Shaping up for the end of financial year

The end of financial year can be a stressful time for small business owners, and that time is now upon us once again.  For those of you who are behind and not ‘in shape’ for the end of  financial year… don’t panic, right now there is still a very small window of time for you to get prepared for the end of financial year, but that time is ticking by.

How can you get in shape?

Before 30 June make it a priority to ensure all your bookkeeping and reconciliation is up-to-date, follow up payment of overdue invoices, pay outstanding bills and pay all super contributions (this should not only be for your employees, but for yourselves too). 

With all your reconciliation up-to-date, such as your receivables, payables, bank accounts and inventory, once 30 June is here you will only have one month to reconcile and you can then move on to completing your BAS.  Getting on top of this will ease some of the stress you may feel when preparing your end of financial year documentation.

For small business owners with employees, remember that you will also need to reconcile your payroll and send out payment summaries to your employees (before 14 July 2009).

Following the completion of all your reconciliation and BAS, it’s time to run your end of financial year reports.  Having all your records and reports prepared prior to visiting your accountant will really save you time and money. 

If you’re having difficulties with these tasks, speak to your accountant or bookkeeper, or alternatively a range of online resources, and even accounting software providers, have information on completing these activities.

If you’re having difficulties with these tasks, Don’t forget to backup all your data.  You will also need to keep copies of your accounting records for at least five years (an ATO requirement).

It is also important now to prepare for the 09/10 financial year, as no doubt you want everything to be ‘AOK with the ATO’.

A number of new Federal Government compliance changes will apply from 1 July 2009 and these will affect small businesses.  Information about the new compliance requirements is available from the ATO, or your accountant will also be able to update you on the changes.

If you use accounting/payroll software, you will need software updates that address the compliance changes.  Ensure you’re scheduled to receive the compliance update from your provider, so that you’re compliant for 09/10.

This time of year is also good to consider what improvements you could make to your work practices to stay in shape and make the 09/10 end of financial year less stressful.  For example, implement work practices that ensure you stay on top of your bookkeeping requirements, keep up-to-date with inventory, cash flow and debtors and follow task lists.

Yes, the economic downturn is having an impact on businesses and the pressure is really building, but this presents you with the opportunity to select your own course.

It’s important that you take a step back and look at the ‘big picture’.  Instead of only responding to daily issues, now is the time to develop and implement a sound business plan for overcoming future challenges.

Don’t be afraid to seek specialist advice.  Talk to your accountant.  They can not only help you with tax and accounting related matters, but they can also help you with your business planning, financial goal setting, cash flow and making sure your business is running at its best.

Remember… It’s important to be prepared!

Source  :  www.livenews.com.au

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Changes to the adjusted taxable income test for Commonwealth Seniors Health Card

From 1 July 2009, there will be changes to how certain types of income affect eligibility for the CSHC. Depending on your circumstances, these changes may impact on your eligibility for a CSHC and you may be required to provide additional information about your income to Centrelink.

The adjusted taxable income test for CSHC will include:

• assessment of total net investment losses. Total net investment losses are the sum of net losses from rental property income and net losses from financial investment income, and
• subject to the passage of legislation, reportable superannuation contributions may be included in the adjusted taxable income test for CSHC. Reportable superannuation contributions are discretionary or voluntary contributions, for example salary sacrifice contribution and personal deductible contributions. 

Note: losses from rental properties are already included in assessable income for CSHC. From 1 July 2009, the adjustable taxable income test will also include losses from.

Source  :  http://www.centrelink.com.au/internet/internet.nsf/payments/conc_cards_cshc.htm

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Cheers to you, brew

Western Australia continues to produce the best beers in the country, with the state’s beer drinkers’ sophisticated palettes allowing brewers to continue to test tasty award-winning concoctions.

Margaret River’s Colonial Brewing Co. last night won the Cryer Malt Perth Royal Beer Show best commercial beer prize for their Colonial Kolsch.

Colonial was the toast of the awards hosted by beer-loving dancer Paul Mercurio, also winning the Barrett Burston trophy for best ale draught and the Premier’s Trophy for best WA beer in the show.

Chief judge Brendan Varis, head brewer at Feral Brewing Company, said Colonial’s Kolsch “is a world-class example of a top-class beer”.

“The Kolsch beer is a difficult one to make because they are really light in flavour so any faults at all will show through really quickly. This was a technically perfect beer.”

He said the standard of beer being produced by WA brewers was moving forward.

He said the standard of beer being produced by WA brewers was moving forward.

“It’s also great to see iconic WA brands like Red Back picking up awards.

”WA beer drinkers should be grateful and happy to have beers of this quality available to them locally. It’s great to know we have this kind of beer in our own backyard.”

The Cryer Malt Perth Royal Beer Show attracted 300 entries from 65 brewers.

Tops for taste:

Henley Brook’s Mash Brewing best stout draught and best lager draught

Myaree’s Billabong Brewing best stout.

Matilda Bay Brewing Company won best wheat beer draught.

Mr Varis, whose Feral Brewing Company recently took out a slab of top prizes at the Australian International Beer Awards, said WA brewers were more likely to produce extreme beers than brewers from around the country.

The sophisticated tastes of the WA beer-loving public allowed brewers to test different beer styles. Beers featuring hibiscus and black wattle seed provided new flavours for beer.

The sophisticated tastes of the WA beer-loving public allowed brewers to test different beer styles. Beers featuring hibiscus and black wattle seed provided new flavours for beer.

“There were some interesting experimental beers entered this year,” Mr Varis said.

“They represent an opportunity for brewers to explore further over the next few years and their commercial potential could be most interesting.”

Gryphon Brewing Services won the amateur brewer prize, as well as the trophy for best amateur brewer and best ale.

“The exciting thing about this competition was that the best of the amateur beers were very comparable with the best of the commercial beers,” Mr Varis said.

“Those beers came from the people who are serious about making beer and they are doing a very good job of it.”

Source  :  www.watoday.com.au

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