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Welcome to The Field Group blog Support TFG's Oxfam Team21/02/2012 Support The Field Group's Oxfam Trailwalker Team. Reduce Business Risk30/01/2012 Does your Business Lease or Supply Goods?If your business leases or supplies goods you can now help ensure that you get paid even if a debtor defaults or goes bankrupt. The Personal Property Securities (PPS) Register starts on 30 January, 2012. This new national online register will help consumers and businesses check whether the property they buy has a security interest over it, by allowing a national search for security interests on a single register for a small fee. PPS reform will help businesses by providing the opportunity for lenders to accept different kinds of personal property as security for loans. Visit the following link to read an article warning small business owners to be informed. http://www.smartcompany.com.au/finance/20120130-personal-property-securities-register-starts-today-experts-warn-smes-to-stay-informed.html Visit www.ppsr.gov.au to find out more about PPS Register and how you can reduce the risks of doing business. Productivity Tip11/11/2011 How to Get Important Stuff DoneThis article shares a practical tip for getting your "important but not urgent" jobs done. http://www.smartcompany.com.au/profitable-growth/how-to-get-important-stuff-done-a-a-productivity-tip-for-everybody.html Like our Facebook page and Win!10/11/2011 Like Our Facebook Page and Win!We are currently promoting our Facebook page. If you 'Like' us you could win a $50 Coles Group & Myer voucher. The voucher is redeemable at Coles, Coles Express, Myer, Kmart, Target, Officeworks, Liquorland, 1st Choice Liquor and Vintage Cellars. The Field Group staff are not eligible to win and the winner will be published on Facebook. Positions Vacant09/11/2011 Positions VacantThe Field Group currently has positions available for accountants and administration staff. Please refer to our Careers page for more information. Find Unclaimed Money25/10/2011 http://www.moneysmart.gov.au/tools-and-resources/find-unclaimed-money New Rules for SMSF share transfers03/10/2011 Off Market Transfers for SMSFSelf Managed Superannuation Fund (SMSF) Members will not be able to transfer shares, off market, to their SMSF without the use of a broker under new regulations. This ban will apply from 1st July, 2012. Contact our Accredited SMSF Specialist Advisor, Debbie Martin, for more information. Short Retail Shifts for Students30/09/2011 How to Ride Out the Tough Times29/09/2011 How to Ride Out the Tough TimesThe linked article gives 5 tips for riding out the tough times in small business. We like tip number 2! The writer says, "It pains me when I talk to small business owners who are not taking advice from a tax professional. They end up paying much more tax than they actually need to. This money is gone from their business for good" Read more here: http://www.theage.com.au/small-business/managing/blogs/enterprise/how-to-ride-out-the-tough-times-20110929-1ky7j.html Free Seminar for Landlords27/09/2011 Free Seminars For LandlordsFree Work Safe Seminars23/09/2011 Work Safe WeekWork Safe Week is October 17 - 27. Work Safe Victoria is running over 100 free seminars and events in Melbourne and regional locations. Find out more here... http://www.worksafeweek.worksafe.vic.gov.au/wsw/ 10 tips for collecting debts15/09/2011 How to make your clients/customers payHelpful article from The Age http://www.theage.com.au/small-business/managing/difficult-client-how-to-get-paid-on-time-every-time-20110914-1k8yh.html Affordable Business Seminars14/09/2011 Business SeminarsMaroondah City Council runs a range of affordable and free seminars for businesses during Maroondah Business Week, 10-14 October. Topics include Starting your business, time management, branding and marketing, social networking and more! Find out more on their website: http://www.bizmaroondah.com.au/Content/Pub/ContentDetail.asp?lngContentID=1577 Rental Property Deductions05/09/2011 The following article is used with permission from BMT Tax Depreciation, Quantity Surveyors
Division 43 Otherwise known as ‘Capital Works Allowance’ or ‘Building Write-Off’, Division 43 covers the deduction available to owners for the structural elements of a building and the items within the property that are deemed irremovable. It includes the foundations, walls, ceiling, roof and also includes fixed assets like tiles, toilets, built-in cupboards, windows and doors. Properties qualify for this allowance depending on their age and type; either 2.5% or 4% of a property’s historical construction cost or estimated cost can be claimed by a relevant professional such as a Quantity Surveyor. The Great Division Some items can create confusion when categorising them into a Division 40 or Division 43 deduction. For example, an air conditioning unit will fall under Division 40, whereas the ducting throughout the house for the same air conditioner falls under Division 43. A swimming pool falls under the Division 43 allowance, however, the pumps for the pool qualify for Division 40. When these assets are not classified properly, money is lost in the first 5 financial years. We often see the obvious assets classified as Division 40 and the more inconspicuous items sometimes missed. This means they get combined with Division 43 and claimed at 2.5% rather than the much higher rate based upon their effective life, which could mean a difference of thousands of dollars in the property investor’s pocket. Following are some examples of Division 40 and Division 43 items found inside and outside of a normal home.
It is vital that a specialist Quantity Surveyor completes your property Tax Depreciation Report so you can be sure that your claim is maximised within ATO guidelines. Creating the correct balance between Division 40 and Division 43 is a critical aspect of maximising your deductions. If you are unsure, call BMT Tax Depreciation today for a free, no obligation assessment for your current depreciation claim.
National Business Name Register18/08/2011 Why you're not rich15/08/2011 Why you're not rich: the 10 worst wealth-busting blundersRead the article on the The Age website http://www.theage.com.au/small-business/finance/why-youre-not-rich-the-10-worst-wealthbusting-blunders-20110811-1inwm.html Employees vs Contractors09/08/2011 Employees vs Contractors - understand the differenceIt is important to understand the differences between employees and contractors to prevent your business from being accountable for sham contracting. Find out more... http://www.business.gov.au/Newsandfeatures/2011/Aug/Pages/Newshamcontractingcasestudytool.aspx Get a free website for your business01/08/2011 Free Business WebsitesGet a free website for your business. Find out more at www.gettingbusinessonline.com.au Small Business Festival21/07/2011 Small Business FestivalHundreds of small business events will be held throughout August as part of Victoria’s Small Business Festival. Find out more and download a free iPhone app on the Business Victoria website. http://www.business.vic.gov.au/BUSVIC/LANDING/PC_62564.html Carbon Tax Compensation Scams14/07/2011 Beware of Carbon Tax Compensation Scams!More information here... http://www.scamwatch.gov.au/content/index.phtml/itemId/856815 Incorrect or Lost Payment Summary11/07/2011 Incorrect or Lost Payment Summary?Find out what to do if your Payment Summary is late, lost or incorrect.... http://www.ato.gov.au/content/ Identity Theft and your Tax File Number07/07/2011 Protect your Tax File Number Never quote or give out your TFN unless there is a good reason, such as completing a tax form or opening a bank account. Only certain people are entitled to ask for your TFN including the Australian Taxation Office, Centrelink, your superannuation fund, bank or financial institution, and your employer (but only after you have started working for them). Your TFN should never be used to establish or confirm your identity with other organisations. Read more on the tax office website Beware of end of financial year scams05/07/2011 Beware of End of Financial Year Scams
Read more here.... http://www.accc.gov.au/content/index.phtml/itemId/994903/fromItemId/142 Paper Saving Tool23/05/2011 Use a PDF Writer and Save PaperSave paper and filing space - use a PDF Writer and print to PDF rather than paper. Printing to PDF also allows you to email documents quickly and easily, rather than having to forward them by fax or post. At The Field Group we use CutePDF which is free to download. Remember it is important to regularly back up your data if you don't have paper copies of important documents or information. http://cutepdf.com/Products/Cu 2011 Budget Highlights12/05/2011 2011 Budget Highlights
Small Business
Superannuation
Company Car Crackdown06/05/2011 Company Car CrackdownFringe benefit rules that currently reward people for extra kilometres on vehicles financed by salary sacrifice will be toughened in next Tuesday's federal budget http://theage.drive.com.au/motor-news/company-car-crackdown-20110505-1eag8.html Aussie Dollar02/05/2011 Aussie dollar nears 110 US centsWhat it means for you.... http://www.news.com.au/business/australian-dollar/aussie-dollar-nears-110-us-cents-what-it-means-for-you/story-fn6t6wad-1226048179605 Lib Bid to Tax Trusts07/04/2011 Lib Bid to Tax TrustsCoalition Treasury spokesperson, Joe Hockey, declares trusts should be taxed in the same way as companies. http://www.theage.com.au/business/lib-bid-to-tax-family-trusts-20110406-1d4j5.html Fringe Benefits Tax Crackdown05/04/2011 Fringe Benefits Tax CrackdownOffice perks have been slashed in a move to tighten current fringe benefit tax exemptions http://www.heraldsun.com.au/news/fringe-benefit-tax-crackdown/story-e6frf8fx-1111116332412 Business Growth Program31/03/2011 Stratacore Business Growth ProgramThe Field Group – Accounting is proud to announce that we are now licensed Stratacore Business Advisors. Click here for more informationCommon Scams Quiz11/03/2011 How Scam Savvy Are You?Test your knowledge of common online scams on the Consumer Affairs Victoria website http://multimedia.consumer.vic.gov.au/scams_quiz/ Interest Rate Steady01/03/2011 Interest Rate Remains SteadyThe Reserve Bank (RBA) has spared borrowers an interest rate rise, leaving the cash rate at 4.75 per cent. http://www.news.com.au/business/breaking-news/borrowers-spared-interest-rate-rise/story-e6frfkur-1226014186760 Beware of Scammers!16/02/2011 Beware of Scammers! Scam callers may be able to quote detailed knowledge of their victim’s personal details such as address, date of birth and private contact numbers. Some scammers claim to be from the ATO's Grant Department and promise a hand-delivered cheque if their victim will confirm their address and make a phone call to transfer money to India. The ATO does not ring people to notify them of unclaimed tax refunds, nor will they ask people to transfer cash before their refund will be paid out. Extensions for Flood/Fire Victims15/02/2011 Extra time to lodge and pay for those affected by natural disasters
Cash Rate Unchanged01/02/2011 RBA Announces Cash Rate to Remain Unchanged
Flood Levy Announced31/01/2011 Flood Levy AnnouncedThe Government has just announced an increase to the Medicare Levy threshold to help pay for the flood recovery process. Applying from the 2011/2012 income year, the flood levy of 0.5% will apply to all taxpayers with a taxable income of $50,000 or more and 1% for all those with an income above $100,000. Those below the income threshold or who are in receipt of an Australian Government Disaster Recovery Payment for a flood event that occurred during the 2010/2011 income year will be exempt from paying the flood levy. The levy is intended to apply to the 2010/2011 income year only. The flood levy will be applied to the Medicare Levy this suggests that the levy will not be imposed on non-resident taxpayers although this is yet to be confirmed. Pay As You Go (PAYG) Instalment taxpayers will have the levy charged in their PAYG instalments. People who received an Australian Government Disaster Recovery Payment can seek a variation to their instalment payment so that they don’t have to pay the levy. The ATO is also investigating the possibility of automating PAYG Instalment amounts so that people who don’t have to pay the levy are not charged an amount in their PAYG instalments. Employees who are exempt from the levy should ask their employer to not have the levy withheld from their regular pay with other tax withheld. Alternatively, at the end of the year the ATO will assess taxpayers’ tax liability taking into account the exemption from the levy. Paid Parental Leave14/01/2011 Paid Parental LeaveOn 1 January 2011, the Federal Government Paid Parental Leave Scheme commenced. This Australia-wide Scheme is designed to provide eligible employees who give birth to or adopt a child from that date with up to 18 weeks pay at the national minimum wage. While eligible working parents need to apply directly to the Government Family Assistance Office for the payments, Australian employers will be directly affected in several ways:
If you would like assistance with the implementation of the paid parental leave system please contact your accountant to discuss. Christmas ClosureSeasons GreetingsThe Field Group will be close for Christmas on 23rd December and will reopen on Tuesday 3rd January, 2012. We wish all our clients and associates a Merry Christmas and Happy New Year. |
