The MAX CAMmunicator June 2021

JUNE 2021


Welcome to the end of the 2021 financial year!


Since our last update to you, we have hit a couple of milestones. Our receptionist, Sharleen, has celebrated her 1 year employment anniversary at Maxwell & Cameron and Jenny has also celebrated an amazing 15years! We are exceptionally grateful for our wonderful employees here who show enthusiasm and commitment everyday at work. 


We have been wonderfully busy these last couple of months, finalising the 2020 Income Tax Returns. Lodgement due date for these returns has now passed! So if you are one of the few who haven't lodged, please send us your work ASAP to avoid any potential tax office penalties. As we work through this last month, you may receive different reminder letters or emails regarding various things. Please take the time to read these as they may be useful to you. And if you don't understand something, please ask!


There is still time to get some tax savings for the 2021 year. If you want to know how your profits are looking for this year or would like to discuss possible tax saving strategies before the end of the financial year, just give us a call.


OUR EXCITING NEWS


As this financial year comes to an end, we have some news to share with you all. Some of you may already be aware, but for the ones that don't, Jenny and Christine have decided to sell their ownership of Maxwell and Cameron. This may seem unexpected to a few but in this months Blog, Christine talks about their decision. Read all about it here.


Following on from this information, please let us introduce to you the new directors of Maxwell & Cameron Accountants (from 1 July 2021) ANGELA ROSS & KARLIE OFFORD. 


Many of you have already built your own professional relationships with Angela and Karlie. They are not new to the business, and are very excited to be taking this next step in their careers. We hope you can be as excited as we all are for this coming change! 

AUSTRALIA'S BIGGEST MORNING TEA



This year, once again Maxwell & Cameron participated in the Australia's Biggest Morning Tea to help raise vital funds for cancer research! With your help, and a target of $500 we managed to raise $1779.00 so far!! 


Our "Buy a tea cup" game, raised $50 for donation as well as our awesome winners $50 in their pockets. Ben & Amy Crew from BC Project Industries were our lucky winners. We thank everybody who purchased for their support. 


We also had a MaxCam bake off! Our girls made heaps of yummies for everyone to enjoy for morning tea. Even though it was a close race, Angela's Jelly Cheesecake won! Giving Angela the title of Maxwell & Cameron's Greatest Baker 2021... Bring it on next year!


Our donation page will still be active until 30 June 2021, so if you are wanting to get a last minute tax deduction, click on the link below to make a donation today and support a terrific cause. 


https://www.biggestmorningtea.com.au/fundraisers/MaxCam

SUPERANNUATION UPDATE


The government has recently announced an extension on the temporary reduction in the superannuation minimum drawdown rates. A measure that came into place for the 2019/2020 financial year, means that self funded retirees could draw only 50% of their minimum drawdown requirements. This how now been extended for the 2021/2022 financial year. 


Read more here.

BUSINESS TIP


STOCK MANAGEMENT


Businesses that handle stock are often prone to inefficiencies leading to decreased profits, poor customer satisfaction and large amounts of cash tied up in stock.


It is therefore important to understand the optimal level of stock required for your business operations:

  • what moves quickly?
  • what is seasonal?
  • what ages/perishes?
  • what generates the greatest profit for your business?


Once you understand your stock requirements you will be able to implement effective stock management with a focus on having the right level of stock to satisfy customer needs.


Remember excess and slow moving stock have increased holding costs (storage, insurance etc) and can be a financial burden on a business.


If your business holds large quantities of stock, you may find stock management software an effective way to keep track of your stock levels.


Implementing physical controls such as regular stocktakes will minimise the risk of theft.


If you would like to discuss your stock management process make an appointment to see one of our accountants today.     


RACQ CapRescue Annual Appeal


25 years ago, John Bavea had a dream that a service was needed to keep the people of Central Queensland safe, in a region as diverse as it is vast. It was the beginning of RACQ CapRescue. Today we are lucky enough have a first-class, aero-medical retrieval and search and rescue service, on call 24 / 7, 365 days a year - FREE of charge. The RACQ CapRescue Service have rescued over 9000 people and continue to be available when you need them.


The RACQ CapRescue team are today are asking for our help. Currently over $10 million is required annually to fund the life saving service, which they continue to provide FREE to those who need rescue. They are grateful for the 60% in funding contributed by the Queensland Government, but must rely on the wonderful community to donate to also support them financially!


Please make a tax-deductible donation today and know you will be the hero in this story.


https://caprescue.org.au/donate/


Kind Regards 


The Team

Maxwell & Cameron Pty Ltd

www.maxcamaccountants.com.au 

Did you know we offer $0 upfront Tax Returns?


That's right - absolutely no upfront cost to prepare your tax return and your refund is paid directly to your bank account. Come and see our friendly team to find out how (conditions apply). 

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