Businesses and individuals, whoever is an earning member of a countries economy, has to pay taxes. Taxes are a way by which a citizen contributes to the country and its development. The economic structure of any country utilises this tax paying system to conduct the operational activities of the nation through various means. At a very simple level, tax is the money paid to the government by an organisation or individual who earns. There are many categories of taxation based on various factors. Let’s have a look at some of the basic aspects of tax.

Jurisdiction to tax

In Australia, the Federal Government has the jurisdiction to tax its residents on income through local or global sources and to foreign residents earning sourced in Australia. There are specific rules and regulations laid by Australian legislation which define the residency of an individual and then its corresponding tax category. There is also a system for determining if the income source is in Australia or not. In general, income source is defined by the location of employment or the founding place of the business. For risks involving multiple taxations on single income sources due to confusion and process limitation, Australia has introduced double tax agreements with other countries which ensures taxation happens only once.

Income tax

Income tax is the tax that is imposed on any individual or business who is earning money from jobs, businesses of investments. There is, however, a tax-free threshold which allows a person to be financially stable enough before being enlisted as a tax-payer. Australia runs a progressive tax system which means the more the earning is, the more amount of tax is imposed in terms of rate. Normally, a tax return is lodged for this purpose and income tax is deducted at source, which means the money which enters an employee’s bank account is after the tax has been deducted by the employer. The deducted amount is recorded and sent to ATO.

Other income tax sources like business, investments or bank interest have to be accounted by own self. Every financial year, taxpayers lodge a tax return, stating the full disclosure of tax-related details. There is a rule for taxable income which states that the total assessable income is the amount left after calculating allowable deductions. Any due tax refund from previous year till be adjusted and carried forward to the next year. Assessable income includes salaries, wages, and income from business, interest, rent and dividends. Deductions include expenses spent for activities to ensure income, alongside other particular deductions under the legislation.

Tax for companies

After the general sourcing rules apply, every company in Australia is entitled to paying tax. Unlike individuals, there is a flat rate of tax application for companies. Bonuses or dividends paid by the companies to their employees are counted in the employee or shareholders income category. This ensures that the dividend taxes are counted and carried by the person bearing it.

Other types of tax

Above mentioned are only the major types of tax in general. There are other types of taxes as well which include luxury car tax, Fringe Benefits Tax (FBT), Medicare Levy and Medicare Levy Surcharge, Superannuation tax, Excise duty, Customs duty, Customs duty, Land tax and any other categories.

Late fine and penalty

Failure to lodge (FTL) on time penalty is applicable in case of failed tax payments. There are warnings given by phone or in writing before imposing FTL penalty. FTL penalty includes the details of the penalty and the due payment date. For medium entities, the penalty is multiplied by two and for large entities, it is multiplied by five. However, remission requests can be applied for given that the request is compliant to the extenuating circumstances that caused the delay.

Tax, taxation and tax paying is a wide field with many categories, conditions and clauses. It can all get complicated to handle and that’s why it is recommended to consult professional services like Plant & Associates for this

Establishing a business requires a lot of time, effort and investment. There is another very important part which needs to be maintained, it is compliance. There are specific procedures for legalising a business and before it starts to commence business activity. First, the business needs to be registered as a regular tax-paying organisation through the government sanctioned tax authority of the country where the business will operate. Then, it needs to be established as a legal entity in the country through a business entity registration authority. In case of Australia, these organisations are Australian Taxation Office (ATO) and Australian Securities and Investments Commission (ASIC) respectively.

Regularly producing financial reports

Every business needs to provide consistent and clear financial reports to the government in accordance with the legislative requirements. At the end of each financial year, businesses and companies are required to prepare and lodge their financial reports to ASIC, after being properly audited. There may be exemptions allowed in some cases under special circumstances.

Lodgement of Business Activity Statement (BAS)

Lodgement of Business Activity Statements (BAS) is required for all businesses. This ensures the tax obligations of the individual businesses and their payments due to the ATO. BAS is personalised for each business or individual and it can be lodged in person, by mail or electronically. The time interval is determined by the time of the instalments due and it can be monthly, yearly or quarterly.

Accounting Standards

All accounting reports and procedures have to adhere to the accounting standards set by the Australian Accounting Standards Board (AASB). The standards are categorised by individual areas of focus like income tax, insurance contracts, financial instruments, joint arrangements, inventories, statement of cash flows, leases, interpretation of standards etc.

Exemption in accounting

In the unique case of a company not required to lodge their audited statutory accounts, the obligation moves onto the management. Mainly, the directors have to maintain and explain their accurate accounting records to reflect the company’s financial transactions and their financial position. The main reason behind choosing a management account is for taxation and to ensure that the company is fit to pay debts within their due time. Another reporting exemption is available for foreign-owned companies which have a branch office in Australia and sends their individual financial report to the main office and then they handle it.

This information is just to have a glimpse of the basic processes for business registration, financial activities that must be followed to adhere to the regulations and compliances. Some exceptions have also been discussed. Any information provided here is subject to change depending on the relevant authority’s decision and legislation.

 

There is a term often heard in the industry, though not said by all, that is ‘small businesses don’t need an accountant or accounting’. Such inappropriate and unjust phrases and concepts not only belittles the importance of accounting but also hampers the business in the long run. Let’s have a look at why this myth is wrong.

Dedicated vs. shared responsibility

The businesses which do not have a dedicated accountant means somebody else has to do this work. Sometimes it is the manager and sometimes it is the business owner him/herself. When someone is not professional or not very skilled at something, the probability of making a mistake and taking more time to do it, and often not being able to do it at all, happens. In the corporate world, time is money. The more time spent not doing something productive as much can in terms be translated to monetary loss. It’s a meticulous task to make financial reports, managing books and recording transactions. One mistake can disrupt the whole calculation. It takes a lot of time and accuracy is to be considered. Therefore hiring an accountant and having someone dedicated to the job should be a must. Many people may consider hiring an accountant to be an apparent ‘loss’. However, reality says otherwise. The cost of hiring an accountant is far less than the cost of losing money due to miscalculation and also spending more time on accounting
tasks.

Setting up a business properly

Putting into perspective the financial and identity-related questions that reflect the business itself, should be something that’s compliant and meaningful at the same time. No one knows better than an accountant that what should be the type of business be based on the activities and that will provide a guideline to set all financial activities as well as follow up on the compliance and regulations. Necessary resources like financial software, income and expense categories and other vitally important issues which lie at the core of the business need to be set early on to avoid mishaps and adjustments at a later time. That’s why an accountant is very much needed.

Preparing for an audit and fitness for other financial aspects

Any business should be prepared for an audit at any given time. An auditor needs to be guided through all the transaction, books, registers and financial records and that’s why an accountant can help by always keeping these documents and records prepared and up to date. As a result of which, the business representative in the finance side of things, the accountant will be able to help the auditor to see things through. He/she can answer the relevant questions, provide support and back the business up. An Accountant knows the details of the financial activities and having a dedicated person there to look after all accounting is quintessential. If the accountant is successful, the business is successful.

Supporting with expert advice

Numbers can be tedious and a whole bunch of numbers on a large scale can make a person become completely confused and forgetful. That’s why an experienced accountant can help a business in every step of the way. He/she knows what is there and what is not, and also the locations of the information. This can, in turn, be very helpful for fast recovery of data and also processing quantitative information for taking informed decisions at the management level. To develop strategies and formulate plans, insights from data and information is necessary and it is more important for small businesses. An expert accountant can help in all of these cases including setting up the business structure, analyse financial plans and more. An accountant has an eye to detail which can save a lot of cost that may go unnoticed.

Reducing Your Tax Bill

An accountant has up to date knowledge about everything tax and can determine in which categories the business can apply for a tax rebate or reduction. There are categories and intricate affairs related to the business and its core activities that can coil up to become complicated, especially when it comes to tax payment. Advice on the best way to comply with tax regulation and also saving money at the same time is something the accountant can help with.

It’s no secret that businesses incur many expenses. Some of the main expenses include contracted labour, employee salaries and quarterly tax payments. This not only includes federal and state taxes, but also sales taxes, which can quickly become complicated. Their expert advice will save a lot of penalty money and underpayment fine.

Account mistakes can be fatal

This particular issue doesn’t vary if the business is small or big, the risk is overwhelming. From simple, everyday mistakes building up to a larger amount to a silly or unnoticed mistake from carelessness can lead to potential problems. It may range from errors in the balance books to wrong estimation of taxes. If the damage done by these mistakes can’t be recovered in due time and it keeps on repeating, the whole business may likely to become a failure. Miscalculations in tax and failure to comply with necessaryfinancial regulations can also bring grave consequences.

Don’t underestimate the importance of having an accountant on your business, be it small or big. Every penny spent is important and should never be taken lightly. To protect and make the most use of your hard earned money and all the effort you give in on a daily basis, get an accountant, particularly an expert an experienced one to secure your business from many disasters.

 

For smooth operations of any business organisation or enterprise, there are many core activities that are done on a regular basis. These are the quintessential actions that are needed to be done for unhampered flow of day to day business. Accounting is one of the core activities. Whether the company is big or small, it is important to keep track of every single transaction. For purposes of bookkeeping, audits, payroll to other everyday business operations, there are many aspects and activities that needs to be done. Wellorganised and proper financial records will ensure efficient business operations.

To ensure sustainability and growth of a business, accounting is an effective tool that allows to review
the financial performance and based on that some informed decisions can be taken for guiding the
business into a better future.

Basic elements of accounting which aids an enterprise

Enterprise activities and operations are all about numbers in the end when it comes to sustain in the competitive market and flourish. Accounting is a vital and important activity because it provides quantitative information about all stakeholders and also to them who helps in taking informed economic decisions. The stakeholders include management, regulators, financiers, suppliers, government, investors etc. For both short and long-term business decisions, and steering the direction of the enterprise towards the objectives and amending them according to the numbers are aspects which revolve around accounting. Financial statement is one of the key elements to this and it includes several constituent statements like –

Balance Sheets –  Balance sheets are statements that display the financial position of an enterprise. It is time specific and shows the closing balance of various assets and liabilities on a particular date and goes through changes every day. It also indicates the capital which is the excess assets over liabilities of an enterprise.

Income Statement (Profit & Loss Account) – Income statements indicate the balance left after calculating
the net profit generated and net loss incurred by an enterprise during a particular time period.

Cash Flow Statement – This type of statement indicates the balance sheet and income statements in cash equivalence. Simply put, it indicates the cash inflow and outflow among the various financial activities of an enterprise.

A combination of these three types of statements make the overall financial statements which is a
requirement for all stakeholders.

The way in which accounting helps a business or enterprise

Accounting provides the clarity and compliance and aids the business with the foundation for conducting
business in an efficient way. It helps in many ways –

Evaluating business performance

The output from operations is necessary to measure the performance of how the business is doing. The financial statement is also necessary to be reflected upon. The numerous balance sheets are required to calculate the ratio of profit and loss and other ratios like turnover ratio, debt-equity ratio, current ratio etc. A comparison is done with the projected or targeted figures according to the goals and objectives, and also with previous performance indicators and outputs to find out strong and weak areas to work on.

Filing financial statements with specified parameters –

Financial statements with specified parameters like tax return filings, regulators, and stock exchanges(for listed entities) are required to be produced by the enterprises. Financial information along with statements are required for both direct and indirect tax filling.

Monitoring cash flow

Both the capital and cash are needed to be constantly monitored for the upkeep of the enterprise in the
designated way and that can only be properly done through a rigorous accounting system.

Making budget and future plans and projections

The year-end budget needs to be reviewed in comparison to the performance of the enterprise, the expected outcome and the remainder between them. For the future, forecasting needs to be done to be able to properly prepare and engage strategies and quantitative projections help a lot in that regard. Budget preparation and planning also rely heavily on the accounting system and the data it produces.

Adhering to compliance and regulation

All kinds of regulations and compliance require a clean and clear financial record and transaction showcasing. Accounting ensures that all of these activities are properly streamlined. The paying off of liabilities are in proper arrangement and follows a timeline which also includes income tax, VAT, provident fund, sales tax, and pension fund. Maintaining payment at the right time and not missing the deadline is a prerequisite for enterprises to be statutory compliant.

Assisting in every day operations

When all the transactions are recorded and all the quantitative data are sorted and well-arranged, it helps to produce various kinds of quantitative and qualitative reports as per need according to any business situation.

All the above-discussed points can be redirected to a common trait among all is that accounting is at the
heart of all activity and it is imperative to the operations of a healthy and sustaining business, which is
compliant with all regulations and is going along a path of continuous growth and flourish. This applies
to all kinds of business, private or public, big or small.

 

In the world of accounting, tax and finance, there are many aspects that require business owners to be prepared and keep records of every transaction. For audits, bookkeeping, and payroll, to other day to day business operations, there are many other aspects that require preparation and meeting certain criteria for each type of individual aspect. At Plant & Associates, the aim is to provide you support for these situations and there are a bunch of very useful online resources available at – https://www.plantandassociates.com.au/resources/

Income tax checklists

Preparing for income tax and all relevant calculations can be an arduous task. You don’t need to be confused on how to start because Plant & Associates have gathered all the necessary checklists and documents for you to get started. Before sending any information or attending any tax appointment, it is necessary to complete relevant checklists. The checklists in this section are designed to ensure that you have adequate record keeping in the event of an audit by the ATO. The checklists include –

Individual with Business Checklist                                   Client Interview Checklist

Estimate of fuel and oil expenses                                      Car log book Worksheet

Travel diary Worksheet                                                       Travel Expenses Worksheet

Car Expense Questionnaire                                                Donation Questionnaire

Log book Questionnaire                                                      Home Office Worksheet

Other Work Related Expenses Questionnaire               Interest Worksheet

Tools and Equipment Questionnaire                              Clothing Worksheet

Telephone and Rental Questionnaire                             Dividend Register Template

Telephone Diary                                                                  Telephone Expenses Worksheet

Occupation Specific Checklists

Each occupation is unique and special and based on that, there are particular tax deduction scopes. To avail that, it’s necessary to know about the requirements and a checklist can help with all that. Checklists for 4 particular occupations and a general deduction have been enlisted here for your perusal.

General Deduction Checklist                                         Police Deduction Checklist

Airline Employees Pilot Deduction Checklist            Nurses Deduction Checklist

Teacher Deduction Checklist

Investments

Investments are a great opportunity to explore and grow your financial stature and head towards a bigger
and better future. It gives the business scope to grow and with all aspects going positive, the investment
works out well and brings financial advantage with time. Here are some checklists and templates made
ready by Plant & Associates to give you a heads up on your investment plan and you can make the best
use of them by contacting Plant & Associates office after filling them up.

Rental Property Schedule                                       Share Register Template

CGT Checklist for sale of real estate and shares       Dividend Register Template

SMSF Documents Required Checklist               Excel spreadsheet – Rental Property

Payroll Tax Tables (updated on 1st July, 2018)

For both monthly and weekly, these tax table calculations come directly from ATO to help you with the calculations. The amount of money to be withheld from payments made to the employees are well distributed in figures here.

Weekly tax table effective 01/07/2018           Monthly tax table effective 01/07/2018

Other

One of the most useful sections from the Plant and Associate team is this ‘Others’ checklist. This section is a versatile one and provides a variety of useful documents for many types of people and topics like contractor, employees, investment, property, retirement, salary sacrifice, statements, business structures, guidelines, mortgage, agreements etc. Be sure to check these if you plan to do anything likewise.

GST, ABN Application                                           Structures

Turning a home into an investment property   Brochures

Residency Tests For Tax Purposes                      FBT Guide

Info Pack For New Subcontractors                     Taxi Driver BAS Guide

Fair-Work-Information-Statement                    Medical Industry

Setting up salary sacrifice on MYOB                 Retiring in 5 years

Salary Sacrifice New Rules                                  Super v mortgage

Contractor – are you entitled to super               Voluntary Agreement

Contractor v Employee                                        Salary packaging

Estate planning and the importance of a Will        Business plan template

Interest deductibility on investment property

Issues to consider in retirement

PAYG (Pay as you go) Variation

NOTE: Guidance recommended before filling up these forms. Plant & Associates is happy to help.These forms are to be filled for applying for tax deductions and are generally suited for individuals who have high tax deductions against allowances received and those with negatively geared properties. There are ramifications for incorrect estimations of income and deductions when applying for the variation.

PAYG Withholding Variation Checklist

All the above mentioned and provided links and documents are provided for helping out business owners and individuals to start from somewhere and not feel lost. However, filling them up properly and then processing them accordingly is a different task and should always be done after consulting professionals.Plant & Associates welcome you to learn more about the correct use of these resources alongside the regularly offered services. Plant & Associates will not be liable for any improper use of these resources.

 

 

Most people spend the major parts of their lives working and earning a living, providing for their family, children and own self. The condition and fitness of our body do not always remain in the optimum state and our ability to move around, to think sharply and to work effectively slowly decreases with time. There comes a time in life when people need to stop working and enjoy the rest of their lives peacefully without having to take the stress of working. To support people in retirement, a financial arrangement is done from the time they start working and that is known as superannuation. We will learn more about the basics of superannuation

What is superannuation?

Often called ‘Super’ in short, superannuation is the money that is saved gradually from one’s working life and this savings is gathered up over a long period of time to enjoy later in life after retirement to spend just like regular income without having to work. At present, the expected time duration of a Super an Australian is expected to get around retirement is approximately 20 years. This simple method is very helpful and effective, and the more money that is saved during working years, the more money will be
available after retirement.

How does Superannuation work?

Normally, the employer pays money into a super fund for every employee and that is managed by a super
fund. A certain percentage of the employee’s income is put into the fund which includes bonuses,
commissions, loadings etc. It is an ensured policy because that’s the law. The employee can choose to add
more money in the super account which will lead to more money during retirement. Self-employed
persons will be able to choose the percentage of the money they want to keep separately.

Now, over this long period of time, the super fund grows as the contributions keep adding up and it is
invested for further growth. To ensure the availability of Super at the right time and in the right
authentication, the government has set laws and regulations on how and when a person will be able to
access their Super fund.

In general, a person has to wait until retirement to be able to get access to their super fund. The minimum
age for availing tax-free super is 60. After retirement, a regular income flow can be generated from the
super fund for a more comfortable spending. A large amount can also be withdrawn but it shouldn’t be
done because money for the future should be kept at hand to avail when needed. A government pension
scheme can also be availed and combined along with the Super fund. By default, employers manage a
super fund for its employees but it’s better to communicate and be clear about it. The option for selecting
a fund of choice is available.

Limits and caps for concessional and non-concessional contributions

Contributions to the Super fund that is done before tax are called concessional contributions which can come from Guaranteed super contributions, personal tax-deductible contributions, and salary sacrificed contributions.Together they are called concessional contributions and there is a limit for this. A single concessional contribution is capped at $25,000 since 1st July 2017 which applies for all age groups.

Contributions made from after-tax dollar are called non-concessional contributions and this is now capped at $100,000. The bring-forward cap is at $300,000. This bring-forward cap enables an Australian to bring forward a maximum of 2 years of non-concessional contributions and make up to 3 years’ worth of nonconcessional contributions in one year, given that the age is under 65.

Another notable change which is in effect since 1st July 2017 is that a person cannot make nonconcessional contributions if the total super fund balance is above $1.6 million. Going above $1.4 million starts putting in restrictions.

 

Accounting, taxes and finances can all become overwhelming with so many underlying meticulous processes. Business owners have to remain busy and spend most of their time managing their business and business related activities. The amount of time, effort and concentration needed is not always possible to be invested for properly handling accounting which might lead to problems for the business in future. This is why consulting and taking service from professionals is recommended.

Situated at two locations of Nerang and Beenleigh, Plant & Associates offers a range of accounting and bookkeeping services within an affordable fixed price range. This allow clients not only to maintain taxation and ASIC compliance but also to help them move forward successfully and build wealth. Plant & Associates accounting services are dedicated to making the lives of business owners easier. With a dedicated team of qualified and experienced accountants, and registered tax agents; the following services are offered:

• Standard Compliance Services – To maintain compliance with the tax laws for all business owners
• Bookkeeping – Maintenance of accounting books and records of all financial affairs of the business
• Preparation of annual and interim accounts

Preparation and lodgement of:

• Business Activity (BAS) and Instalment Activity Statements (IAS)
• Pay as you go Summary (PAYG)
• Fringe Benefit returns (FBT)
• Superannuation
• Payroll Tax
• Income Tax returns for all entities – (Individuals, Sole Traders, Trusts, Partnerships and Companies)

Plant & Associates also offers the following additional services that can give you the competitive
advantage over your competitor and assist you in growing, sustaining and realising the full potential of
your business.

• Business Set up, structuring and restructuring advice (Asset Protection)
• Australian Business Number (ABN), Tax File Number (TFN), Goods and Services Tax (GST), Pay As
  You Go (PAYG) and Fringe Benefit Tax (FBT) registrations as well as Business Names
• Budgets and Cash flows
• Business Plans
• Benchmarking and Business Improvement Strategies
• Record keeping assistance and establishment of accounting systems
• Tax Minimisation and Planning, including Tax advice on Property, shares and investments and
  capital gains
• Retirement and Succession Planning, including limited financial advice

If you are looking for an accounting firm on the Gold Coast or in Beenleigh that will help your business
succeed, call Plant & Associates today!

ATO stands for the Australian Taxation Office and as the tax paying time of the year is coming near, scam related activity through phone and email is rising. This is because people hurry towards the end of the tax-paying time and pay less attention to details and fall victim to the scammers. Scammers collect sensitive personal and financial information from people by impersonating as ATO. Then they use that information to gain unauthorised access to bank account and misuse it. However, with some careful observation and inspection, this type of disaster can be averted.

General precautionary measures –

• Set strong and secure passwords
• Use spam filters on email accounts
• Make sure to have the latest security update on your devices
• Notice the email and website address carefully for all incoming emails and websites
• Do not download attachments that look suspicious and never download any content sent by
strangers
• Do not click on suspicious URL
• Protect your wireless network with the latest security patches
• Maintain carefulness with Social Media presence
• Keep close track of bank account and transactions
• Make sure to have the latest security update on your devices

Scenario based solutions –
If someone claiming to be from ATO calls you and says you have a refund due, or threatens you
with arrest or asks for money to receive a tax refund, end the call.

If any email or SMS claiming to be from ATO asks you for personal and financial information,
delete it immediately and do not try to reply.

If you still want to check if the call or message actually came from ATO or not, contact them
directly by dialling 1800 008 540. You can also visit their website.

Remember, ATO will never give you threats with immediate arrest, ask for money to process a
refund, ask to download files and attachments or personal information. The best action will be
to report the scam.

How to report a scam

If you’re affected or not, you should report whenever you come across a scam. Call the ATO office during
8 AM – 6 PM, Monday to Friday at 1800 008 540. This should be done as soon as possible. Remember, in
this case, you are not only helping yourself, you are helping fellow Australians too from falling into a scam.
Suspicious emails can be forwarded to ReportEmailFraud@ato.gov.au  without making any kinds of change or adding anything.

What to do if you’ve already became scam victim

Mistakes may happen, there is nothing to feel embarrassed about it and do not feel helpless and
act fast. In this way, you can limit the damage and minimise harm.

1st step – Contact your bank or financial institution – Immediately informing your bank about the
incident will help them to lock your account and stop any transactions that have not been
authorised.

2nd step – Lock, save and recover your ID – When suspected, act quickly and inform iDcare, which
is a free government-funded service who can help in handling and recovering lost and scammed
IDs. Visit the iDcare website and contact them at earliest.

3rd step – Report the scam and inform authorities – Informing the appropriate authority about the
scam will prevent it from happening in the future and raise awareness among the people on similar
attempts in the future. It can be informed to the local police or governments dedicated scam
management called SCAMWatch.

The basic approach to avoiding scams is to trust your gut instincts, consider every unknown or
unverified source as untrusted unless proved otherwise, avoid rushing with financial processes,
and follow the basic inspection processes. In this way, you can be safe from scammers and
safeguard your finances.

An often overlooked factor that can contribute to boosting a business is the contribution of an Accounting Specialist (bookkeeper). As a business grows, the financial aspects of the business may become more difficult to manage. The management and staff can’t handle all the numbers and that’s exactly where the Accounting Specialist’s role comes in. They are specialised with the necessary skills required to handle easy to hard accounting and financial tasks. They can keep all the tasks organised and also can remember them when needed. Many employers or business owners overlook this and think that not hiring one will be a cost-effective move, where the contrary is likely to happen. Having an Accounting Specialist to handle the financial tasks not only reduces time spent on calculating finances but also adds value to it by organising them in an effective way and finding areas that need work.

Accounting specialists handle various tasks like recording and reporting financial transactions, handling general ledger bookkeeping, bank statement reconciliation, payroll tasks, both receivable and payable accounts etc. They also prepare reports based on financial activity for various purposes by using their accounting skills.

Managing Bank Statement Reconciliation

The daunting and meticulous task of matching the business’ general ledger with the credits and debits of the company which is reflected in the bank statements is done by the Accounting Specialists. This is a time-consuming process which requires a lot of precision and eye-to-detail. If the size of the business is bigger, the tasks gets even more complicated.

Handling Payroll

Payroll calculation requires going through the hours worked by each employee and then calculating their wages, tax deductions, accruing staff Super and paying superannuation in a timely manner, and other additions and subtractions based on company policy. Based on the findings, the payrolls checks have to be prepared for disbursement, all at the right time, following the rules and regulations and complying with the policies and keeping records for year-end financial activities.

Processing Payable and Receivable Accounts

Payable is the accounts a company has to pay and receivable is the amount a company will get. An Accounting Specialist has to go through all the invoices and documents to find what has been paid, what is due to be paid and what payments are yet to be received by the company. Costs, cash flows and due amounts have to be outlined properly. The status of accounts, sending reminders to due debt payers, and preparing an overall report to show to the management also needs to be done. Businesses not paying enough attention to these factors are likely to lose track of how much money comes in and gets out, and more importantly, the sources of the money which needs to be fixed, reminded and revisited. An Accounting Specialist helps to identify and streamline these areas to bring the whole financial process to a disciplined state and organise them in a tidy way.

General Ledger Bookkeeping

All of the above-mentioned transactions and documents need to be documented as records and kept carefully, which is called bookkeeping. The books of the business where all transactions are recorded is called the General ledger. An Accounting Specialist has to maintain and update this general ledger regularly by keeping track of assets, liabilities, revenue, equity, expenses to outline the surplus and/or deficit of the business in wider terms.

Other responsibilities

Other responsibilities of an Accounting Specialist include compiling financial documentation, journal entries, and write relevant disclosures and financial contracts. When the business gets audited, it is the responsibility of the Accounting Specialist to assist the auditor with all required documentation.With all the points mentioned above, the need and necessity of hiring an Accounting Specialist goes without further explanation. Financial transparency, accuracy and availability of relevant information at the right time is very important to the success of a business as it helps a lot in making big managerial decisions and that’s why the significance of this role is very high and every
business should opt for one.

For a long period of their lives, people save up and gradually build their superannuation fund. It’s a good
and effective way to save up for the future. However, there will be a day when people will think to start
managing their own superannuation fund. It is known as Self-managed Superannuation Fund or SMSF.
Taking control of superannuation fund comes with its perks, it needs a lot of time and effort to be invested.
Understanding the legal aspects clearly and completely is a must because the person liable is the person
who is the owner of that particular fund.

The only purpose of superannuation funds is to provide for retirement. It is typically run under the same
set of laws, rules and restrictions of a regular Super fund. In today’s economy, handling one’s own
superannuation has its benefits like, investing in assets of own choice, taking control of investments
alongside taking expert advice, strategizing tax plans that are beneficial, buying property with
superannuation fund which will help in cash flow, settling property and estate plans in case of death etc.

The first part of running an SMSF is to deliver good returns. Super funds are usually operated and handled
by professionals who have good knowledge about the market and manage the fund accordingly to get a
good return. If you’re planning to do it yourself, you need to be as good, knowledgeable and sharp as the
professionals. You are the trustee of your SMSF and as trustee of your SMSF, you have to draft out an
investment strategy. This has to comply with the special investment rules. A basic hint will be to invest in
something which will bring retirement benefit.

There can be a maximum of 4 members for the SMSF. All members must be a trustee of the SMSF. A
trustee is not subject to receive any payment for playing the role. SMSF members cannot be in an
employer-employee relationship, except if they are related. Personal expenses have to be kept separate
from SMSF. As a responsible person who runs SMSF, this clear distinction has to be there.
Selecting trustees and formulating an effective investment strategy that complies with the ATO rules and
regulations are the first, basic and important steps of handling an SMSF successfully. Investment options
also include debt securities, collectables, overseas investments, listed and unlisted trusts, and other
managed investment schemes.

Selecting trustees and formulating an effective investment strategy that complies with the ATO rules and
regulations are the first, basic and important steps of handling an SMSF successfully. Investment options
also include debt securities, collectables, overseas investments, listed and unlisted trusts, and other
managed investment schemes.

It is important to remember that managing SMSF can become difficult and whenever any doubt, confusion
or hesitation arises, professional’s help should be taken before making a move or a major investment.
There are a number of well-renowned accounting and SMSF management services who are professionals
and have major experience in the sector. ‘Plant & Associates’ are one of the most prominent and
experienced Accounting, Tax and Business advisers on the Gold Coast. With many years of experience and
expertise, they can assist with the administration of the SMSF by ensuring the accurate allocation of
contributions and insurances to the members as well as proportioning the income of the fund.

Of course, there will be fees to be paid for these services but it’s better than making a wrong investment
or a wrong move that might potentially cause a lot of financial loss along with risks of non-compliance. A
balance needs to be maintained for SMSF. Take control of your own fund and run it as you like, but for
major decisions or confusions, do not set yourself back from consulting an expert for their advice and
support service. This way, you can manage your SMSF in an effective and balanced way.