What's Happening at DSR in September?

In this issue:

• Employee's vs. Contractors - Can you tell the difference?
• Don't be average in your business field - BE A LEADER
• ATO Small Business Tax Calendar
• NSW Industry & Investment Small Business Seminars
• ASIC explains "Interest Free"
• Client Secure Sites - NOW AVAILABLE
• Going forward with Banklink
• Tax Tip - Solar Energy Income
• Important Dates
• Client Testimonial

 

Welcome Note Welcome to What's Happening at DSR in September. Each month we aim to bring you interesting and tax effective ideas for saving you money, growing your business and ultimately building a successful retirement plan. Remember, whatever your financial and accounting needs we can work with you to find a solution.

Employees vs. Contractors: Can you tell the difference? A recent decision by the Administrative Appeals Tribunal (AAT) should serve as a warning for any employer who employs independent contractors. In a case brought by the Tax Commissioner, a company that employs over 1000 contractors to provide interpretation and translation services is now potentially liable for superannuation guarantee payments to all of its contractors - now and retrospectively. So what went wrong?  Read on...

Don't be average in your business field - BE A LEADER Ever wondered what would be the effect of a slight change in how you do business?  Have you woken up in the middle of the night and thought WHAT IF change something in my business?  HOW CAN I  improve cashflow and profitability?  SHOULD I employ more staff? Compare your business to your pre-determined Key Performance Indicators.   We can show you exactly what needs to be done, BEFORE you make the actual change.   By providing a comprehensive business analysis report you have all the information at your fingertips to affect any changes. Take the guess work out of your business decisions and let us help. Please click through to see a sample of some of the reports available. Health Check Financial Diagnostics Report Key Financial Ratios Speak with us today about moving forward in your business.

NSW Industry & Investment Small Business Seminars Did you know Industry & Investment NSW has over 500 seminars during the month of September to help small business network. From breakfast meetings, to how to generate leads and successful tips for marketing, these seminars are largely FREE OF CHARGE. Industry & Investment NSW will showcase the latest technology, trends and tools to help your business grow. By providing an environment where small business can come together and connect for profit. Visit NSW Small Business for more information on what's available. If you'd like to discuss further what's available to your business give our office a call today.

ASIC explains "Interest Free" The Australian Securities and Investments Commission  is assisting consumers to understand what 'interest free' means. With so many large stores offering interest free terms to entice you into buying the latest home entertainment systems or new furnishings, it is important to understand exactly what interest free means and the pitfalls and traps if not managed correctly. Below is the top three tips as published by the ASIC when it comes to interest free deals: 1. Interest free doesn't’t mean fee free While a store may advertise ‘no deposit, no interest, nothing to pay’, in most cases you will still be charged fees. These could include an establishment fee, a monthly service fee and a late payment fee. Before you sign anything ask about all the fees and charges so you can work out exactly how much you will have to pay back. 2. Watch out for the end of the interest free period Credit providers are not obligated to tell you when the interest-free period is due to run out, so you need to keep on top of this yourself. If you fail to repay the total amount of your purchase by the end of the interest-free period, your credit provider will start charging you interest. The interest rate charged could be very high—up to 30%, compared with standard interest rates on credit cards which average between 12–20%. So always aim to repay the debt early. 3. The minimum monthly payment is often not enough If you’re paying by instalment, the minimum monthly payments suggested by the retailer who signs you up for the deal are often not enough to pay off the full purchase price before the interest-free period runs out. This means that you may be left with a large outstanding amount to pay at the end of the interest-free period. Make sure your agreed repayments are enough to pay off the full amount within the interest-free period. For more information download the ASIC Factsheet - Interest Free Deals

 

ATO - Small Business Tax Calendar  The Australian Taxation Office has developed a small business electronic tax calendar to help small business plan and manage their  tax obligations and give timely reminders for lodgements.  In around 10 minutes business owners can create a 12-month schedule tailored to their business lodgment and payment needs. The schedule can be updated at any time if circumstances change and reminders can be received through Microsoft Outlook or computer system when a lodgement or payment is due. If the small business has several operating entities, a calendar can be set up for each business. This is a simple and helpful tool for all small businesses. Download your free tax calendar now for the 2010-2011 tax year. If you'd like further information contact us today

 

Secure Client Sites DSR Secure Client Sites.....a clever way to store your tax information Managed through our website, your secure area can provide you with exclusive access to reports and documents that we hold in our files that you may wish to access and you can print, download or view at your convenience.  Several clients are now using the benefits of Secure Client Sites. As a matter of course, the 2010 financial statements are being uploaded to the secure sites, however clients have requested other information including: ABN details Tax File Number notifications Trust Deeds Company Constitutions ASIC Company Statements Activity Statements ATO Payment Slips General Correspondence, etc . Just let us know what tax information you need, and we can make it available on your Secure Site. It is highly mobile and you can log in whilst meeting with your bank manager for direct access to information. No more worry about finding your information in a pile of papers at home, this is a one stop library for your tax information. Your secure site is also an excellent way to transfer your tax information files to us. Files up to 200MB  can be sent through with no problem. If you want to know more about this complimentary service talk to your accountant today.

 

Going forward with Banklink The Banklink System allows us to complete your accounts efficiently and accurately, whilst saving you precious time and money. Your financial institution can simply provide our office with your bank statement data electronically and securely encrypted. From here we can process all your transactions with minimal input from you. It is that SIMPLE. No more worry over missing bank statements or spending hours at your computer doing your monthly book work. Banklink frees up your time so you can focus on important matters like running your business or doing the things you like to do. The number of  clients now using Banklink is increasingly rapidly and they are discovering that the hours they spent preparing their accounts each month, has now turned into just minutes. To view a short demonstration on the benefits of Banklink - Banklink Service Presentation So do yourself a favour and make sure the time you have left at the end of the week isn't wasted on writing up your books or data entry.  Call us today to discuss how Banklink will work for you.

 

Tax Tips - Solar Energy Income  1. Is the income from generating electricity from solar tiles assessable income? 2. Are expenses incurred in generating electricity from solar tiles allowable deductions? The ATO has released a private ruling which can answer your questions if you are thinking about installing solar energy. Contact us today if you have concerns this may affect you.

 

Important Dates 21 September 2010 - Monthly Activity Statements for August 2010

 

Client Testimonial The service and support offered by DSR alleviates a load of potential stress. Doing what they do best, and doing it so well, leaves me free to focus on what I want to be doing. DSR take care of a vital aspect of the business and I know I can count on a professional result every time. Chris Bratby Detune Pty Ltd

   

About Davis Stewart Rowland Davis Stewart Rowland is a three partner firm located at The Entrance on the NSW Central Coast. With over 50 years experience we have an in-depth knowledge of what the business owner and investor needs to embark and stay on the path of growth and wealth creation. We have a unique appreciation of the issues business owners and investors face, which makes us an integral part of our client's advisory team. Our comprehensive approach includes: - Benchmarks - Tax minimisation plans - Cash flow forecasting - Business information processing - Management & strategic advice Whatever your needs we can help find a solution.  Contact us today