May 2013

With less than 6 weeks to June 30, we are rapidly getting towards the pointy end of the financial year. The ATO is cracking down on late lodgers, so if you haven't sent your work in to us yet, please do so ASAP. We will be continuing with our workflow scheduling in the new financial year, and most of you will be receiving correspondence from us soon, letting you know your tax month. This was our first year using the scheduling process, and as with anything new there were a few teething issues, but we had plenty of positive feedback about the scheduling process and look forward to being able to offer you an even better service this coming tax year.

With the clock ticking towards 30 June, NOW IS THE TIME to look at pre-year end strategies. Have you budgeted for your 2013 tax bill??? It is imperative you implement any tax reduction initiatives prior to June 30. We can look at ways to help you reduce your tax before the end of the financial year so contact us now!! Also check out our article - HOW PREPARED ARE YOU?

It has been a tough year for many businesses. If you are tired of going around in circles and want to start the 2014 financial year on a positive note, now is the time to prepare your cashflow forecast. This will allow you to identify problems from last year and set yourself targets for the new year. There is no point in having a target without any idea of how you are going to meet it, so you will need to think strategies as well!! WE ARE HERE TO HELP - contact us now for all of your 2014 cashflow forecasting needs.

All of our Superannuation Funds were recently sent important information reminding them their investment strategy needs to be updated to show they have considered insurance for the Fund's members. To comply with the new laws, investment strategies must be updated before 30 June. Failure to comply with these new requirements and/or failure to document trustee's decisions could lead to the imposition of large financial penalties for either the Fund or the Fund trustees. If you have any questions in relation to the update process, please contact us ASAP.

With Karlie going on maternity leave in mid June for the birth of her second child and Angela going on maternity leave at the end of July, we welcome Rachelle Mills to the Maxcam Team. Rachelle has 6 years experience in tax business services and has worked with clients from varying industries including primary production, retail, and building and construction. She is due to complete her CPA studies by the end of the year and is looking forward to working closely with our clients.

Business of the month

Our May client of the month is Mayne Homemakers Furniture & Bedding. Locally owned and operated for 25 years, Snow and the team specialise in quality home furniture and bedding. Their furniture and bedding ranges feature a wide selection of exclusive lines for the lounge, dining room, bedroom, kids room, home office and outdoors as well as a huge range from famous brands including Sealy, Sleepmaker and Slumber Comfort. Open 7 days in the Red Hill Homemaker Centre, they also offer free delivery within the local area.

www.maxcamaccountants.com.au

How prepared are you?

Super Guarantee increases to 9.25% on 1 July

Changes to tax refunds from 1 July

Unpaid Super and PAYG? A warning for Directors

Important information for businesses in Building & Construction

Increase in SMSF Levy

Our Superannuation Update Seminar Notes are available for purchase for $65.00 plus GST. Find out about the important changes happening on the superannuation front impacting all super fund trustees. Click here to contact us for more information.

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