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…
Never work with animals or small children…….
Anyone involved in junior sports knows that it can be sometimes frustrating, occasionally frightening, but most of the time lots of fun. A few of us were recently sharing stories on the sidelines of some of the funny things that the kids will say to us, and thought it was worth sharing. To protect the innocent, names of children and adults have been withheld. One advantage of dealing with kids is you can get instant and very direct feedback. Maybe there are some lessons in communication here…
At junior cricket, while doing a bowling demonstration to a group of 7-8 year olds, on how to hold the ball with correct seam position etc. At the end of the demonstration the kids were asked if there were any questions. Everyone just looked around blankly, and then one said "excuse me,….. can you live without a soul?"….
At junior tennis, we were discussing with the kids the importance of being safe and responsible, finishing with letting them know we want them all to have fun but we don't want anyone getting hurt. One voice piped up from the back "yeah, too much paperwork".
At the mini-trains, a 3 year old announced to the other kids there "my dad drives the train, and when my Mum grows up to be an adult, she can drive it too"
At junior tennis, in the middle of giving a demonstration to a group of 3-5 year olds, one of the kids knelt down and started stroking the coach's shin. "Wow, look at your legs. You have the hairiest legs I've ever seen".
At tennis, the session sometimes finishes the session with a hardest hit contest. One of the boys was trying to swing so hard he was throwing himself off his feet and missing everything. I told him he was trying to swing too hard. He stopped and said very deliberately "do you realise this is a hardest hit contest. How is it possible to swing too hard in a HARDEST HIT CONTEST?"
During a junior tennis tournament, the match was level at 3-3 and deuce in a first to four match. The coach told the players this was now the most important point of the match. The server thought for a moment and replied "We are having problems with Falcons at home"
When travelling away to do coaching remotely, I thought I would break the ice with the kids by asking whether anything interesting happened since I last saw them. Without hesitation, one girl said quite cheerily, "I have, my finger fell off" (it was true – she had an infection and lost her finger).
Unperturbed, coach tried the same question again next visit – "did anything interesting happen since my last visit?" This time a boy piped up from the back "excuse me, yes, my father doesn't live with my mother any more"
......Ok, probably won't ask that question again…
You are sitting in the shade today because someone planted a tree a long time ago….
Sometimes people ask us: "Do you work for the tax office or your clients?"
And the answer is: "We work for our clients of course"
Walsh Accounting's driving purpose is to help our clients meet their business and family's goals – help build a strong foundation for yourself and your families future. Meeting your tax and compliance obligations is just one small part of that journey.
'A goal without a plan is just a wish'
'Failing to plan is planning to fail'
'Forearmed is forewarned'
We have all heard these proverbs – but it does not take away that we know them to be true. So why is it that we do not heed their message?
Small businesses and community groups are formed because of their passion for what they do -- not to spend time managing paperwork. Taking the leap from traditional accounting practices to cloud-based accounting solutions enables you to reduce time spent managing information and improve overall operational efficiency.
What is Cloud Accounting? Data is sent into "the cloud," (which is a remote computer) where it is processed and returned to the user. All application functions are performed off-site, not on the user's desktop. In cloud computing, users access software applications remotely through the Internet or other networks via a cloud application service provider. Using cloud accounting software frees you from having to install and maintain software on individual desktop computers.
Cloud Accounting is a wise choice and is becoming increasingly popular. Here are just some of the many benefits of Cloud Accounting:
Accessibility - information stored in the cloud can be added or accessed from anywhere; you and your team can quickly and easily complete their work no matter where they are. Accounting data can be accessed on any device with an internet connection, rather than on a few select on-premises computers. You can send an invoice when out of the office or check a payment on the run.
Accuracy - financial information is updated automatically and facilitates financial reporting in real-time. Data can feed direct from your bank which mean account balances are always accurate and fewer errors occur than with manual data entry.
Collaboration – other team members, your bookkeeper and/or accountant/auditor can, with your approval, access your file to enter transactions, fix mistakes, access information etc. For community clubs this means transitioning from one treasurer to the next is far easier.
I sometimes hear pub talk to the effect "Let them prove it". If a taxpayer takes this attitude with tax law, he or she might have a problem.
The principle "innocent until proven guilty" does not always apply when it comes to tax law. In some cases the law is "guilty until proven innocent". This was reinforced, not for the first time, in the case of Zappia v Commissioner of Taxation in a judgment issued in the Federal Court of Australia on 19 April 2017. $2 million was deposited into the account of the taxpayer on 30 June 2010. She did not include this amount as income for the 2010 year. The Commissioner issued a default assessment to the effect that the $2 million was income. The Judge found in favour of the Commissioner. Part of the judgment contained the following words (bold emphases added by me).
"The issue is not whether the Commissioner made an error nor, perhaps a little surprisingly, even whether the $2 million is assessable income. Rather, it is whether Mrs Zappia has proven that the $2 million is not assessable income. It is implicit in that statement, which is about who bears the burden of proof, that the Commissioner is under no obligation to prove that the $2 million was income. The onus lies, rather, on Mrs Zappia to prove that it was not.
The judgment is long but interesting if you enjoy a bit of forensic detective analysis. Here is the link  FCA 390
There is an important lesson here. if you have a dispute with the ATO, try to negotiate and settle before default assessments are issued because your task is going to be so much more difficult once that happens. Hoping the issue goes away rarely leads to the most favourable result.
On the day that I started work (3 February 1959) I wonder how I
would have reacted to a man from the future explaining to me how things
would work in 2017.
In 1959 an office worker's main
tools of trade were paper, pen, ink and mental arithmetic. If a customer
bought ten items at 3 pounds 17 shillings and 11 pence each the
shopkeeper would get out his trusty pen and paper and mutter to himself
as he scribbled "10 times 11 equals 110. 12 goes into 110 nine times
with 2 left over. Put down the 2 and carry over the 9. 10 times 17
equals 170 plus the 9 carried over equals 179. 20 goes into 179 8 times
with 19 left over. Put down the 19 and carry over the 8. 10 times 3
equals 30 plus the 8 carried over equals 38. Put down 38. Madam, that
will be 38 pounds 19 shillings and tuppence".
We were thrilled when we received
our first adding machine. It was correctly named. It did not subtract,
multiply or divide. It just added. You punched in a number and pulled
the handle. Then you punched in another number and pulled the handle
again. You could do this as many times as you liked and it would still
give you the correct total at the end. What a wonder.
Imagine my reaction if in 1959 the
man from the future says to me "In fifty years' time the shopkeeper
will merely show the item to a tiny machine which will instantly
calculate the price".
"There's more", says the man,
"This tiny machine can be in two places at once because while it is
serving you it is instantaneously at the bank not only depositing your
money from the sale but also taking the place of the bank clerk by
entering it on your bank statement".
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