Don’t be scammed by the Tax Office
Seriously, this is not a joking matter. If you are called by telephone or sent and email purporting to be from the ATO, you need to check that it is actually so.
If in doubt, call us immediately and we will help check it out. Below is a summary of a current phone scam in operation, kindly provide by the (real) Australian Taxation Office:
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EMAIL SCAMS TOO!
This is an example of an email received by one of our clients:
From: Australian Taxation Office
Sent: Thursday, 8 December 2011 6:56 AM
To: Admin
Subject: Urgent! You filled out your tax form NAT3799 incorrectly!
To whom it may concern.
We are sorry to inform you that you have made mistakes while filling out the last NAT3799 tax return (ID: 958595122165) .
Please read recommendations and hints from our tax specialists HERE
Please correct the mistakes and send the revised tax return to your tax agent as soon as possible.
Kind regards,
Stacy Barr
So again, if in doubt, call us now or email admin@mbrgroup.com.au and we will help you.
School Expenses – Claim your refund!
With the closing of one school year, many of you will already have the booklists for 2012, and might be planning to shop over the holidays.
So we thought it would be worth reminding you about the Education Tax Refund.
What is the Education Tax Refund
The Education Tax Refund (ETR) helps with the cost of educating primary and secondary school children.
Eligible parents, carers, legal guardians and independent students are able to get money back on education expenses. These include items like computers, educational software, textbooks and stationery.
You may get 50% of your money back.If you get Family Tax Benefit (FTB) Part A, you probably are eligible for the ETR. There are also some payments that prevent you from receiving FTB Part A, but which still entitle you to receive the refund.
You can also claim the refund if you are an independent student. For more information, go to http://www.educationtaxrefund.gov.au/index.html
You need to keep your receipts as you need them to calculate your entitlement and you may need them as proof of purchase.
What items can I claim?
Eligible expenses include the cost of buying, establishing, repairing and maintaining any of the following items:
home computers and laptops
computer-related equipment such as printers, USB flash drives
disability aids to assist in the use of computer equipment for students with special needs
computer repairs
home internet connections
computer software for educational use
school textbooks and other printed learning material, including prescribed textbooks, associated learning materials, study guides and stationery
prescribed trade tools for secondary school trade courses
What items can’t I claim?
You cannot claim:
school fees
student attendance at school-based extra curricular activities such as excursions and camps
tutoring costs
sporting equipment
musical instruments
school subject levies – for example, payment for consumables for particular subjects such as woodwork, art or home science
building levies
library book fees
school photos
donations
tuck shop expenses
waiting list fees
transport
membership fees
computer games and consoles
So make sure you keep your receipts and let us know at tax time so we can maximise your refund.
If you have any queries, email admin@mbrgroup.com.au
Why I love Xero – perfect? or not?
Born and bred on a sheep farm in country Victoria, I came to Melbourne seeking knowledge and learning experiences.
I door-knocked the longest continuous shopping strip in the southern hemisphere (Sydney Road) to secure my first non-farm job.
19 years later I own that accounting business, and I can assure you, times have changed.
In 1993 after reconciling my fathers farm accounts on my custom macro driven Lotus 1,2,3 spreadsheet I discovered Quicken for DOS. Brilliant cashbook software, fast and efficient, I stuck with it through Windows 3.1 and beyond, before GST drove me to Quickbooks.
Now I have seen the future of business accounting software and, boy, does it have the “X Factor”!!
Xero is its name and I can happily describe it as Beautiful Accounting Software.
No updates for the user to install, no desktop software, no backups you or I have to do, mobile (iPhone/iPad/Android/laptop) access, and I can work with my clients on the same data hundreds or thousands of miles apart.
It is the way of the future, but best of all it is available today for Australian Business Owners.
For me, I love that one ledger means no data re-entry for Financial Statements, LIVE data feeds from banks so the information can always be up to date.
And did I mention platform independent! Windows, Mac, iOS, Android, Linux… as long as you have a browser and an internet connection, you have Xero.
Great reporting, EASY to use, an open API (if you know what that means you will like it) so it can “talk nice” with other software. Saves you time, saves me time. What is not to love about that?
Perhaps it is not perfect. But it’s damn close for me!
I would love to hear what you think, or if you have any questions, just comment below and I will respond.
Xero breakfast briefing a great hit with our guests
We recently held our first Xero briefing for clients and local businesses, and the feedback was amazing.
At our breakfast briefing, clients and guests saw why everyone is talking about Xero. It really can make bookkeeping fun, save business owners time, and allows accountants to work with their clients in real time, not just with historical numbers.
We fully support the Xero product and love how it is easy to use, and this was always going to make for a great presentation.
And I am happy to say the feedback has been first class:
Presentation Underway
“Great session. Presenter provided information that was relevant and precise about the topic. Provided live examples on the software. Answered participants questions. Session was interactive.”
“Very efficiently and effectively done.”
“The presentation was a fantastic display of how MBR Group is being pro-active in aiming to deliver its clients better results.”
“Presentation was excellent. I can see a real use for this software in the market”
“I MAY need some help setting up abut am going OK so far.”
“I’ve rated it all 9 but there was really nothing that was unsatisfactory. I would also like to add that the time of the day was great for me and the effort to run on time was VERY much appreciated. The session was ‘just right’ in length and information load- and formality. Good to be able to ask questions as they popped into your head. As discussed we will follow up on the Xero product.”
3 Steps and a quarter to achieve your 2011 goals
With 3 quarters of the 2011 calendar year gone, is it time to review on any new years resolutions you made for your business?
Well if you set goals that you have not yet reached, now is a great time to reflect.
You see, with 3 months left, there is plenty of time to take ACTION that will drive you and your business towards those goals.
If you seem a long way off, then remember it is actions that drive results, and it is likely that the actions you and your team have taken (or the actions you and your team HAVE NOT TAKEN) which are responsible for your current state.
But there is time. If you have a goal that you want to achieve before 2012 arrives, take these three simple steps:
Step 1. Decide that you will commit to the goal
Step 2. Identify the key actions required to achieve the goal
Step 3. Make sure you and your team take the key actions
Of course Step 3 is where you are most likely to trip up. I recommend building in accountability to ensure the actions are tracked.
If you would like to know how you and your team can build your own accountability, email me at adam@mbrgroup.com.au or send me a message on twitter @AdamRamage
I will pass on some simple tips we use with our clients to help them achieve their goals.
Yes, 3 quarters are gone. But because there is one quarter to go, you have the chance to nail those goals.
3 Steps.
Don’t wait any longer.
Does your team need a restructure?
From time to time all business owners will come face to face with decisions about team structure.
The challenge is to look beyond the here and now and the demands of the day, and look forward to the future and the makeup of the team you as a business owner wants to have.
As a business owner you want everyone to be working towards the goals of the business, and by having a great culture and an attitude where the team members want to support each other, then the likelihood of achieving your business goals are enhanced significantly.
Of course that does not mean having team members who are identical, or that agree with everything you as the owner says or does.
A strong team will have a balance, will be willing to challenge the stays quo, and will keep each other accountable.
Are there things that you as a business owner need to do to support your team in this progression? Are you willing to be challenged and held accountable by your team, not just be “the boss”?
Do you allow the strengths of the individuals in your team to shine?
If the answers to any of these questions is no, then I would love to have a discussion with you.
Landline, mobile, skype, twitter. I don’t mind. Let me know and let’s have a healthy look at opportunity.
Congratulations Upgrade Commercial Interiors
Our whole team at MBR Group offer congratulations to Upgrade Commercial Interiors on being named Best Specialist Contractor in the Master Builders Excellence Awards 2011.
The Myer Melbourne redevelopment included numerous challenges and the execution by the Upgrade team was recognised by the Master Builders Association of Victoria.
Upgrade Commercial Interiors were responsible for the supply and installation of the level 7 feature ceiling consisting of 15 plaster facets lined with 10,000 metres of Tasmania Oak timber and 15 plasterboard facets all of which were at different planes and angles creating a most striking feature to the top floor of the development.
Upgrade also undertook the recreation of the mural hall ceiling and associated plasterglass mouldings to their former glory after the existing ceiling had to be removed to allow installation of services and removal of hazardous materials.
For contact details for Upgrade Commercial Interiors click here
Award winning? Yes it is!
5 Quick and legal tax saving tips for business owners
30 June is approaching fast, so here are 5 tips to help you save tax before the end of the financial year:
1. Superannuation. Yep, it still rocks as a tax saver. You get to spend money that goes toward your retirement and save tax at the same time. And, a simple tip is to pay your staff super pre 30 June too. You have to pay it in July anyway, so bring it forward and save tax this year.
2. Made a capital gain this year? If so, check your portfolio for investments which have lost value. You can offset realised losses against your gains and, yep, save tax.
3. Small assets. Under the simplified tax system, small businesses can write off assets costing less than $1,000 this year. So if you are considering buying an iPad, now might be the best time.
4. Consumables. We run an accounting business, so we might stock up on paper, pens, business cards, letterhead, envelopes. If you are a manufacturer it might be glue, or wrapping materials.
5. Prepayments. If you have a loan, you can check with your bank if you can prepay interest. You are going to pay it anyway, so if you can save tax this year, worth considering. Same goes for operating expenses such as rent.
6. I said 5, but here is a bonus (super powerful) sixth tip: Call your taxation advisor! You owe it to yourself to have the best information at this time of year, and the right decision can be extremely valuable.
Want to check your options? You can call or text me direct 0418 142 562, or send me a message.
What the budget means for Small Business
The biggie for the headlines
- A $5000 up-front tax break for motor vehicle purchase made by companies with less than $2 million in turnover plus instant deductions for assets costing less than $5000 in 2012-13
Funded by
- Scrapping of the Entrepreneur’s Tax Offset.
Simplified FBT and cars (just one rate) but…
- A reduction in fringe benefit tax breaks for company cars, which will save the Government more than $950 million.
Common Sense for SMSF trustees
- A relaxation of penalties for excess superannuation contributions for first-time breaches.
This will impact on family investors and business owners with children and trusts
- Minors will be prevented from accessing the Low Income Tax Offset for non-work income (like trust distributions)
None of us will argue with this
- More than $150 million for the ATO to crack down on phoenix companies, tax refund fraud and grants fraud.
Keep the mining boom rolling
- A new $34 million program to help Australian suppliers get involved in the Australia’s major resources projects.
Lets assume it will not be another home insulation style debacle
- Increased funding of $60 million for venture capital for renewable energy.
Workforce participation continues to grow but to remain the smart country
- A $3 billion package to increase skills and workforce participation. The centrepiece of this is a $558 million Workforce Development Fund, which will allow companies to bid for funding to train current and prospective workers.
Timing effect only (a headline grabber?)
- A change to the way quarterly income tax payments are made that will reduce payments made by small businesses in 2011-12 by $700 million. The payments will be made up over 2012-13.
Lets just hope it is investing for the future, not investing for votes
- More than $4 billion for regional investment – as promised to the independent MPs when the Government took power last year.
Engaging my team
As a business owner, I have been guilty of taking OUR team for granted. Guys, if you are reading this I am sorry, and have learned the hard way that you are the most valuable asset of OUR business.
Yes, I know that it is our clients who provide the revenue, but without OUR team, the value we could provide would be a fraction of what WE TOGETHER can, and do, provide.
So I will continue to engage the team in helping our clients achieve even more in their business, and the best way for me to do that is to provide the resources they need, but even more importantly, ensure THEY also understand that TEAM really does stand for Together Everyone Achieves More.
I look forward to your comments on how you work with your team to make your business rock.