NDIS is rolling out across Australia.
If you have an interest in this activity you may like to visit their website’s News page where they post a weekly Q&A update.
From time to time we hear horror stories of people who have not prepared Wills, dying intestate. This can result in an expensive exercise for an Administrator to settle the estate.
Wills should be reviewed regularly, something like every 5 years is recommended. In particular when getting married, divorced and with changes in family circumstances such as sudden death with close relatives who benefit from a Will. Always seek legal advice to make sure you have a valid & binding Will and to assist in avoiding challenges by aggrieved family members.
There are circumstances where a person may need the assistance of the court to prepare their Will. In these circumstances legal advice must be obtained to guide the Will instructions correctly.
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Enduring Powers of Attorney are used by people (the donor) who need someone (the donee) to intervene in looking after their financial affairs because they are unable to do so themselves. It is an important part of planning for the orderly conduct of the donor affairs. A power of Attorney ceases on death.
We recommend putting one in place to guard against the unexpected and the link below should explain a bit more.
Always consult your solicitor.
It is not always a conversation that we have amongst family members, but letting your loved ones know what medical treatment you would like to receive in the event you are not making the decision is important. Advanced Care Directives have been in use since 2014 to document future healthcare wishes.
Follow the link to be better informed on this legal document and consider speaking to your lawyer.
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Welcome to the CMS Private Advisory client information newsletter, your tax and super update keeping you on top of the issues, news and changes you need to know. We hope it is of interest and encourage you to contact us if you have any questions or wish to discuss the contents.
In the 2016-17 Budget, the Government announced an increase to the small business entity (SBE) aggregated turnover threshold from $2 million to $10 million commencing from 1 July 2016. The amended version of the Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016 was passed by a majority of the Senate on 31 March 2017. This Bill will receive Royal Assent and become law when Parliament resumes in early May 2017. This means that SBEs that had aggregated turnover between $2 million and up to $10 million will be able to access accelerated depreciation tax concessions that were not previously available to them as follows:
– Immediate deductions for assets that cost less than $20,000 that are acquired and installed ready for use, up to and including, 30 June 2017. These accelerated depreciation rules apply to both new and second hand assets. Excluded assets are horticultural plants including grapevines, in-house software allocated to a software development pool and capital works.
– The assets acquired and installed ready for use, up to and including, 30 June 2017 for $20,000 or more must be pooled and depreciated at 15% in the first year and 30% each year thereafter.
– Primary producers can claim immediate deductions for capital expenditure on water facilities including dams, tanks, bores, irrigation channels, pumps, water towers and windmills; and fencing assets.
– Primary producers can also claim fodder storage assets such as silos and tanks used to store grain and other animal feed assets over 3 income years.
The current $2 million turnover threshold will be retained for access to the small business capital gains tax concessions.
Long gone are the days when orders are taken with pen and paper and rung up on a cash register whilst the business owner wiles away doing their bookkeeping on a desktop software accounting product like MYOB weeks after the fact. In the hospitality industry where long hours are worked and margins are tight there has to be a better way and technology is the key.
Have you noticed those hospitality businesses that take orders on digital devices? Have you met an owner that knows on a daily basis how their profits are tracking? Technology is currently transforming the hospitality industry and we know that businesses with high digital engagement enjoy a 20% increase in revenues1.
Don’t you want that to be your business? So where do you start …
Sales is the key driver for any business so let’s start there. Utilising social media and reservation systems to get people into your establishment is great but what next? You need to be able to take orders quickly and accurately. Utilising point of sale systems based in the cloud, such as Kounta, enables you to take orders accurately (with less human error) and more efficiently. Linking your point of sale to your payment terminal by utilising products such as CBA’s Albert, also saves time and improves accuracy.
What next? Purchases are one of the highest costs in a hospitality business so another good place to get the biggest bang out of your change buck would be to improve your purchasing systems by utilising technology.
• Do you know the profit you make on every meal?
• Are you keeping track of stock?
If not you may be unknowingly watching your profits walk out the door. Track your purchases and stock and even recipes through a software product like Kounta, providing real time data on stock and profit margins, as well as tracking wastage.
Wage costs can be significant so why not use cloud software like Deputy to manage and track employee costs giving you the ability to roster staff to meet demand and customer service expectations.
Utilising cloud based accounting software like Xero which is easy to use and enables automation of your accounting back end will help to deliver real time reporting to enable better decision making.
Why cloud based products? So you can link and integrate your systems to talk to each other. The cloud is the next evolution of the internet, it’s accessible anywhere, anytime and provides low price monthly subscriptions with little to no hardware costs.
Implementing these changes in your business might seem daunting but with the right help and support it can be seamless. We know as we specialise in hospitality and have helped many of our clients move to the cloud. The time for change is now, don’t let the excuses of I’m too busy or I’ve always done it that way hold your business back any longer as it will be left behind, take up the opportunity for change today and put profits back in your pocket!
1 : Deloitte Access Economics: Connected Small Business – How Australian small businesses are growing in the digital economy
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