October, 2015

Business Collaboration in Perth

Minimise business risk with business collaboration in Perth

Many elements are vital to a growing company’s success.  A financially astute leader is one.  A confident and motivated sales team, well versed in the company’s product and service lines is another. But starting up and growing a business requires more than employees with good skills. It requires business collaboration in Perth to be a success… namely, the deployment of employees in a way that allows them to work together to problem solve and act with a shared sense of purpose.

When this occurs, employees combine their strengths to achieve shared objectives vital to the company’s growth.  Also, mutual learning takes place, which increases the probability that each employee’s performance will improve.  In turn, the company’s performance improves as well.

As collaboration occurs, the employees embrace individual differences to produce exceptional outcomes. This sharing creates a positive learning environment in which the employees more readily identify solutions to problems.  As a consequence, the company will become more operationally and financially successful. So working on your business collaboration in Perth will definitely help you and your business succeed.

Five reasons why collaboration is essential to a growing company:

1.      Uses the best available skills

A collaborative environment leads to the efficient use of employees’ skills by allowing multiple individuals to contribute in the completion of a task, making it more likely that the best available skills are utilised.  This will ensure that tasks are completed more efficiently, leaving more time to concentrate on activities that contribute to the company’s growth.

2.      Facilitates problem solving

Collaboration allows a company to utilise the best available skills for problem solving, which may mean a solution is identified more quickly and more cost-effectively than might otherwise be possible.  The end result is that the company functions more efficiently, resulting in improved quality of service and/or products.

In addition, diverse and complementary skills may enhance work processes as each employee becomes a part of a greater whole, which enhances the company’s culture.  It’s the change in culture that contributes to new initiatives being adopted, thus contributing to company growth.

3.      Recognises individual differences

Asking employees with very different skills to collaborate with others to accomplish a task recognises individual knowledge and skills and maximizes their combined potential.  A team succeeds or fails according to the combined capabilities and commitment of the individuals involved.

Deploying a variety of unique strengths and skills advances a team’s understanding of a problem, which can lead to faster problem solving.

4.      Builds company knowledge

A group approach brings different perspectives to a problem at hand when individuals share different points of view and skills, building the team’s knowledge base which can be utilised in various ways across the company.

5.      Creates a learning enterprise

When people work together, it’s inevitable that they will share knowledge which contributes to a culture that supports ongoing learning.  Consequently, collaboration creates a safety net that protects a company from becoming stagnant.

As an individual collaborates with others, his or her knowledge expands as does the reach of that knowledge throughout the organization.

If you are looking to maximize your business success call us today on 08 9204 3733 for an obligation free review. We can help with business collaboration in Perth

Asset Protection in SMSFs

Superannuation in general, and self-managed superannuation funds specifically, are ideal for asset protection from a trustee in bankruptcy, should this adverse financial situation arise!

A person’s entire interest in superannuation in accumulation phase is protected where that interest is held in, for example:

  • a regulated superannuation fund;
  • a retirement savings account.

It should be noted that in some instances contributions to a superannuation fund may be unwound where payments were made in breach of fiduciary duty; clawback provisions may apply if a number of conditions are satisfied, however generally a pattern of regular and sustained contributions would not fall under the clawback provisions.

If we can be of assistance please contact us on 08 9204 3733.

ATO Payments

It is generally accepted the economy is somewhat flat and liquidity is tight, hence it may be that ATO payments such as income tax liabilities and PAYG instalments are proving more difficult to meet than usual.

The ATO has been receptive when approached on behalf of clients in these circumstances and appropriate payment plans have been successfully negotiated without the need for financial statements and other documentation to substantiate the financial incapacity preventing payment in full!

It is important to note that when payment plans are put in place the ATO imposed conditions are: -

  • The payment schedule is strictly maintained according to the expected payment dates
  • All other payments are made by their due date
  • All other tax lodgements (e.g. returns, IAS/BAS) are lodged by their due date

In the event, for example, of late payment, the ATO will default the plan and may seek recovery of the full debt; if the taxpayer is not then able to pay in full, the ATO will seek details of income and assets.

It is essential that we keep the ATO informed of any difficulty which arises to avert any likely default.

If we can be of assistance with ATO payments, please contact us on 08 9204 3733.

Cost of Educating Children

The cost of educating children (such as books, uniforms, excursions and the like) is ever increasing and looking into the future there is no relief in sight, whether you opt for public or private schooling of your children.  Some parents, however, are taking a long term view and implementing plans for specific purpose saving using, for example, investment bonds (also known as “education funds”) which are increasingly popular.

The investment income of an education fund is taxed at a maximum rate of 30 cents in the $1 and, as long as the income accrues within the fund, there is no assessable income to declare for either the investor or the student.

Other options can be to use a discretionary family trust to hold investments earmarked for the cost of educating children; increased repayments of non-deductible debt, for example, the home mortgage can be another option, as could be increased contributions to a superannuation fund for use after preservation age is reached!

Whatever method is utilised, it is important to start sooner rather than later so the benefit of compounding may be obtained over an extended period.

31 October Tax Return

Don’t miss the 31 October tax return lodgement date!!

There are different rules regarding the lodgement date for your tax return, depending on how you choose to lodge it and whether you have any unlodged tax returns.

Normally, you are required to lodge your tax return by 31 October 2015.  This is a standard date and applies to everybody who lodges their own tax returns.

However, you can extend this date!

The quickest and easiest way to extend the lodgement date of your tax return is to appoint a registered tax agent.  This way, you get an additional 6 months to lodge, which usually extends the date to 16 May 2016.

You need to take action now to get this extension!

If you want to secure an additional 6 months to get your tax returns prepared, then it’s essential that you appoint a tax agent before 31 October 2015.  They don’t need to do anything bar let the ATO know that they are responsible for lodging your tax return and you’ll secure your additional 6 months to get everything in order and ensure you get your maximum tax refund.

If you are not using a tax agent, you can still apply to the ATO for an extension of time to lodge.  You will need to provide special circumstances such as unforeseen medical or family difficulties that will prevent you from lodging your return on time.  Overseas travel is unlikely to be an acceptable reason, as you are expected to plan around this.

Who will not be allowed an extension?

If you have any previous unlodged tax returns you will not be eligible to receive the extension and your tax returns will be required to be lodged by 31 October.

If you have multiple lodgments to do, you are allowed to do them out of order.  So, even if you can’t catch up on your entire backlog before 31 October, you should still do your best to get your 2015 return lodged on time.

If you want to ensure you get your lodgement extension speak to us today.  We are registered tax agents and can assist you with your personal or business tax returns, provide advice and help minimise your tax liability and maximise your tax refund.

With something as complicated as the Australian tax system it can really pay to have an expert on your side, so call us today 08 9204 3733 for an obligation free review.  BSN & Co - your partners in stress free tax return lodgements!