Wednesday July 21, 2010

Welcome to our first newsletter

Hello to all our loyal customers. In response to client feedback over the past few years, we have started a newsletter to provide our clients with tax news, updates and useful information.

We propose to send out a newsletter every three months to all of our customers that we hold a valid email account for. Should you wish not to receive these circular bulletins just unsubscribe and we will remove you off the list going forward.

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Changes to superannuation rules

Changes to Superannuation Rules – The Australian Taxation Office (ATO) have recently announced that salary sacrifice to super or other acceptable destinations will now be shown as reportable fringe benefits (now called reportable employer super contributions) on payment summaries. Basically, these amounts will now add to calculations for adjusted income in areas such as family tax benefit, tax offset calculations, pension calculations etc. You may also need to update your software before preparing any Payment Summaries as the new versions of payroll and accounting packages now include this field.

For more information about the new tests please visit: http://www.ato.gov.au/individuals/content.asp?doc=/content/00189164.htm or just call our office and speak to one of our accountants if this sounds like it may affect you. Enter body content here

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Financial planning

Byrne and Miller have partnered with Finlife Advisers. For more on the Finlife experience http://www.finlifeadvisers.com.au/ Enter body content here

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HECS/HELP

For those clients with a debt for tertiary education, the end of financial year presents an opportunity to look at paying out residual debts voluntarily to access the discount. This is almost always mishandled by our clients. We may be able to point you in the right direction to maximise your benefits. Even if you aren’t going to do this in the current year, please call, email or discuss this directly with your accountant.

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Investment Allowance

Those clients carrying on a business would have been aware of the investment allowance offered by the federal government as an economic stimulus measure. Businesses were offered the opportunity to receive a bonus deduction for capital assets purchased up until the 31st of December 2009 (or ordered prior to this date). We received hundreds of calls about this and have spoken to many more clients since December.

If you have any questions about the allowance please call us to discuss or drop us an email at bmpb@byrneandmiller.com.au

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Adaptive Human Resources - Are you at risk?

Your Human Resources and OH&S compliance shouldn’t be taken lightly. As a small or medium business owner there is a lot you need to consider to ensure your business stays on track. When you have staff to manage, it’s your responsibility to ensure it’s not only done well - but done within the law.

Some of our clients come to us when it’s too late. They contact us when things have gone horribly wrong and they’re facing potential litigation or massive financial loss.

Worse, it could be you experiencing any of these without proper measures in place:

* injury or death of someone in the workplace
* litigation stemming from an injury or death
* fines from failure to meet standards
* loss of reputation & goodwill
* lost time through injury
* lowered staff morale and productivity
* high turnover due to poor morale
* increased costs

This isn’t the way a successful business runs - it’s a sign of a business that is always on the back foot: reacting instead of having everything in order from the beginning.

If you’d like to ensure that you’re covered and not likely to experience any of the above, we can assist you.

Call Aveline Clarke on

0414 498 512 to arrange a free assessment & 45-minute consultation TODAY!

E: aveline@adaptivehr.com.au

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Hurry, Hurry

As the end of the financial year approaches we always get a run in on work to complete prior to deadlines. We are always mindful that while you might have months ahead until your return is due, we suffer at this time of the year with a massive inflow of work and those first in first get preference. We have seen the ATO be much more active in imposing and enforcing fines for late lodgement and therefore urge you to call or send an email to make an appointment time A.S.A.P. For all of our out of town clients, please bundle up whatever you have on hand and send it in so we can get a head-start and get back to you with a list of queries.

We thank you for taking the time to read our first newsletter and please send through any requests or suggestions for things you would like to see in our circular. We look forward to hearing from you soon and thank you for your continued support.

Warm regards,

The team at
Byrne and Miller MGA

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