ONLINE ACCOUNTING & BOOKKEEPING SOLUTIONS

Consider Roy’s case    Roy operates a courier business in the Macedon Ranges. His bookkeeping system is extremely outdated – receipts in shoeboxes and problematic spreadsheeting systems.     Roy approached our office to get an understanding of the new generation of online or cloud based bookkeeping systems available. His current system is extremely time consuming and inefficient.     Benefits of using an online system:     Ability to receive bank feeds which directs bank transactional data each day to the accounting system, no need to key in bank transactions.    Improved debtor and invoicing control, which assists in cash flow.     Access anywhere technology, from a computer, laptop, tablet or phone.  We assisted Roy with a trial version of a suitable product and after completing his first Business Activity Statement he was amazed at the time saved not only at month end but also during the period.   Should you wish to discuss your administration needs 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 Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

DO YOU OPERATE IN THE BUILDING AND CONSTRUCTION INDUSTRY? HAVE YOU LODGED YOUR TAXABLE ANNUAL PAYMENTS REPORT?

 

Businesses that operate in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year.  The 2017 Taxable Annual Payments Report is due 28 August 2017.

The Tax Office has recently been cracking down on outstanding TPAR’s with penalties up to $1,800 per outstanding lodgement. If you have not lodged a report for your business which operates in the building and construction industry then you may be liable for penalties. If you would like to discuss your reporting obligations further please contact us. 

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 Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  

MAINTAINING LIVESTOCK AND RAINFALL RECORDS

Accounting for primary production livestock on small holdings can be challenging. Remembering births, deaths and other movements during the year is often difficult when 30 June rolls around.

Here at Langley McKimmie, we have developed a wall chart to assist with the recording of livestock movements throughout the year. We have combined it with a rainfall chart and calendar.

If you would like a copy, please feel free to drop in to collect one.

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 Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  

END OF FINANCIAL YEAR IS NEARLY HERE!

Tax time is nearly upon us yet again.
 

To discuss tax planning for the 2017 year end, call our office on 5427 8100 to book in an appointment with one of our qualified accountants.

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

BEWARE OF PHOENIX ACTIVITY

The ATO, combined with other government agencies, is working through the Phoenix Taskforce to eliminate the problem of business owners liquidating their companies in order to avoid liabilities only to start essentially the same company again. This is a country wide issue and affects everyone such as the government through shortfall in revenue, employees through non payment of wages and entitlements and suppliers being left with unpaid accounts.

The ATO has put together a listing of the warning signs you may be involved unknowingly in a company that is practicing Phoenix activity. It also details some of the penalties received by illegal operators which can be significant.

Click on the link below to find out more:

https://www.ato.gov.au/general/the-fight-against-tax-crime/our-focus/illegal-phoenix-activity/?utm_campaign=illegal_phoenix_activity&utm_source=banner_secondary&utm_medium=web&utm_term=home_page

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 Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  

DID YOU KNOW THE AUSTRALIAN TAXATION OFFICE (ATO) HAS A USEFUL MOBILE APPLICATION?

As the ATO moves with modern technology they have developed an application to assist with your taxation affairs. The ATO app covers relevant tax and superannuation information for individual taxpayers, small business owners as well as self- managed superannuation fund trustees. 

The new app has a range of features which includes recording and managing car trips right through to checking an Australian Business Number using the ABN lookup. There is also the ability to watch videos and access checklists to assist self- managed superannuation fund trustees. These are just a few of the features of the app however there are many more. 

The app is compatible with most smart phones and tablets, click the ATO link below for more of the features:

https://www.ato.gov.au/General/Online-services/ATO-app/

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 Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  



2017 YEAR END TAX TIPS

 

 

 With 30 June 2017 just one month away, small businesses should be giving some consideration to year-end tax planning:

Write off bad debts: if you have debtors, that have been previously recognised as income, that you now know are not collectible, writing them off will enable a deduction to be recognised.

Consider pre-paying some expenses: If cashflow allows, prepaying some expenses like rent, insurance and office supplies for a period of up to twelve months provides an immediate deduction.

Review inventory: a physical stocktake should be conducted to quantify and value inventory. Slow moving, damaged and obsolete stock must be written off prior to 30 June to claim a tax deduction.

Pay superannuation: SGC for employees must be paid before 30 June 2017 to receive a tax deduction for the business in the 2017 year.

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 Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.