News

Attracting Millennials to work for your business

Millennials are encompassing around a quarter of the workforce now and bringing along withthem diverse needs and challenges.

Employers must understand these needs and challenges to better attract more Millennials to work for them as their skills are in high demand.

Firstly, Millennials (born between 1980-2000) are the first generation to understand technology possibly more so than their senior coworkers. They also tend to value flexibility and diversity more than older generations.

Millennials are also likely to have a desire for rapid career progression within a company and are not afraid to switch companies if their needs are not being met. This means fewer Millennials are likely to stay loyal to only one company for their total working life.

Employers must consider these unique needs and adapt if they are looking to appeal to Millennials. The following tips can help your business become more attractive to Millennial talent:

Opportunities to progress

Millennials want opportunities for personal and career development, otherwise, they will look elsewhere. Ensure your business has training and development opportunities available and staff are encouraged to progress their careers within your business.

Incentives

Along with competitive salaries, Millennials look for added perks such as flexible working conditions, bonuses, free insurance, greater vacation leave and so on. This is important to note as you might not be able to offer the highest salary for your industry but you can entice Millennials with other more budget-friendly incentives.

Purpose

Meaningful work comes out on top for Millennials. Many want to give back and contribute to society in an ethical and sustainable manner. Millennials will take into consideration the reputation of your business, your business’ practices and your overall vision for the business. To appeal to this generation it is important to consider whether your business is operating in its best possible condition and if improvements need to be made.

Contact us for more information..

Eligibility for the downsizer measure

As of 1 July 2018, the Government will introduce a new measure that allows the contribution of up to $300,000 of proceeds from downsizing a home to be added to superannuation

The new measure will benefit those aged 65 years and over, provided they meet certain eligibility rules including:

  • The amount you are contributing is from the proceeds of selling your home where the contract of sale was exchanged on or after 1 July 2018
  • Your home was owned by you or your spouse for 10 years or more prior to the sale
  • Your home is in Australia and is not a caravan, houseboat or other mobile home.
  • The proceeds from the sale of the home (capital loss or gain) are exempt or partially exempt from CGT under the main residence exemption, or would be entitled to such exemption if the home was a CGT rather than pre-CGT asset.
  • You have provided your super fund with the downsizer contribution form either before or at the time of making your downsizer contribution.
  • You make your downsizer contribution within 90 days of receiving the proceeds from the sale (usually the date of settlement).

You have not previously made a downsizer contribution to your super from the sale of another home.

Contact us for more information..

Bitcoin tax scammers

The Australian Tax Office (ATO) is warning taxpayers to be aware of scammers impersonating the Tax Office and demanding cryptocurrency such as Bitcoin as payment for fake tax debts.

The ATO became aware of these fraudsters late last year with over $50,000 paid in Bitcoin to scammers claiming fake ATO debts.

Once scammers receive payment, it is virtually impossible to recover it as cryptocurrency operates in a digital world The ATO is also warning taxpayers to be wary of other tax scams such as those demanding direct deposits into third-party bank accounts, demanding payment via iTunes cards or with a prepaid Visa gift card Over 80,000 scams were reported to the ATO in 2017, accounting for almost $2.4 million lost to scammers impersonating the ATO.

Almost one-third of victims were targeted with iTunes gift card scams, resulting in over $900,000 lost to scammers. More than half of all losses (roughly $1.2 million) were from deposits or transfers made directly into third-party bank accounts.

Scammers are also targeting taxpayers’ personal information with many reports of scammers asking for an individual’s Tax File Number.

Contact us for more information..

Chasing up Payments from slow Customers

payment chasing company

Following up on customers that don’t pay their bills is a nuisance, but unfortunately, it is part of running a business.

There are ways you can protect your business and take action should a customer fail to pay you. Consider the following:

Clear terms and conditions

Outlining payment protocol on terms and conditions, and going over these conditions when signing up a new customer sets clear expectations about how you expect them to pay for your services. The terms and conditions should clearly state when a payment is due, penalties for late payments, and the various payments which will be accepted.

Make payments easy

One of the major reasons people put off making payments is because the process of doing so is tiresome. Make your procedure as easy as possible; offer a variety of ways to pay to ensure you are maximising your chances of receiving payments on time and even early. You may wish to offer your customers the following payment options:

  • Cash
  • Cheque
  • Online payments such as PayPal
  • Direct debit
  • BPAY
  • EFTPOS
  • Bitcoin
  • Gift cards
  • After purchase payment instalments

High interest on unpaid services

Including a high interest on overdue payments is a sure way to get customers to pay on time. If people know that their bill will be higher if they don’t pay by a certain date, they are more likely to pay before said date. If you choose to do this, ensure it is in writing and customers are aware of the high interest on late payments.

 
If you are still wondering how to make your slow customers pay, call Glance Consultants @03 9885 9793 for guidance!
 

Benefits of Cloud Computing

Cloud Computing Services
Cloud computing is redefining the way small businesses conduct business; the advantages in the technology allow users to access data off-site, save on IT equipment and give businesses a competitive edge.

Here are a few benefits of switching your business to the cloud:

Greater flexibility

Growing businesses with a need for greater accessibility, i.e., flexible working arrangements for staff and so on, can benefit immensely from the cloud. Provided there is internet connection, you can access data from home, while on holidays, commuting or virtually anywhere across the globe.

Reduced hardware costs

Moving to the cloud can be likened to renting – you pay for your services through a cloud computing service provider. This means you don’t need to purchase expensive IT systems and the costs of operating and upgrading these systems are removed. Instead, the cost of new hardware and software, etc., is included in your contract.

Automatic updates

Cloud computing has the added perk of providing regular and automatic software and security updates for you. Not only does this keep your technology up-to-date, it frees up time that would otherwise be spent manually updating systems.

Increased collaboration and control

Employees and third parties can access and work on projects at any time and from anywhere. Information stored in the cloud, such as files or documents, allow everyone to see the same version and include real-time visibility, so any changes made will be instantly updated.

Would you like to integrate cloud computing with your business, but not sure where to start from, consult Glance Consultants for some great ideas!

 

SMSFs warned of risky retirement planning

SMSF

The ATO is warning self-managed super fund (SMSF) trustees about the risks of some emerging retirement planning arrangements.

Retirees or SMSF trustees who are involved in any illegal arrangement, even by accident, may face severe penalties, risk losing their retirement savings, and potentially, their rights as a trustee to manage their own fund.

The Tax Office has released additional information through their Super Scheme Smart Program to help educate retirees and trustees of these complex tax avoidance schemes and arrangements.

Super Scheme Smart provides case studies and information packs to ensure taxpayers are informed about illegal arrangements including what warning signs to look for and where to go for help.

Many of the arrangements are cleverly designed to look legitimate, give a taxpayer a minimal or zero amount of tax or tax refund or concession, aim to give a present day tax benefit and involve a fair amount of paper shuffling.

Some arrangements may be structured in a way which appears to satisfy certain regulatory rules, however, these arrangements are often ‘too good to be true’ and are in fact illegal.

Among the ATO’s previous concerns about dividend stripping arrangements and contrived arrangements involving diversion of personal services income to an SMSF, there are some new arrangements on the Tax Office’s radar, including:

  • Artificial arrangements involving SMSFs and related-party property development ventures.
  • Arrangements where an individual or related entity grants a legal life interest over a commercial property to an SMSF. This results in the rental income from the property being diverted to the SMSF and taxed at lower rates whilst the individual taxation or related entity retains legal ownership of the property.
  • Arrangements where individuals (including SMSF members) deliberately exceed their non-concessional contributions cap to manipulate the taxable component and non-taxable component of their fund balance upon refund of the excess.

If you are concerned about your involvement with such arrangements, you can contact the Tax Office early to work towards a resolution.

 

Bookkeeping and Accounting Services for Every Business

Professional bookkeeping and accounting services aid in effective financial management of every organization. No matter which industry you operate in, you need these services to ensure business growth and mitigate risks.

The close tracking of expenses and recording transactions are crucial for business owners to ensure their finances are handled perfectly. Though it seems easy enough to do by yourself, it can be more tedious and time consuming than you realise. Most people have a misconception that bookkeepers and accountants share similar goals, but the truth is that they play different roles at different stages of the financial cycle.

Bookkeeping:

Bookkeeping Services

Bookkeeping is the process of recording daily transactions in a consistent way. The bookkeeper is responsible for

  • Recording financial transactions
  • Producing invoices
  • Posting debits & credits
  • Completing payroll
  • Maintaining subsidiaries, historical accounts and general ledgers

The complexity of the above processes depend greatly on the size of the business and the number of transactions completed within a specific period of time. The bookkeeper feed all the sales and purchases made by your business in a ledger. In fact, maintaining the general ledger is one of the most important components of bookkeeping.

Accounting:

Accounting Services

Accounting is an advanced process that involves producing financial models using the information compiled by a bookkeeper. The process of accounting is more slanted as compared to bookkeeping. An tax accountant is responsible for

  • Adjusting entries
  • Performing audits
  • Preparing financial statements & balance sheets
  • Tax planning & tax filing
  • Compiling income tax returns
  • Analysing cost of business operation
  • Forecasting business trends and opportunity for growth
  • Restricting spending to manage cash flow

The reports provided by the accountants bring important financial indicators together. With better understanding of profitability, the financial advisors create awareness of cash flow in the business and reveal the bigger picture of your business.

At Glance Consultants, we provide accounting and bookkeeping services tailored to our client’s individual needs. We will handle all the paper work and let you focus more on your business. No matter how small or large your organisation is, we can provide regular management reports and ensure proper cash flows.  To learn more about ours services, you can either call us at 03 9885 9793 or visit our office in Ashburton, Victoria.

What Are The Key Roles of a Chartered Accountant?

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A chartered accountant plays a major role in offering financial advices, auditing accounts and maintaining authentic information about financial records.  From bookkeeping and finding cost cutting techniques to providing financial guidance, the accountants will provide a vertical spectrum of services and help maintaining the financial health of your business.

Key Roles of a Chartered Accountant:

Managing Expenses:

The chartered accountants conduct in-depth analysis of your company’s financial statements and expenses to ensure that the fund is being spent as efficiently as possible. Apart from auditing your accounts, these professionals also devise strategies that can help improving the economic condition of your business.

Bookkeeping:

The accounting professionals help maintaining the records of financial transactions of your business. They will regularly update purchase book, sales book, receipt books and payment book, and prepare the income statements with ultimate transparency.

Cost Cutting:

The chartered accountants will come up with realistic budgets and analyze the performance of your business on that budget. They will also visit us figure out the expense, introduce cost control methods and assist you with balancing the fixed and variable costs.

Taxation:

The tax accountant can disclose all the possible ways to save on tax bills. In addition, they will help you filing tax returns, represent assesses before the income-tax authorities and advise you on different types of taxes that you are liable to pay.

Financial Advice:

With any accounting firm, you will have access to a financial advisor who gives ultimate advice on investments, tax laws and insurance decisions. They will summarize your current financial situation and structure the most effective financial plans that best work for you. The professionals will constantly review your progress and growth of your business to avoid pitfalls in the future.

At Glance Consultants, we have a team of chartered accountants, tax agents, financial advisors and SMSF consultants who can provide sound advice and expert assistance on making financial decisions. Having our expert at your service will give you peace of mind knowing that you will receive the most practical solutions for all the complicated financial issues. With our professional experience, we work for you and endeavor to meet your business objectives.

Do you need financial advice? Not sure what to invest on? Just give us a call on (03) 9885 9793.

Increase in the medicare levy

Federal Budget 2017: How much the Medicare levy increase will cost you

One of the most expensive measures announced by the government in last night’s budget was its commitment to fully fund the National Disability Insurance Scheme until 2020.

This doesn’t exactly come cheap.

Before Morrison announced he would increase the Medicare Levy by 0.5 percent – from 2 percent to 2.5 percent – there was a gaping $55.7 billion funding shortfall for the scheme.

 By increasing the levy, Morrison argued the government was calling on ordinary Australians who “have a role to play”  to be “looking after your mates”.

So what is the levy, and how much will it cost you?

 Essentially, most people are already paying a 2 percent Medicare levy on their taxable income. Those who don’t either earn below a certain tax threshold, or have an “appropriate level” of private health insurance to cover them in case of an accident, they can consult the tax accountant in & around Melbourne.

Under the government’s new plan (if it passes through the senate) the Medicare levy will increase to 2.5 percent on July 1, 2019.

The only people who won’t have to pay are singles earning $21,655 or less, and families earning $36,541 or less.

You can check how much you’re currently paying under the 2 percent Medicare Levy at the ATO’s online calculator.

But just because the government has laid out these plans does not automatically make them gospel – under Morrison the measures have been moved to be legislated, which means they’ll still be debated in parliament.

And that just may prove to be the toughest sell yet, as many pollies have already come out against the Medicare Levy increase.

“I think they need to start that maybe in the mid-$30,000 mark – I think starting around that $22,000 is too low,” Crossbrench senator Jacqui Lambie told Sky News today.

“These guys are (earning) just over what welfare recipients receive. I am concerned about that and I believe Labor is concerned about that as well.”

Greens leader Richard Di Natale said the income threshold should be lifted, but he had wider concerns about the need for extra taxes on low-income earners.

“Why are you giving a tax break to someone on a million bucks but increasing taxes if you are on $22,000 a year?” he told reporters in Canberra.

“We will be talking to the government about how they can make that reform fairer.”

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