Wednesday 28 October 2015

STARTING A NEW BUSINESS


Are you thinking of starting up a new business?  There are many things to consider and as a starting point the Australian Taxation Office has a checklist which can help with any questions you may initially have.  Setting up your own business should not be a daunting experience.  The staff at Langley McKimmie are here to guide you in setting up and making decisions regarding the structure of your business.  Once you have considered this checklist please feel free to contact us to discuss further.
Click on this link to find out more:
https://www.ato.gov.au/business/starting-your-own-business/in-detail/getting-started/checklist-for-people-starting-a-new-business/#

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.

Tuesday 20 October 2015

BE WARNED OF THE LATEST TAX SCAM




Be aware of telephone calls where the caller is claiming to be from the Commonwealth Director of Public Prosecutions (CDPP) or Australian Taxation Office (ATO).
There have been a number of reports recently from Australians, including local residents, who have received calls from scammers claiming there is a warrant out for their arrest.  The caller claims they have unpaid taxes and require the funds to be transferred by wire or they need bank accounts details and other personal information.  Under no circumstances should you give these details.

The police and ATO are aware of the scam.  For additional information please click on the link below.
https://www.scamwatch.gov.au/news/telephone-calls-alleging-fake-arrest-warrants-used-to-scam-money

Alternatively, please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.

Tuesday 13 October 2015

QUESTIONS TO ASK YOUR ACCOUNTANT - 10 WEEK SERIES

WEEK 10 – Is my business in a good financial position to survive a downturn?

The debt to equity ratio shows the proportion of capital invested by the business owners to the funds provided by external lenders. 
 
Generally, a debt to equity ratio in the range of 1:1 TO 4:1 (ie., a maximum of $4 debt for every $1 of owner’s equity) is acceptable but will depend on individual business and industry circumstances.

Too much debt means you may be putting extra stress on the business in the event of an economic downturn. 

Discuss these concepts with your accountant.
 
Should you believe any of the above apply to you please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 for an initial consultation.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.

Sunday 11 October 2015

Claiming losses against your income



Frank is a lawyer in the city who has an adjusted taxable income of $290,000 a year. His wife Margaret is an office manager with an income of $39,000. They run a beef cattle farming operation in partnership which is currently running at a loss of $30,000 a year. The value of the land where they operate their farming business is $600,000.  They are trying to work out whether they can claim their farming losses against their employment income.  

Items to consider

Provided adjusted taxable income is less than $250,000, one of the four following tests must also be passed in order to offset business losses:

-      Land value for business operations being over $500,000;
-      Gross sales turnover more than $20,000 p.a.;
-      Profit in three of the last five years including the current year;
-      Other business assets with a value over $100,000
  
Margaret is able to offset her 50% of the farming losses reducing her taxable income to $24,000, as her income from other sources is less than $40,000. However Frank is over the $250,000 threshold and therefore he has to carry forward his share of the farming losses until a year in which his income is less than the threshold. 
 





Should you believe any of the above apply to you please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 for an initial consultation.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.

 

 

Wednesday 7 October 2015

QUESTIONS TO ASK YOUR ACCOUNTANT - 10 WEEK SERIES

WEEK 9 – Would my money be better invested elsewhere?


 

Compare the returns of alternative investments such as property, shares or bank term deposits.  If you would earn significantly more for less effort and risk, it might be time to reconsider your business activities and whether they provide an acceptable rate of return on investment.
 
If you have questions please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 for an initial consultation.
 
We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.