As 2018 begins
As the new year gets underway, we would like to wish our clients good health and a prosperous year ahead. Whatever business you do, know that we are there by your side offering advice and assistance for future successes.
New Year’s resolution
Every year, many of us start with resolutions. At Peacocke Accountants, we can help to make your business run better by using Figured. Designed by two farmer/accountants who wanted to streamline management of farm accounts, it’s a product that suits the needs of its users. It’s easy-to-use software and a better way to work. Figured connects your farming team around the same financial and production information so you can make confident decisions that improve your business performance. Give us a call on 6885 5594 to make an appointment to discuss your Figured needs.
Super deadline
The holidays have ended and it’s time to get back to business. That means it’s time to finalise your super guarantee contributions for the second quarter (October – December 2017) which should be done as soon as possible so that they are received by your fund on or before January 28. And reminder that while you do get an extension on BAS this quarter, the same does not apply for super funds. If a clearing house is used, the contribution should be forwarded to the super fund prior to the deadline in order to meet legal obligations. Clearing houses recommend allowing an extra week for this to occur.
Changes to GST
From July 1, laws will change to allow purchasers to withhold GST on the purchase price of new residential premises and new residential subdivisions, and remit it directly to the ATO as part of settlement.
This is to address tax evasion through “phoenixing arrangements”, where developers collect GST from their customers but dissolve their company to avoid paying it to the ATO.
To provide certainty for contracts that have already been entered into, the draft legislation provides a two-year transitional arrangement. Contracts commenced before 1 July 2018 will not be affected as long as the transaction settles before 1 July 2020.
Do you have a succession plan?
Regardless of whether your assets are $1 million or $100 million, a succession plan is essential to minimise the risk of financial loss and maintain family harmony.
When it’s time to sell or transfer ownership of your business, a stress-free transition is the most desirable method. The starting point for any succession plan is to reflect on your long-term goals, both personally and professionally. Perhaps you need to ask yourself these questions:
Where do you see yourself in five or ten years?
What would you like your retirement to look like?
Who are the best people to take over if you have to step away from the business suddenly – and how can you best prepare them for the task?
Once you’ve tackled the big picture questions, your next step is to seek planning advice from us. We can also help you liaise with other professionals.
At the same time, you’ll be able to start grooming your successor and training your employees for a smooth transition when you leave. Read more at https://peacockeaccountants.com.au/what-is-your-succession-plan/
Keep data secure
It’s no secret that data loss can be a costly nightmare for a small business, with recent estimates citing the total cost of data breaches exceeding $2.1 trillion by 2019.
Unfortunately, cyber attackers increasingly target small businesses because they are less likely to have appropriate or updated security measures in place. Accidental loss due to a lightning strike or other power outage or loss due to data theft can be extremely harmful to a business, with recovery efforts and delays grinding productivity to a halt. The benefit of having Xero in the cloud gives you the ability to have multiple back-ups at different sites without needing to spend millions on security. They also spend millions on making data secure.
Every business should have a customised data security plan in place to outline their information assets, identify security risks and the specific steps to be taken by the organisation to mitigate those risks.
A data security plan is a living document and will need to be updated regularly to keep up with shifts in technology as well as changes in personnel. Read more at https://peacockeaccountants.com.au/keep-business-data-secure/
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