The MAX CAMmunicator October 2021

OCTOBER 2021


HITTING THE GROUND RUNNING!


It has been over 3 months since Angela and Karlie have taken over as the new owners of Maxwell & Cameron Accountants. It has been a fast paced, exciting few months for all. The office has handled the change well. Christine and Jenny are adjusting nicely back into accounting life without the stress of running the business. Angela and Karlie are hard at work building on relationships with all of our clients. If you haven't yet had a chance to meet Angela or Karlie, please feel free to pop in for a chat.


Since our last newsletter, we have said our goodbyes to Sharleen as she returned to full time work on the family farm.


We have also welcomed Courtney as our new full-time receptionist. Courtney has previously worked in the accounting environment and joins us after having time off to be with her 1yr old daughter. Courtney looks forward to getting to know all our wonderful clients over the coming months.


We are looking to build our MaxCam team and currently have opportunities available for both admin and accounting positions. Please share around to all your friends and family and help us grow our team!


Quarterly Super Payments Due!


A quick reminder to all our employing clients, your employee's super is due by the 28 October 2021!


STP PHASE 2 TRANSITION DEFERRAL


The ATO has announced that it will be deferring the start date for the Single Touch Payroll (STP) expansion which was intended to commence from 1 January 2022. Under the STP expansion – Phase 2, employers are required to provide additional information as part of the STP lodgement process.


It is recommended that if your payroll system is ready by 1 January 2022, you start Phase 2 reporting. The deferral means if you start reporting by 31 March 2022, you will be considered to be reporting on time. 


For more details head to the ATO website.

STRONG IDENTITY - myGovID


Changes have been made to the myGovID app which now simplifies the process involved when upgrading your identity strength from basic to strong. You are now only required to verify 2 documents, where previously 3 were required.


See here for more details.

DIRECTOR ID'S


A director identification number (director ID) system is being introduced to prevent the use of false or fraudulent director identities.


A director ID is a unique identifier you need to apply for once and will keep forever.


You can apply for your director ID from 1 November 2021.


If you are a current director, or become a director anytime up to 31 October 2021, you have until 30 November 2022 to apply.


If you become a director between 1 November 2021 and 4 April 2022, you have 28 days to apply.


Any directors appointed after the 5 April, will need to apply before they are appointed.


We will be in touch over the coming months with our existing clients, but more information can be accessed here in the meantime.

BUSINESS TIP


CASHFLOW - Show me the money!


It comes as no surprise to our business owners when we say running a business is a very time consuming task. We all tend to spend so much time with day to day operations, keeping customers happy, attending to work scheduling, organising employee issues and rosters etc, we end up spending all our time working in the business, not on the business.


It is easy to get so tied up in these tasks and very important issues like 'cashflow' can slip a little (or heaven forbid, a lot!). You know your business is doing well, you are as busy as ever, but you can't understand why you sometimes have trouble finding the cash to pay suppliers or employees?


Many times our clients have asked us "where did all the money go"? Knowledge is power and identifying any potential cashflow issue before it gets out of hand may well help to save your business.


At Maxwell & Cameron we prepare a report as part of our end of year financial statements package to illustrate the cash inflow and outflows of your business for the financial year. This report, aptly named 'Show Me The Money', provides a basic summary of how cash derived from business profits has been used during the year.


As crazy as it sounds, without adequate monitoring a profitable business can still run out of cash.


Do you use business profits to buy new equipment, allow your customers extended credit terms or buy extra stock on hand? Each of these items will use up your business' cash but will not appear in the Profit & Loss Statement. Our 'Show Me The Money' report will highlight these trends for you.


Maxwell & Cameron can also prepare more detailed Cashflow statements which break cash inflows and outflows into three different sections:


• Operating cashflow - everyday running of your business

• Investment cashflow – investment in assets etc within the business

• Financing cashflow – flows of cash between business and its owners and creditors


Cashflow analysis can often be the ultimate measure of how a business is doing. This not only makes cashflow vital for people in their own businesses, but it is also a vital indicator for investors looking to invest in other companies. Investors can see if a particular business is likely to be a good (or bad) investment based on the cashflow derived from profits.


Maxwell and Cameron are ideally suited to preparing cashflow analysis for our clients. We know your business, will get to know new businesses, and can prepare Show Me The Money or full Cashflow statements.


Contact us today and we can help you get your business back on track, revive cashflow and eventually allow you to be able to take your well-earned profits out of the business as and when you want to.


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). 

Website Interactive Services


Client Secure Area


Our website offers you interactive services where you have access to your own password protected secure area to send us files and documents or view your personalised documents such as tax returns or benchmarking reports.


To register for our secure area Client Login, click here.

We love referrals


We are committed to providing a comprehensive range of practical accounting services for today's economic environment to enable our clients to realise their goals – we make it our business to make your business more successful! If you appreciate the service we offer, the greatest compliment you can pay us is by referring people whom you feel would benefit from the use of our services. Don't forget to let us know if you make a referral so we have the opportunity to show our appreciation.


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