This newsletter was published on 25/07/2013. Click here to view the original newsletter.
It’s a new year, a new financial year, that is! So this newsletter is dedicated to making sure all your loose ends are tied up and you get a good start on planning for 2014. We want to be sure you make this year another successful and prosperous one.
This month we also want to warn you about the latest phishing spam email so that you are not caught out. Scroll down to the second half of the Business Tips section to read all about it.
Lastly, we chat to Gina Lednyak who she reveals the #1 reason why businesses should bother building an online social media presence. Scroll down to read the full interview.
Until next time, enjoy the read.
Business Tips
Expert tips and reminders to keep you well-informed.
What needs to be done for end of financial year?
Welcome to the new financial year! It’s time for your business to start afresh, but you also have the task of making sure all of last financial year’s loose ends are tied up.
If you are overwhelmed by what needs to be done, here’s a simple checklist to work through.
- PAYG payment summaries (also known as Group Certificates) are due to all employees.
- BAS needs to be completed for the final quarter.
- Superannuation needs to be calculated and paid.
- Payroll tax needs to be calculated and paid.
- Start planning for tax returns for business and personal.
5 top tips to plan for a better 2014.
- We suggest you pick a date to sit down with your accountant and bookkeeper to set dates and goals for the upcoming year. It’s important to remember that you don’t have to wait until June and do it all in one big meeting. Try setting up regular meetings throughout the year so that you don’t get overwhelmed.
- It might sound boring, but planning your yearly budgets and the next year’s growth in advance, including where it is going to come from, is a really positive business exercise. Not only will you feel inspired for the upcoming business year, you’ll also feel calmer and more prepared.
- Research ways to minimise your tax obligations in advance, and be sure to ask your accountant and bookkeeper for their advice. Come this time next year you’ll be surely glad you did!
- Think about how you structure your employees and their payments for maximum benefit. For example, did you know that if you register employees in new jobs with the Office of State Revenue you may be eligible for a $4,000 payroll tax rebate?
- Regularly review the reports you receive and tweak them to reflect your KPIs for the business. If you just asked “What reports?” then you need have to a conversation with your accountant or bookkeeper. Give us a call and see how we can help!
Warning! Latest phishing / spam alert
There have been reports regarding fraudulent emails that appear to be sent from ADP which may have various subject lines including “Australian Taxation Office – Refund Notification.”
These emails may say; “After the last calculation of your fiscal activity we have determined that you are eligible to receive a refund” and instruct the recipient to open an attachment.
Please be aware that these emails do not originate from ADP and the attachment is malicious. ADP is addressing this issue diligently with their fraud prevention team and security vendors to identify and contain the source of these emails.
What to do if you receive one of these emails:
- Do not click on any links or open any attachments within the message.
- Forward the email as an attachment to abuse@adp.com.
- Delete the email.
- If you clicked any link or opened an attachment in the email, immediately contact your IT support team for further action.
Cornerstone offers complete account management services for your business, so if you require any further information please call us and we will be happy to advise you.
Key Diary Dates
Don’t forget these important upcoming dates!
- 14th July: PAYG summaries sent to employees
- 15th July: Financials due
- 28th July: BAS due
- 28th July: Superannuation due
Customer Spotlight: Lednyak & Associates
A quick 5 question interview with one of our clients.
We chat to Gina Lednyak about her social media strategy company and why she outsources to Cornerstone. Plus, she reveals the #1 reason why businesses should bother building a social media presence.
Click here to read the full interview.
We Recommend: PDA
Businesses we have used and that you might find helpful.
People Development Australia is the company we use for all our HR needs and we are looked after by the lovely Andrew!
The Cornerstone team have all just completed DiSC profiles and they have really made us more conscientious about how we work with each other, and the different working styles we each bring to the team.
Click here to visit the PDA website to find out more about DiSC profiles and their other services.