Do you have your tax debts under control?

      Taxes Due      Tax Debts

Do you have tax debts?

 

From 1 July 2017, a new tax measure will come into play for small businesses, and we’re here to help prepare you for this tax change.

 

Businesses that haven’t engaged with the Australian Taxation Office (ATO) to get their tax debts under control could have their tax debt information disclosed to credit reporting agencies by the ATO.

Initially, the ATO will be applying this new disclosure measure to businesses with a tax debt greater than $10,000 and is in default (at least 90 days overdue). If your tax debt is disclosed by the ATO, your credit rating will be adversely affected for the next 5 years.

 

What do you need to do?

If you have a tax debt that is 90 days or more overdue, you need to secure a payment arrangement with the ATO before 30 June 2017, regardless of how big or small the tax debt is.

We also encourage everyone who has outstanding tax payments not yet in default, to get these paid as soon as possible.

Tax debts, once disclosed to credit reporting agencies, will go on your credit rating file for 5 years which could greatly impact your chances of securing finance in the future or enter in to credit arrangements with your suppliers.

So, it is important to get your tax debts under control as soon as possible, and well before 1 July 2017.

 

How we can help you!

As your tax agent, we can help you negotiate an effective payment arrangement with the ATO without negatively affecting your cashflow.

Get in touch with us today to discuss your options and get control of your tax debts.

 

General advice disclaimer

General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.

We are now a Bronze certified partner with Xero

We are pleased to announce that we are now a certified adviser with Xero.

Xero is an online accounting software for small businesses. Use Xero to manage your payroll, invoicing, bank reconciliation, bookkeeping & more.  Contact us to start a free trial today!

Features of Xero Online Accounting

With easy to use payroll, invoicing, automatic bank feeds and reports, Xero is beautiful accounting software that can support any business.

Visit https://www.xero.com/au/ or contact our office at admin@gockcpa.com.au or (02) 9267 1688 for more information.

xero-bronze-partner-logo-rgb

Budget 2016 – Tax Matters Newsletter

We are excited to launch our new company newsletter – Tax Matters!!

This issue is a special 2016 Budget edition.

Inside this newsletter we look at:

  • Industries on the ATO’s radar this year;
  • Federal Budget;
    • Superannuation changes
    • Flexible super
    • Focus on Individuals
  • ATO to focus on collectables;
  • Tax on gifts and donations

Happy reading! If you have any accounting or tax questions, please contact our office on enquiries@gockcpa.com.au.  We’d be happy to help!

businessman calculating growing savings,

Client Document Portal is here!

We are pleased to announce that our new Client Document Portal is up and running.  This is a convenient and secure way of communicating with your James Gock & Co accountant.  You no longer need to deliver hard copy documents to our office or email files or spreadsheets.

Tax returns and financial statements can also be signed using a secure digital signature.  Contact your James Gock & Co Accountant to setup your Client portal login today.

 

Client Portal

James Gock & Co – Client Document Portal

Sage One Online Accounting – Certified Adviser

We are pleased to announce that we are now a certified adviser for Sage One Online Accounting.

Sage One is the latest cloud accounting software to enter the Australian online accounting market.  Although it is new to Australia, it is an established and well developed product, already used in more than 12 countries around the world.

Features of Sage One Online Accounting

Simple to use, it provides quotations, invoicing, automatic bank feeds and a customer portal for your clients to view their quotations and invoices.  Priced extremely well for small businesses, Sage One is worth having a look at.

Visit www.sageone.com.au or contact our office at admin@gockcpa.com.au or (02) 9267 1688 for more information.

Try Sage One for Free

 

 

Seven tips to save around the house

One of the most effective ways to boost your savings and/or add to your super is to cut costs around the house. Here we outline some effective opportunities for spending less without feeling as if you’re going without.

1 Dress for success

Using an air conditioner or heater in Australia, especially with increasing electricity costs, hits the hip pocket directly. Think of how you might avoid using the air conditioning for a few hours or a few days each week, by dressing differently or better insulating your home. Consumer body Choice says adjusting your air conditioner by a degree cooler in summer and warmer in winter will increase running costs by 10–15%.1

2 Be entertained

Check the entertainment options for which you’re paying. It’s no surprise that a high number of households now have broadband and/or a pay TV subscription. Weigh up the options and determine if you’re getting ‘bang for your buck’ from these services. How much are you spending on TV and movies, and how much do you really use? And are you paying for movies and documentaries when you’re only watching sport channels? Check with your service provider to see what package options are available and customise your subscription accordingly.

 3 Shop around

From car insurance to mortgage costs to mobile phone plans, there could be better options that you’re missing out on. Figure out the services that cost you the most then have an honest conversation with the providers about how you might reduce those costs and then shop around. If they want to keep your business they will often find ways for you to save money or get more value out of the amount you’re paying.

4 Lose the landline

With the availability of unlimited mobile phone contracts, increasing options and quality of voice-over-internet protocol (VOIP) systems, you might find that you no longer require the traditional landline telephone. This will not only save money but it will reduce the chances of receiving human and recorded telemarketing calls. If you can do without it, don’t pay for what you don’t need.

5 Waste less, spend less

When shopping, look at your options when buying individual-sized cartons of juice, yoghurt, fruit, baked beans etc. They cost more and create more waste. It’s likely to be more cost-effective to buy in bulk, which will in turn keep money in your pocket.

6 Do you need it now?

When people begin to properly record their household expenses, many are surprised by the fact that they have become so comfortable with the ‘need it now’ mentality. Do

you need to buy the latest technology when last year’s still does the job? How about the newest mountain bike, running shoes, the most up-to-date fashion or a new car? This is a great way to save yourself thousands of dollars a year – by giving yourself permission to be happy with what you’ve got.

7 Budget, budget, budget

The savings tips highlighted above will only have an impact if you effectively map out your inputs vs outputs. Set yourself goals to work towards and implement the above tactics to give yourself the best chance of achieving them, and speak to your financial adviser to hear more cost-saving tips.

1. http://www.choice.com.au/reviews-and-tests/household/heating-and-cooling/home-cooling/ducted-reverse-cycle-air-conditioning-buying-guide/page/how-much-to-buy-and-run.aspx

Important information

Andrew Gock of James Gock & Co (ABN 19 372 236 695) is an Authorised Representative of Count Financial Limited ABN 19 001 974 625, AFSL 227232, (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.

This document has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232, (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. ‘Count’ and Count Wealth Accountants® are trading names of Count. Count advisers are authorised representatives of Count. Count is a Professional Partner of the Financial Planning Association of Australia Limited. Information in this document is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on this document. This document is not advice and provides information only. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.