Autumn Newsletter

Welcome to the autumn edition of our e-newsletter

Welcome to our autumn edition e-newsletter. We hope you all had a fantastic Easter and a brief chance to spend time with family and friends to recharge the batteries. This is our third seasonal e-newsletter and since our summer edition further development and progress has been made at Yield.  The feedback we are receiving tells us that we are on the right track with our new service models and clients are enjoying the freedom that fixed price value based service brings.  We look forward to continuing to have discussions in this area and other business developments with you as we progress.

Complimenting our newsletter as a means of communicating, we are continuing to develop our Facebook page and website to keep you informed in a fresh and approachable way.  Please like us on Facebook and check out the website for the latest news and information.     

We have had a very busy start to the year, dealing with a lot of challenges associated with implementing new systems and processes whilst keeping on top of our lodgement program and maintaining the highest levels of customer service.  One means of assisting us with our lodgement program has been the introduction of e-signing tax and BAS returns – more about that below.

We are really looking forward to the opportunities that lay ahead and we hope you enjoy our autumn newsletter.

Client Profile

Dempster Plumbing and Construction

Brothers Matt and Simon Dempster have joined forces to create Dempster Plumbing and Construction.  The family run business specialises in shed building for both commercial and domestic application and as Simon is a fully licensed plumber and gas fitter, has the added advantage of being able to complete the plumbing and gas aspects of the projects undertaken.  Attention to detail is paramount to the boys and this is another point of difference.

Between them Matt and Simon have 20 years of experience in the industry and service clients at Windy Harbour, Northcliffe and Pemberton.

Matt and Simon are proud Northcliffe people and are active in the community.  The boys’ team recently took out the seniors basketball grand final in epic style.  Matt has just had the marvellous experience of welcoming first daughter Maya into the Dempster family.

Yield Accounting Group urges it’s clients requiring plumbing and construction services to get in touch with Matt and Simon for an obligation free quote.

E-Sign 

We are excited to announce that our office is transitioning to electronic signatures (e-sign) as we work towards becoming a paperless office.

When a signature is required for the lodgement of an Income Tax Return or Business Activity Statement, an email will be sent to the client providing a link to review the document along with instructions on how to place an electronic signature and return the document to us for filing.

The system appears to be working well and clients have provided positive feedback advising that minimal effort is required to electronically sign documents.

If you have any reservations about receiving an email requesting electronic signatures, please feel free to give us a call to discuss this further.

The following video provides full instructions on how to use E-Sign, however feel free to contact our office if you require further assistance.

 

https://youtu.be/eqwV06EE36Y

 

Working with Holiday Makers 

Following recent raids by the Australian Border Force targeting illegal workers in the Pemberton region, we would like to remind all employers of their responsibilities in relation to employing working holiday makers on 417 or 462 visas.

Full details of the Backpacker Tax were posted on our Facebook page and emailed to all clients as part of our Summer Newsletter during December 2016. A copy of the newsletter can now be found on our website by following this link summer-newsletter

For Xero clients please note that you can now select “Working Holiday Maker” as a residency option when completing the taxes section for a new or existing employee.

Please note that the original Tax File Number declaration form will need to be sent to the Australian Taxation Office as opposed to using the electronic version.

If you need any assistance with implementing the regulations or require further clarification please contact us.

SBE Pooling & Accelerated Primary Production Deductions

Small business entities with a turnover of under $2 million are able to use the SBE pooling and accelerated depreciation rules.  These rules mean that rather than depreciating at a rate according to the assets useful life, they can be depreciated at 15% in the first year and 30% in subsequent years.  Additionally the profit on sale of assets does not form part of taxable income, rather is offset against the pool balance.

Whilst the ability to use the accelerated depreciation rules will continue, there will be changes from 1 July 2017.   The main changes are that immediate write off of assets valued under $20,000 will be reduced to assets valued under $1,000.  Small business asset pools that have a value of under $20,000 prior to 30 June 2017 can be written off, this value will also reduce to $1,000 from 1 July 2017.

Please follow this link for further information – ATO pooling for small business

Note also that all primary producers regardless of whether they are a small business entity are allowed;

  • an immediate deduction for the cost of fencing and water facilities such as dams, tanks, bores, pumps, water towers, channels and windmills.
  • to depreciate over three years the cost of fodder storage assets such as silos and tanks used to store grain and other animal feed.

 Image result for Farm Dam ConstructionImage result for farm silo photo

These changes took effect from 12 May 2015.  Previous to this, the claims were fences and storage facilities depreciated over 30 years and water facilities claimed over three years.  These are very positive outcomes for our primary production clients.

Interim Account and Projections

Image result for profit graph photoWith the end of the financial year fast approaching, it is vitally important that clients review the position of their business in terms of profit, cashflow, tax, entity structuring and other opportunities prior to 30 June.  Often these opportunities are missed if these pre 30 June assessments aren’t reviewed.

For our clients who are using Xero, the value of having up to date information at their fingertips will be quite apparent.  The process is to calculate business performance to date and to predict the last few months activities to give estimates of the years’ trading.  This provides a basis for valuable pre 30 June discussions and the adding of value to your business by Yield.  Please be in touch to discuss your interim accounts.

Superannuation Changes to take effect from 1 July 2017

Significant changes have been made to our superannuation system.  If any of the following situations apply to you then you may be effected.

  • Do your or your spouse earn under $40,000?
  • Are you making salary sacrifice or personal deductible contributions?
  • Are you retired or approaching retirement?
  • Do you earn over $250,000
  • Have you taken time out of the workforce or work part time.

Some of the rule changes associated with superannuation are complex. If you wish to discuss your particular situation please contact us.

The following link is to further infomation and a video on the ATO website in relation to the super changes Changes to superannuation

Super Guarantee Non Compliance

The government has established a working group to investigate and develop practical recommendations to deal with superannuation guarantee non compliance.  The establishment of the group will undoubtedly result in more ATO audit activity in this area for employers and we can’t stress strongly enough the need for good practice in relation to paying employee super entitlements.

Image result for super guarantee photo

Here are some key superannuation statistics;

  • 70% of audits on super non compliance are instigated by employees the remaining 30% are ATO instigated
  • The ATO receives super non compliance complaints on about 15,000 employers per year of which 30% are found to actually be compliant
  • The actual Super Guarantee shortfalls identified represented only 1% of the 880,000 employers in Australia (thats only the one’s who were caught)
  • In 2015/16, 21,000 audits were conducted and $670.4 million was raised in super guarantee charge plus $340 million in interest
  • The top four industries that from which reports were received are accommodation and food, construction, manufacturing and retail.

As this is a target area for the ATO and will be much more easily audited given the electronic data matching techniques, it is good practice to have this part of your business under control with excellent systems in place.  If you feel you have a shortfall in your superannuation reporting, Yield can help.    Please contact us to assist with setting up your super clearing house account so that your obligations are met.

Staff Profile – Tyson Baker

Tyson joined the Pemberton office on a part time basis at the start of 2015 as an assistant accountant while studying a Bachelor of Business, majoring in Accounting and Business Management through Edith Cowan University.

During this time, Tyson has gained experience in a large range of individual and business accounting matters. Tyson plans to commence full time employment after graduating later this year while continuing his studies to become a Certified Practising Accountant.

While not at work Tyson enjoys spending time with his wife and young son, kayaking, fishing, mountain biking, DIY and gardening.

Key Dates  

deadlineHere are the key dates for the lodgement and payment of BAS, IAS and the Superannuation Guarantee for the quarter

April 2017 to June 2017

  • 21st April  – March 2017 monthly activity statements (Paper or ELS)
  • 28th April – Superannuation Contributions for Quarter 3 2016-17
  • 21st May – April 2017 monthly activity statements (Paper or ELS)
  • 28th April – Quarter 3 2016-17 activity statement (Paper or ELS)
  • 21st June – May 2017 monthly activity statements (Paper or ELS)

If you need assistance with your BAS lodgements please contact us.

Facebook

Our Facebook page likes have been continuing to climb and there has been many positive comments coming through on the content of our page.  We see Facebook as a crucial way to communicate and interact with our clients and to keep everyone up to date.  We encourage everyone to like and share our page to increase our reach so that the information that we are sharing is enjoyed by a wider audience.  Keep an eye out for our Facebook competitions that we will be continuing to run through the year and congratulations to Karen Trenaman for winning the Easter Egg basket count – a hotly contested competition!

You can view our Facebook site here (don’t forget to like us).

Free Bookkeeping Services Review

Just a reminder that we are continuing to offer a free bookkeeping systems review for any prospective clients so please feel free to pass this information on to any friends, family or business associates. The link to the free bookkeeping systems review opportunity is on our home page.  It leads to a simple questionnaire which is submitted to our office.  We will then be in touch to discuss the concerns raised and options available to make your bookkeeping systems simpler and get you back in control.

For more information please follow this link to our Free Bookkeeping Systems Review