Time to turn plans into action
With summer already behind us, now is the time to turn your New Year’s plans into reality. Acquainting yourself with Figured is just one of the ways in which you can take action. Combining farming knowledge with accounting expertise and the power of technology, you will soon be equipped with all the tools you need to enhance your business planning. Using an online tool allows you to see all your financial and stock information in one place, meaning you can make decisions based on a true picture of your farm’s performance. With Figured, farm accounting tasks are streamlined, so you’ll spend less time in the office, and more time on the land doing what you love. Working with your advisory team all in one place, Figured offers an easier way to work with your accountant, farm consultant and bank manager to produce up-to-date management information. Find out how by calling us to make an appointment on 6885 5594.
Review of rules
The review will also include the circumstances in which a perpetrator’s superannuation should be available to pay compensation or restitution to victims of crime.
The review will not examine other general conditions of release for superannuation.
The regulatory role of administering the early release of superannuation benefits on compassionate grounds will also be transferred from the Department of Human Services to the ATO in 2018, to enable a more streamlined service to members.
Extension for returns
The ATO has extended the due date for lodgement of self-managed superannuation fund (SMSF) annual returns for 2016/17 to 30 June 2018. The extension has been made in light of superannuation reforms which came into play last July.
Do you need a business adviser?
“Mentoring is a brain to pick, an ear to listen, and a push in the right direction.” American businessman John Crosby’s advice is a smart move in today’s business world with the opportunity to learn from a mentor doing more for a small business owner than any course, educational program or degree. Being a mentee means you get the benefit of first-hand experience without having to make all the mistakes yourself. A well-matched mentor is an invaluable asset for any entrepreneur.
Taking out a business loan may be your first plan of action for financing business growth. But there are excellent reasons to consider other options for finding capital to expand your business. For one, it can be very difficult for a small business to secure financing, especially in the early days. You’ll need to prove to a lender that you aren’t a high risk, with financial documentation that shows your company has been profitable for a few years. When you take out a loan you’ll need to consistently make payments toward the principal, interest, or both, depending on your agreement. If for some reason you can’t make your payments, the problem can snowball from losing the assets you pledged as collateral to more devastating losses, including bankruptcy. Discover how to grow your business without breaking the bank.
Xero, our hero
Now is a good time for an update on some exciting features coming soon in Xero, courtesy of the February roadshow. Xero is aiming to be the central financial platform by rolling out new features in which you will be able to perform operations in other connected apps without the need to log into the other site, such as the ATO or your bank etc.
The features include:
- Banking Mark 2, something which Xero has been spruiking for a couple of years. It means you can pay your suppliers and employees without having to log in to your internet banking. National Australia Bank has jumped on board as the first Australian big bank to integrate their internet banking with Xero payments. I have trialled this feature and think it is fantastic. Well done NAB, hope the other banks follow suit.
- Those who prepare their own BAS will soon be able to lodge directly from Xero. I suspect you currently need an Auskey to lodge your BAS and IAS, so this will be a great new feature. Xero pushed the ATO hard to get this up but were then beaten by a couple of competitors in getting into the market. Unfortunately, the ATO sets the parameters and the software providers have to comply.
- For those who pay staff, from 1 July 2018, the ATO has mandated what is called Single Touch Payroll. Big Brother will now have access to your payroll information from the time it is prepared. But payroll program such as Xero will make this simple. It will all happen in the background so no extra work will be required in order for you to comply.
- Another existing great feature is being able to pay superannuation to your staff directly from Xero. With just three clicks, a text will come to your mobile with a confirmation code. Enter it back into Xero and all is done! Magic.
- Another app that makes life easier is ReceiptBank. It can read your invoices, code them if they are simple, import them into Xero and attach a copy of the invoice to the transaction. Just another way to make bookkeeping more exciting./ENDS