BRM Holdich E-News
28 January 2014
The ATO deadline for lodgement of 2013 Income Tax Returns is looming, we have been following up clients with outstanding lodgements. Please provide your information as soon as possible so that we can assist you to meet your deadline.
5 Financial Tips for Small to Medium Business for 2014 → Talk to us!
- Have a good bookkeeper on your team, we could tailor a solution for you
- Understand your cashflow and forecasts
- When you undertake a significant transaction seek our advice before you complete
- Have a business plan in place to manage the future for you and your business, and stick to it
- Regularly review your results and learn from them
Creating an Intentional Culture of Security
It has been said that organisations have two assets that are more important than any other and there is some debate as to the order in which they should be ranked. They are: people and information.
It therefore follows that if information is so highly ranked then its protection should become part of the culture of any organisation. However, recent research shows us that organisations do not generally have effective information security cultures particularly those where the intentionality of the culture is embedded into the day to day operations and practices of the organisation.
So how does this differ from our current view of Culture?
The PPS Register
The Personal Property Securities (PPS) Register is an online register of all personal property that has security interests registered against it.
This register may protect your business when buying, selling or leasing out property including valuable goods, stock, vehicles, machinery, office equipment, crops and livestock – almost everything except real estate. Registering your interest in goods which you haven’t been paid for can help you recover the debt if your customer does not pay or becomes insolvent.
You can register an interest before 31 January 2014 at no cost, following that fees will apply.
Also, if you are buying second hand machinery, equipment, vehicles, stock or other valuable used items you can use the Personal Property Securities register to confirm that the item you want to purchase has no security interests registered against it.
More information about PPS Register is available at www.ppsr.gov.au.
ASIC (Australian Securities & Investment Commission) have recently issued Information Sheet 183 ‘Directors and Financial reporting’. This information sheet explains directors financial reporting responsibilities, including general duties, the Company’s duty to keep proper books and records, what should directors consider when preparing a financial report, directors financial literacy obligations and the directors relationship with the auditor.
Please visit www.asic.gov.au and search “INFO183” for further information.
The ATO also has focussed on Directors’ responsibilities in recent years.
Company directors have a legal responsibility to ensure that their company meets its Pay As You Go (PAYG) Withholding and Superannuation Guarantee Charge (SGC) obligations. This means that Directors become personally liable for unpaid PAYG withholding and SGC.
Experience suggests that Directors of small to medium business are likely to be targeted by the ATO especially where there are cash flow variations.
If you have any questions or concerns about your responsibilities as a director please don’t hesitate to contact Aaron, Lisa or Scott of our office.
Tax Audit Insurance
Renewals for our tax audit insurance service will be issued shortly for those who have elected to receive this cover.
We continue to see tax office enquiries, reviews and audits the costs of which would be covered by this insurance.
The insurance covers any written request for clarification of information/audit and the related professional parties fees. In addition, it extends to most federal and state government authority enquiries.
Please contact us to discuss for more information.
Important: This is not advice. Clients should not act solely on the basis of the material contained in this Bulletin. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. The Bulletin is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our prior approval.
Level 8, 420 King William Street
Adelaide SA 5000