How the Trusted Accountants from Plus 1 Group in Shepparton – Can Assist You With Your Self-Managed Super Fund

How the Trusted Accountants from Plus 1 Group in Shepparton – Can Assist You With Your Self-Managed Super Fund

How the Trusted Accountants from Plus 1 Group in Shepparton – Can Assist You With Your Self-Managed Fund

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In the complex world of self-managed super funds (SMSF) and financial management, ensuring the success of your super – demands expertise and experience. A key player in this equation is the Plus 1 Group, a Shepparton accountant who specialises in self-managed super funds. Working closely with clients in the Transport Industry throughout Melbourne and Sydney, Plus 1 Group will help you create a brighter future in retirement.

The Role of Plus 1 Group in Shepparton: Accountant Shepparton for SMSFs

Plus 1 Group, based in Shepparton, has earned a reputation as experts in the field of accounting, especially when it comes to self-managed super funds. Their team of skilled accountants understands the nuances of SMSFs and tailors their services to meet the unique needs of each client.

Why Choose Plus 1 Group with Your SMSF? Personalised Financial Planning Shepparton

The Plus 1 Group team goes beyond traditional accounting services. They are not merely number crunchers but also experienced business advisers in Shepparton. Their financial planning services are designed to align with your SMSF goals. By incorporating strategic financial planning, they help you navigate the ever-changing regulatory landscape, ensuring compliance while optimising your fund’s performance.

Comprehensive Services for SMSFs: Business Advisers Shepparton

At Plus 1 Group, their role extends beyond being accountants. They are comprehensive business advisers in Shepparton, offering insights and strategies that go beyond the standard accounting services. This holistic approach ensures that your SMSF not only remains compliant but also thrives in the ever-evolving financial landscape.

 

Speak to the Experts at Plus 1 Group

Want to know more? Email or call our friendly team at Plus 1 Group on (03) 5833 3000 and we’d be happy to answer your questions and arrange a no obligation consultation.

Need more help or information?

Click the link below to contact us at Plus 1.

Open Hours

Monday to Friday
8:00am to 5:00pm

Closed Public Holidays

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If you need to get us documents quickly, access remote support, or the MYOB Portal click the button above.

Contact Us

27 Welsford Street
Shepparton, VIC 3630

T: (03) 5833 3000
F: (03) 5831 2988
Email Us

Prepare for surge in GST audits, ATO warns tax agents

Prepare for surge in GST audits, ATO warns tax agents

Prepare for surge in GST audits, ATO warns tax agents

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The Australian Tax Office (ATO) is intensifying its scrutiny on GST compliance due to a noted discrepancy between GST receipts and the amounts it expects. The aim is to address this gap and enhance compliance. This article delves into the criteria for audit selection and highlights the importance of maintaining accurate records for GST.

Key Areas of Focus:

  • GST Audit Surge: The ATO is increasing GST audits to bridge a $6 billion difference between collected receipts and anticipated amounts.

  • GST Compliance: There’s a spotlight on GST compliance, and both BAS and tax agents should prepare for an uptick in audit activities.

  • Audit Selection Criteria: The ATO uses various indicators for selecting entities for an audit. These include:

    • Size of turnover and GST liability.
    • Deviations from previous GST lodgements.
    • Past compliance history.
    • Consistently late lodgements, extension requests, and payments.
    • Industries with high cash transactions, especially retail.
    • Sectors involving large, complex transactions such as property.
    • Financial records that deviate from industry standards.
    • Discrepancies between income tax and GST records.
    • The magnitude and regularity of GST refunds.
  • Best Practices for Bookkeepers: To ensure favorable audit outcomes and adherence to the latest regulations, bookkeepers are advised to:

    • Stay updated on GST regulations and audit methodologies.
    • Adopt specialized accounting software tailored to GST compliance.
    • Identify and assist clients with potential compliance challenges.
    • Prioritize data quality and accuracy.
    • Leverage AI tools, such as Dext and XBert, for data validation.
    • Emphasize the importance of systematic record-keeping in line with industry standards.
    • Familiarize themselves with the ATO Charter to understand its obligations.
  • Notable Figures and Actions: The GST gap estimate for FY22 is $8 billion, an increase from the previous year. In the past two years, GST fraud, influenced by social media, is estimated to have resulted in losses of around $1.6 billion. As a countermeasure, the ATO initiated Operation Protego, leading to actions against numerous taxpayers and several prosecutions.

Summary: The ATO’s proactive stance on GST compliance necessitates meticulous record-keeping and timely adherence to regulations by taxpayers and bookkeepers. Understanding the audit selection criteria and being proactive in compliance can help mitigate audit risks.

Important Note: Please ensure you retain a copy of your invoices on file, especially those for significant capital purchases. Also, it’s crucial to ensure your audit insurance cover is up to date.

Need more help or information?

Click the link below to contact us at Plus 1.

Open Hours

Monday to Friday
8:00am to 5:00pm

Closed Public Holidays

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If you need to get us documents quickly, access remote support, or the MYOB Portal click the button above.

Contact Us

27 Welsford Street
Shepparton, VIC 3630

T: (03) 5833 3000
F: (03) 5831 2988
Email Us

Grants Update – Farm Business Resilience Program

Grants Update – Farm Business Resilience Program

Grants Update – Farm Business Resilience Program

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Overview

This program aims to provide farmers with the opportunity to develop a plan for their farm business. It forms part of the Australian Government’s $5 billion Future Drought Fund under the Farm Business Resilience Program.

The Future Drought Fund provides secure, continuous funding for drought resilience initiatives. It will help Australian farms and communities prepare for the impacts of drought.

The program includes short courses, workshops, webinars, field days and farms walks to suit the varying needs of farmers and community groups. It will also offer farmers the following:

  • Assessment of the business’s performance, to identify opportunities to build resilience and help track progress.
  • Support to develop or update farm business plans, tailored to the farms.
  • Access to one-on-one professional advice on the plan.
  • Practical tools and resources to take back to the farm.
  • Follow-up support post program.

The program covers the following topics:

  • Profitable decision-making
  • Business and workforce planning
  • Managing people on farm
  • Feed budgeting and stock containment areas
  • Climate adaption
  • Biosecurity
  • Market analysis
  • Emergency preparedness
  • Farm safety

A total funding pool of $16 million was committed by the Australian Government towards the roll out of the foundational year. Applicants can include group-mart configured references. A further $60 million was announced in the 2021-22 Federal Budget for the next three years.

Eligible Activities

Eligible activities include subsidised learning and development opportunities so applicants can:

  • Upskill their strategic farm business management and planning approaches to best-practice industry standards.
  • Use data to understand their farm business’s strategic risks and improve decision making.
  • Learn about innovation and diversification options, new farming practices, systems and markets.
  • Think about succession planning and learn new ways to manage people and time.

Who Can Apply ?

Eligible applicants include Victorian livestock, grain and mixed farmers as well as all young farmers.

Phone: 136186
Email: drought.support@agriculture.vic.gov.au

Program Website: https://agriculture.vic.gov.au/farm-management/managing-for-and-during-drought/farm-business-resilience-program#

Need more help or information?

Click the link below to contact us at Plus 1.

Open Hours

Monday to Friday
8:00am to 5:00pm

Closed Public Holidays

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If you need to get us documents quickly, access remote support, or the MYOB Portal click the button above.

Contact Us

27 Welsford Street
Shepparton, VIC 3630

T: (03) 5833 3000
F: (03) 5831 2988
Email Us

Grants Update – NSW Sheep and Goat eID Rebate Scheme

Grants Update – NSW Sheep and Goat eID Rebate Scheme

NSW Sheep and Goat eID Rebate Scheme: Rebates for Electronic Identification Equipment

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NSW Sheep and Goat eID Rebate Scheme

Primary producers, stock and station agents, saleyards and processors in NSW can now apply for a rebate to supplement the purchase and installation of eID systems and equipment for sheep and farmed goats, which will become mandatory practice nation-wide.

  • Primary producers can apply for a 50% rebate, up to $11,250 for an auto drafter that is fitted with a panel reader and related software, and/or up to $4,000 for readers and related software only.
  • Stock and station agents can apply for a 50% rebate, up to $2,000, for pocket or stick eID readers, and purchase, installation and training for software connected to sheep and goat eID infrastructure.
  • Saleyards can apply for a 100% rebate, up to $790,000 for eID readers, auto drafters, structural modifications, connectivity infrastructure, eID hardware and software as well as training, project planning and design consultants.
  • Processors can apply for a 50% rebate, up to $97,000 for eID readers, hardware, connectivity infrastructure and related trainings and software.

Eligible purchases and installations undertaken since 15 December 2022 can be claimed. Program guidelines are provided on the RAA website and include detailed eligibility criteria.

We encourage you not to self-assess eligibility and to seek advice from a Rural Financial Counsellor or contact the RAA should you require any further information before applying. You can also contact us at Plus 1 Group and we can get the ball rolling.

Please note that funding is limited and applications will be considered in order of date received.

For more information, visit the RAA website, call our team on (03)58333000, call RAA on 1800 678 593 or email rural.assist@raa.nsw.gov.au.

Need more help or information?

Click the link below to contact us at Plus 1.

Open Hours

Monday to Friday
8:00am to 5:00pm

Closed Public Holidays

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If you need to get us documents quickly, access remote support, or the MYOB Portal click the button above.

Contact Us

27 Welsford Street
Shepparton, VIC 3630

T: (03) 5833 3000
F: (03) 5831 2988
Email Us

Checklist for closing your business

Checklist for closing your business

Checklist for closing your business

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Closing a business is a significant decision and one that involves numerous steps to ensure it’s done legally and efficiently. If you’re considering closing your business in Australia, this checklist, inspired by CPA Australia, simplifies the process for those without extensive accounting knowledge.

Decide to Close:

  • This is a personal and strategic decision. Consider seeking advice from business consultants or mentors to weigh your options.

Notify Relevant Parties:

  • Tell your customers and suppliers about your plans, ensuring all contracts and orders are fulfilled or renegotiated.
  • Inform your employees. Understand your obligations in terms of notice periods and final payments.

Finalise Your Finances:

  • Close your business bank accounts after ensuring all transactions have been settled.
  • Settle outstanding debts. This includes paying off business loans and paying all creditors.
  • Collect money owed to you.
  • Cancel your Australian Business Number (ABN) within 28 days of closing.

Taxation Obligations:

  • Lodge your final tax return. Ensure it’s marked as the “final return” to inform the Australian Tax Office (ATO) of your business closure.
  • Lodge any other outstanding tax forms, including GST, Pay As You Go (PAYG) and Fringe Benefits Tax (FBT).
  • Pay all outstanding taxes.

Legal and Regulatory Compliance:

  • Cancel any licenses or permits your business holds.
  • Inform the Australian Securities and Investments Commission (ASIC) if you’re a registered company. An ASIC Form 6010 needs to be submitted.
  • Ensure you maintain all business records for at least five years, even after closure. This is a legal requirement.

Liquidate Assets:

  • Consider selling or leasing business assets. This can help settle outstanding debts.
  • Dispose of any unsellable or unwanted assets responsibly.

Deal with Employees:

  • Ensure all entitlements like outstanding wages, leave entitlements, and redundancy payments are settled.
  • Submit the final payroll data to the ATO.

Cancel Business Name:

  • If you registered a business name, ensure you cancel it with ASIC.

Insurance and Liabilities:

  • Notify your insurance companies about the business closure to cancel or adjust policies.
  • Consider retaining certain insurance coverages, such as professional indemnity, for a period after closure to protect against potential future claims.

Finalise Lease Agreements:

  • If you lease property, equipment, or vehicles, ensure you check the terms of your lease. Some contracts may require notice or may have penalties for early termination.

Dealing with Intellectual Property:

  • If your business owns intellectual property (like trademarks or patents), decide if you want to maintain, sell, or let them lapse.

Seek Professional Advice:

  • Always consider consulting with a lawyer, accountant, or business advisor to ensure all aspects of the closure process are handled appropriately.

Closing a business is more than just locking the door and walking away. This checklist is a starting point to ensure you’ve considered the main obligations. By following these steps and seeking professional advice, you can navigate this challenging process with confidence.

Click here for a link to the CPA checklist as a PDF with checkboxes.

Need more help or information?

Click the link below to contact us at Plus 1.

Open Hours

Monday to Friday
8:00am to 5:00pm

Closed Public Holidays

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If you need to get us documents quickly, access remote support, or the MYOB Portal click the button above.

Contact Us

27 Welsford Street
Shepparton, VIC 3630

T: (03) 5833 3000
F: (03) 5831 2988
Email Us

Investing for the grandkids – Something different

Investing for the grandkids – Something different

Investing for the grandkids – Something different

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Invariably grandparents want to assist their grandchildren with their general wealth creation knowledge and experience as well as where possible and affordable to do so then assist with some actual dollar investing for their future.

The following come quickly to mind:

  • Setting up a special bank account investment account (internet style hopefully) – earmarked for the new born grandchild when they are age18/21/25. Medium/Long term stuff.
  • Investing a lump sum and/or regular amount at say age 18 for assistance in next 10 years for a home deposit etc. Typically a growth type portfolio invested in Managed Funds or ETF’s. Medium/Long term options.

Now here is something a bit different.

Say the grandchild leaves school at age 18 and is going to university for 4+ years, if you really want to do something very long term (they will be forever thankful when they are retiring) then why not take advantage of some very early superannuation contributions for them.

Assuming they are doing some part time work while at university then perhaps invest $1,000 each of the 4 years into superannuation for them. These are referred to as Non Concessional Superannuation Contributions and therefore the grandparent can do the amounts on the child’s behalf. Of course provided the grandparent has the availability of the cash and a willingness to do.

Importantly for the $1,000 the Government will match this amount with a $500 amount what is called a Government Co Contribution. That represents a 50% return on the investment even before it is invested by the Super Fund. Not bad!

A couple of pieces of criteria for eligibility are:

  • The child must be doing some part time work and has employment (self or employee) type income of at least 10% of total taxable income in each of the say 4 years.
  • Grandchild must complete a tax return even if there will be a nil outcome.
  • Total Taxable income for any year must be below $43,445 (indexed annually)

We would recommend a 100% Growth Portfolio as the monies are preserved until at least age 60.

Now the good bit – with the power of compound interest and an average return of say 9% per annum that $6,000 (4 years at $1,000 plus 4 lots of $500) would be worth $159,000 in 40 years. Then of course the grandchild will have their own superannuation as well when fully into the work force after university.

Something to think about. They will thank you in 40 years – trouble is the grandparent most probably won’t be around to get the big hug – sadly.

We are available at any time to discuss issues of this nature with due regard to your investments or financial planning generally.

Need more help or information?

Click the link below to contact us at Plus 1.

Open Hours

Monday to Friday
8:00am to 5:00pm

Closed Public Holidays

plus-1-logo

If you need to get us documents quickly, access remote support, or the MYOB Portal click the button above.

Contact Us

27 Welsford Street
Shepparton, VIC 3630

T: (03) 5833 3000
F: (03) 5831 2988
Email Us