already accomplished so much more than the person rushing to the office. They have time to fit in that 30 minutes of exercise we all promise ourselves we’ll do, their ‘to do’ list is written, they’re organised and because of this, they’re already winning at work.

We only need six to seven hours of sleep a night. It might take a while to get used to but if you are in charge of your inner voice, there will be no stopping you.

15 more days a year…. that’s a lot of extra time.

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Business Alert at 9:00am With CVA – You Can Fix Failure

Wed, 06 Feb 2019 01:17:00 GMT

You Can Fix Failure, You Can’t Fix The Things You Never Tried.

The important thing in business is trying. Don’t worry about failing because if you haven’t failed, maybe you haven’t reached high enough or stretched yourself. Playing it safe sounds easier at first but it can also turn very stale quickly and what used to work, stops working.

If you’ve tried something along the way, maybe a new product or service and it hasn’t worked out, don’t give up on it all together. Maybe its lack of success was a sign, a red flag that one part of your idea needed to be tweaked or fixed. Failure doesn’t have to be the final verdict.

Come and have a meeting with us; let’s put the idea on the table and work through the pros and cons. Getting the idea and making a start is the hardest part and this part you’ve already done so let us help you crunch the numbers and see what’s possible.

If we can figure out how to stay the course and get back in the game after failure, you’ll go places and you’ll make the difference in your business you first intended to make.

Resilience. It’s the secret to success. Resilience is your most important weapon. Don’t quit. Keep going because there really is an upside to failure.

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Business Alert at 9:00am With CVA – Boutique Tax Planning

Wed, 30 Jan 2019 22:47:00 GMT

True it’s the 31st January today and 30 June seems so far away but it’s never too early to book your tax planning appointment. We’d like to help you better manage your PAYG this year so the impact on your cashflow is less – there’s no need to pay it if you’re not making the profits the ATO thinks you are…

We are aiming to save our clients over $500,000 in income tax this year and we do this through Boutique Tax Planning. We have a proactive, genuine energy and enthusiasm for making sure your tax situation is the best it can possibly be.

Boutique Tax Planning means:

We are all about helping you achieve YOUR goals, that’s what makes us different. We want to keep the money where it should be… in your hands!

We’ll contact you shortly to book your Boutique Tax Planning appointment or feel free to call us, 07 4688 2500.

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Business Alert at 9:00am With CVA – Single Touch Payroll, are you ready?

Wed, 23 Jan 2019 05:48:00 GMT

Single Touch Payroll is also called real-time payroll reporting because it means every time a business pays their workers, all salary information is sent to the ATO. This includes wages, deductions and super information. This real-time reporting is generally done through accounting software platforms such as MYOB, Xero or Quickbooks.

The ATO has said about 730,000 businesses will need to start doing STP reporting under the changes; there are about 45,000 businesses currently doing STP reporting after it became a requirement for businesses with more than 19 workers in July 2018.

There’s no shortage of concerns about the extension of STP reporting to smaller employers. Worries range from businesses not being aware of the changes to micro-employers (four or fewer workers) not having digital payroll software or access to reliable internet.

Digital payroll software, makes STP reporting simple and straight forward. Unfortunately if you’re not reporting correctly, it will increase the risk of your business and increase the risk of potential audit activity. Therefore we urge everyone to contact us and get up to date as soon as possible. You’re not alone.

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Business Alert at 9:00am With CVA – The Year of Success!

Wed, 16 Jan 2019 02:53:00 GMT

2019 What will it bring for your business? What do you want it to bring for your business?

To make 2019 bigger than 2018, you have to have a plan. Let’s face it, a year can feel like an hour so before you get bogged down reacting to what’s happening right now, STOP! Spend an enjoyable hour or so on you and your business.

Our Annual Planning Session take lead from Zig Ziglar, “If you aim at nothing, you will hit it every time”, don’t make this mistake.

Many of our clients have already had their Annual Planning Session and find it very beneficial to get focused on what’s important to them. Now is Clear Vision Accountancy Groups Annual Planning Session time so if you haven’t done so, call us and let’s get you booked in.

It’s part of your annual compliance fee so there isn’t a bill coming afterwards. You’ve really got nothing to lose and so much success to gain.

525 600 minutes – How do you measure a year?

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Business Alert at 9:00am With CVA – Gifts Tips

Wed, 19 Dec 2018 04:00:00 GMT

Have you left it until the last minute? We can Help.

It’s never fun to open a gift from someone you love and realise you haven’t bought them anything in return so instead of having that sinking feeling, we thought we’d give you a few ideas from the team at Clear Vision Accountancy Group. Maybe this year could be your best year yet for surprising him or her. The below gifts are not necessarily just his and hers, e.g. everyone would love a Travel Voucher… It’s a guide only.

Gifts for Her

Gifts for Him

This is just a few options but if you’re stuck, I’m positive you’ll be able to find something on this list that would delight.

Merry Christmas!

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Business Alert at 9:00am With CVA – Helping Our Kids

Wed, 12 Dec 2018 00:55:00 GMT

Lifeline Family Back To School Next Year?

Every year for the past four years we have outfitted a disadvantaged family get the school books, uniforms & stationery they need to start the school year with confidence & hope. Through the good people at Lifeline and the generous support of our clients we’ve helped put smiles on the kids of parents who have lived through poverty and domestic violence; terrible times that no kid should have to experience.

Today we’re asking for a little more help. This year we are so close to our target; only a few hundred dollars to go. If you have anything left in your piggy bank this year, please help us reach our goal of $1000. Every donation helps.

Thank you!

If you wish to donate, call 07 4688 2500 or email alex@cvaccountancy.com.au

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Business Alert at 9:00am With CVA – New Flexible Work Laws

Wed, 05 Dec 2018 02:06:00 GMT

The Fair Work Commission has announced important changes to Australia’s work laws that come into effect this week. From the 1st December 2018, employers will need to make a genuine attempt to reach an agreement on flexible work arrangements and provide detailed reasons for refusals.

While workers don’t have an uninhibited right to their flexible work request, the new clause requires employers to detail any alternative arrangements they can provide and allows workers to dispute whether employers have correctly followed the process.

If you would like further clarification on this, feel free to contact us on 07 4688 2500.

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Business Alert at 9:00am With CVA – Quick Cash Flow Tip

Tue, 20 Nov 2018 04:52:00 GMT

Realistically it’s this simple…

Find what negative cash flow trends you have, like buying more inventory than you can sell or extending credit to customers that habitually pay late.

Once you know what those trends are within your business then you can eliminate them and improve your overall cash flow.

Give it a go, you’ll notice a difference.

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Business Alert at 9:00am With CVA – Growth Industry – Part 2

Tue, 13 Nov 2018 23:31:00 GMT

Growth Industry – Part TWO

To continue on from last weeks’ alert; Dentistry is an industry in Australia with no major players. While the industry is anticipated to remain highly fragmented over the next five years, a growing number of dentists will likely join corporate dental groups. Furthermore, industry concentration is forecast to increase slightly over the period, as larger operators continue to expand.

Continued demand for dental services from older Australians, higher oral health standards and a preference for retaining natural teeth are anticipated to support industry growth over the next five years.

In addition, demand for cosmetic and restorative dental procedures is also projected to increase over the period.

Households’ disposable incomes could affect demand as many perceive some dental treatments as costly and deferrable but all in all, the industry is looking bright.

In conclusion, Dentistry is a great industry to keep a close eye on and we look forward to working with you throughout this growth period.

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Business Alert at 9:00am With CVA – Growth Industry

Mon, 05 Nov 2018 01:16:00 GMT

An industry we’re very familiar with is Dentistry. It’s rare these days to see an industry where there are no major players. Dentistry is one such industry and the growth is significant.

Industry revenue is expected to rise at an annualised 3.8% over the five years through 2018-19, to $10.0 billion. This includes anticipated growth of 2.3% in the current year. Is your business planning on that growth or growth that’s higher than national expectations?

We’re seeing first hand that there are a few reasons why Dentistry is performing well.

Australia’s ageing & growing population has supported the Dental Services industry over the past five years. In contrast with other health services, the Dental Services industry is predominantly privately funded. While most individuals pay for dental check-ups and procedures with their own income, some use private health insurance extras cover to subsidise the cost. Rising private health insurance uptake has stimulated industry growth, as patients with private health cover are more willing to visit their dentist regularly and undergo expensive procedures.

There are some industry threats for sure but the opportunities seem to even them out. We’ll go into this more next week.

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Business Alert at 9:00am With CVA – 6 Member SMSF’s… So What?

Tue, 30 Oct 2018 04:49:00 GMT

David Busoli, Principle & SMSF Specialist Mentor wrote this article and we believe he has some interesting points.

The move to 6 member SMSF’s, presumably from 1 July 2019, has been largely regarded as a who-cares moment by SMSF advisers given that four members are already permitted but almost all current SMSF’s contain only one or two members. If Labor wins the next election and removes franking credit refunds I predict there will be quite an uptake of additional contributing SMSF members to enable excess franking credits to be applied to contribution tax.

An influx of additional members will have repercussions for both SMSF investment strategies and fund control. Investment strategy considerations are fluid, but control issues need to be hard wired. Choice of fund deed is paramount. Voting powers will need to be established. Appropriate binding death benefit nominations are important but should not be trusted as the conflicting interests of surviving trustees can be a problem. Enduring powers of attorney and member guardians are additional considerations. Don’t think that because you’re using a large, well known provider for your SMSF deeds and documentation that these items are adequately covered. In our experience they are generally not.

W e welcome any feedback or queries you have in regards to this matter. Give Justin a call; he’s happy to help.

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Business Alert at 9:00am With CVA – End of October Business Checklist

Tue, 23 Oct 2018 05:17:00 GMT

We are approaching the end of October so by now you should be getting ready to meet with your accountant to discuss business issues and performance, however if you are really advanced; you’ll be updating your projects on your 1 page business plan.

Here’s a timetable you can adapt to your business to assist in this process:-

This timetable can be utilised monthly or quarterly depending on your arrangement.

Ideally, your meeting should be 4 to 5 weeks after the end of each quarter or 3 weeks if you have monthly meetings. Any longer than this and it will be harder to take corrective action on any issues that have occurred in your business.

If you’d like more information on this or maybe more detail, give us a call, we’re happy to help.

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Business Alert at 9:00am With CVA – The Power of Goal Setting

Wed, 17 Oct 2018 00:22:00 GMT

Do you spend more time planning your vacation than you do setting goals for your business?

It’s a pondering question and one we think most would answer YES.

Business owners fail to set goals because they get too busy; we all run out of hours in a day. In fact it’s rare to find a small business who holds goal setting sessions. Maybe once or twice a year you might sit down with someone and set a few goals but, do you commit to reviewing them, discuss them regularly, or even break your goals down and set deadlines? A concise plan with clear accountabilities & implementation targets will see you smashing you goals out of the park.

If you spend 1 hour planning your next holiday which is probably being conservative, why not spend an hour with us. We’ll help you set your business goals, calculate what needs to be done to achieve them, work with you to write a realistic plan and help you continue to stay on track long after you’ve left our office.

You’ll be surprised at how good you’ll feel.

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Business Alert at 9:00am With CVA – Financial Performance Scorecard

Wed, 10 Oct 2018 02:22:00 GMT

A financial performance scorecard allows you to review and compare the last 3 years of your business.

How many times do you review your business performance – other than looking at sales and your bank balance? Justin wants you to know your real business profit, not the tax profit.

In simple terms it allows you to get started with some level of business analysis in a non-confronting way. You’ll be able to see trends over a 3 year period; this way small adjustments to the most minor of trends are easier to fix. In addition you’ll be able to get boutique business advice from Justin and here’s the kicker… it’s free if you’re a Clear Vision Accountancy client.

A Financial Performance Scorecard is easy to arrange; call us and we’ll get started on yours.

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Business Alert at 9:00am With CVA – Exceptional Customer Service

Wed, 03 Oct 2018 00:57:00 GMT

What is Exceptional Customer Service?

There’s the standard, average customer service and then there is customer service that’s above-and-beyond. This is how we see Exceptional Customer Service:

It’s Empathetic – the ability to understand and share the feelings of another. It’s important to put your employees in your customers’ shoes; if they understand their concern, they’ll be able to show empathy and understanding.

It’s Generous – Showing a readiness to give more of something than is strictly necessary or expected. Whether you’re generous with your time or efforts, it doesn’t matter; Generosity can be a highly effective growth strategy.

It’s Solution Driven – A means of solving a problem or dealing with a difficult situation. It’s a 5 step process; Identify the problem – Analyze the problem – Identify decision criteria – Develop multiple solutions and lastly choose the optimal solution.

It’s Timely – Done or occurring at a favorable or useful time. Delegate tasks quickly to the right person and prioritize customers’ requests based on time-sensitive needs.

It’s Unexpected – Not expected or even regarded as likely to happen. Be personal with customers and slow down when interacting with them and find out what you can do to improve their situation.

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Business Alert at 9:00am With CVA – Financial Performance Monitoring

Tue, 02 Oct 2018 00:42:00 GMT

And the excitement is building….

Ok, so it doesn’t sound very exciting but bear with me because if you get this right, the excitement of watching your business go from zero to hero will make this article worth the initial yawn… Why, because this aspect of managing your business is critical to ensuring you achieve your goals we determined in the Annual Planning Session. Without Financial Performance Monitoring, that overseas holiday, new home, swimming pool may not come to fruition.

If your plan is to grow your business; you know that sales, profit margins and cash flow are KING! And if you don’t monitor these performance indicators you won’t see where the bottle necks are and how you can unblock them.

Financial Performance Monitoring covers many aspects of the business including Profit Drivers; Stock management; Debtors collection; Creditor payments; Sales/Invoicing procedures; Cash Flow Budgets & Breakdown Sales.

Lack of precise, regular and persistent reporting can lead to business disrepair… harsh but true. How can you decide what to improve if you don’t know where it’s hurting?

Stay tuned for more on this topic because it’s a win win for ALL in our eyes.

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Business Alert at 9:00am with CVA – Online Software Freedom

Wed, 26 Sep 2018 03:24:00 GMT

Online Software for Financial Freedom

Fortunately, today’s small-business owner can take advantage of an ever-growing suite of organizational tools and technologies to reduce the headaches of managing invoices, bills and receipts while increasing the time spent pursuing new business opportunities. These tools are increasingly available as cloud-based offerings, and most small businesses should consider migrating their current accounting workflows to the cloud.

Whether your business is construction, mechanical or medical; cloud accounting allows you to spend more time doing what you love and less time fighting with invoices and receipts.

What could work even better for you is to allow us to manage this for you. You’ll be wishing you did this earlier when you realise how much extra time you’ll have on your hands; time better spent on what you love and do best. All of a sudden you’ll be smashing your goals and the fear of getting your books wrong or missing an important step in your payroll process will be a thing of the past.

Call us to find out how easy this is to arrange and get started.

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Clear Vision Working With Lifeline – Can you help?

Tue, 17 Jul 2018 05:54:00 GMT

Clear Vision working with Lifeline. Can you help us again this year?

We have supported Lifeline over the last few years and this year is no different. Please help us to achieve this years goal.

Once again we are raising money towards helping a family get the start they need for the school year in 2019? Our goal is to raise $1000 to put towards school bags, stationery, books & lunch boxes and we hope you can help us get there. We started in June and we’re off to a great start with 20% of our goal already reached… please help us get closer?

Here’s how? Email Alexandra@cvaccountancy.com.au or phone our office on 07 4688 2500 .

Alternatively you can deposit your donation directly into our bank account:

BSB: 034 221 Account: 506 844

Simply add your name plus Lifeline in the reference (or LL for short).

Thank you in advance.

Justin Searle

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Business Alert at 9:00am with CVA – ATO Clamps Down on Work Vehicles

Tue, 17 Jul 2018 04:50:00 GMT

ATO Clamps Down on Private Usage of Work Vehicles

Minor, Infrequent, Irregular; these are the words to remember…

The law as it relates to FBT on work-related vehicles remains the same; it’s about minor, infrequent and irregular travel for work vehicles. New guidelines however are providing clarity around what the ATO expects employers to do in demonstrating the private use of work vehicles.

The onus is very much on you as the employer to prove that work cars are not used as a perk to retain and attract staff.

Guidelines to consider include:-

The ATO’s increasingly sophisticated tracking method means that there will be many employers who are at risk of an unforeseen tax bill.

Work on your policy for work-related vehicles and make sure you monitor how it is enforced.

We’re here to help if you have any questions.

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Register for our next event…

Tue, 10 Jul 2018 01:57:00 GMT

‘Business Budget to Pay for Your Next Holiday!’

We’re hosting a workshop on how you can reach your personal goals through business budgeting.

You’ll leave with a clear idea of how you can afford that trip overseas or home renovation. Justin will show you a step by step budget plan; a ‘how to’ guide for your personal lifestyle goals.

This event will cost you nothing but an hour of your time, but the rewards will be invaluable.

Join us in the board room over lunch and you’ll leave with a complimentary copy of The Barefoot Investor but more importantly a budget process that will work for you.

Wednesday July 25 – 12:30pm
Limited Numbers. Email alex@cvaccountancy.com.au to register.

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Business Alert at 9:00am with CVA – Trouble Spots for Taxpayers

Tue, 10 Jul 2018 01:32:00 GMT

Over one million taxpayers will be contacted by the ATO as part of its compliance activity. They will be seeking to educate taxpayers on the five most common mistakes found from audits and reviews in previous years.

The top five mistakes according to the tax office include

Kath Anderson, the ATO Assistant Commissioner, said the tax office would be taking a more proactive approach this year in a bid to clamp down on taxpayers who “push the boundaries”.

“This tax time we will be paying close attention to claims for private expenses like home to work travel, plain clothes, and private phone calls. We will also be paying attention to people who are claiming standard deductions for expenses they never paid for”.

If you have any concerns about these claims or others, Justin’s the expert; call us, we’re happy to assist you and answer your questions.

We drew inspiration for this article from Jotham Lian at Accountants Daily.

The post Business Alert at 9:00am with CVA – Trouble Spots for Taxpayers appeared first on Clear Vision Accountancy Group .

Business Alert at 9:00am with CVA

Tue, 03 Jul 2018 06:24:00 GMT

Claiming personal super contributions from 1 July 2017

We know from 1 ^st July 2017, individuals who are employed are now able to claim a tax deduction for contributions made into their superannuation fund. To be able to claim such a deduction for personal contributions, (assuming you’ve satisfied the basic conditions in Subdivision 290-C being age, resident, have taxable income etc) you must give the correct valid written notice of intent to claim a tax deduction to the trustee of the superannuation fund. Your superannuation fund should have already sent you these forms to complete.

Once the trustee of the super fund has received the notice of intent to claim a tax deduction for super contributions, they will reply with an acknowledgement of receipt of the form. It’s this acknowledgment that the ATO will request a copy of as part of an audit. Under the Tax legislation, you need to have received the acknowledgement BEFORE you lodge your income tax return. So when your trustee does send you something, don’t put it in the too hard basket – fill it out or ring Justin to check. It will get your tax refund back in your hand quicker.

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Business Alert – End of Financial Year Payroll for your Business

Wed, 27 Jun 2018 03:09:00 GMT

End of Financial Year Payroll for your Business

Well it’s here again… it’s that time of year where payroll needs to be finalised. Don’t freak out; simply check out our pointers below for an easy, breezy beautiful payroll year end.

1. Finish any pay runs that need to be included in the 2017/2018 financial year. The payment date is key here. If earnings should be included in this financial year, make sure they’re paid with a payment date of 30 June 2018 or earlier.

2. Double check all employees details in your system are updated; addresses, contact details, DOB’s and TFN’s. Check the details of employees who no longer work for you including their end date and current addresses.

3. Reconcile total gross wages paid between the Profit and Loss and PAYG Payment Summaries. When you lodge the BAS for June, make sure the total wages reported on the BAS’s agrees to the PAYG Summary forwarded to the ATO. Doing this now will hold off audit activity later.

4. Complete a PAYG Payment Summary for every individual who has worked for you in the past 12 months; even those who worked for a short time; you will need to complete a PAYG Payment Summary for all. The deadline for this is the 14th of July so don’t put it off. Once you have completed these, don’t forget to complete the Annual PAYG Payment Summary Statement which collates all individuals for your company.

5. Back up your files and store in ‘year’ payroll folder. It’s always a good idea to have your backup stored in a different location to your business.

6. While finalising pay runs, why not send off the SGC payment for the June quarter as well; it’s due 28 July 2018 so it makes sense to do it together.

All done? Congratulations, you’ve crushed it! Bring on 2018/2019.

The post Business Alert – End of Financial Year Payroll for your Business appeared first on Clear Vision Accountancy Group .

Federal Government Give Away

Tue, 26 Jun 2018 04:37:00 GMT

The federal government is giving away money to anyone who makes a non-concessional (after-tax) contribution to their super fund, and who earns less than $51,813 a year for the 2017/2018 year.

The tax-free giveaway is officially called the co-contribution scheme. You receive a tax-free super contribution from the federal government when you make a non-concessional (after-tax) contribution to your super account, subject to you satisfying a work test, an income test and an age test. If you earn less than $51,813 per year, the government can contribute up to $500 to your super account in a year. Depending on your income, the government will pay in up to 50 cents for every one dollar you contribute yourself from your after-tax (non-concessional) income.

Who is eligible?

You need to pass certain basic criteria before you are eligible for a government co-contribution. In 2017/18 you must:

How to apply

Simply advise your accountant before completing your annual tax return and, as long as you meet all the criteria, the Australian Taxation Office will work out the level of government co-contribution and automatically pay this amount into your super.

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Business Alert at 9:00am with CVA

Tue, 19 Jun 2018 05:11:00 GMT

High-net-worth clients are likely to have a superannuation change work to increase their take-home salaries and remove the tax consequences of having multiple sources of income.

Australians earning around the $280,000 mark annually may currently receive superannuation contributions which in aggregate exceed their concessional contributions cap. Clients holding multiple directorships are often in this position.

A bill currently before Parliament looks to correct that, by way of an application to the ATO for an exemption from the superannuation guarantee from 1 July this year.

The application can be made by taxpayers with more than one employer, who expect their income for SG purposes to exceed $263,157 for the financial year. The application will need to be made annually, and at least 60 days before the start of the quarter the exemption will apply to.

The move also opens doors to new salary arrangements. The amount paid by an employer to their affected employee will not be impacted, meaning the employee can pocket the extra 9.5 per cent in the form of regular income.

The bill, introduced in early May, is more than likely going to get across the line, according to KPMG partner Adam Gee.

“I can’t imagine it’s not going to get bipartisan support,” Mr Gee said.

“It’s part of a package that I don’t think there will be too much conjecture over.

“Realistically, all the sector has to do is opt out and provide confirmation to their employer that they don’t wish for contributions to be made, it’s not difficult, and the fund is just a receiver so they don’t need to do anything. There’s a small administrative impact potentially within payroll systems.”

We drew inspiration for this article from Katarina Taurian at Accountants Daily

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Business Alert at 9:00am with CVA

Tue, 12 Jun 2018 06:11:00 GMT

Single Touch Payroll – The dangers for your business.

Single Touch Payroll (STP) aligns your reporting obligations to your payroll processes. You will need to report to the ATO each time you pay your employees, whether that’s weekly, fortnightly or monthly. The information you send the ATO will include your employees’ salaries and wages, allowances, deductions (for example, workplace giving) and other payments, PAYG withholding and superannuation information.

For employers with 20 employees or more you will need to start reporting to the ATO through STP from 1 July 2018 (some extensions have been allowed depending on your payroll software provider). For employers with 20 employees or less, you will need to start 1 July 2019.

So what would help you right now? ‘Boutique Tax Planning’

We strongly recommend reviewing your company’s SGC & PAYG payroll processes to ensure the various types of payments & amounts is correct BEFORE the mandatory change. We are here to help you, so now may be a good time to book a Boutique Tax Plan.

The snags to be aware of as an employer:-

Audit concerns – The Tax Man will have access to even more information to match data and see if all Super Guarantee Charges and PAYG withholding obligations are being met. Errors you make are likely to drastically increase your chances of an ATO audit or review.

Transparency – Employees will be able to view their payroll information and annual payment summary online which will mean more red tape for taxpayers.

Administration – Once an account is established, all tax information like assessment notices etc. will be sent to an online account instead of via post which means you will have more paperwork to do. Not only will you have to keep checking your account, you will also need to email this information to us, your accountant for review.

Make no mistakes – The ATO will be able to match an employee’s superannuation payment to an actual payslip. This means you will need to make sure you are compliant with every payment made to employees.

Systems – Your payroll system needs to be compliant with the new law which may involve additions cost for some employers, particularly ones that do not currently use a software based payroll system.

Cashflow disadvantages – Because information will be given to the ATO in real time; all entitlements need to be met each and every payday.

Planning is your best friend right now. Spend the time now to get prepared and you won’t be panicked down the track. Call our office to set up a time and let us take some pressure off.

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Government Grants for Your Business

Tue, 12 Jun 2018 02:29:00 GMT

The Basics… Government Grants are there to be utilised & if you’ve done your homework, they can really help your business to grow & succeed well into the future.

Three Types of Grants

We’ve had a lot of success for our clients in gaining grants and here’s what we’ve learnt.

Don’t see a government grant as free money. It’s not! Have the need first. Don’t make the mistake of seeing the grant & then try to work out how you could utilize it. First, write a business plan and use it as the tool to identify what you might need to achieve your goals.

With so many types of grants it’s important to know which grant you should apply for. Some grants are competitive which means your proposal needs to be the best it can be whereas others, like the R & D grants are a little easier to apply for.

Our 6 Top Tips to get the Best Results

These are what we believe will get you the best results from your application:

Plan – Have a business plan; know your goals for 12 months – 3 years – 5 years… maybe they include profit increase, new products or expansion… Now seek advice from your Accountant or Finance Advisor & together you can identify what grants would be suitable to help you get there.

End Game – e.g. the digital grant is about employment growth & therefore the Government won’t approve your business for this type of grant if your goal is to reduce the number of employees. This is what we mean by knowing what the end game is… What’s in it for the Government?

Use your advisors – You can lean on your Accountant or look into a specialist grant writer – they both have experience in this area and can significantly enhance your chances of being successful.

Subscription emails – Without these you won’t know when the type of grant you’re interested in is available. Smarty Grants will email you regarding open and close dates so be ready…

Watch your dates – Don’t be late! Make time to work on this process; you don’t want to leave it to the last minute. Some grants are a ‘one-off’ and don’t allow you to apply on a second round.

Competition – The Government is looking for the best results to be achieved. These businesses will win the cash, however DON’T OVERPLAY YOUR HAND , you want to be confident you can achieve the results.

If you’re interested in speaking with us about this or need help with writing your business plan; contact Justin for a one hour consultation and get started straight away.

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Business Alert at 9:00am With CVA

Tue, 05 Jun 2018 03:29:00 GMT

Changes to Annual Payroll Tax

The due date for the payroll tax annual return for 2018 has been extended.

If your gross wage plus super plus benefits for all employees exceeds $1.1 million, you are required to be registered for payroll tax with the Office of State Revenue.

The annual return will be available from mid-June, and must be lodged and paid by Monday the 23rd July 2018.

If you have any questions or would like more information, please contact our office on 07 4688 2500.

Thank you

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12 Month Amnesty for Employers

Wed, 30 May 2018 03:53:00 GMT

The government has announced a one-off, 12 month amnesty period for previous underpayment of superannuation guarantee, predicting tougher penalties in the future once the Single Touch Payroll kicks in fully next year.

Minister of Revenue and Financial Services, Kelly O’Dwyer announced the amnesty will set aside penalties for late payments (which are normally paid to the government) for employers to pay all super that is owed for their employees, including the rate of nominal interest.

The amnesty will run from the 24 ^th May 2018 to the 23 ^rd May 2019.

Single Touch Payroll starts for employers with 20 employees or more as of the 1 ^st July 2018 and the 1st July 2019 for employers with 19 employees or less. Some believe this measure was strategically announced one year out from the full implementation of Single Touch Payroll with the ATO looking at tougher penalties in the future for Superannuation Guarantee non-compliance.

This is a great opportunity for employers to come clean and tie up loose ends however it’s important to be aware that when STP kicks in, the ATO will have up to date real-time data which means they will know who is behind in payments and the penalties will be harsh. So you could say this is the breath before the plunge…. so to speak.

However the amnesty is in play, so use it wisely and make sure you’re not in the firing line come STP time.

We drew inspiration for this article from Jotham Lian at Accountants Daily

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Business Growth Fund Program

Tue, 29 May 2018 01:49:00 GMT

$50,000 to enable your business to grow to the next stage.

This grant program provides targeted assistance for small and medium businesses that demonstrate high-growth and employment aspirations.

You could use this funding to purchase specialised equipment or services to help you grow.

Clear Vision Accountancy Group has already been successful in securing a grant for a project of its own as well as assisting clients securing grants with strong success so we are familiar with the system and application process and we would love to help you.

Find out the guidelines required. We can provide information on:

As well as anything else that’s relevant, plus if you’re not eligible for this grant, there are others so please don’t hesitate to ask.

We would love to assist you in your application to give you the best shot at being successful.

The post Business Growth Fund Program appeared first on Clear Vision Accountancy Group .

Why does my business need a budget?

Tue, 29 May 2018 01:22:00 GMT

We hear this a lot! Often goes along with, “ I can pay my bills and wages – why worry?” or “I do the work, pay the bills and just spend what’s left.”

If this sounds like your approach we offer the following reasons why you should talk to us NOW about getting a proper budget in place for your business or personal situation.

If you need help getting a budget set for your business please contact us to arrange an appointment to discuss.

The post Why does my business need a budget? appeared first on Clear Vision Accountancy Group .

ATO warning on work-related car expense claims

Tue, 29 May 2018 01:12:00 GMT

The ATO has announced that it will be closely examining claims for work-related car expenses this tax time as part of a broader focus on work-related expenses.

The ATO is particularly concerned about taxpayers claiming for things they are not entitled to, such as private trips, trips they didn’t make, and car expenses that their employer paid for or reimbursed.

Assistant Commissioner Kath Anderson said more than 3.75 million people made a work-related car expense claim in 2016-17, totalling about $8.8 billion. Each year approximately 870,000 people claimed the maximum amount under the cents-per-kilometre. The ATO is concerned that some taxpayers mistakenly believe that this is a “standard” deduction they are entitled to, without needing to provide any evidence of having travelled that distance, or even having undertaken any travel at all.

The Assistant Commissioner said that the ATO’s ability to identify claims that are unusual has improved due to enhancements in technology and data analytics.

Kind regards

Justin Searle CPA B.Bus AICD

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Extending the $20,000 immediate write-off for small business

Wed, 09 May 2018 04:26:00 GMT

Changes affecting business taxpayers

Extending the $20,000 immediate write-off for small business

The Government will extend the $20,000 immediate write-off for small business by a further 12-months to 30 June 2019 for businesses with aggregated annual turnover less than $10 million.

Small businesses will be able to immediately deduct purchases of eligible assets costing less than $20,000 first used or installed for use by 20 June 2019. Only a few assets are not eligible (such as horticultural plants and in-house software).

Assets valued at $20,000 or more (which cannot be immediately deducted) can continue to be placed into the small business simplified depreciation pool (the pool) and depreciated at 15% in the first income year and 30% each income year thereafter. The pool can also be immediately deducted if the balance is less than $20,000 over this period (including existing pools).

Further to this, the current ‘lock out’ laws for the simplified depreciation rules (preventing small businesses from re-entering the simplified depreciation regime for five years if they opt out) will continue to be suspended until 30 June 2019.

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Budget 2018 / 2019 Personal Income Tax Changes

Wed, 09 May 2018 04:22:00 GMT

Personal Income Tax Plan

Targeted tax relief to low and middle income earners

The Government will introduce the Low and Middle Income Tax Offset, a non-refundable tax offset of up to $530 per annum to Australian resident low and middle income taxpayers. The offset will be available for the 2019, 2020, 2021 and 2022 income years and will be received as a lump sum on assessment after an individual lodges their tax return.

Protecting middle income Australians from bracket creep

The Government has proposed the following changes to the personal income tax rates:

The post Budget 2018 / 2019 Personal Income Tax Changes appeared first on Clear Vision Accountancy Group .

Budget 2018 / 2019 Changes affecting Business Taxpayers

Wed, 09 May 2018 04:17:00 GMT

Changes affecting business taxpayers

Removing tax deductibility of payments where withholding obligations have been disregarded

From 1 July 2019, businesses will no longer be able to claim a deduction for the following payments:

Expanding the contractor payment reporting system

The contractor payment reporting system was first introduced in the building and construction industry and extended to the cleaning and courier industries from 1 July 2018. Under the contractor payment reporting system, businesses are required to report payments to contractors to the ATO. This brings payments to contractors in these industries into line with wages, which are reported to the ATO.

Extending the $20,000 immediate write-off for small business

The Government will extend the $20,000 immediate write-off for small business by a further 12-months to 30 June 2019 for businesses with aggregated annual turnover less than $10 million.

The post Budget 2018 / 2019 Changes affecting Business Taxpayers appeared first on Clear Vision Accountancy Group .

Budget 2018/2019 Superannuation related changes….

Wed, 09 May 2018 03:27:00 GMT

Exemption from the work test for voluntary contributions

From 1 July 2019, the Government will introduce an exemption from the work test for voluntary contributions to superannuation, for people aged 65-74 with superannuation balances below $300,000, in the first year that they do not meet the work test requirements. Under current law, the work test restricts the ability to make voluntary superannuation contributions for those aged 65-74 to individuals who self-report as working a minimum of 40 hours in any 30 day period in the financial year.

The work test exemption will give recent retirees additional flexibility to get their financial affairs in order in the transition to retirement.

Capping passive fees, banning exit fees and reuniting small and inactive superannuation accounts

From 1 July 2019, the Government will introduce a 3% annual cap on passive fees charged by superannuation funds on accounts with balances below $6,000 and will ban exit fees on all superannuation accounts. The Government will also strengthen the ATO-led consolidation regime by requiring the transfer of all inactive superannuation accounts where the balances are below $6,000 to the ATO. The ATO will expand its data matching processes to proactively reunite these inactive superannuation accounts with the member’s active account, where possible.

Three-yearly audit cycle for some SMSFs

From 1 July 2019, the Government will change the annual audit requirement to a three-yearly requirement for SMSFs with a history of good record-keeping and compliance. This measure will reduce red tape for SMSF trustees that have a history of three consecutive years of clear audit reports and that have lodged the fund’s annual returns in a timely manner.

The post Budget 2018/2019 Superannuation related changes…. appeared first on Clear Vision Accountancy Group .

Meet Alex and Alexandra

Tue, 17 Apr 2018 01:49:00 GMT

Alexandra’s background includes working as a Bookkeeper in Europe before an Office Management role in Sydney. She moved to Toowoomba a couple of years ago with her family and is really enjoying her role at Clear Vision Accountancy Group.

Alex’s background is essentially sales. She worked in the Travel Industry for many years before becoming a Director of her own company. Alex moved to Toowoomba from Brisbane 10 years ago and has never looked back. Alex started with Clear Vision Accountancy Group 6 months ago and is loving the new challenges it brings.

This is all well & good but let’s keep it simple. This is what you need to know about us.

Similarities

Differences

But most importantly we are here to assist you.

The post Meet Alex and Alexandra appeared first on Clear Vision Accountancy Group .

How powerful is the ATO?

Tue, 17 Apr 2018 01:22:00 GMT

ABC News has an interesting article about the ATO which states the Australian Tax Office has been described as one of the most powerful institutions in the country.

And if you didn’t watch Four Corners last week, you may be interested to hear about a joint investigation by Four Corners and Fairfax Media which has exposed disturbing behavior within the Tax Office, sparking calls for more oversight and accountability.

The ATO has extraordinary powers and when it makes mistakes, it can destroy small businesses and livelihoods, states ABC News.

Here are a few eye opening, jaw dropping facts you may not know:

If you want to protect yourself now you may want to consider Audit Shield Service. You may not be targeted but if you are, wouldn’t it be comforting to know that in the event that you are subject to an audit, enquiry, investigation or review in relation to your lodged returns, if you participate in our Audit Shield service you will be covered for the professional fees associated with the response process (up to a prescribed limit). It’s basically giving you peace of mind.

To find out how call us on 07 4688 2500.

You can read more about it at www.abc.net.au

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Cash Flow Need Improving?

Wed, 05 Jul 2017 00:53:00 GMT

The way cash flow is managed in different businesses varies wildly. Some do it well, some do it poorly, some spend a lot of time on it, others barely consider it. But amongst all of these businesses one thing is true: cash flow is the lifeblood of your business.

At CFO Now and Clear Vision Accounting Group we believe everyone can probably improve their cash flow, not matter how good it is now, and reap the rewards of a more profitable and well run business.

Here are five top tips for improving how your cash flow is managed:

Don’t leave it to the first or second invoice to try to set your new client or customers’ expectations. Get in early and have a frank and clear discussion about your mutual expectations. Make it clear what your credit and payment terms are and if you do provide some flexibility make sure everyone understands how that works. No need to be aggressive with your new customer but in the long run everyone will benefit from certainty around invoices and payment.

Don’t treat your terms and conditions as just some fineprint or “boilerplate” that no-one every reads and needs to know about. This is your legal contract with your customer and will become very, very important if you need to enforce the contents. Make sure you get your terms and conditions checked by a lawyer on a regular basis, the law changes, and as a minimum they should include:

If you want your invoice to get paid it helps if they are easy to understand, well structured and absolutely accurate. Anytime your client receives an invoice they don’t understand or one that has an error it reduces their confidence in you and increases the chances that the invoice just won’t get paid promptly.

Timely invoices are also important. The longer the gap between the service or product received and the invoice the higher the chance your customer will start to undervalue what they have received. There are a lot of choices now for payment options. It may not suit your business to offer them all but you need to be flexible and try to provide the options that your customers are looking for.

If you have a lot of small debtors it might be impossible to keep across how each of them are doing or to do a credit check on them. But if you have a smaller number of customers with large individual invoices it might be worth looking into a credit bureau like CreditorWatch so that you can:

There is a fine line between badgering your customers and efficient, professional credit procedures. But there is also a fine line between relaxed credit procedures and bankruptcy!

If you’ve set the right expectations your customers shouldn’t be concerned by friendly reminders when an account is close to becoming overdue. The longer you leave it, the less chance you’ll eventually get paid.

Make sure your credit procedures include a quick phone call to your customer the day after payment falls due. And also ensure you record any agreements made for extensions of time to pay.

Need help?

If your cash flow and credit management procedures need an overhaul to improve business profitability give Clear Vision a call or consider how the ongoing service CFO Now offers might be what you need to give your business the edge.

Content based on an original article by CCIQ

The post Cash Flow Need Improving? appeared first on Clear Vision Accountancy Group .

Business by design Part 5: The more you sell the more you make…not always!

Thu, 02 Mar 2017 01:18:00 GMT

The ASIC publication about factors that influence the success or failure of a business that I’ve been referring to in recent articles makes particular mention of trading losses. 34% of businesses cite this as a reason for why they didn’t succeed.

Now you might be thinking, well that’s pretty obvious, if you don’t make a profit you won’t survive…but really it raises a number of issues about why was the business not trading profitably?

The first of these I’d like to address is profit margin. Or understanding how much profit is actually involved in each product or service you sell.

Getting a handle on this is critical for your business. Here are some quick tips and ideas for you to think about.

These are just a few ideas that you might consider to improve your trading profit or loss. We invite you to contact Clear Vision for more ideas that are specific to your business. You might also wish to consider our recently CFONow.com.au service and the incredible benefits your business can enjoy when you harness the power of a Chief Financial Officer without the overheads of a full-time employee.

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Business By Design Part 4: Why you do it, not how you do it!

Tue, 29 Nov 2016 22:07:00 GMT

Ever wondered why some businesses seem to inspire loyalty, achieve amazing results and grow exponentially while others lanquish, have trouble selling their products and ultimately disappear?

In recent blogs we’ve discussed some of the bottom line issues for poor business performance including cashflow issues and lack of strategic direction but this time I want to talk about your “why” and how that may be impacting your success in business, in your personal life and in how you lead others.

According to Simon Sinek, the fundamental difference between high flying companies like Apple and pretty much everyone else is that they start with “why.”

To explain this concept Sinek has developed what he calls the “Golden Circle”. The golden circle has three layers:

What Sinek suggests, and what you’re probably starting to realise, is that most companies spend all their time focussing on the How and the What and no time on the Why.

The success of many of the world’s most outstanding companies is that they understand their Why and they are successful in communicating it to their target market and customers.

It seems the average consumer connects far better when making a buying choice with a company that demonstrates a passion for Why the provide a particular service or product than a company that only communicates its What or How.

Sinek also suggests that the same principle can be applied to our personal lives and our work. If you don’t know Why you do what you do you may never love what you do and be great at doing it.

You can find Sinek’s original TedTalk outlining the idea here . I strongly encourage you to take the time to watch it.

And if you’d like someone to talk to about developing the Why in your business please give me a call.

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Business by Design Part 3: It’s hard to find success without a map

Tue, 01 Nov 2016 12:53:00 GMT

Strategic Management. Not the most exciting way to kick off a business article and an area that many, many business and business owners like to ignore.

From the one person, home based business through to massive international corporations there is practically an epidemic of people failing to undertake genuine strategic management of their business.

So it’s no surprise that the most recent ASIC report on corporate insolvencies tells us that “poor strategic management” was cited by 42% of businesses as a reason for their failure.

Just to clarify here…we don’t just mean that the business was poorly run or managed. This is not day to day operations, this is big picture, what’s our vision, where are we going and how are going to get there stuff.

So 42% of failed businesses, which were probably run by people just like you and I, people who loved what they do and worked hard at it, failed because they didn’t stop and really work out a map for the future success of their business.

So how is the strategic management in your business??? When was the last time your management team got out of the office and really refined your strategy??? Then, most importantly, did you come back to the office and implement changes to follow that strategy?

Not giving the answers you’d like? So how do you fix it?

If your answers to last few questions aren’t what you would like them to be – don’t worry, it’s never too late to get things on track.

Some quick tips we recommend:

Don’t wait, get help!

This epidemic of poor or non-existent strategic management is one of the reasons that I am so committed to working with clients on their strategy as well as their day to day financial position.

If you need help with your Strategic Management then Clear Vision is here to help.

We have a range of services and programs that assist businesses in this area.

The post Business by Design Part 3: It’s hard to find success without a map appeared first on Clear Vision Accountancy Group .

Business by design Part 2: Cashflow – lifeblood of a successful business

Tue, 27 Sep 2016 04:10:00 GMT

ASIC’s business insolvency statistics suggest that inadequate cash flow or high cash use is the most often cited reason for a business failure.

So does that just mean they didn’t make enough money? Or they couldn’t sell enough products or services? Not necessarily.

Designing a successful business and achieving good cash flow is a lot more than just trying to sell as much of whatever product you have as possible.

At its simplest cash flow is just the movement of money in and out of the business. But successful cash flow management involves knowing how the money moves, when it comes in, when it goes out and when potential problem times will arise.

So choosing the business by design approach what proactive steps should we take with cash flow:

Work to your peaks and troughs

Knowing your business has peaks and troughs in cashflow but just pressing on and hoping the troughs don’t get too deep at the wrong time is a recipe for disaster. Work with your accountant or chief financial officer to understand how cash flow varies in your business. Everyone is unique. If you can, design payments for peak periods and minimise expenditure during the troughs.

Talk to your bank

Your bank wants you to succeed. Get them on board by making sure your advisor knows exactly what cash flow means for your business. Will money get tight at the end of each month? Does it fluctuate with a few big sales during the year so you may need to increase an overdraft in the dry periods? The more you talk to, and work with, your bank the better value you’ll get from this relationship.

Pay with what you have…not what you hope to have!

Many business owners are overly optimistic about future sales and also too eager to pay out creditors or invest in new projects when the money just isn’t there yet. Avoid extending a line of credit or putting the squeeze on cash flow when you can simply delay the expenditure until you have the money actually to hand.

Invest in good advice

Clear Vision loves talking about cash flow. Particularly when clients want to take proactive steps to managing and improving it. Whether it’s us or someone else the value of good advice, sought early, to the success of your business is immeasurable. We’ve seen hundreds of different business models. We’ve seen them succeed and unfortunately we’ve seen them fail. Invest in good advice and you’ll benefit from that experience to maximise your chances of success.

Don’t spend what you already owe

The delay between when money comes into a business and when you have to pay your GST and PAYG instalments causes problems for many businesses. The right advice can keep these payments to the legal minimum but eventually the tax man must be paid. Whether you simply keep some aside from every sale or design your cash flow so you can dedicate receipts at a particular time to tax payments you need to be ready.

The post Business by design Part 2: Cashflow – lifeblood of a successful business appeared first on Clear Vision Accountancy Group .

Business by Design: Beating the Odds!

Wed, 31 Aug 2016 07:12:00 GMT

Key elements of successful businesses – why building a business by design is the key to your success

I’m personally a strong believer in the principle of business by design . That’s because I’ve seen examples time and time again of successful businesses that are created by careful design of each element of the business. And in the opposite case, I’ve seen many otherwise viable businesses fail simply because they left large parts of their business to chance, rather than creating a business by design.

This series of articles will be addressing the key reasons why most businesses, primarily small to medium enterprises go out of business. And help you to understand how to design your business to avoid these problems and succeed!

Part 1 – Beating the odds!

An article I read recently cited ASIC data which indicated that more than 60 percent of small businesses cease operating within the first three years of starting. That’s a pretty daunting figure if you are thinking about starting a business.

Let that sink in for a minute – LESS THAN HALF SURVIVE BEYOND THREE YEARS!

Of course, not all of those that cease trading are financial failures or disasters for their owners. Many businesses transition into other businesses, owners find that working for themselves is not what they’d hoped and some get acquired by other businesses.

But what about those that do fail? What is it that pushes them under? What leads to the demise of what may have been a long held dream of the business owner?

And most importantly, how can we learn from these failures and design a business that will succeed?

That same article provided some further data from ASIC around corporate insolvencies and the recorded reasons for the business going under. These included:

Already there is a pattern emerging here. Sometimes a business is simply just a bad idea or there isn’t a genuine market for the product or service – but quite often the issue isn’t with the business idea – it’s with how the business is managed and designed.

Being the world’s greatest carpenter, dentist, builder or chef doesn’t guarantee you a successful business if you get the management and finances wrong.

Another issue identified was simply a lack of capital. Many businesses need a significant investment to reach critical mass. Without that, they may never thrive.

Other issues include:

We have a variety of articles on this website to help you address each of these common causes of failure so that your business thrives and doesn’t become part of ASIC’s insolvency statistics!

The post Business by Design: Beating the Odds! appeared first on Clear Vision Accountancy Group .

June News

Thu, 09 Jun 2016 06:27:00 GMT

Karen has officially returned to work after having almost 12 months off after having her 2nd child. Karen will be working 2 days a week and can’t wait to catch up with all her clients again.

Teneille was back in Toowoomba last week and found the cold a little hard to deal with after the sunshine of Cairns! Teneille resides in Cairns permanently now and works externally – a testament to how far technology has come when you can work from over 1600kms away!
Who wouldn’t want to be in Cairns now that winter has finally hit Toowoomba??

Kwickie is a video messaging app that brings fans and their friends closer together. Simply record a short video message and send to your favourite friend, fan and celebrity. Once they have responded, your Kwickie is complete and ready to be shared with the world.

Through AMMA you can be part of Kwickie. AMMA Member Accounting Firms and Existing Investors from other AMMA projects have requested they are provided a Priority OFFER for new Projects such as Kwickie, rather than hear about an investment opportunity after early rounds and prices have already closed.

SERIES B has opened recently at $0.50 share for $5.0M. As of today $3.6M has been secured and in the last 30 days (it is expected SERIES B will be complete in next 14 days).
If you want more information on Kwickie contact Justin Searle today.

We had so much positive feedback that we have decided to do the same this year. Lifeline will be selecting a local Toowoomba family that we can donate vouchers from Browns Office Choice for their Back To School list.

If you want to help us help a local family contact us on how to make a donation.

Do you have a small business? Are you contemplating purchasing assets to help your business grow?

Small businesses can now claim an immediate deduction on their next tax return for depreciating assets that cost less than $20k. Assets can be purchased new or second-hand but must be used in the business for an income-producing purpose.

For assets that cost $20k or more group them into what is known as a small business pool. 15% can be claimed of the pool in the first year tax return and 30% of the pool in each year after that. If the balance of the business pool falls under $20k (before 15% or 30% deduction) claim this amount in full as a deduction in the tax return.

For more information on how to make this new ruling apply to your business call us today.

Office for Rent…
Do you or someone you know need some office space? We have 2 offices (or can be made into one very large office) available for rent now. Offices are partly furnished with desks and chairs, with a communal kitchen. Reasonable rates with separate utilities, air conditioning, 1 on site car park as well as client parking.

Phone Justin for more information on 07 4688 2500.

The post June News appeared first on Clear Vision Accountancy Group .

Why taking a break is a good idea.

Fri, 13 May 2016 06:18:00 GMT

Most small business owners work many months in a row at 70- to 80-hour work weeks and many are doing the business. As business owners we often hit a wall and sometimes we don’t even know it. We become that cranky boss more days than not. The trouble is this kind of work pace is unsustainable. Creativity suffers, resilience falters and one’s sense of accomplishment plummets. You fail to come up with new ideas or motivating yourself to work through those tough parts on assignments. You develop a general feeling of being less engaged in your work. You need a break.

About 31 percent of entrepreneurs work at least 10 hours a day, and 15 percent work every day of the week, according to a Discover Small Business Watch survey. The poll also found that 59 percent of respondents define a day off as being available for calls and emails, or working at least part of the day.
Taking time out from work to reboot your life is not just a new and enduring trend; it’s a necessity in our stress-ridden world,” write Catherine Allen, Nancy Bearg, Rita Foley and Jaye Smith, the co-authors of “Reboot Your Life: Energize Your Career & Life by Taking a Break.”And how, exactly. It starts with good business planning. Building a business model that allows you to take time out is possible for most businesses. It’s just a case of finding that help and working through the challenges. But don’t forget, the planning and implementation doesn’t happen over night – sometimes it takes many years.

Simple steps you can take yourself:
Take an hour at your favourite coffee shop, or park just to think deeply about when a break makes sense for you, and how you’re going to make it happen.
There’s no once size fits all solution for every business owner, since needs can vary so much across industries. But some things are true across the board — like writing your goals down to help crystallize and clarify next steps. Why do you want to take time off? When would you take it? Would someone step in to take care of business while you were away, or would you notify customers and clients that the business would be closed?

In some industries, these questions are easily answered – like the building industry where it’s considered the norm to take 4 weeks off from work at Christmas but time off outside this could result in you losing contracts or work flow. Or the accounting industry where it’s expected the office will be closed for 2-3 weeks at Christmas.

Great business owners can turn their business over to a capable No. 2 to run the day-to-day operations during the reboot break. When looking for your No. 2, identify the critical bits of the business that need covering. Whether it’s technical skill, computer IT speciality stills or know how to service customers, listen and solve problems.

The last point, communication is extremely important — especially if you want to make the most of your time off.

– Document your critical processes that you normally do for those who will be supporting you. Don’t forget to include the KPIs.
– Finished as many business issues, when possible
– Prepare your backup for anything that may come along, such as new business
– Let everyone know important contact information, including that of the business advisors, technical support and maintenance people.

The post Why taking a break is a good idea. appeared first on Clear Vision Accountancy Group .

Do you have an exit strategy?

Fri, 06 May 2016 05:32:00 GMT

Even the most successful business can fall short when it comes to finding an exit strategy for its owners.

Businesses that have been proven money makers over many years, that may have comfortably supported you and your family, can be surprisingly difficult to sell for an amount that will support your retirement plans.

That’s why Clear Vision works with its clients, often many years in advance of retirement, to work out a clear and financially viable exit strategy.

We can help you work out the true current value of your business and provide advice and guidance on what you can do to maximise that value and make it an attractive and viable option for a new owner.

We can also help you identify the right way to transition out of your business. In many cases a simple sale to an outside party may not be the best option. Internal or family options, often progressively acquiring their interest, may be far better for you and the new owner.

We can also help you develop your assets and investments outside the business as you work towards your exit strategy.

Talk to Justin Searle for more information if you need help formulating your exit strategy.

The post Do you have an exit strategy? appeared first on Clear Vision Accountancy Group .

Starting a New Business – Make a Plan

Thu, 28 Apr 2016 05:02:00 GMT

To get the plan right do your research first. Gather as much information as you can about structures, markets and marketing, costs, competitors and anything else that may influence your business plan.

Work out what sort of plan you need. Is it just for you so might not need as much data and may be more inspirational or is it for a financier and so numbers, dollars and details are critical.

Even with professional advice, remember that you may be working with estimates when the business is new and untested.

Review regularly. As your situation changes, you start trading and you learn more be prepared to keep adapting your plan to keep it relevant.

There are templates you can find online to help or talk to someone like Clear Vision Accountancy Group who understand businesses and what’s required to get them up and running profitably.

The post Starting a New Business – Make a Plan appeared first on Clear Vision Accountancy Group .

Business by Design

Fri, 22 Apr 2016 01:16:00 GMT

Nobody would consider starting to build a house or a bridge without first working out the design – thinking about how it will look, what it will be made of, how it will all fit together. So why do so many of us run our businesses without any thought to design?

The Business by Design is a message I’ve been increasingly reinforcing to my clients in the last 12 months and one you’ll continue to see as an integral part of how Clear Vision works with its clients.

The days of starting a business “to see how it goes” or running a business and “hoping for the best” when it comes to structure, profits and your lifestyle are a thing of the past. The modern business landscape is changing fast and we need to picture and plan for our future, and how our business fits into it, or we’ll all be left behind.

But what does Business by Design mean for Clear Vision and its clients?

For Clear Vision, Business by Design is a representation of how we work with you and what the future of accountancy and business advisory services will look. It’s about working proactively with our clients instead of sitting back and waiting for tax returns and general business questions. It’s about working with our clients to identify personal and business goals then setting out a plan to achieve those goals. We help you answer the questions: “What do I want my business to look like? And how do I achieve that?”

For our clients, Business by Design is about taking charge of your future. It’s about moving past the idea that just working harder and doing more hours will help your business thrive, grow and be profitable. It’s about taking the time to really understand what you want personally, how that shapes what your business needs to look like and then how to achieve that. All with Clear Vision beside you helping get it done.

Whether you’re an existing client of Clear Vision Accountancy Group or not we can work with you and help you build a Business by Design. It also doesn’t matter whether your business is yet to be born, is relatively new or has been around for years – there is always the opportunity to work positively towards how it will look in the future.

The post Business by Design appeared first on Clear Vision Accountancy Group .

Starting a new business: Finance Part 2

Tue, 19 Apr 2016 00:06:00 GMT

Last time we talked about the importance of having a clear business plan and understanding how finance works when you are hoping to borrow money to start your business. This week we cover some other tips you might want to consider so your bank looks on your application favourably.

Come prepared
Nothing says well organised, professional business owner like meeting preparation. Make sure you know exactly what your bank will want to discuss and what documents they will need to see. And have them with you!

Shop around
While lending may be tighter now than it has in the past it’s still worth shopping around. The bank you’ve been with as a wage earner might not suit you as a business owner.

The post Starting a new business: Finance Part 2 appeared first on Clear Vision Accountancy Group .

April Newsletter

Thu, 14 Apr 2016 06:47:00 GMT

We hope everyone had a fantastic Easter and a great break! Did you know it was Qlds first zero Easter road toll for 20 years – something worth celebrating!

What are everyone’s thoughts on the new mascot for the 2018 Commonwealth Games? Borobi (indigenous word for Koala) is the surfing koala – something we will all see quite a lot of in the next couple of years. The 2018 games are to be held on the Gold Coast, with some events in Brisbane. What a fantastic opportunity to see some of Australia’s finest athletes compete!

Fringe Benefits Tax Time..
March 31 was the end of the FBT year and we are asking all clients with work vehicles to note their Odometer reading. Last week all clients with work vehicles were emailed a Fringe Benefits Tax Questionnaire. Please fill in the details and return, so these can be lodged with the ATO. If you did not receive an email and think you should have please contact our office and one can be emailed or posted to you. Remember if you have any questions regarding your FBT Justin and Paul are happy to help.

Office Gossip…
Nicole and her family have just returned from a week away at Sawtell – just south of Coffs Harbour. The kids went fishing and although a lot of bait was “lost” a few fish were caught. Not quite big enough for the BBQ but lots of fun just the same!! Karen is returning to CVA at the end of May after having her second baby. She will be working part time and is looking forward to catching up with all her clients.

Global Business Camp News…
Justin has recently returned from another hugely successful Global Business Camp. Justin and his clients received fantastic business coaching along with an amazing presentation by Steven Bradbury – Australian Olympic Gold Winner. Steven’s determination to win and never give up attitude won him a Gold Medal – something we can all learn from. If you want more information on these camps and how it can help your business call Justin today.

Guvera Signs up Mumbai Indians!
Guvera has become the official music streaming partner of the IPL team Mumbai Indians for 2016.
Breaking into the Indian market has been an important goal for AMMA and the strategic importance of this is a massive step in the right direction and will really put Guvera on the map in this cricket mad nation!

Rules of Redundancy..
Whilst business is booming, making money is easy, and life is good. Suddenly, things take a turn for the worse and letting staff go is the only way to make ends meet. When this time arises, do you know enough to navigate the list of complex requirements? A redundancy is genuine if you no longer require anyone to perform a role which an employee currently holds. This can occur due to operational requirements of the business such as: restructure; downsizing; outsourcing; or, the closing down or sale of the business. I need to reduce my team of five sales employees to three as a result of economic downturn affecting the business. What rules are there to follow when choosing who will remain employed and who will become redundant?
There are a few ways to select which employees will be made redundant during a downsizing process. The most fair and reasonable way to select which employees will be made redundant is through a skills matrix. When selecting employees, it is important to link your decisions with the operational requirements of the business. The selection criteria should be objective, non-discriminatory, and consistently and fairly applied.
Best practice would be to map all of the affected employees on a matrix, against a series of selection criteria to clearly see which employees best suit the requirements of the business moving forward. Examples of possible selection criteria to use in your skills matrix would be:
• Required skills: relevant experience, training, qualifications
• Productivity levels (using objective, quantifiable records): sales data, daily production rates
• Performance-based (be careful as this can get subjective; it is important that performance based selection is still closely linked to skills and productivity)
Remember: termination for redundancy can only occur where the job is genuinely no longer required by the business; it should not be used as a way to deal with concerns about an employee’s performance or conduct.
If you need more information on any of this please contact Justin on 07 4688 2500.
Information supplied by CCIQ.

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Starting a new business: Finance Part 1

Tue, 29 Mar 2016 05:02:00 GMT

Securing finance can be the one major impediment to many people starting their dream business. It’s especially tough borrowing for a new business because providing proof that you can repay the loan may be hard. But there are things you can do to ensure you get as favourable a reception from the bank as possible.
Prepare your plan
In a future edition we’ll provide some tips on preparing a business plan that will help you can finance. But for now you should know that a well thought out, researched and professional business plan will be a big influencer for a financier. Especially when it comes to the facts and figures in the plan. Expected profit, expenditure, set up costs are all critical and the sort of detail Clear Vision can help you prepare.
Understand how finance works
Do you need the money in a lump sum upfront or over time? How much can you afford to borrow and repay? Will your debt fluctuate up and down or simply be paid down gradually over time? What assets or non-business equity do you have to secure your borrowings? What type of business accounts will you require in conjunction with the borrowings?
Next week we’ll discuss other tips for securing finance.

The post Starting a new business: Finance Part 1 appeared first on Clear Vision Accountancy Group .

A new business – am I ready?

Fri, 18 Mar 2016 03:52:00 GMT

If you’re currently an employee of a business there is a pretty good chance, at some point, you have considered starting your own business. Whether it’s a great idea you want to try, a desire for freedom or a need to build a secure future for your family that drives you the appeal of running your own business is undeniable.

But are you ready? We’d recommend you contact Clear Vision if you’re considering starting a new business and we can walk you through the key issues and provide the guidance you need to get up and running.

But before that you should consider the answers to the following questions:

Consider these questions then give Clear Vision a call and we’ll get you ready for business!

The post A new business – am I ready? appeared first on Clear Vision Accountancy Group .

Starting a new business: But what structure should I have?

Mon, 14 Mar 2016 04:51:00 GMT

When starting a business it’s very important to choose the business structure that best suits your needs.

The four business structures commonly used by small businesses in Australia are: sole trader, partnership, trust and company.

The structure you choose may affect things like the tax you are liable to pay, asset protection, ongoing business costs, and dealing with your clients.

Typically, costs and complexity increase as you move from a sole trader to a partnership to a company or a trust. On the other hand the flexibility achieved from a trust and company structure when it comes to tax time might outweigh the cost and complexity concerns.

If you’re not sure which structure to choose, you should talk to an expert, such as an accountant or a solicitor. You may even ask these two advisors to discuss the issue together to arrive at the ideal recommendation for your situation.

This is one time when you shouldn’t put off seeking advice. Starting out with the wrong structure can greatly hinder the future growth and operation of your business and prove costly to change if you’ve been operating for some time.

Call Clear Vision for a preliminary meeting to discuss how you might structure your new business.

The post Starting a new business: But what structure should I have? appeared first on Clear Vision Accountancy Group .

Fringe Benefits Tax Time Again!

Thu, 10 Mar 2016 22:56:00 GMT

The post Fringe Benefits Tax Time Again! appeared first on Clear Vision Accountancy Group .

Business Improvement – It’s Not Just About More Money!

Thu, 03 Mar 2016 05:10:00 GMT

When Clear Vision works with clients to set a clear strategy for their business a key part of the process is to determine the true goals of the business owners. This is also something we work through in detail at the annual Global Business Camps we attend with clients.
If you don’t think too deeply or you haven’t run your own business you probably think a business improves, or is more successful, simply if it makes more money.
Money can’t buy happiness but it can buy lots of other stuff right? That may be true but what it can’t buy you is more time and a better quality of life both inside and outside your business.
If we ask any of our clients to write down the top 5 things they want when planning for the future of their business we almost always get something like “quality of life”, “more time with family” or “less stress”.
That’s why Clear Vision offers services that reduce the amount of stress and financial management work of our clients. It’s also why we actively plan for our clients to win back their time from their business.
Don’t get us wrong, we can definitely help your business be more profitable but we also understand that your true motivation might be something a little different.

The post Business Improvement – It’s Not Just About More Money! appeared first on Clear Vision Accountancy Group .

One page business plan

Fri, 26 Feb 2016 04:50:00 GMT

We all know we should be doing a business plan. But we also know that 20 or 30 pages of detail is a daunting task to put together and who is going to read it anyway?

Reality is, we all should be planning in our business. Everything from the strategic level to the daily tasks can be better planned to help steer the business in the right direction and help us achieve our end goals. Yet 99% of businesses don’t have any planning – why?

The main reason is that most business people are great at what they do whether it’s building, driving, filling teeth but when it comes to business planning they don’t know where to start.

So, I’ve taken some tools (with permission) from Verne Harnish, a world renowned business growth strategist, built up my persona skills and knowledge in this area and completed a 1 page business plan.

So what’s different about this plan?

A 30 page business plan can be prepared, in detail, with lots of market research and once completed will sit nicely holding the bottom drawer in place. It doesn’t become a workable document on a monthly or weekly basis used to keep the captain focused and steering the business to the end result. It’s too big, too cumbersome and because of the investment involved nobody wants to change it or review it again once it’s complete.

In contrast, a 1 page business plan is designed to have the key goals, visions, targets, key performance measures and actions all on 1 page. This page gets put up in a place the business owner sees every day. Sometimes it needs to be in several spots. As a focused business owner, when you walk past this document, you will glance and linger and this will help you maintain your focus more often on the end goal – the BHAG .

Don’t get me wrong – the market research and detail is critical. But we don’t want to become so bogged down in the detail and specifics that we can’t see the most important, most immediate goals.

If you are interested in setting up a 1 page business plan, please contact me. I’ll email you the Verne Harnish template and we can discuss how Clear Vision Accountancy Group can help you get your 1 page business plan started, prepared, finished and on your wall.

The post One page business plan appeared first on Clear Vision Accountancy Group .

GLOBAL BUSINESS CAMP 2016 INVITATION

Mon, 15 Feb 2016 00:06:00 GMT

Seats are filling up fast to join Justin at the 2016 Global Business Camp on the Gold Coast.

Starting on the 14th March and finishing on the 16th this year’s camp is held at the QT on the Gold Coast.
Global Business Camps will show you how to increase your business’s profit and value but NOT at the expense of your quality of life. They will give you the tools to manage and grow your business instead of just working in your business.
WHY ATTEND?

Global Business Camps run intensive 3 day business programs designed to help small to medium enterprises grow their business and create lifestyle for their owners.
They can help you with:
• How to make your business better than your competitors
• How to make your team more productive
• How to improve your profits, my lifestyle, and realise the value of your business as an asset.
Contact Justin today on 07 4688 2500 if you think this is what your business needs!

The post GLOBAL BUSINESS CAMP 2016 INVITATION appeared first on Clear Vision Accountancy Group .

Increasing sales without spending a lot

Wed, 10 Feb 2016 03:11:00 GMT

Clear Vision spends a lot of time coaching business owners on how to increase their profit margins.

Making more sales will improve the bottom line…so long as you don’t spend too much to achieve that extra income.

Here are some quick tips for increasing sales that won’t cost you much.

Focus on top customers

Your top customers are probably also your best advocates and those most likely to refer new customers. Keep them happy and feeling appreciated with special offers, early product access and VIP programs. And most of all, exceptional service. What they say about you to others can have far reaching impacts on your business.

Customise your sales pitch

Remember that every client and potential client is unique and wanted to be treated that way. Take time to let them talk, listen and understand their needs so when you make your offer you are more likely to tell them what they want to hear.

Keep the personal touch

Depending on the type of business you run this can be hard to do. But it’s worth the effort even if it’s only a few customers that you get to know and keep in regular contact with.

The post Increasing sales without spending a lot appeared first on Clear Vision Accountancy Group .

Don’t assume the best.

Thu, 04 Feb 2016 03:46:00 GMT

The news is filled with stories of calamity for individuals and businesses alike. Fires, disasters, legal action and other unexpected occurrences can ruin lives or stop businesses in an instant. Often these news stories inevitable conclusion is something like – “They were uninsured….”.
When it comes to insurance coverage for you, your family, your income and your business we have just one message at Clear Vision. Hope for the best, but be prepared for the worst.
For those new to business when money is tight getting the right insurance coverage can seem like an unnecessary extra cost. But just because your new business might not have many assets in the early days it doesn’t mean you aren’t at financial risk if something goes wrong.
We strongly recommend all of our business clients seek the advice of a professional insurance broker to get the right coverage for their business. And similarly with our individual clients, the right insurance can help your family survive or make the most of a bad situation if you’re injured, can’t find work or worse.
Whether you’re a new or established business Clear Vision can advise you on critical insurances you may need and refer you to an insurance broker to get the right coverage.

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What are you working towards?

Wed, 27 Jan 2016 05:17:00 GMT

A key lesson we learned at last year’s Global Business Camp was “Beginning with the end in mind”. Having this end in mind helps you by:
– providing a single goal or concept for you to build your strategy, planning and specific actions around.
– maintaining consistent decision making. If you can’t decide what to do, always come back to your “end” to see which decision moves you in the right direction
– maintaining a consistent culture and set of values in your team
– maintaining a realistic, achievable future for your business
Having a clear end goal in mind might also help you recognise when it’s time to think about business succession or even retirement!

The post What are you working towards? appeared first on Clear Vision Accountancy Group .

Implementing your core values

Thu, 21 Jan 2016 05:56:00 GMT

In last week’s article we looked at core values and how it can benefit your business to identify and document these values.
Clear Vision can work with you to help identify the core values of your business. The process is relatively painless and we believe can provide significant benefits to any business.
Once you’ve identified those values here are some suggestions for implementation:
– regularly talk about your values and test new ideas against your values.
– promote and reward staff based on how they demonstrate their commitment to the core values.
– when struggling to make key business decisions take a step back and weigh up the options against your core values.
– make sure your staff and your customers know what your values are. Include them in staff manuals and display them for customers to see.
– encourage your team to identify and speak out about breaches of your values.
– talk about your values when conducting staff reviews.
– talk about your values when developing customer relationships or when your in the sales process.
Talk to Justin at Clear Vision for guidance about identifying and making the most of the core values of your business.

The post Implementing your core values appeared first on Clear Vision Accountancy Group .

CVA News – January 2016

Wed, 20 Jan 2016 06:19:00 GMT

Exciting Dreams
New Achievements
Fresh Commitment
Forget the Failures
Correct the Mistakes

Wishing everyone a year of good health, wonderful surprises and prosperity for the year to come.

We look forward to helping you make 2016 the best year yet!

Gossip…

It was a pretty quiet Christmas and New Year this year for Justin and the CVA team. Justin had Xmas at home and then travelled to Bargara Beach to spend some quality time without phones and emails and has returned fresh as a daisy ready to take on the ATO! Paul had Christmas in Toowoomba and was Father Christmas for the big day – pictured with his kids and nieces.
Mel celebrated Christmas in Brisbane with her husband and family. We celebrated Mel’s birthday here with some cheese and crackers on the 5th Jan – anyone hoping to get into Mel’s good books – she loves cheese and olives!

Teneille spent Christmas celebrating with some Xmas cocktails, and then travelled to Boondooma Dam for some water skiing and camping with her family. She has returned with a tan and some sore muscles!
Nicole had Christmas in Toowoomba with her family but managed to let her hair down and light up for New Years Eve!

Lifeline Presentation

Justin presented our Back To School voucher to Derek, CEO of Lifeline and Pam, Intervention Case Worker of Lifeline. We raised $600 with the help of our amazing clients and the team here at CVA. This is enough to completely fund the chosen local family’s back to school supplies which is a great start to the kids schooling year. We would like to say a HUGE thank you to all our very generous clients who assisted us with our fundraising. Donation receipts will be coming soon to all who donated.
2016 will bring a new fundraising effort for the CVA team. If you have any good ideas for a charity we should support this year email Nicole on Nicole@cvaccountancy.com.au, we would love your input!

Guvera Update

Guvera has had its best 6-12 months without question. The company has grown from 1M to 15M+ registered members. And more importantly about 30 Key Brands have signed on globally in the last 6 months. Revenues have hit over $1M QTR and have set a base for much stronger growth in 2016.

The target is for 300-500 Brands by this time next year and the Guvera Sales team will map out exact plans for this at the next AMMA accountants conference. As a result of the Member Growth & Brand Engagement Growth, Guvera is now well positioned for IPO. The IPO is on track for early 2016 as previously advised.

There is some work to do be done pre IPO both re capital & mostly just due diligence, governance and investment committee & broker work. All is progressing well and we are looking forward to both a successful IPO to start 2016, and more importantly a big 2016 for Guvera re Brands & Members.

If you want more information on Guvera contact Justin on 07 4688 2500.

Global Business Camp on the Gold Coast
Global Business Camps specifically specialise in small to medium enterprises in growing their business whilst creating a lifestyle for their owners.
Some of the topics covered are:
• How to make our business work better than the competitors
• How to make the team more productive
• How to offer better service than anyone else
• How to keep track of everything without “burning out”.
• How to improve profits, lifestyle, and realise the value of the business as an asset
If any of this resonates with you contact Justin today for more information on 07 4688 2500. The 2016 camp will be held at the QT Gold Coast – what a perfect opportunity to have a couple of days at Surfers Paradise whilst gaining the skills to grow your business!

The post CVA News – January 2016 appeared first on Clear Vision Accountancy Group .

What’s at the core of your business?

Thu, 14 Jan 2016 03:31:00 GMT

This week we ask: “What are core values and why are they important to your business?”
Put simply, core values are what your business stands for. They can be found in the principles that you as a business owner stand for personally. They can reflect the common beliefs and attitudes of your team. They can also reflect minimum standards of behaviour.
Advantages of having identified and documented your core values include:
– They help you in your decision making processes. If one of your core values is to sell only the highest quality products you can eliminate the poor quality or poorly made products from your inventory.
– Your core values help clients understand what your business is all about and key form a key part of your marketing messages.
– Core values can help with recruiting but both attracting the right people to your business (those that identify with your core values) and also with selecting the right person (those that most successfully demonstrate your core values).
Keen to identify and embed the core values of your business? Talk to Clear Vision.

The post What’s at the core of your business? appeared first on Clear Vision Accountancy Group .

Are you a business ‘leader’?

Thu, 17 Dec 2015 03:35:00 GMT

If you are a manager or owner of a business you might think of yourself as a business leader. But a true leader displays some key characteristics that go beyond simply holding a position of authority.

An article from the Qld Government business portal provides a simple summary of the character traits of a true business leader:

Clear Vision takes an active part in helping it’s clients be better business leaders. We provide the knowledge and facts and figures you need to make decisive business decisions. We can also provide an outside point of view to help bring innovation and new ideas to your business.

And most of all, we’re here to help you persevere when times are tough and you need someone to lean on.

The post Are you a business ‘leader’? appeared first on Clear Vision Accountancy Group .

The right person for your team – Part 2

Fri, 11 Dec 2015 02:02:00 GMT

In last week’s article we talked about how important it is to find the right candidate for a position in your team including how important cultural fit is to that new team member.

Here are some more tips to help you find the right person for your team:

Publicise employment openings

It’s important to be strategic when thinking of where to post. Be sure to include a listing on your corporate website. Customers who are familiar with your company can make some of the best employees.

Be sure to list the job requirements, as well as the distinct advantages of working for your company. Consider a testimonial from a former or current team member.

Not only does it distinguish your company, but it lets potential team members know just how serious you are about creating a positive work environment.

Be honest and clear about responsibilities

It’s important to be honest and clear about the duties and responsibilities of the position. It’s also very important that you do not make promises that cannot be kept.

Overselling the position may catch you the best candidates, but it’s not likely to keep them. People become discouraged and disenchanted if promises are not kept.

The post The right person for your team – Part 2 appeared first on Clear Vision Accountancy Group .

Latest happenings.

Thu, 03 Dec 2015 05:17:00 GMT

When does a person decide to become an accountant?
A. When he realises he doesn’t have the charisma to succeed as an undertaker.

A businessman was interviewing job applications for the position of manager of a large division. He quickly devised a test for choosing the most suitable candidate.
He simply asked each applicant this question, “What is two plus two?”
The first interviewee was a journalist. His answer was, “Twenty-two”.
The second was a social worker. She said, “I don’t know the answer but I’m very glad that we had the opportunity to discuss it.”
The third applicant was an engineer. He pulled out a slide rule and came up with an answer “somewhere between 3.999 and 4.001.”
Next came an attorney. He stated that “in the case of Jenkins vs. the Department of the Treasury, two plus two was proven to be four.”
Finally, the businessman interviewed an accountant. When he asked him what two plus two was, the accountant got up from his chair, went over to the door, closed it, came back and sat down. Leaning across the desk, he said in a low voice, “How much do you want it to be?” He got the job.

The post Latest happenings. appeared first on Clear Vision Accountancy Group .

Who is the right person for your team?

Tue, 24 Nov 2015 04:05:00 GMT

The right person for your team – Part 1
Finding a person to join your team take precision, dedication and persistence. And just finding someone with the right skills is not enough. Your company and your team have a distinct culture. The best candidate for the position then will be someone with the right skills who is likely to fit straight into your business’s culture.
Here is Part 1 of some tips for choosing the right team member:
** Consider current team members for promotion first
Before going outside of your organization, look inward.
Perhaps there are current team members who have expressed an interest or aptitude for the skills required for the position. Promoting internally and also allowing team members to develop their interests and move laterally breeds goodwill and employee loyalty.
You may also want to look to your employees for possible outside candidates. They have a good sense of what it takes to succeed in your company and who is likely to fit in.
** Make expectations specific
It’s important to outline your expectations as clearly as possible from the beginning. Be specific about what you expect and what brings value to your business. This will help avoid any misunderstandings about priorities, position and pay.

The post Who is the right person for your team? appeared first on Clear Vision Accountancy Group .

Get ahead by systemising your business – Part 2

Fri, 20 Nov 2015 05:00:00 GMT

Last week we talked about the importance of systemising your business.
This week we provide some tips to get your systems up and running at a winning pace:
1. Make sure you have a schedule for reviewing your systems and processes. Consider reviewing them annually or monthly. Identify what works and what doesn’t.
2. Lead the pack. Do not follow. Just because a system worked for one company does not mean it will work for yours.
3. Take care that your systems have a back up and do not rely on one person to make them work. Make sure that all systems have back up plans for day-to-day operations, technical failures and unexpected crises.
4. Think about and hear your team. Your team members may have more insight into your customers than you think. Their judgment, insight and input into system development can be an invaluable resource. And it motivates them.
5. Write, write, write all processes and systems down. This cannot be expressed enough. Documenting processes safeguards your business in emergencies, alleviates confusion and can protect you in legal matters. A clear how-we-do-it-here manual is also appealing to potential buyers, investors or lenders.

The post Get ahead by systemising your business – Part 2 appeared first on Clear Vision Accountancy Group .

Get ahead by systemising your business – Part 1

Thu, 12 Nov 2015 03:15:00 GMT

All businesses have systems. They make the wheels of your business machine turn. Some of your systems may be formal but if you’re like most businesses many are informal.

Informal systems are prone to misunderstanding and misinterpretation. They put your business at risk and limit the ability of your business to keep flowing smoothly without you there to enforce the systems.

Too many small businesses are too busy running the business and fending off daily emergencies, that systems go completely ignored and chaos often prevails.

But the business that will take the lead in the race for customers is the business that has all its systems formalised, documented and working smoothly together.

This simply involves documenting the best possible process for key parts of your business such as:

Ideally your systems create an experience for the customer that makes him or her want to come back for more. And your team should be well informed and easily adept at implementing the processes you have identified.

Watch for Part 2 of this article next week and to discuss how formal systems can improve your business talk to Justin Searle.

The post Get ahead by systemising your business – Part 1 appeared first on Clear Vision Accountancy Group .

Want a free dinner at Gip’s Restaurant? Complete our survey.

Tue, 10 Nov 2015 03:01:00 GMT

Want a Free Dinner at Gip’s Restaurant?
Have you completed our 6 Question Survey?
We want to know what our clients think so we’ve compiled a quick and easy 6 question survey.
Answers can be anonymous, however to go into the draw to win a $100 voucher for Gip’s Restaurant a name has to be submitted – so we know who to give the prize to!
If you haven’t seen the survey click on this link – we appreciate your feedback.
If you have already completed the survey – thank you!
The lucky person will be notified at the end of November so watch this space to see our winner!

Gossip…

Our Footy Tipping Competition came to a close in October – and it was a close race to the finish!
The winner – Jodi won 2 nights at the Bunya Mountains – hope you have a lovely weekend Jodi!
2nd place went to Dave, and 3rd to Daniel who each won a bottle of wine. Karran, the lucky random winner won a voucher from Dan Murphy’s – hope you have fun with that Karran!
ATO Demands
Recently the ATO have increased their activity against businesses and individuals with overdue tax debts.
This activity has resulted in businesses and individuals receiving letters of demand for outstanding debts. As the ATO is moving to collect overdue amounts a number of wind up applications have been issued.
Prioritising payment of an ATO debt will avoid further debt and the potential of legal action.
Alternatively if you find yourself unable to pay the debt speak with us to establish a payment plan with the ATO. Plans can be created to suit your budget thus alleviating further pressure from the ATO and debt collectors.

We have had some fantastic donations but we need more! Back to School time is expensive and with 5 school aged children this family is looking at costs over $1000 to supply their kids with shoes, uniforms, text books and backpacks.

We are asking our clients to create some “warm & fuzzy feelings” by helping us raise money for this local 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. Or simply call us with your donation!

The post Want a free dinner at Gip’s Restaurant? Complete our survey. appeared first on Clear Vision Accountancy Group .

Does your business have cost containment strategies?

Thu, 05 Nov 2015 04:11:00 GMT

Cost Containment Strategies Your Business Must Have
Even businesses with large revenue streams can come undone when they fail to contain their costs. Knowing you have the right strategies in place to contain your costs means you can spend more time on bringing in the revenue.
Analyze your financial data
Understanding, analysing and acting on your financial data is the first critical step in containing costs. Work with your accountant to regular review your data. If you don’t understand something, ask for an explanation. Make sure you know what every cost is and why it’s a part of your business.
Make changes to improve cash flow
Don’t simply treat your bills and their payment terms as inevitable. Talk to your accountant about other options:
– early payment discounts
– purchase vs lease vs short-term hire
– debt recovery services
– reviewing suppliers & their cost options
Track expenses against jobs
Considering tracking your costs against particular jobs or projects. This lets you gain a better understanding of the fine detail of your costs and which jobs or project may have higher input costs.
Call Justin Searle to discuss how Clear Vision Accountancy Group can help you with your cost containment strategies.

The post Does your business have cost containment strategies? appeared first on Clear Vision Accountancy Group .

Creating your elevator pitch

Thu, 29 Oct 2015 04:51:00 GMT

In last week’s article we explained how an elevator pitch is a brief, persuasive speech that explains what your business does and generates some interest for the listener. So how do you come up with your own?
Firstly, identify your goal. Are you keen to sell a particular service, are you wanting to demonstrate your particular experience, do you need to incorporate how you help your customers or do you simply have an unusual job that needs some explaining to avoid blank stares.
Secondly, explain what you do. But don’t focus on yourself. Focus on problems you fix for people or how you make someone’s life better. Instead of “we build mobile apps” try “we build mobile apps that help increase the connections between our clients and their customers.”
Thirdly, communicate your unique selling proposition. This is the thing that makes you unique or your business or services unique in what you provide to your clients or customers.
If you need help with your elevator pitch or other advice on developing a better performing business talk to Justin Searle at Clear Vision.

The post Creating your elevator pitch appeared first on Clear Vision Accountancy Group .

What is this “elevator pitch” everyone is talking about?

Wed, 21 Oct 2015 05:18:00 GMT

If you’ve been around in business and networking circles in the last few years you would know doubt have heard people talking about how you need to have an “elevator pitch” for your business or job. But what is it?

In short, an elevator pitch is a brief, persuasive speech that explains what you or your business does and generates some interest from the listener. The obvious suggestion being it’s short enough to be given during an elevator ride.

This concept arose through observation of just how poor most people are at quickly describing what they do. Even in a potential sales situation many people answer poorly when asked: “What do you do?” or “What business are you in?”

Rather than just giving the name of your job….accountant, plumber, mechanic or what you sell….barbecues, tyres, insurance….you should be explaining it in a way that is interesting, memorable and succinct. And if possible, provide something that explains what makes you or your organisation unique.

Watch for our article next week to learn how to create your own elevator pitch or contact Justin Searle to talk about it.

The post What is this “elevator pitch” everyone is talking about? appeared first on Clear Vision Accountancy Group .

Can we keep score for you?

Wed, 14 Oct 2015 04:08:00 GMT

Your Financial Performance Scorecard
Ever sat across the desk from your accountant and wondered what was they were talking about? Feel like you really should understand these balance sheets, profit and loss statements and other financial metrics but you just want to get back to doing what you do best in your business?
At Clear Vision we appreciate that not everyone has quite the passion for finances and number crunching that we do. That’s why we provide our clients with a Financial Performance Scorecard.
The Scorecard provides you with the critical information you need to know for your business without all the background noise. We’ll plot trends in your business over a five year period and we’ll show you easy to understand information about profit, sales, margins and overheads.
We do the number crunching, we do the analysis and you get a clear, easy to understand picture of how each core part of your business is doing.
We can also easily show you how changes to one part of your business finances will affect your bottom line. With the Clear Vision Financial Performance Scorecard you can see exactly how well you’re doing.

The post Can we keep score for you? appeared first on Clear Vision Accountancy Group .

Are you managing your stock? And other news

Fri, 09 Oct 2015 04:39:00 GMT

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.

The post Are you managing your stock? And other news appeared first on Clear Vision Accountancy Group .

Do you suffer from FTI?

Thu, 08 Oct 2015 04:09:00 GMT

Need a cure for your FTI?

It’s something so many businesses suffer from you might call it an epidemic. Ask business owners what stops them achieving most of their goals and this is likely to be number one on the list. But it’s not something a doctor can help you with…it’s the dreaded Failure To Implement (FTI).

We all know it happens. The planning session that creates a plan but no results. The business plan that is gathering dust on your desk. The new credit policy that just never quite gets implemented.

So what’s the cure? Clear Vision works with many businesses suffering from FTI. We regularly remind our clients of the importance of working on, not in, your business. And we can help you figure out how to do that.

Finding the right people for the right jobs is a good start. If it frees you up to work more strategically now might be the time to trust your employees with more responsibility. If you’re wasting too much time on the books now might be the right time to engage a bookkeeping service.

Whatever is causing FTI in your business Clear Vision can help you find the cure.

The post Do you suffer from FTI? appeared first on Clear Vision Accountancy Group .

Which way is your compass pointing?

Fri, 02 Oct 2015 00:38:00 GMT

Your core values compass
Core values are the compass by which business leaders motivate their crew. Have you ever heard of the saying, If you don’t stand for something, you’re liable to fall for anything?
People will not tolerate, much less respect, someone in a leadership position who fails to provide a clear and consistent set of core values for everyone in the crew to use as a compass for how to approach their work and how they work for the business.
What are your core values? How do you want your business run? What do you want your clients or customers to say about you?
Perhaps, respect, open communication and on-time delivery are your core values. For another business it may be delivering your products at the lowest cost. How you answer isn’t as important as finding the answer and sticking to it.
Then ensure you clearly and regularly communicate those core values to your team. A clear understanding of these values makes their job easier to do, reduces indecisiveness and improves motivation.
Clear Vision regularly works with business owners to set, implement and adhere to a set of core values. Contact us to discuss how we can help you.

The post Which way is your compass pointing? appeared first on Clear Vision Accountancy Group .

Motivating your team

Thu, 24 Sep 2015 04:28:00 GMT

Last week’s article talked about how important team motivation is to your business. Here are some quick tips on motivating your team.
Identify obstacles
Let your team know their opinion matters to you. Hold meetings to discuss frustrations and improvements. Don’t allow only gripes, focus on solutions. Make sure you take action afterwards.
Let Them In
Meet as a team to share the vision, direction and progress of the business with your team. After all they’re the people that make your business successful.
Empower people
People like to feel empowered to make certain decisions in their job. Do you approve every order to buy staples and pens? Wouldn’t it be more empowering for a team member to buy supplies on a budget each month without waiting for your approval?
Group activities
Activities outside of work can help teams build strong relationships with each other and increase people’s enjoyment at work.
Reward People
By setting clear goals and expectations, acknowledging people for meeting them and rewarding those that exceed them, you constantly motivate your team.

If you need to talk about how to better motivate your team Clear Vision can help.

The post Motivating your team appeared first on Clear Vision Accountancy Group .

Motivation is the key to performance

Wed, 16 Sep 2015 05:44:00 GMT

Unmotivated employees cost businesses money. Low productivity, high absenteeism, lessened loyalty and high turnover keep businesses from performing optimally.

Don’t think so? Consider what it costs your company in labour and direct cash every time you have to hire and train a new person. If you want a top performing business you have to take the role of motivating your employees seriously.

And don’t buy into the lazy view that only money counts and your small business can’t compete with the big guys. In spite of what people think it is not money that most motivates employees

When surveyed people most often rate “interesting work” as their top priority. This is closely followed by employees feeling appreciated, recognized for a job well done and feeling “in on things.”

Businesses that are known to have high team moral share several common characteristics:

If you have concerns about team motivation Clear Vision can work with you to address the issue. In next week’s article we’ll discuss some options for improving morale.

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Getting to know your competition

Fri, 11 Sep 2015 03:49:00 GMT

Getting to know the competition

Competitive athletes know that know their competition is just as important as training and assessing their own strengths and weaknesses. Businesses that want to win have to understand their competition just as well. By doing so you can compete more effectively and reduce risk, decrease money spent, clarify the resources you need and save time.

Consider your local pizza parlor – it does not just compete with other pizza parlors, it competes with fast food chains, delivery services and ethnic restaurants. Everyone is fighting to feed the discerning consumer who is looking at price, flavor and convenience.

To succeed and get the most out of its marketing efforts, a company has to first make some critical decisions and close the gap on their true competition. It’s a mistake to try and be too much to too many people. A clear focus on what sets you apart and how you can distinguish yourself, for the better, from your competition is crucial.

Clear Vision can help you work through a competition analysis and provide the direction you need to out compete them.

The post Getting to know your competition appeared first on Clear Vision Accountancy Group .

Lots of news this month

Fri, 04 Sep 2015 00:19:00 GMT

Footy Tipping Comp – Only 1 Round to Go…

With 4 competitors sharing the lead on 115 points our Footy Tipping Competition is as tight as Jonathon Thurston’s …biceps! (Sorry Justin…had to put that in!!)
First prize is a weekend at the Bunya Mountains so don’t forget those tips today – Broncos vs Storm tonight!
I think those margins may come into play this weekend……Good Luck!

Gossip…

Nicole recently went to Perisher with her family for a skiing adventure. Naturally the kids mastered the art of skiing long before she did but fortunately she did return in one piece with a burning desire to go back!

Purchasing a Rental Property?

Have you purchased a rental property recently? Do you know what deductions you can claim on your investment?
What is the best type of tax deduction?
One that you don’t have to pay any money for of course! That’s where building depreciation comes into it’s own. For a 1 off modest fee of $700, you can get a tax deduction for the construction cost of the building.
For example a new building under 5 years of age, can result in a tax deduction of $4,000 as an average PER YEAR + the depreciation on other items like carpets etc. It’s a no brainer really.
And so you don’t have to wait unnecessarily for your tax refund get the building depreciation schedule done soon after purchasing the property.
Come and see us today for help with a building depreciation and a checklist that details this and other common claims.

Email Security

Email security is a risk that all businesses experience.
It has come to the attention of our computer support company that the risk has recently increased and to combat that our security has been tightened.
Unfortunately that means we may not receive emails sent from free email providers such as Hotmail, gmail etc.
If you are not receiving a response from an email please call us as the email may not be passing through our filters.

Global Business Camp 2016

The 2016 Global Business Camp is now open for registrations and after last year’s success we are expecting lots of interest.

The post Lots of news this month appeared first on Clear Vision Accountancy Group .

End of Financial Year

Mon, 03 Aug 2015 07:32:00 GMT

Tax Questionnaires
We are starting to send out our Year End Questionnaires – and will do throughout the year according to when work has been scheduled.
The questionnaires have gone through a “make-over” and should be fast and user friendly.
The questionnaires can be sent back with your tax work using Hightail. Hightail is a secure online drop box, that allows files to be sent electronically. This is especially handy when the files are too large to email. We will provide a link to Hightail in our email or letter, all you have to do is attach your file – it couldn’t be easier. We are more than happy to help if you need some assistance.

Medical Expenses Tax Offset
The 2014-2015 tax year is the final year the tax offset for medical expenses can be claimed. To be able to claim this taxpayers have had to claim it in both 2012-2013 & 2013-2014 tax years.
For the 2015-2016 tax year taxpayers can claim this if they incur payments for:
1. relates to an aid for a person with a disability; or
2. relates to services rendered by a person as an attendant of a person with a disability; or
3. relates to care provided by an approved provider (within the meaning of the Aged Care Act 1997) of a person who:
(i) is approved as a care recipient under that Act; or
(ii) is a continuing care recipient within the meaning of that Act.
This means for most people there is no need to keep records for out of pocket medical records from 1 July 2015.

Are You Turning 50?
Contribution caps for SMSF’s have not changed this financial year except for those turning 50 in this tax year.
If you are turning 50 in this financial year your concessional cap will increase to $35,000 from 1 July 2015.
Just a quick reminder of the contribution caps:
Concessional – under 49 years $30,000
Concessional – 49 years or over $35,000
Non-concessional – standard $180,000
Non-concessional – bring forward mode $540,000

Office Gossip…
Karen has had a baby girl! Karen & Zane are now proud parents to 2 daughters…should keep them busy for the next 20 years or so!!

The post End of Financial Year appeared first on Clear Vision Accountancy Group .

All the news for June

Sun, 14 Jun 2015 23:15:00 GMT

Tax Planning for 2015
The end of the 2015 financial year is almost upon us! If you haven’t booked your tax planning meeting yet now is the time to pick up the phone and make an appointment to ensure you start the new financial year well prepared.
Together we can make 2015 the best year yet!!

Cloud Accounting – How It Will Change Your Life!

The biggest complaint we hear from our business clients is trying to get their work into us on time.

Cloud Accounting will change all that. You can run your business and access your accounts from your PC, laptop, tablet or mobile phone. The real bonus is of course is being able to invite us to view your accounts, this of course means you don’t have to get your work to us because we can already see it.

Recently Xero hit 500,000 users! That is half a million people using just one online accounting software program – they cant all be wrong! Ask us today on how the move to online accounting can benefit your business. We can discuss the best accounting option for you whether it be Xero, MYOB or Reckon and with MYOB offering special deals at the moment it is even more affordable than ever!

Office Gossip…
Mel our Client Services Extraordinaire has recently returned from a 4 week holiday in Italy with her husband and parents.
Mel’s father is originally from Italy so with the perfect tour guide on board they drove themselves around visiting family and seeing famous land marks including the Colosseum, Vatican, Mt Etna and of course the very romantic city of Venice.
Fortunately Mel arrived back to us in one piece bringing back beautiful biscuits and a burning desire to return. Although not too soon…we barely survived without her!

The post All the news for June appeared first on Clear Vision Accountancy Group .

What the Budget Means for Small Business.

Wed, 13 May 2015 03:49:00 GMT

* From July 1 2105, small businesses with turnover of less than $2 million will have corporate tax rate cut from 30 per cent to 28.5 per cent.

* From July 1 2015, there will be a 5 per cent tax discount to unincorporated businesses with turnover less than $2 million.

* Effective immediately, small businesses will also receive relief through a write-off mechanism for all assets up to $20,000 until the end of June 2017.

* From July 1 2015, new start-ups can deduct professional costs associated with starting a business rather than writing them off over five years.

* Small business owners can change legal structure without incurring capital gains tax, from July 1 2016.

Small business is the biggest winner from the budget and should boost confidence.

Please call me if you want more information on how to take advantage of the business stimulus announced last night or need clarification on how the tax changes will effect your business.

Regards
Justin Searle

The post What the Budget Means for Small Business. appeared first on Clear Vision Accountancy Group .

Accounting Software – Love it or hate it?

Thu, 23 Apr 2015 02:11:00 GMT

Accounting Software – Love it or Hate it?
Your accounting software can make or break your day!
The correct software can help you grow your business by keeping you up to date on your financial situation but most importantly keep you” working on your business instead of in it”. We can help you find the right software for your business.

Even better, is that Clear Vision have their own in-house Xero professional who can guide you through setting up Xero to configuring the reports to your personal specifications and needs.

Xero have given us some “6 Months Free” vouchers for new subscriptions and we would love to give them away. If you have been thinking about changing your software or want to upgrade to the cloud now is the time to do it….especially with the new financial year just around the corner!

Call me today if you want more information on Xero or need any accounting software advice.
Talk soon
Justin

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Babies, Business Camp and Super Stream

Thu, 16 Apr 2015 01:04:00 GMT

Karen is Having a Baby!

We are excited to announce that Karen and her husband are expecting a baby in June. This will be their second little bundle of joy and her daughter who is now 2 can’t wait to have a brother or sister! We will let everyone know when the big day arrives!

Global Business Camp – It’s a Wrap!

The 2015 Global Business Camp held on the Gold Coast wrapped up a couple of weeks ago leaving myself and my clients motivated and on the path to greater success. The feedback received was tremendous and next year’s business camp will be bigger and better.

Here is some of the feedback I received from my clients who participated with me.

Dear Justin
Just a quick note to let you know how much I appreciated the seminar. The topics presented and the depth of information provided was second to none. I now have the direction and information I have been looking for for so long. The benefits I will get from this information will give me the next 5-10 year business plan and understanding of where, why, how and what I need to do to succeed and grow not only by business but also understand my staff members. I look forward in working with you over the next couple of months to implement these strategies and bring my ideas I have for my business to fruition.

Yours Sincerely, Dave – Toowoomba Bearings and Hyrdraulics Pty Ltd

After completing the March 2015 Global Business Camp held at the Gold Coast, I felt the need to commit in writing my personal thank you.
As a SME owner I now know that I am facing all the normal challenges businesses go through.
000PC was invited personally by Justin Searle to attend and my team ensured the money was available for the camp making our attendance possible.
I could not imagine paying an hourly rate to ensure exclusive access to yourself for 3 days and 3 nights answering all the questions I asked you. With exclusive access in mind the value for money was already justified.
The camp was fantastic. The networking was fantastic. The entire event was empowering with so much knowledge in one room.

Thank you for selecting 000PC PTY LTD to attend the business camp with yourself.

Thank you for not sending me a bill for 3 days and nights exclusivity with yourself and your knowledge.
I personally and professionally recommend this camp for all SMEs that are real about ensuring the future success of their company.
With your guidance and the business strategies from the camp 000PC PTY LTD has a crystal clear understanding of what is required to be successful.

More importantly I understand the business I founded more with a clear understanding of what it is that our team is really selling with business values, business goals and business strategies.

Paul – 000PC Pty Ltd

Working with Justin at GBC for 3 days gave me a great opportunity to focus on my business. Working through the exercises of the 6 Secrets of Business has helped get me focused on the right things to help me grow my business. It’s been a great value added experience that Justin has provided us with. I’d certainly recommend other business owners going through this process.

Steve – Wil-Tow Pty Ltd

Are You Super Stream Ready?

There has been lots of talk recently about Super Stream and the start date is now very close.
Super Stream aims to improve the efficiency of Australia’s superannuation system.

Implementing Super Stream means a change in processes for employers and funds, and it will also means a change in systems.

Employers with 20 or more employees are required to make Super Stream contributions from 30 June 2015 however, if you are ready earlier you can start making contributions using Super Stream now.
Employers with 19 or less employees are required to start making Super Stream contributions no later than 30 June 2016, however if you are ready earlier you can start from 1 July 2015.

If you have any questions regarding the Super Stream contact us today for clarification.

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The Daily Huddle

Thu, 12 Mar 2015 01:09:00 GMT

Do You Huddle?
Any time there are 2 or more people involved in a business or partnership communication challenges will surface. Just ask anyone who is married!
A daily huddle could be the answer to your communication woes!

When 2 or more people are involved in business, communication is imperative.
That’s why I emphasise the importance of a daily, weekly, monthly, quarterly and annual meeting rhythm — particularly a 15 minute Daily Huddle of the leadership team.

This daily habit will improve the pace of decision making and save leaders an hour or more daily. It also focuses the collective intelligence of the leadership on the issues at hand and leverages the power of peer pressure to drive results.
Teams that huddle daily interrupt each other considerably less during the day. Meeting daily provides a fixed time for focused discussion of ideas and issues and helps reduce team member distraction from lingering issues.
The agenda should remain consistent containing only 3 items – what’s up for the next 24 hours, daily measures, and items which are causing team member to become “stuck”. This meeting should not be used for problem solving but rather for problem identification – this is an opportunity to set a time when problems will be discussed with relevant team members.
Attendance should be mandatory and if the meeting is held at an odd time like 10.07am it generally keeps people getting there on time.
If you need any inspiration on how to start a huddle in your business please call me.
Cheers
Justin

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Happy Birthday!

Thu, 05 Mar 2015 00:59:00 GMT

1st Birthday Party!
On Tuesday 31 March Clear Vision Accountancy Group turns 1 and we are celebrating!! To mark this momentous occasion we are having a birthday party and would love you to come!

Save the Date – Tuesday 31 March

31 March 2014 CVA officially opened its doors and we would love to celebrate our first year with all our very special clients.
Come and have a peek where the tax magic happens whilst sipping a delightful coffee and nibbling on a sweet cupcake. Meet the team who always endeavour to make your CVA experience the best it can be!

We want you to come so much that we are having 2 birthday party times – drop in from 9.30am-11.30am or 2.30pm-4.30pm.

We would love to see you there!

Prizes Galore!!

Everyone loves competitions…and more importantly everyone loves to win!!

To celebrate our first year anniversary we are running not 1…but 2 competitions!
First Comp
Okay this one is easy – we want to know how many times the word “”Vision” is mentioned on our website. To make it even easier click on this link to find our website Clear Vision Accountancy and start counting! Remember to click on all the tabs on the web page. To enter simply email Nicole at nicole@cvaccountancy.com.au with your magic number, full name, email address, and phone number. Easy!!
Now the prize up for grabs is a $50 Coles/Myer gift card – wine, strawberries or shoes anyone?? The choices are endless with a Coles/Myer Gift Card!

Second Comp

Now this comp is for our FaceBook fans!
First you have to like us on FB…click on the link Clear Vision Facebook and “Like” us. We will be posting “Birthday Celebrations” posts during the month of March and to enter this competition all you have to do is share as many of these posts as you can.
CVA will select a winner who has shared the most times…..so start sharing! And the prize…a $50 Coles/Myer gift card.

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How Do You File Your Records?

Mon, 23 Feb 2015 02:05:00 GMT

With electronic filing becoming more prevalent the ATO have set new rules on how long your records must kept for and the format they can be saved in.
So this month I thought I would try and clear the murky waters of file record keeping.

The superannuation legislation dictates that a trustee of a SMSF keep various records concerning the fund’s operations for designated time periods.
Specifically trustees must keep the following records for a minimum of five years after the end of the year to which they relate:

If you need any clarification or have any concerns on any of this please contact me.

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Your Business Plan

Thu, 19 Feb 2015 02:08:00 GMT

We all know we should be doing a business plan. However with the average plan being a 30 page document the idea of it can be incredibly daunting – and who will read it anyway?
Does a 1 page business plan sound more achievable?

The reality is we all should be planning in our business – from the strategic level to the daily tasks necessary to steer the business into the direction and achieve the end goals. Yet 99% of businesses don’t have any planning; – why?

The main reason is most business people are great at what they do whether it’s building, driving, filling teeth but most people don’t know where to start when doing a plan.

So, I’ve taken some tools (with permission) from Verne Harnish – world renowned business growth strategist, research and developed some more skills to be able to complete a 1 page business plan.

So what’s the difference?
A 30 page business plan can be prepared, in detail, lots of market research and once completed will sit nicely holding the bottom drawer in place. It doesn’t become a workable document on a monthly or weekly basis used to keep the captain focused and steering the business to the end result.

In contrast a 1 page business plan is designed to have the key goals, visions, targets (BHAG), key performance measures and actions all on 1 page. This page gets put up in a place the business owner sees every day. Sometimes it needs to be in several spots. As a focused business owner, when you walk past this document, you will glance and linger and this will remain part of your focus more often on the end goal – the BHAG (big hairy audacious goal).

Click here One Page Strategic Plan to download the business plan – and together we can discuss how Clear Vision Accountancy Group can help get your 1 Page Business Plan started, prepared, and finished, hanging on your wall.

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To do a little or do a lot? Just do something!

Wed, 28 Jan 2015 00:14:00 GMT

As accountants and business advisors we often get asked by business owners how often they should be reviewing their financial performance.

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:

Contact Justin Searle to discuss which Financial Performance Monitoring level best suits your business.

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TRUST system offers free financial assessment

Mon, 19 Jan 2015 00:11:00 GMT

Achieving financial success depends on getting the right advice. But if you’re not ready to talk to someone or you’re wondering how an accountant or business advisor why not try a little TRUST?

TRUST is an online financial review process offered by the Clear Vision Accountancy Group that can help you understand and improve your financial system.

Open to anyone you simply choose from the three available TRUST templates and work through a question and answer session. Whether you’re interested in business improvement, financial planning or individual tax issues this process can help.

Our TRUST templates include:

When you’ve completed your TRUST assessment, you’ll receive a personalized report including your prioritized action plan. There is no cost and no obligation and the results are yours to keep. Visit www.cvaccountancy.com.au/trust for more information.

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Finding treasure in a sea of information

Tue, 13 Jan 2015 00:10:00 GMT

Technology has given us access to an ever increasing volume of information and data. This is particularly true in business where sophisticated accounting packages can generate a wide variety of reports, graphs and statements that are incredibly useful for business decision making.

But are you actually using them? Without regular, expert advice most business owners simply ignore the opportunity to dig into this sea of information to find the treasure that will add value to their business.

Clear Vision has developed a range of financial monitoring and coaching options which involves regular review of your financial data and advice and coaching to help you identify:

– unnecessary expenses

– loss making activities

– areas of higher profit to target

– opportunities for growth

Depending on the level of need in your business this service can be as simple as a monthly review and recommendations via email or a monthly face to face with your accountant including detailed analysis of your numbers and solutions for areas of concern.

Contact Justin Searle to discuss which financial monitoring and coaching package best suits your business.

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Understanding the true value of your business

Tue, 06 Jan 2015 00:08:00 GMT

Do you understand the true value of your business? Are you buying a business or selling a business and really need to know an accurate figure for what that business is worth? Are you involved in a personal or family matter that will affect your business?

Don’t rely on your instinct, advice from an agent or simple annual turnover figures. Determining the true value of a business needs to take in many more factors than that.

Clear Vision uses the latest available tools and data to provide a unique valuation model which accurately values a business by assessing the following:

– the strength of the business’ various value drivers

– the exposure the business has to various risks

– the ability of the business to access its surplus cash

– other external factors such as interest rates and tax rates

Contact Justin Searle to discuss how we can help determine the true value of your business.

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Business Development Camp – Gold Coast 2015

Sat, 03 Jan 2015 06:07:00 GMT

Business Development Camp – Gold Coast 2015

After recently attending a Global Business Camp myself I am encouraging clients to attend the next camp at the Gold Coast on the 23rd-25th March 2015. This is a unique opportunity for accountants and business clients to work together over 3 days to build the skills, expertise and plans to ensure strong business growth.

This camp is an invaluable tool for business owners, I have included some more information below but please contact me if you want some more information.
Cheers
Justin

The Global Business Camp Philosophy
Global Business Camps have intensive 3 day business programs, specifically designed to help small to medium enterprises grow their business and create lifestyle for their owners.

If you are like most business owners, you often lay at night posing questions to yourself only to find the answers don’t always come easily.
• How can we make our business work better than our competitors?
• How can I make my team more productive?
• How can I offer better service than anyone else?
• How can I keep track of everything without burning out?
• How can I improve my profits, my lifestyle and realise the value of my business as an asset?

The program steps you through the key thinking and strategies required to achieve long term growth, profit and sustainability.
The accent is on learning, growing, better understanding and of course, having fun. We will change the way you think and go about your day to day business.
In business and life itself, balance is essential. The Business Camps are a careful blend of doing, listening, thinking, challenging and learning.

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Expect more from your accountant

Mon, 08 Dec 2014 00:08:00 GMT

Many people still think of an accountant who just deals with figures and provides a once a year review of your accounts.

But if you want your business to grow, if you want a better lifestyle as a business owner and if you want to secure the financial future of your family you have to expect more from your accountant.

Times have changed, maintaining and growing a successful business is hard work and you should expect your accountant to be working hard right along side you.

You should expect your accountant to be taking on several roles including:

Operational – assisting with day-to-day financial transactions of the business and the preparation of accounts and tax returns

Strategic – providing real-time information and regular check-ins to help you be more responsive and strategic.

Advisory – providing ad hoc, specialist services like business valuations and structuring.

If you’re ready to move to an accountant that you can expect more contact Justin Searle for a no obligation confidential discussion.

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Clear Vision Bulletin – December 2014

Thu, 04 Dec 2014 02:16:00 GMT

It’s human nature to focus on looking forward but before closing for Christmas why not trying something different? I want you to reflect on the year passed and I would love to know what your goals were and how many of them you achieved.

When working with our business clients (after completing their tax returns of course!) we look forward and discuss the matters that are keeping them awake at night, or things they want to change in their business. Of course the old age problem of time comes into play but I believe there is never enough time spent of reflecting on where you were at this time last year.

Already a lot of our clients are booked in next year to do their Annual Planning Session in January/February. A key component of this session is reflection and I can’t stress enough how important this session is to all business owners!

My reflection time is always July (the start of every accountant’s year!) and one of my goals this year was to play a top 100 rated Golf Course in Australia before June 2015. I ticked that box earlier in the year by playing at Barnbougle Dunes and Lost Farms golf course with my father and brother in law. We had a fantastic week…unfortunately not great golf but it is a tick for me!

It’s important when thinking about how hard we work in (note..this should be ON) our business’s and jobs, to highlight the results and benefits on why we worked so hard during the year.

On a personal note I wanted to thank you all for your support over the past year, including the transition into the new business and I look forward to working with you again next year.

The post Clear Vision Bulletin – December 2014 appeared first on Clear Vision Accountancy Group .

Fancy a weekend away with your accountant?

Sun, 30 Nov 2014 00:05:00 GMT

To successfully implement business improvement strategies you need to make sure your business advisor or accountant is on the same page as you.

That’s why Clear Vision Accountancy Group has partnered with Global Business Camps to offer a 3 day business planning and growth conference with a difference. You get to spend the weekend with your accountant!

To ensure you get the most from the event the experienced advisors at Clear Vision will attend with you and be right there at your table to immediately provide the professional input you need to turn great ideas into actionable items.

Just a few of the topics covered at the event include:

– 6 Secrets of any successful business

– 5 key business building strategies

– Creating the ultimate customer service experience

This offer is open to both our existing clients and other businesses interested in long term business improvement.

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One Meeting a Year Isn’t Enough For Your Business!

Sun, 23 Nov 2014 05:22:00 GMT

How often do you meet with your business accountant? Once a year for a quick “ How are you going?” and “ Here’s your tax return to sign. ” type meeting?

If that’s the case you aren’t getting the value that you should be from one of your most important business relationships.

The best accountants are true business advisors. Becoming an integral part of your management team with regular performance reporting, recommendations and input into business decision making.

By regularly reviewing and discussing the critical business data that is at your accountant’s finger tips you can gain extremely valuable insights into your business.

Clear Vision has a dedicated program of business performance advice with varying levels of support, analysis and recommendations to suit any sized business.

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Should you have a SMSF?

Wed, 05 Nov 2014 00:45:00 GMT

Meet Teneille!

We would like to introduce our latest and greatest Client Services Adminstrator. Teneille will be assisting Melissa ensuring our clients receive efficient and superior service.
Teneille and her partner have 2 gorgeous little girls, she moved here from Cairns (yes…beautiful, tropical Cairns!!); although she is from Toowoomba originally. Teneille is passionate about personal development and the power of assisting others in their own path of self development and growth.
Say Hi to Teneille next time you call!

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Work and learn with your accountant

Mon, 20 Oct 2014 02:54:00 GMT

We love the enthusiasm and energy of working with business owners after they’ve taken on new knowledge and insights about how to grow their business. But often these insights are gained in isolation and plans are made without professional input.

That’s why Clear Vision Accountancy Group offers an opportunity for businesses to join us at an annual, signature business improvement event. We can work, learn and plan together for the future success of your business.

Then when you return to your office, this shared knowledge and experience provides the platform for the successful implementation of the new ideas because both the business and the advisor are on the same page.

Now in its 8 ^th year, the three day Global Business Camp on the Gold Coast provides a unique opportunity for you to learn and plan for business growth with an experienced Clear Vision advisor at the table to assist you.

This offer is open to both our existing clients and other businesses interested in long term business improvement.

Call Justin Searle on 07 4688 2500 to discuss the benefits of attending a Global Business Camp event with us.

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Clear Vision Bulletin – October 2014

Sun, 05 Oct 2014 00:48:00 GMT

Help our “Mo Bros” raise some money for Movember!

The “Mo Bros” of Clear Vision – Justin, Paul and Phil will be growing a moustache this November to support “Movember”. The Movember Foundation aims to raise awareness of men’s health issues, such as prostate cancer and depression by asking men to sport a moustache in November.
If you would like to support this worthy cause head to our Mo Space page and enter Clear Vision Accountancy Group – the link is below:
http://au.movember.com/donate

We will keep you posted on their progress!

The post Clear Vision Bulletin – October 2014 appeared first on Clear Vision Accountancy Group .

Super Snapshot – October 2014

Sun, 05 Oct 2014 00:42:00 GMT

Going Into Partnership With Your Super Fund

A question often asked is “how is it best to buy my next real estate asset”? Generally we always suggest doing this inside your self managed superannuation fund as part of tax minimisation. Doing this allows you to reduce your tax rate to 15% when repaying the principal of a loan.

Another option could be going into Partnership with your SMSF.

Going into partnership with your SMSF can be an option but has some issues that need to be addressed and managed. The common issues to address include:-

Ownership Type:- It must be acquired as tenant’s in common not joint tenancy.

Real Property:- In easy to understand terms this means real estate. Why is this significant? Generally a partnership will have a joint bank account which doesn’t meet the definition of real property. As such, the bank account cannot exceed 5% of the funds Assets – something to be monitored and could add a level of complexity to the administration which is undesirable.

Income and Expenses:- This must be done equally – you can’t send cash or share of income to either party without the proportionate amount being sent to the other party. The share must be in accordance with the legal ownership.

Security:- The asset cannot be used as security for any borrowings. This makes this more difficult for some banks and investors.

Want more information? Contact Justin Searle today on 07 4688 2500.

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Clear Vision News – September 2014

Fri, 05 Sep 2014 00:50:00 GMT

Here at Clear Vision we love to help charities make a difference to people’s lives. Last month we participated in the World Vision 40 Hour Famine and raised over $600!

In November myself and others will be growing a moustache to support “Movember”. The Movember Foundation is a global men’s health charity committed to changing the face of men’s health. With an official presence in 21 countries, the Movember Foundation is committed to driving significant improvements for the prioritised men’s health issues – prostate cancer, testicular cancer and mental health.

We will be posting regular photos on our FaceBook page of our moustache progress….this should be entertaining!
Cheers
Justin

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Super Snapshot – Sept 2014

Wed, 03 Sep 2014 06:16:00 GMT

This month we will look into the crypto-currency or bitcoin revolution and if is the right choice for superannuation investment.

Cheers
Justin

So what is bitcoin? The Oxford Dictionary defines bitcoin as “a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank”. Confused? Can you see banks of the world letting an alternative form of currency taking control of their domain?

I recently attended a conference where they discussed the bitcoin and how it’s becoming part of society. For interests sake, there are more transactions being done on bitcoin in value terms than other transactions. If it hasn’t overtaken paypal, it’s getting very close.

One of the companies presenting at this conference talked about their bitcoin business and it’s this and it’s that. Then proceeded to tell us the government has just suspended it’s trading until further notice. Not a positive look for the bitcoin industry. ASIC last month made an announcement expressing concern at SMSF trustees “throwing money into bitcoin”.

From a taxation perspective, the ATO has issued a number of draft determinations in relation to bitcoin. Specifically they say, from a taxation perspective:-
• Bitcoin isn’t money
• Bitcoin isn’t a foreign currency
• Bitcoin is property and subject to CGT
• No comments yet from a SIS compliance
The ATO takes a dim view of investments such as motor vehicles, gold bullion and paintings. Purchasing bitcoin as an investment may just get you to the top of the ATO’s audit list for certain. They will be attacking the sole purpose and separation of assets area of the legislation.

The ATO also don’t like derivatives in SMSF and add the extra requirement for a derivative statement and risk management document – imagine requirements on a digital non-currency currency!

The post Super Snapshot – Sept 2014 appeared first on Clear Vision Accountancy Group .

Clear Vision News – August 2014

Tue, 05 Aug 2014 00:54:00 GMT

Another financial year has already started and it is only 142 days until Christmas!
Did you have any Financial Year Resolutions? If working less was one then you need to come along to one of my Cloud Accounting Seminars. Cloud Accounting can save you time and money – something I have experienced first hand since moving to the cloud when I started Clear Vision.
Don’t forget to enter our competition to win a $50 Dan Murphy voucher!

Cheers
Justin

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Justin’s Better Business – August 2014

Sun, 03 Aug 2014 06:19:00 GMT

The new financial year is well and truly upon us! Do you have a list of all your Financial Year Resolutions?

NOW is the time to work on your business! This month introduces Business Value Propositions – the benefits for your business and the know how. If you have any questions or need any help with this please let me know.

Cheers,
Justin

The post Justin’s Better Business – August 2014 appeared first on Clear Vision Accountancy Group .

Super Snapshot August 2014

Sun, 03 Aug 2014 00:48:00 GMT

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Clear Vision News – June 2014

Thu, 05 Jun 2014 00:56:00 GMT

When I started Clear Vision Accountancy Group I wanted to create a new firm that would offer our clients services that went far beyond the traditional. My passion is to offer advice and services that will actually help our clients understand, and interpret their business in order to make enlightened management decisions. A key part of this will be conducting regular free seminars. The new premises has fantastic meeting rooms and enables me to run these seminars here at Taylor Street free of charge. Accountants have a bad reputation for being boring (unfair I think!) so to keep these topics interesting I will be inviting other professional speakers to host. I am happy for you to invite an associate or friend who you think may benefit from the seminar but remember numbers are limited so please RSVP to Nicole as soon as possible. I am also encouraging suggestions for seminar topics. If there is a topic you would like to know more about please let me know. Cheers Justin

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Super Snapshot – June 2014

Tue, 03 Jun 2014 00:36:00 GMT

The post Super Snapshot – June 2014 appeared first on Clear Vision Accountancy Group .

The top 5 reasons to adopt cloud accounting

Wed, 07 May 2014 00:14:00 GMT

Without a doubt, cloud computing and cloud accounting, are here to stay. And here at Clear Vision we’re all pretty excited about the opportunities that this new technology is bringing for our clients and how we work with them to better manage their finances and business. This is one technology you shouldn’t ignore for too long.

If you’d like to know more about how cloud accounting works and how it can benefit your business please get in touch to attend a seminar we are holding on Tuesday 3 June 2014.

In the interim here are the top 5 reasons why we think businesses should considering adopting a cloud accounting system:

Everything from your account balances to outstanding invoices can be accessed securely 24 hours a day, 7 days a week. You can work in your accounts from your pc in the traditional way (albeit via a login to the cloud) or your can take advantage of the cloud system to access it on the road, on mobile devices or anywhere you can access a web based device.

Cloud accounting software is most often installed for free. You then pay a monthly fee depending on the level of services you require and the product you are using. There are no extra costs for upgrading the software either. Upgrades are simply done at the provider’s end with you receiving a notice of extra features and functions are they are added. With accounts from just $50 a month this makes cloud accounting an excellent option for start-up and small businesses.

Because cloud accounting scales up easily it is also suitable for larger enterprises or those going through significant growth periods.

With cloud accounting all data is stored on the cloud and is continually backed up by the service provider so that you don’t have to worry about your server dying or your internal back-ups not working. Online password access means there is no local data to be improperly accessed or lost through improper access to office pcs. The system logs out any user who leaves a login idle.

The system will also track user activity so you can see which of your accounts is using or amending the information.

Cloud accounting uses real time data and can connect with your bank accounts to provide updates without additional data entry. This can eliminate error prone procedures and keep your data accurate and matched up between accounts.

Being able to share data and work on accounts at the same time can lead to better communication and improved business decisions. This is particularly true if you are working with Clear Vision. We offer services specifically for cloud accounting users that can help you better manage your business and provide insights that are more immediate and more cost effective than has ever previously been possible.

If you’re already convinced of the value of cloud accounting and want to move ahead please contact us to discuss the best solution for your business. If you want to know more you can also get in touch or come along to our seminar on Tuesday 3 June.

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Clear Vision News – May 2014

Mon, 05 May 2014 00:58:00 GMT

Welcome to the first Clear Vision Accountancy Group newsletter.

Firstly I would like to thank everyone for being so patient and supportive!
After some initial moving issues we are now running like a well oiled machine and loving the new premises. If you haven’t seen our new office at 2A Taylor Street come down and have a peek – with client parking behind the building it is now very easy to visit.

We now have a new Facebook page – Clear Vision Accountancy Group. Like us to receive updates and special events.

Cheers
Justin

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Justin’s Better Business – May 2014

Sun, 04 May 2014 02:19:00 GMT

Welcome to my first “Better Business” edition as Clear Vision Accountancy Group.
This month will feature The 5 Top Reasons to Adopt Cloud Accounting.
We will be conducting a Cloud Accounting Seminar on Tuesday 3 June – contact Nicole at the office or myself for more information.

Cheers,
Justin

Without a doubt, cloud computing and cloud accounting, is here to stay. And at Clear Vision we’re pretty excited about the opportunities that this new technology is bringing for our clients and how we work with them to better manage their finances and business. This is one technology you shouldn’t ignore for too long.

Here are the top 5 reasons why we think businesses should considering adopting a cloud accounting system:

Access Anywhere at any Time
Everything from your account balances to outstanding invoices can be accessed securely 24 hours a day, 7 days a week. You can work in your accounts from your pc in the traditional way (albeit via a login to the cloud) or your can take advantage of the cloud system to access it on the road, on mobile devices or anywhere you can access a web based device.

Reduction and Spread in Costs
Cloud accounting software is most often installed for free. You then pay a monthly fee depending on the level of services you require and the product you are using. There are no extra costs for upgrading the software either. Upgrades are simply done at the provider’s end with you receiving a notice of extra features and functions are they are added. With accounts from just $50 a month this makes cloud accounting an excellent option for start-up and small businesses.

Because cloud accounting scales up easily it is also suitable for larger enterprises or those going through significant growth periods.

Increased Security
With cloud accounting all data is stored on the cloud and is continually backed up by the service provider so that you don’t have to worry about your server dying or your internal back-ups not working. Online password access means there is no local data to be improperly accessed or lost through improper access to office pcs. The system logs out any user who leaves a login idle.

The system will also track user activity so you can see which of your accounts is using or amending the information.

Improved Data Accuracy
Cloud accounting uses real time data and can connect with your bank accounts to provide updates without additional data entry. This can eliminate error prone procedures and keep your data accurate and matched up between accounts.

Easy and Instant Communication
Being able to share data and work on accounts at the same time can lead to better communication and improved business decisions. This is particularly true if you are working with Clear Vision. We offer services specifically for cloud accounting users that can help you better manage your business and provide insights that are more immediate and more cost effective than has ever previously been possible.

Challenge for this month – attend our Cloud Accounting Seminar!
Come along to the seminar and see what the cloud can offer your business.
Einstein said it best – “Insanity is doing the same thing over and over again & expecting different results”.If you are searching for a better result next financial year now is the time to make some productive changes…

The post Justin’s Better Business – May 2014 appeared first on Clear Vision Accountancy Group .

Seminar, 3 June: Cloud Accounting Our Vision For The Future

Thu, 24 Apr 2014 07:05:00 GMT

Seminar, 3 June: Cloud Accounting Our Vision For The Future

Clear Vision Accountancy Group

Providing a new vision for the business of accountancy

Mon, 24 Mar 2014 10:46:00 GMT

Rather than leap into a blog post about a tax or business improvement topic I thought I’d take the opportunity to kick off our new blog with a bit of an explanation of how the Clear Vision Accountancy Group has come to be.

I’ve been in business now for around 20 years, probably longer than I’d care to admit, and during that time I’ve seen examples of plenty of great accountants and accounting businesses. I’ve also seen some pretty ordinary ones and some that just refuse to step into the modern era.

My goal has always been to offer a market leading approach to the business of accountancy. To understand, and to demonstrate, that it’s not just about dry numbers and tax returns.

For accountants to truly earn the “trusted advisor” status that is often talked about we need to be a genuine advisor. With expertise, advice and services that move beyond tax returns into business planning, wealth creation and all the other aspects of advice necessary to create successful financial futures for our clients.

With my departure from my previous firm the opportunity arose to create an accounting business from the ground up that would reflect this goal.

And the result is the Clear Vision Accountancy Group. Our tagline of “Managing your present, Building your future” encapsulates, as briefly as we could manage, the spirit of this Group. We are here to help you with all the day to day issues you face in your business and personal financial lives but we keep our “vision” very much on how our advice is moving you towards a successful future.

I invite you to take a look around our new site, perhaps try out our TRUST tool and by all means get in touch if you would like to discuss any aspects of our new business or how we can work with you in the future.

Justin Searle, Director

The post Providing a new vision for the business of accountancy appeared first on Clear Vision Accountancy Group .

Super Snapshot – February 2014

Tue, 04 Feb 2014 02:25:00 GMT

This month’s super snapshot will cover a recent strategy which we implemented to the benefit of a client recently.

This strategy is applicable for SMSF members who are between 55 and 59 years of age and are either permanently retired or drawing a transition to retirement balance which has non concessional component.

If you are unsure if you fall into either of these categories, please contact our office on
07 4632 9077.

Su-Mei
SMSF Specialist

Withdrawing your account based pension tax effectively for under 60 year olds.

Each year, members drawing an income stream (pension) from their superannuation funds are required to meet a minimum withdrawal requirement. For those members under the age of 60, the taxable component of these minimum withdrawals are taxable in the member’s personal name.

Introducing the Lump Sum Payment

There are generally three ways to withdraw money from super.

Members who withdraw funds as a lump sum payment may have access to the Low Rate Cap. The low rate cap is a lifetime cap which is available to members between the ages of 55-59. The low rate cap allows you to take some of the your lump sum withdrawal (up to the capped amount) tax free. Amounts withdrawn in excess of the cap amount are taxed at 16.5% on the taxable portion. The low rate cap is $180,000 for the 2014 financial year and is indexed annually.

Partial commutation: withdrawing a lump sum payment from an account based pension account

A recent ATO determination (SMSFD 2013/2) has confirmed that if a member is drawing an account based pension and chooses to withdraw his/her money as a lump sum payment this will satisfy the minimum pension requirement. This means that members can effectively have the best of both worlds. A member can convert his/her account to pension mode and therefore access tax free benefits of being in pension within the SMSF; as well as being able to withdraw the minimum pension as a lump sum, use the low rate cap and pay no tax on the withdrawal in their own name.

How does this work?

One important consideration for this strategy is that the choice to withdraw the funds as lump sum rather than a pension payment is made (and documented by your accountant) prior to the withdrawal. This is because in order to withdraw funds as a lump sum that amount needs to be commuted back to accumulation immediately prior the withdrawal taking place. This is called a ‘partial commutation’. Because only part of the pension is commuted and then immediately withdrawn, the fund retains the tax free environment of pension mode.

Case Study:

Terry is 58 years old and retired. On 1 July 2013 Terry has commenced an account based pension and has been advised that her minimum withdrawal is $18,200. Terry has not previously used her Low Rate Cap at all. Terry’s pension is 100% taxable. Terry also receives income from non superannuation sources and does not rely on regular stream of income from her SMSF for her day to day living. Terry has consulted her accountant and decided that she will withdraw her minimum pension as one withdrawal in June 2014. Terry elects to make a lump sum commutation for her minimum pension amount of $18,200.

*assuming an effective marginal tax rate of 34% (32.5% plus 1.5% Medicare levy)

How we can help

If you are between 55 and 59 and either withdrawing an account based pension OR withdrawing a transition to retirement pension (TRIS) and have unrestricted non preserved balances, this strategy may assist you. Please contact our office for further information

The post Super Snapshot – February 2014 appeared first on Clear Vision Accountancy Group .

Justin’s Better Business – Feb 2014

Mon, 03 Feb 2014 06:12:00 GMT

Welcome to my first “Better Business” edition for 2014.

This month I will talk about Client Advisory Boards. A relatively new concept but one that is important to every business.

Cheers,
Justin

Have you ever wondered what your customers really think of your business? We all know when they are unhappy – they either leave or ring to complain! However we very rarely get feedback on what some of the happy customers think!

These customers are using your business because you have a unique service, provide great value, offer good service, or trust you. However, these clients will all have little points or experiences that you can use to improve various facets of your business – perhaps product range or customer service.

Is this feedback important to you? Are you in business and want to continue to improve your business performance or image? If so, there are a number of ways to do this. A survey has been popular in the past but is slow and you lose the benefits of reading body language, tone and being able to dig deeper into the topic.

A new and very popular method being used is a Client Advisory Board. So what is a Client Advisory Board? It is a process where a facilitator external to the business, asks and invokes a series of questions and discussions about your business – while you aren’t there! Your absence is critical – it ensures you get a more honest and full explanation from a small group of your customers who are happy with you, but are open to putting ideas forward without having a potentially negative impact on your business.

Repeating this every 1-2 years will result in recurring positive results and will assist you in completing your strategic plan each year and ultimately your personal goals!

If this sounds like something you’d like more information on, please contact me on 4632 9077.

The post Justin’s Better Business – Feb 2014 appeared first on Clear Vision Accountancy Group .

Clear Vision Bulletin February 2014

Sun, 02 Feb 2014 22:00:00 GMT

Clear Vision Bulletin February 2014

Clear Vision Accountancy Group

Clear Vision Bulletin January 2014

Wed, 01 Jan 2014 22:00:00 GMT

Clear Vision Bulletin January 2014

Clear Vision Accountancy Group

Super Snapshot – October 2013

Sun, 03 Nov 2013 06:23:00 GMT

This will be our last Super Snapshot for 2013; our next edition will be in 2014.

Our SMSF Seminars have been very popular with great feedback – Thank You!
Our next seminars will begin again in February 2014; if you are interested in attending please let me know.

This month covers Binding Death Nominations of SMSF’s. I hope you find it informative.

Wishing you a fabulous Christmas and New Year!
Su-Mei
SMSF Specialist

Binding Death Nominations

Most self managed superannuation funds allow for binding death nominations.

A Binding Death Nomination allows you to govern where your superannuation benefits will be paid upon your passing and must be adhered to when the trustee pays out a death benefit. The difference between this type of nomination and a normal Death Benefit Nomination is that beneficiaries nominated on the Death Benefit Nomination serves as a guide only when the trustee pays out benefits as opposed to the Binding Death Nomination which ‘binds’ the trustee to comply with your wishes.

Who can be nominated on a Binding Death Nomination?

A binding death nomination must nominate a dependant beneficiary or legal personal representative.
Your dependant beneficiaries include:
· Your spouse
· Your children
· Persons financial dependent upon you
· Persons with whom you have an interdependency relationship

Please note that payments to adult children can be subject to tax. In addition, for the nomination to be valid any dependant beneficiaries nominated must still be dependant as at date of death.

Should I have a Binding Death Nomination?

A binding death nomination allows members to have absolute control over to whom their superannuation death benefits are paid. In contrast, if a member were to have a non-binding death nomination or simply not nominated a beneficiary the trustee of the superannuation fund would have discretion over where the benefit is paid. While many members may have a revisionary pensioner in place (meaning that the pension will automatically be passed to the nominated dependant beneficiary upon the passing of the member) self managed superannuation funds which have just one member or have either some or all accumulation monies may wish to consider a binding death nomination.

While superannuation legislation has been updated and no longer requires a new binding nomination to be completed every three years we feel this is a good interval at which to reconfirm your estate plans and ensure that your superannuation balance will be paid in keeping with your wishes; however, we can also prepare non lapsing nominations if you require.

While binding death nominations can provide you with control over where you superannuation benefits are paid after your passing, there are other tools which may be more suitable and used to achieve your goals; for example the use of a corporate trustee.

If you wish to prepare a binding death nomination or would like to discuss your estate planning options with us please call our office on 07 4632 9077.

The post Super Snapshot – October 2013 appeared first on Clear Vision Accountancy Group .