So…who caught my blunder last week?  Here I was trying to be super organised and get my blog post done early (early as in 5pm instead of 10pm…?!), and I pressed the wrong button!!

My apologies to anyone who received the first e-mail and then found the link was “broken”…that was simply because I reclassified the post from published to scheduled – as it should have been in the first place!   Ah, never mind, we all make mistakes!

Yes that is true, we all make mistakes – but it’s how we handle ourselves when we make a mistake that matters!

Personally, I have always been a fan of admitting when I’ve made a mistake – I think it’s most important to be upfront and give yourself the best chance of rectifying the situation – both in business and in life!

And despite their hard-core reputation, I’ve also found the Australian Taxation Office (ATO) to be quite reasonable when it comes to penalties and late payment interest – when there are genuine mistakes made.

I’ve had many experiences where I’ve been able to provide a well structured explanation to the ATO as to why documents were late being lodged or payments were unable to be made in full – I think my biggest win to date was the remission of penalties and interest of approximately $64,000!!  Thankfully those situations are few and far between…

In any event, if you realise you are late lodging a form, get it done as soon as you can and keep good notes on why it was late…and if you make a mistake, contact the ATO as soon as possible and try to work it out – it always helps to have good details and records in front of you when you do this.

If you need any help to fix a mistake, or want to know how to avoid making these errors in the first place, contact us!

PS If you missed Friday’s post due to my mistake…you can read it here!

Regards

The health of your business can change every year, every month…even every day!

It is inevitable, given the cycle of business, that there will be good times and bad times – and it’s often during the bad times that cash is hard to find.

We’re already at the end of the first quarter of the 2014/15 financial year, and many businesses and their owners are preparing to lodge their September quarter Business Activity Statement (BAS) and/or Instalment Activity Statement (IAS).

BAS and IAS documents are the method by which a Pay As You Go Instalment (PAYGI) is made.  PAYGI is an obligation of taxpayers earning a certain amount of income from business or investments, to essentially “pre-pay” their estimated tax liability for the current financial year, with payments being made at regular intervals (ie: quarterly) to relieve the cash flow burden.

The thing to remember is that the amount you are required to pay is based on your latest assessed income tax return, so right now you could be paying PAYGI for the 2015 year based on your 2013 income – what are the chances that they are the same…or even similar?

So if your business circumstances have changed, and the amount you are required to pay on your BAS or IAS for PAYGI does not reflect the current estimated profit of your business…you can lodge a variation!

You can read about how to vary your PAYGI here, or contact your tax agent for assistance!

Regards

I don’t want to get all mushy on you…but I really love my job!

Over the past few days I’ve been contacted by a number of new/potential new clients…all from different locations, with different backgrounds, and different needs – the variety (even in accounting), is truly rewarding…and I’m the happiest I think I have ever been in my career!

There have been many reports over the years linking job satisfaction with health – with many believing that unnecessary stress at work can have a negative impact on our health and general wellbeing, including our relationships with family and friends (by the way…I am one of the many).

The Sydney Morning Herald recently published an article ” Three ways to improve employee satisfaction” where they highlighted the following:

• reward employees according to their contribution
• provide career progression and training opportunities
• offer a flexible work environment

If you are an employer, perhaps you might consider these suggestions when reviewing your workforce – and for employees, don’t be afraid to approach your employer to discuss them also!

I also find that the old adage of needing a “work/life balance” to be all too true – I’m a strong advocate for this balance to include community participation as well as social relaxation.

Personally I like to mix things up a bit in my working life by teaching both aerobics and first aid, just to do something totally different from accounting, while volunteering and getting involved in the community are great ways to give back and still feel productive.

Of course those of you who’ve spent any time with me will know my social relaxation often includes a great cup of coffee!

So, do you love your job? Let me know…

Regards

I know that all States are different, but today sees Victorian schools return for the final term of 2014 – so please take care on the roads when in these areas.

The return of kids to school, also sees the return of many parents to work – they’ve had their last holiday for the year until Christmas comes around (that’s twice in two posts that I’ve mentioned Christmas…it must be on my mind!)

They’re also planning for any school changes in 2015, whether that be young ones starting primary school, tweens moving to secondary school, or the big kids going on to university or further education…

Each of these moves has an impact on the dynamics and operations of the family unit – and each presents its own set of financial challenges.

My advice to parents who are embarking on any of these changes is:

• take a look at the Department of Human Services website to review your entitlements
• speak to your Accountant if you need assistance with your household budget
• please don’t be afraid to contact your school if you are experiencing financial hardship, there are many avenues of assistance available

Of course you don’t need to be a parent to review your household budget, there are many of us who could do with taking a look at this area (me included!)

Remember…40 km per hour in the school zone!

Regards