There’s no doubt about it, accountants are always needed for both individuals and businesses. It’s a specialist career that takes a lot of knowledge, and a continued growth in relevant subject matter, to thrive in. One of our accountants, Leo Liu, is certainly thriving with Nexis. Through his accounting and Xero support for our clients, Leo always plays it safe and does everything by the book, but a closer look at Leo tells us he’s a little more daring on the inside.
With all the talk of changes to superannuation in the news, it’s a timely reminder that super co-contributions from the government can help eligible people boost their retirement savings. There are a range of eligibility criteria, but in a nutshell, if you’re a low or middle-income earner and make personal (after-tax) contributions to your own super fund, then the government also contributes (known as the co-contribution) up to a maximum amount of $500.
We wish to let all our valued clients know that we now offer direct debit payment arrangements. In fact, it’s our preferred payment method and simplifies the invoice and payment process for everyone. When you switch to direct debit payments, the benefit to you is that it allows you to pay your invoices in monthly installments, therefore easing the pressure on your bank accounts.
The ATO has recently posted a reminder that the quickest and easiest way to pay your BAS is with BPAY, a credit card or debit card. You can also pay using a payment reference number (PRN), or EFT code, if you lodge online. Nexis is always here to assist you with your BAS and reporting obligations, but did you know that you can now also make early payments to offset future BAS? All you need is your PRN, and you can use any of the available payment methods to voluntarily make early payments to offset your future BAS liability.
It’s not long now until the Christmas break. Time to relax and recharge with family and friends. But, if you’re a business owner, this time of year can signal some big changes that can have a huge impact on your business if not managed properly.
It’s definitely the season to deck the halls. Christmas parties, Christmas presents, Kris Kringles, work drinks. They’re all part of this festive time of year and we’re definitely not here to spoil your fun, but did you know there are tax implications for some of this frivolity?
Here at Nexis we love it when we see our staff grow. We are pleased to say that our fabulous receptionist and people-person extraordinaire, Kelsey Plumb, has just recently been promoted from her role as receptionist to that of Executive Assistant for Michael Talevich. There aren’t many of our clients who don’t already know Kelsey. She may have spoken to you over the phone or via emails or greeted you in person in our office. Kelsey has been part of our administrative team, so she takes care of a range of admin tasks for our clients – and she gets to speak with all of our awesome clients. She will now also be assisting Michael Talevich in the day to day operations at Nexis. Home renovating, interior design and sky diving are high on Kelsey’s list of passions, but just wait ‘’til you find out what her secret talent is…
One of the things we like about working in the accounting world is we get to stay on top of what the ATO is reporting on. Earlier this month Deputy Commissioner for Small Business at the ATO, Deborah Jenkins, gave a speech to the institute of public accountants 2018 national congress on what the ATO is seeing in the small business market A rather interesting read…
Ms Jenkins outlined some of the key things that the ATO is focused on when it comes to small business.
If you thought that the proposed changes to negative gearing would only apply to property investment, then it’s time to think again.
Earlier this month Professor Robert Deutsch, Senior Tax Counsel with The Tax Institute*, Australia’s leading forum for the tax community, was able to confirm with the Australian Labor Party that proposed changes to negative gearing would apply across the board to all investments – not just property investments.
It is further explained that the proposed restrictions to negative gearing would apply on a global basis to every taxpayer.
So, what does this mean for you if you’re negative gearing?
It seems even our friends at Xero are not exempt from scams.
Scam emails are currently doing the rounds, seemingly from Xero.
The emails begin with the line ‘Dear Customer’ and prompt you to view your bill for a particular invoice. And if you check the sender, the email is often from the sender email@example.com Xero has advised this domain is not associated with Xero in any way and has requested that you do not make any payments, open any attachments or click any links.
Do you find yourself getting lost in the day-to-day operations of your business?
Even if you have a quality-focused team around you, it is easy to come unstuck with so many aspects to manage and seemingly so little time.
Perhaps you don’t have other trusted senior managers to help you, or feel you are lacking support.
Declare, declare, declare, we just can’t say it enough.
A reminder that when it comes to your individual tax return, you really need to be dotting your i’s and crossing your t’s, or the ATO will catch up with you.
We have been reminded again just recently that the ATO’s improved data matching means you really need to be absolutely scrupulous - don’t just think it’s too small to matter, or too hard to work out, these sophisticated data matching tools WILL catch you out.
If you have a Self-Managed Super Fund (SMSF), you will have heard from us regarding monthly online processing. Why? due to the change in reporting requirements that have come about via the introduction of Single Touch Payroll (STP) and Transfer Balance Account Reporting (TBAR). Our expert SMSF administration service allows us to do daily processing of transactions, which allows us to comply with the increase in reporting requirements handed down by the ATO.
When chatting with new clients about their needs, we often have them initially decline our offer of Business Advisory Services. But more often, as our relationship progresses, and we uncover more and more about their business and how it operates, they realise that a lot of the services we offer, they do actually need, and that many of those services indeed come under the umbrella of Business Advisory Services.
If a person could be described as a melting pot of world travel, culture, history and food, our Claire would be it – with a dash of pop culture thrown in. Having been at Nexis for the past two and half years, Claire is Executive Assistance to Domenic Stramandinoli. She’s a cultured one our Claire, but she’s straight up, believing a good, firm handshake always leaves a positive impression.
In today’s technological age the number of people working from home is on the rise. Home offices set up with phone, internet and a good dash of self-discipline to stay focused is all a lot of people need to get their jobs done. And working from home definitely has its perks with more flexibility, greater work-life balance and an escape from an over -abundance of office meetings
How many emails are in your inbox? Did you know that everyone at Nexis maintains an average well below 100 emails every day? Its actually become a friendly competition in the office to see who has the lowest and our Directors are some of our best.
The ATO has just confirmed that impersonation scams have been reported amongst the community - a new method of scamming whereby the scammer initiates a three-way conversation between the scammer, the victim and another scammer impersonating the victim’s tax agent.
Single Touch Payroll (STP), as we have previously outlined over the past few months, is an initiative being introduced by the Australian Taxation Office (ATO) to provide real time visibility over the accuracy and timeliness of a business’ payroll processes. It is aimed at streamlining the administration of employee payroll, tax and superannuation obligations for employers.
When you first meet Dinesh he's so polite, friendly and calm that you might think he was the last person to jump off a cliff, let alone into water when he can't even swim. You would be mistaken. Learn more about our friendly Senior Accountant.
Do you have a short-term rental property? A home, room, apartment or unit that you rent out for short holiday stays, an Airbnb, or temporary lodgings for students or family? If yes, the ATO probably has you in their sights.
As a business owner you don’t have to sacrifice business goals for personal lifestyle, or vice versa. We can assist you find the perfect balance with our Business Life Planning Workshop.
The NEXIS Business Life Planning Workshop, run with all business owners from any industry or field, will help you to understand and commit to concrete goals for both your business and your personal life.
Good news if you’re a small business needing to receive payments from your customers via direct debit. Xero has recently announced GoCardless integration for its Australian users.
And the best bit? This eliminates the need to chase your unpaid invoices and can also improve the accuracy of your cashflow forecasting.
Tom (or Tommy) is our Client Relationships Manager and his parents were literal in naming him Tom (which means twin) because he actually is a twin. But Tom doesn’t need his sister to put in double the effort at Nexis to make our clients happy. Learn more about Tom and find out where to get the best buffalo wings in the world in our staff profile for this month.
From 1 July 2018, employers with 20 or more employees must report their employee’s tax and super information to the ATO through their payroll software. This software is required to be Single Touch Payroll (STP) ready. Xero, our recommended accounting software, complies with this but rollout varies depending on your subscription.
You would be surprised how many businesses make the mistake to register their business name without the security of a trade mark only to find that they can’t do much about a direct competitor who decided to trade with the same business name. Our latest blog will help you understand exactly what a trade mark is and how we can help you to start the trade mark registration process.
The ATO is ramping up data-matching services to target unexplained assets and wealth such as cryptocurrencies like Bitcoin and Litecoin. If you had the foresight to have made money out of investing in the cryptocurrency before its recent boom you need to be aware of the capital gains tax implications. If you have gone even further and have a business that transacts with cryptocurrency, did you know that trading stock rules not capital gains tax rules apply? If you’ve failed to mention your crypto wealth to the ATO, get in touch so we can provide advice on what to do next.
Nexis are proudly sponsoring the community league players of the Monaro Panthers again. This includes all teams from under 12’s to under 18’s. Monaro Panthers is a premier league football club based in Queanbeyan that has been running since 1967. We feel very privileged to be supporting the local community and the next generation of football legends!
‘Reporting’ is the word small businesses often forget or deprioritise but can help you forecast and quickly capture business profitability, among other measures. Our programming and Xero experts have been developing a range of customised reporting tools for small businesses to automate monthly, quarterly and yearly business snapshots in one concise and great looking report that you can actually understand.
One of the benefits that you receive as a client of Nexis is access to our experience and relationships with complimentary service providers. These include financial planners, banks, lawyers, mortgage brokers, insurance brokers, recruitment consultants, marketers, property developers and real estate agents. At this time of the year it is worth considering your needs for these services and to revisit those that you have not reviewed for a while.
The removal of the 10% maximum earnings condition means that you may be able to claim a personal super contributions deduction at tax time this year. Get in contact with your Nexis accountant or read on to find out if you are eligible and how we can guide you through the process.
Late last month, the Minister for Revenue and Finance announced the commencement of a 12-month Superannuation Guarantee Amnesty, otherwise known as the Amnesty. The Amnesty is a one-off chance for employers to disclose any non-compliance with the super guarantee over any period between 1 July 1992 to 31 March 2018 without penalty.
So, what does that mean for you? It will mean different things, depending on if you are an employer or employee.
So we can’t improve time management skills but we can sort out overdue tax returns. As tax time rolls around this year, it is the perfect time to finally address overdue lodgements from previous years and we will help you clean them up. We have years of experience in negotiating these matters with the ATO and can help you significantly reduce or eliminate penalties associated with late tax returns.
Find out about the ACT Government land tax grab that was passed by the ACT Legislative Assembly just in time for the 2018 Federal Budget.
Superannuation is vitally important, and the government has put it front and centre with major updates to SMSFs and work test exemptions for people aged 65-74. Here are all of the changes and updates you should be aware of to keep your super in check.
Businesses can expect a lot of changes coming their way over the next few months. The instant asset write-off has been extended, and Directors will see more restrictions on GST exemptions as well as lots more.
While there were several budget announcements for families, they are very specific to particular family circumstances. Here's a financial overview of what families can be prepared to expect in 2018/19.
Wondering how the 2018 Budget will affect you personally? From tax cuts to a ban on large cash payments, to changes to capital gains discounts, here's a breakdown of the big changes that may affect you.
John is a Senior Manager and has been with the Canberra office for almost 3 years, but how well do you really know him? Learn why he hates the Hulk and what he does when he’s not mentoring staff at Nexis.
Did you know that the Tax Office knows more than most people think and receives more than 600 million transactions from third party sources including online platforms like Etsy, AirBNB and Carsales. Is it time you told us about your income earning hobby?
Bec, 27, single and sick of giving her money to someone else decided it was about time to buy her first home early this year. She had heard that first home buyers can use super contributions towards their purchase and she approached Michael at Nexis for an accountant’s point of view. Our interview with Bec is a good example of how accountants and financial advisors can actually provide complementary advice and are both beneficial when buying your first home.
A common question we get all the time is “Do we have to keep paper receipts?” The Australian Taxation Office’s latest taxation ruling makes this all a little clearer for everyone. Electronic records of transactions are generally ok, but check out our latest blog post where we have summarised the key learnings.
Meet Haylee, our Business Operations Manager joined the Nexis team in November and has since been assisting a number of our clients in the areas of recruitment, induction and success planning.
Recently, we created code to automate processes in Xero, making usage of the platform simple and straightforward for small business owners.
The instant asset write-off for small business has been extended until 30 June 2018. That means if you buy an asset for your business that costs less than $20,000, you can immediately deduct the business portion in your tax return.
Cryptocurrency is a significant area of growth and focus for the ATO at the moment, as the tax perspective differentiates treatment depending on the use of this currency.
You may have heard that Nexis will be expanding to Brisbane in the New Year. That’s right – Michael will be moving to sunny Queensland to be closer to his family and extend the Nexis offering to interstate. From an operational point of view, nothing will change for Nexis, and Michael will still be available as much as ever before.
On Friday 1 December, Nexis held their Annual Race Day at Thoroughbred Park. We raised $3,141.05 for our chosen charities for this year which were Beyond Blue and the Heart Foundation.
Christmas time comes with parties, food, gifts, food, parties and more food. All that entertaining can become pretty taxing, not only for your belly, but for your wallet, especially when the entertainment is for clients and staff. Luckily, some expenses are exempt from fringe benefits tax (FBT). We’ve done the research and found the top resources for you to figure out if some of those expenses are free from tax obligations at tax time.
The most wonderful time of the year has finally arrived! Christmas barbecues, Christmas parties, spending quality time with the family, backyard cricket and loads of presents are what make Christmas so special. But did you know that accountants love getting Christmas presents too? We’re not kidding. To make things just a little bit easier for you, we’ve compiled a list of the top three things to get your favourite accountant for Christmas.
A new law implemented on September 1 now prohibits business owners from charging their customers with excessive fees on credit, debit and prepaid cards.
You may have heard that the big banks have made the big decision to banish their ATM fees. By removing their fees, the banks hope that they’ll be making an impact for all Australians, although particularly those in rural and regional areas.
Watch Nexis director, Michael Talevich discuss what to consider when beginning a new business with Siobhan from Separate Together.
Michael will be on Kochie's Business Builders THIS Sunday, talking with Siobhan from Separate Together about how to start a new business.
Check out the preview, and stay tuned for the full video, which we'll be posting the next week.
A winter update on the Australian property market created specifically for Nexis clients.
What is key person reliance and what does it mean for your business? This month we look at how key person reliance can affect your future...
The Federal election in July provided some much needed certainty around taxation development. The ATO has issued some important updates:
Nexis Director Michael Talevich has written an article for the Canberra Business Chamber - Getting on the right track with your financial and strategic planning...
It’s been some time since you started your business. Many business owners have mixed emotions as they experience the highs and lows of owning and running a small business. Very few small business owners take the time to sit back and analyse the changes taking place in their business...
Can your profits go up when your sales are down? What about the other way – can you be worse off after a period of significant growth?
In uncertain times or slowing sales, you need to move quickly to protect your bottom line.
May has been an exciting month for tax changes with the main news coming out of the Federal Budget. Overall, the budget has introduced great measures for small business entities. Below are the main highlights that might be of interest to you;
Congratulations! You have recently become a small business owner or maybe have an opportunity to start a business. It’s now time for a reality check! Australian Government statistics provide a stark insight into business failures in Australia: somewhere between 50% and 75% of businesses fail within 3 to 5 years of their commencement.
SuperStream is a standardised electronic method of paying and reporting superannuation contributions
Canberra Business Point - Presentation by Director Michael Talevich - to be held Thursday 21 April 2016.
The new FBT year is upon us and will bring some changes to the way employers and employees will deal with FBT
ATO confirms that an employer cannot claim input tax credits where it pays an expense on behalf of a super fund
SMSFs have until 30 June 2016 to comply with strict new rules for collectables and personal use assets
ATO provides updated guidance on the process for claiming exempt current pension income
Tax and Superannuation Laws Amendment
The Tax Laws Amendment (Small Business Restructure Roll-Over)
Important Tax Changes regarding substantiation for phones and internet
One of the more important documents that a business should have is its business plan. This living breathing document should be not only a guide to the operation of your business but also a valuable document in your ability to obtaining funding. Whether this funding is from a bank, or an external or internal investor, your business plan can be the secret weapon to getting your finance needs across the line.
Owning an investment property can be far more affordable for potential investors than they think, particularly when they claim all of the tax deductions available to them.
The ATO has announced its areas of focus for the coming year. Specifically, the ATO will be targeting the following;
This month we wish to bring to your attention a number of changes in taxation laws and upcoming tax events and deadlines.