The Brand new App from WALSH ACCOUNTING
As a firm we are constantly looking for ways we can improve the service we offer our customers and we are proud to announce the launch of our brand new WALSH ACCOUNTING App. It's completely free of charge and it's available for iPhones, iPads and Android devices.
So the next time you need to look up a tax rate or work out a GST calculation, our new App can help. It provides you with up to date, important accountancy data at your fingertips. Click to download
PLUS: Read more…
Running your own business - Part 1
So you are thinking about setting up your own business? Many people do at some stage in life. This could be a new enterprise or buying into an established business. Before you jump in though, it is important to consider the pros and cons. Every small business operator expects to succeed, but sadly most do not last more than five years.
The process of setting up a business in Australia can be relatively easy. Apply online for an ABN and have a bank account and away you go. But is it that simple?
Being self-employed brings a lot of advantages –
You are the boss - You have control over your work output, your income goals and your working conditions. You have freedom to choose which services and products you offer and how you will structure the business. You have the potential to gain more control over your life and your destiny.
The prospect of financial rewards - If all goes well, you have the potential to increase your income significantly as the owner, rather than an employee, of the business.
Personal fulfilment – You have the opportunity to choose a business where you can do the work you really love. You also have potential to grow and expand, and achieve many personal goals. You can choose to have more time for yourself and your family and do the things that are really important to you.
All good reasons to move forward…
Super...super…..where are you....?
Do you want a share of $16 Billion of lost super available in Australia?
As at 30 June 2017 the following regions had unclaimed and lost super to the value of:
• Australians had over 16 Billion Queenslanders had $3,127,500,773 lost super – NSW had the most of any state with over $5 Billion
• 4730 postcode (Longreach) has 653 accounts to the value of $2,431,556
• 4725 postcode (Barcaldine) has 219 account to the value of $1,075,332
• 4472 postcode (Blackall) has 267 accounts to the value of $1,054,004
• 4735 postcode (Winton) has 218 accounts to the value of $528,787
• 4724 postcode (Alpha) has 78 accounts to the value of $458,314
• 4726 postcode (Aramac) has 75 accounts to the value of $274,471
• 4727 postcode (Ilfracombe) has 52 accounts to the value of $272,187
• 4732 postcode (Muttaburra) has 35 accounts to the value of $90,653
• Find out how much lost and unclaimed super is in your postcode
Tax concessions for Small Business Entities & Primary Producers
There are some very attractive tax concessions for Small Business Entities (SBEs) at present. Some of these concessions will not be available after 30 June 2018 while others will continue after that date. Some are for both primary producers and non-primary producers. Others are for primary producers only. In this blog I will try to set out which concessions are for all SBEs; which are for primary producers only; which are likely to disappear after 30 June 2018 and which will continue at the pleasure of the Australian Taxation Office and the Australian Government.
These concessions are available only to SBEs. In brief, an SBE is a business which has a turnover less than $10 million (for 2016 and prior years the threshold was $2 million).
$20,000 Instant Asset Write-off
All SBEs (primary producers and non-primary producers) are entitled to an immediate deduction for the business use portion of a new or used depreciating asset costing less than $20,000 (excluding GST) first acquired on or after 7.30 pm on 12 May 2015 and first used or installed ready for use by 30 June 2018. This concession is known as the $20,000 instant asset write-off. Unless extended it will end on 30 June 2018.
There are some conditions. There are always conditions. One of these conditions is that, if you take advantage of the instant asset write-off, you must pool all your other assets (with very few exceptions). Pooling means totaling the written down values of all depreciable assets and claiming depreciation on the total at 30% (15% in the year you acquire the asset). If you want to claim the instant asset write-off you must either be in a pool or you must establish a pool in the year that you first claim the instant asset write-off.
How to paint a picture of success
Huge congratulations to our clients Noel & Edith Usher and children, Sharlene, Andrew and Darcy. The family first became clients on 9 November 1980. Their business has won the Inspirations Paint Franchise Group, State and National Franchise of the Year Award. These Awards have only been presented 3 times and the Usher Family have won all three.
Many Barcaldine residents will have fond memories of Noel's father and mother , Eric and Dawn Usher. Eric was a trade painter who worked in our district for many years. Some may remember the Paint and Curtain shop next to the Shakespeare hotel building, which was Edith's Pet Project.
When Noel & Edith left Barcaldine to live in Nerang, they struggled to buy a small paint shop. In the early years it was Edith who managed the store full-time. Then she was joined by Andrew when he left school, and then Sharlene their daughter. Noel and Darcy ran another small successful painting business (Darcy completing his Painting & Decorating Apprenticeship). They later sold this business and were then fully engaged in the paint shop business. A second shop north of Nerang at Coomera was opened in 2005.
Since then, Andrew & Darcy have been responsible for the successful running and management of both businesses, now employing 20 people. While understanding paint has been critical to their success, they have also had to develop boardroom skills as their empire grew from a simple partnership to a complex system of companies and trusts, each designed to address new issues at every stage in their growth.
We offer a wide range of services to help you set up, run and grow your business as effectively and as stress free as possible.
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You and your family
Need help getting your family finances in order? Our specialist services include Taxation, SMSF services, estate planning plus many more.
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Our team can assist your community organisation with their financial reporting and auditing needs.
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