Clear Vision Accountancy Group

Banking Password Changes = Xero Bank Feed Updates   Westpac has invested approximately $100 million in the past two years on measures to prevent scams, resulting in a significant reduction of over 30% in customer scam losses annually. As part of these initiatives, Westpac has recently revised their password criteria, necessitating customers to update their passwords. Regrettably, this adjustment has resulted in disruptions to data feeds into Xero. No matter who you bank with, if you have recently updated your password for scam prevention or due to simply forgetting it, you will need to update your Xero data feed. To update your Xero bank feed follow the simple steps below: If you encounter any issues or need assistance, please don't hesitate to contact us on 4688 2500. Update your details 1. In the Accounting menu, select Bank accounts. 2. On the account you want to update the login details for, click Manage Account, then select Update Feed Login. 3. Update your login details, read and agree to the Automatic Bank Feeds Terms & Conditions (xero.com), then click Update. You'll receive a new notification once you've updated your feed login details. If you have other feeds for different bank accounts that use the same login details, these will also be updated. After you've updated your login details and your feed has started again, refresh your feed to make sure all the available transactions have imported.

Fair Work Act Changes - part of the new ‘Closing Loopholes’ laws Have you caught up on the recent changes to the Fair Work Act that took effect last month? It is important to familiarise yourself with these updates to ensure your business avoids unnecessary risks of non-compliance, especially concerning: - Independent Contractor Changes - Casual Employment Changes - Right to Disconnect To understand these changes further visit: Closing Loopholes - Fair Work Ombudsman

Monitoring Financial Performance – Where Results Meet Potential! Now, this topic might not sound thrilling at first, but stick with me. Mastering this aspect can turn your business into a success story worth every initial yawn. Why? Because effective Financial Performance Monitoring is crucial for achieving goals. Without it, that dream vacation, new home, or luxurious pool might remain just that – a dream. For those aiming to expand their business, metrics like sales, profit margins, and cash flow reign supreme. Neglecting to track these indicators means missing out on crucial insights into where bottlenecks exist and how to overcome them. Financial Performance Monitoring encompasses a wide array of critical areas such as Profit Drivers, Inventory Management, Accounts Receivable, Accounts Payable, Sales and Invoicing Practices, Cash Flow Projections, and Sales Analysis. Without accurate, consistent, and diligent reporting, businesses risk falling into disarray – a tough reality. After all, how can you enhance what you don't measure? Contact us today on 4688 2500 to discuss your specific needs and find out how we can help you achieve your financial goals.

Looked at Your Budget Lately?   It's that time of year when we should revisit last year's budget. Do you even remember where you put it? No worries, we're here to help. Creating a budget can feel overwhelming, which often leads many of us to give up. But with a bit of time and attention to key factors in your business, we can get you back on track quickly. We all understand the importance of a budget, yet we don't always dedicate the necessary time to it. So, how do you regain control? Start by reviewing your time frames, fixed and variable costs, income, actual figures, and how your business is performing. Give us a call 4688 2500; we'll begin by providing you with a checklist of essential budget components. Then, we'll assist you in crafting a budget that considers all the factors impacting your bottom line. Our goal is for you to feel empowered and confident in managing your finances effectively.

Payroll End of year finalisation through STP You need to make a finalisation declaration by 14 July each year to ensure your employees can access their finalised information to complete their tax return. If you can't make a finalisation declaration on or before the due date, you will need to contact the ATO and apply for a deferral. When you have reported and finalised your employees' information through STP, you are exempt from: · providing payment summaries to your employees · lodging a payment summary annual report. Ensure you finalise the correct financial year A common mistake employers make is finalising their employee records for the incorrect financial year. This may be caused when the declaration is being lodged after 30 June. Please check the financial year you've finalised to avoid this common mistake. Submit a finalisation declaration for all employees You need to lodge a finalisation declaration for all employees you've paid and reported through STP during the financial year. This includes those employees who may have only worked for part of the financial year, for instance terminated employees and casuals. This will make sure you're meeting your obligations and will help your employees lodge their tax return with finalised information. What to tell your employees · you are no longer required to provide them with a payment summary for the information you’ve reported and finalised through STP · they can access their year-to-date and end-of-year income statement online through myGov or talk to their registered tax agent · 'income statement' is the new term for their payment summary · to wait until their income statement is 'tax ready' before lodging their tax return · to check their personal details and if necessary, update with both you and the ATO (incorrect personal details may prevent them from seeing their STP information) · if they don't have a myGov account, they can easily set up their myGov account

Super – The Good News 2024-25 Financial Year On 1 July 2024, the superannuation guarantee (SG) rate is increasing from 11% to 11.5%. Over your working years this increase can have a positive impact on the amount of super you save and can spend in retirement. The major changes that take place from 1 July 2024. ·        Superannuation guarantee increases from 11% to 11.5% ·        Concessional contributions cap increases to $30,000 ·        Non-concessional contributions cap increases to $120,000 ·        Preservation age reaches 60 ·        Income tax stage 3 cuts take effect ·        Thresholds for Age Pension assets and income tests increase The non-concessional contributions cap ($120,000 in 2024–25) is much higher than the concessional contributions cap ($30,000 in 2024–25), which means you can add more to your retirement nest egg. What types of contributions are non-concessional? There are several types of non-concessional (after-tax) contributions: 1.   Personal contributions you make and don’t claim as a tax deduction in your income tax return. These are often called ‘voluntary’ contributions and can be either a large lump sum or small regular amounts. 2.   Contributions processed as a payroll deduction from your after-tax income. 3.   Spouse contributions made by you into your spouse’s super account or by your spouse into your account. A tax rebate is available for the contributing spouse if the receiving spouse has a low income. 4.   Excess concessional (before-tax) contributions you have not released from your super fund. 5.   Retirement benefits you withdraw from your super and recontribute, for which you have not claimed a tax deduction. Too confusing? We are here to help, call us on 4688 2500 today to make an appointment and come in and see us.

All In or All Out: The Power of Full Commitment Everyone's journey is unique, but once you commit to something, there's no middle ground. You either take action to achieve it, or you witness others succeed in your place. We often sense when our heart isn't fully invested, yet it's surprising how many blame luck or external factors when things don't go as planned. Partial commitment leads to partial results—it's as straightforward as drafting half a business budget and leaving it incomplete. You'll never meet your targets or achieve your goals; what's the point? Stay present and let your convictions inspire you. We typically have only one chance with most opportunities, so if it doesn't resonate with you, either improve it or redirect your efforts elsewhere. Don't waste energy and resources on something you don't wholeheartedly believe in. When you start something, see it through. Just as Nike says, "Just Do It." Are you fully committed or not committed at all?

June 2024 ATO Deadline's 21 June - Lodge and pay May 2024 monthly business activity statement. 25 June - Lodge and pay 2024 Fringe benefits tax annual return for tax agents if lodging electronically. 30 June - Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2023–24 financial year. - Trust Distribution Minutes - Dividend Resolution and Share Statements - Division 7A Loans and Offset Agreement (If you receive Child Care Subsidy and Family Tax Benefit payments from Services Australia, you and your partners must lodge your 2022–23 tax return by 30 June 2024, regardless of any deferrals in place.)

Refresh Your Budget: Get Back on Track with Confidence It's that time of year to revisit the budget you crafted last year. Do you even remember where it is? Don’t worry—help is here. Creating and maintaining a budget on your own can be daunting, and it’s easy to lose motivation. However, with a little time and focus on a few key areas of your business, you can get back on track in no time. We all know that a budget is a vital tool for managing finances, but it often doesn’t get the attention it deserves. So, what do you need to do to get back on track? Start by reviewing the following aspects of your business: • Time Frames: Ensure your budget aligns with your business’s operational timeline. • Fixed & Variable Costs: Identify and categorise your expenses. • Income: Track your revenue streams. • Actuals: Compare your budgeted figures with actual performance. • Business Tracking: Monitor key performance indicators to gauge your business's health. Need some guidance? Give us a call 4688 2500. We’ll provide you with a comprehensive checklist of what your budget should include and help you create a plan that considers all the factors affecting your bottom line. Our goal is to help you feel in control and confident about where your money is going.

Super Concessional Contributions Concessional contributions are payments made into your Self-Managed Super Fund (SMSF) that count towards the SMSF's assessable income. These contributions are taxed at a concessional rate of 15%, often called the 'contributions tax'. The most common types of concessional contributions include employer contributions, such as super guarantee and salary sacrifice contributions. They also include personal contributions made by members for which an income tax deduction is claimed. Annual Cap on Concessional Contributions Concessional contributions are subject to an annual cap: · From 1 July 2024: The general concessional contributions cap is $30,000 for all individuals regardless of age. · For the 2021-22, 2022-23, and 2023-24 financial years: The cap was $27,500 for all individuals regardless of age. · For the 2017-18, 2018-19, 2019-20, and 2020-21 financial years: The cap was $25,000 for all individuals regardless of age. · For the 2014-15, 2015-16, and 2016-17 financial years: The cap was $30,000 per financial year, increased to $35,000 for members aged 49 or over. Since the 2013-14 financial year, if your contributions exceed the cap, the excess amount is included in your assessable income and taxed at your marginal tax rate instead of being subject to excess contributions tax.   Unused Concessional Cap Carry Forward Starting from 1 July 2018, you can make 'carry-forward' concessional super contributions if your total superannuation balance is less than $500,000. You can access your unused concessional contributions caps on a rolling basis for five years. Amounts not used within five years will expire. For example, if you have an unused cap amount from the 2019-20 financial year, it will expire if not used by the end of the 2024-25 financial year.