From 1 July 2013 the super guarantee increases to 9.25% and the upper age limit has been removed. This means employers may need to make super guarantee payments for eligible employees aged 70 years and over. If you are an employer, you will need to ensure that your payroll and accounting system applies the appropriate increase in the super guarantee rate. Currently the super guarantee rate will increase every year until it reaches 12% in 2019, however the Coalition has announced that if they win the federal election, they will defer any further increases for two years.

If you are an employee salary sacrificing to make additional superannuation contributions, ensure you take into account the increased super guarantee rate; don’t exceed the $25,000 contributions cap. For more information about these changes talk to your Chartered Accountant.

Cloud computing can boost your productivity, but make sure you know what you’re signing up for.

Chances are your email, latest accounting software or job ordering system is based in the ‘cloud’. It lets you do things previously only dreamed of by large companies with dedicated IT services. All the maintenance, development and backups are taken care of for you. You just need a computer and a connection to the internet. A great strength of cloud computing is the fact you can log in at any time from any place.

But what if your phone and data lines go down? Or if someone hacks into the data centre? Is it properly backed up? How sensitive is your information, and how many days will your business survive without access? Can you still run a local backup? Do you know where your data is being stored? Is it still in Australia? Do you trust the provider, and the standards they apply? Will you be able to demand the return of your data, with an assurance that no copies have been retained, and will you be able to use it? Or will it be locked in a format that ties you to only one provider?

These are just a few questions you need to ask yourself before embracing cloud computing. Weigh up the benefits and drawbacks for yourself and your business, get some good advice from others in your industry, your Accountant and your IT provider. Do your research and read the fine print.

Since the Global Financial Crisis there is strong evidence to suggest the relationship between small to medium sized enterprises and banks has changed. Banks are now tougher to deal with – they are managing their risk profile more stringently. There is an increased use of covenants. Covenants set performance criteria for a business and can relate to earnings, interest ratios, liquidity ratios and the like.

To help manage this, banks now seek a higher level of reporting such as interim accounts, debtor analysis, creditor analysis and a strong focus on ATO compliance obligations – particularly in relation to Business Activity Statement lodgements and payments. Banks are also looking for debt amortisation while the concept of long-term interest only loans appears to be coming to an end.

If you are experiencing pressure from your bank, or you are proposing to enter into a re-financing or new financial arrangement consult with your Chartered Accountant to ensure that you can meet the obligations that are placed in the borrowing documentation.

The State Revenue Office is currently issuing Land Tax assessments. Owners of land should ensure these assessments are correct as experience has shown the assessments regularly contain errors and excessive land tax may be levied.

Land owners are encouraged to:

• Carefully check the land tax assessment.
• Ensure the correct names are listed as land owners.
• Ensure the principal place of residence is not included in the assessment.
• Ensure land used for primary production is not included; note that the activity of agistment, on its own, does not qualify as primary production.
• Ensure that land acquired has been properly notified to the State Revenue Office by your legal adviser.
• Ensure that land owned is not assessed separately or the allowable threshold is claimed more than once, reducing the liability incorrectly.

Your Chartered Accountant will be able to assist in this review process.

You may be on the brink of lodging your income tax return and wondering, am I missing anything? Chances are that if you are doing your own taxes, you probably have missed something. Having a Tax Accountant do your taxes may be something you have never considered, but understanding what they do may make hiring one make a little more sense.

There are many areas your financial advisor should be covering for you in order to be certain your assets are working well. Making sure you are getting the most out of your financial advisor is important to reaping the rewards of good investments. Here are a few areas to address with your advisor to take full advantage all of your opportunities:

Whether your business has just started or you are reaping the rewards of growth, if you do not use a company accountant, you could be costing your business money. Here are the top 5 reasons you should be hiring a service for your accounting needs:

For most people filling out their tax return forms is not their favourite time of the year. It is not only time consuming for some busy people, but it can also involve some technicalities that may be too confusing for others. This is where a Tax Accountant comes in handy to do all your tax related issues. They also offer services such as Tax Planning and Tax advisory services.

Financial advisors can make a huge influence on firms. Their nature of work is not complex but these are the individuals who give 100 percent of their efforts in helping firms and corporations to meet their financial objectives. Financial advisors enjoy a vast role. They help the firms and the individuals to determine and meet their financial objectives as well as assist in evaluating their monetary holdings and declared assets. Financial advisors can be considered as the backbone of any organization. From developing a plan for meeting the company’s financial goals to the execution of the plan by selecting the right services and products these people play an influential role in building the overall credibility of the firm.

What does it take to be a great accountant? Accounting as a profession is a highly analytical role which requires meticulous attention to detail. A passion for numbers and a core understanding of their practical application is also vital. Moreover, all great accountants will recognise and understand the fundamental accounting principles. This will not only ensure that the candidate graduates successfully, but has the opportunity to work for a distinguished accounting firm.