Date Published: 1 June 2012
The future of accounting software is 'in the clouds'. All major suppliers of small business software are moving to the clouds.
Whether now or in several years, business owners will find themselves 'in the clouds' – a phrase used to describe the storage and processing of data by internet-based providers.
Anyone using a software package with payroll will need to upgrade by 30 June 2012 due to significant changes in the tax thresholds announced in the May 2012 budget.
Upgrading is becoming an increasingly expensive and time consuming exercise. For this reason, Rochdale Accounting & Financial Services is encouraging businesses to consider an alternative to their traditional small business software.
What does this mean for business owners? There is a simple answer to this question...Xero!
Xero is the market leader of cloud accounting software and a partner in the success of any business.
Online hosting means Xero is available from your computer anytime, anywhere internet access is available. There is also a Xero mobile app for iPhone and Android that allows users to view accounts, create and send invoices and submit expense claims while on the go.
- Live bank feeds - daily
- Access to financial data from anywhere in the world on any platform (PC or Mac)
- Budgeting tools
- Bank level security
- Multi-user access
- Automatic backups
- Monthly upgrades
- Unlimited support
- No software installation
- Simple and painless conversion from MYOB, Quickbooks and Banklink
Above all else, Xero allows your financial advisors to gain access to real time financial data. It takes away the guesswork and allows us to provide timely guidance without waiting for year-end financial statements.
Xero provides the ability to analyse and monitor performance on a regular basis rather than 6-12 months later when, more often than not, it is too late to address any problems.
This timely analysis and feedback allows the implementation of processes so your business can perform at optimum capacity and as a result achieve and exceed its goals.
Now is the ideal time to adopt Xero before paying for costly software upgrades for the beginning of the new financial year.
For more information about how Xero can help your business excel, email Rochdale's Xero Certified Advisors, Cheryl Bourne or Tim Cole or phone us on 6620 0300.
Date Published: 23 May 2012
The Budget announced some significant changes that impact individuals, families and businesses. Rochdale's Budget Update provided attendees with an overview of the most important changes.
Download the pdf document of the presentation here
This document includes information on:
- Last year's budget and subsequent legislative changes impacting the 2011/2012 current financial year
- Previously announced measures that have now been abolished
- Individual tax rates from 1 July 2012
- Changes in tax offsets
- Reforms in Living Away From Home Allowance
- Government assistance including the Schoolkids Bonus and changes to family tax benefits
- Major changes to superannuation including government co-contributions
- Changes to reporting obligations for employee superannuation
- Impacts on businesses including Company Tax Loss Carry Back and Small Business Instant Write-Offs
- Changes to Trusts including income definitions and distribution to minors
The information contained here is intended as a guide only. For more information about how these initiatives apply to your individual circumstances, please contact your Rochdale representative on 6620 0300.
with Rochdale Director, Kate Cameron
Date Published: 30 April 2012
The most valuable businesses are those that are not reliant on the owner. Reducing or minimising the risks of relying on one key person result in a better investment prospect.
Buyers will pay a higher price for a business that can be easily integrated into their current business or smoothly transitioned to a new principal.
They will want some comfort that the business' key customers and staff will stay with the business once the current owner departs.
There are many different business and risk management strategies business owners can implement to reduce or minimise key person reliance. These include improving business systems, client relationship management (CRM) protocol and management succession strategies.
Often, the value of a small business lies within the owner's experience, knowledge, strategies and leadership, all of which are not formally documented in a business plan. An effective business plan is the first step in reducing reliance on owners.
The nature of some businesses means it is difficult to reduce or remove key person reliance. In this case implementation of effective risk management strategies is vital.
Many business owners approach their advisers for a valuation when the selling decision has been made or there is a need to sell and at this time, it is often too late to implement effective strategies.
A business valuation is the start to assessing the impact of key person reliance on your business. Rochdale can provide you with the right information to make an informed decision on business value and the right time to sell.
Contact Rochdale Accounting & Financial Services today to assess your business' value and key person reliance. We will work with you to implement strategies to improve the value of your business.
If you are aged 55 and over and have not considered a Transition to Retirement Pension you may be missing out on some significant taxation savings.
A 'Transition to Retirement' pension allows anyone aged 55 or over, to access a portion of their superannuation in the form of a pension while they are still working.
These pension payments provide additional regular income that either carries a tax offset or is tax-free. The additional pension income may enable you to salary sacrifice a portion of your before-tax earnings to superannuation resulting in reduced personal income tax.
A Transition to Retirement pension also creates significant taxation savings on your superannuation, where investment earnings and capital gains become tax-free on the superannuation assets supporting the pension. This may equate to annual taxation savings of between $3,000-$4,000 per annum on a superannuation balance of $400,000.
It is the combination of both personal taxation savings through salary sacrifice and taxation savings on your superannuation assets that makes a Transition to Retirement Pension a strategy that you should consider.
An issue with commencing a Transition to Retirement Pension is the loss of ability to contribute to the superannuation fund paying the pension, requiring the use of a second fund to receive contributions.
A Self Managed Superannuation Fund simplifies this strategy by allowing you to pay a pension and receive contributions all within the same superannuation fund. This enables you to pool your superannuation in the one place and offers ease of management, possible fee savings and greater investment opportunities through economies of scale. This flexibility is one of many reasons why SMSFs have grown to be the largest segment of superannuation in Australia, with over 450,000 Self Managed Super Funds in existence and 600 new Funds established every week.
For more information about a how a Transition to Retirement Pension or a Self Managed Superannuation Fund may work for you, contact Nick or David at Rochdale Accounting & Financial Services on 6620 0300.
David Shume is an accredited SMSF Advisor through the leading industry body, the Self Managed Super Fund Professionals' Association of Australia (SPAA).
Date Published: 12th August 2011
You may have read the recent headlines about the dramatic swings in the US and other share markets around the world. It's important to put these developments in the context of your longer-term financial plan, so the link below provides some questions and answers to help you understand what's causing this volatility.
A number of factors have contributed to this extreme volatility, including political events, natural disasters, the US debt debate and concerns over the problems in Europe. On the upside, Australia does not have a huge government debt. Relative to other parts of the world, Australian banks are also financially strong. However, please bear in mind that markets will continue to go up and down for a while due to ongoing uncertainties in political and economic environments across the world.
At times like these it's really important to stay calm and remember some of the fundamental principles of investing, such as making sure you have a diversified portfolio, and investing for the long term. By taking a long-term approach to investing, you give your investments time to recover from the downswings that are a natural part of any investment cycle.
We are here to help you manage risk and look at your long-term financial strategy. This is the best way to build and preserve wealth, so please don't hesitate to contact us on 02 6620 0300 to discuss your situation and to clarify any questions you may have.
Investor FAQs on Market Volatility
Date Published: 8th August 2011
Please follow the below link to our Informed Investor Market Update which covers issues currently affecting the markets.
Please feel free to call our office on 02 6620 0300 if you have any questions or feedback about the information discussed in the newsletter.
Market Update 8 August 2011
Date Published: April 2011
The April 2011 edition of the Informed investor newsletter. In this edition we cover the following topics:
- The Future of Financial Advice
- Economic highlights
- Infrastructure - Stable and Reliable Returns
- Nearing Retirement
I'm sure you'll find the articles both interesting and informative.
Please feel free to call our office on 02 6620 0330 if you have any questions or feedback about the information discussed in the newsletter.
Rochdale April 2011.pdf
Date Published: June 2010
Please note that 2010 PAYGW Summaries (Group Certificates) differ from previous year's summaries. If you prepare electronic summaries from MYOB or Quickbooks you will need to ensure you have the latest versions of each product.
- MYOB minimum V18.5
- Quickbooks minimum 2009/2010
* Please note also that bookkeepers must be registered as BAS Agents (or have notified the ATO of their intention to register) to prepare year end payment summaries. This is also the case for all BAS preparation.
For more information please visit: http://www.tpb.gov.au/