Office shut down over Christmas and New Year holiday period

We would like to take this chance to say a big thank you to all of our clients for your continued support and friendship throughout the year. 

We have enjoyed working with you all, and feel blessed to have such an amazing group of people to work with.
Our office will be closed for the silly season on Thursday 24th December and will re-open on Monday 11th of January 2016.
Best wishes to you and your family from all of us here at Parallax Accounting, we hope that you have a very Merry Christmas and a safe and happy New Year.

Be sure that you and your staff don’t have a Grinchy Christmas this year!

Christmas is a great time of year to celebrate with staff, however the Grinch (AKA the ATO) have other ideas. 

So you don’t start singing, Oh FBT, Oh FBT, this Christmas, please see below to help you correctly identify the tax treatment of various gifts and parties.

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Self Managed Superannuation – Limited Recourse Borrowing Arrangement (LRBA)

Many individuals who use self-managed superannuation funds (SMSFs) seek to inject wealth into their SMSF by using borrowing techniques. 

However, the Superannuation (Industry Supervision) Act 1993 (SIS Act) requires that this borrowing takes place using a limited recourse borrowing arrangement (“LRBA”) structure. These rules are quite complex and must be followed to the letter or else the fund risks being made non-complying.

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Small Business Solutions - Building A Better Business Workshop

We are going to be holding a business mentoring workshop from our office with Geoff Neil, a local Toowoomba Business Coach with over 25 years experience. 

This course is offering one on one business mentoring, where you actually build a business plan for your own business. Participants who complete the full workshops and mentoring program are eligible to receive a nationally accredited qualification.

BSB40407 Certificate IV in Small Business Management.

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Business Development - Break Even Analysis (Part 1)

Every business owner should be aware of their break even point. 

This is the point where sales exactly cover costs so that no profit is generated, but no loss is incurred.

As a management tool the break even analysis can be applied to much broader questions and can help you answer some of the following questions, as an example:

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Office News - Team Building adventure for Shaun & Kelley

A few weeks ago now Kelley won the chance to go on a team building mystery bus tour with the local radio station Hot FM and their morning crew Hamish and Tanya.

Kelley decided that the best person to take along for the ride would be Shaun as they needed the team bonding experience the most.  After boarding the mystery bus they found themselves in Brisbane at a place called Escape Hunt for the night.

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Office News - Keith & Vicki’s chilly Blue Mountains Trip.

In early July this year Keith, Vicki and their son Ryan set off on a road trip from Toowoomba to the chilly Blue Mountains.

The first night was spent in Coonabarabran with the hope of visiting the observatory and to see Jupiter and Venus at their closest point to one another, but sadly the cloudy weather didn’t allow it. 

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Substantiation of mobile phone, internet and home phone expenses

The ATO has released information on claiming mobile phone, internet and home phone expenses to reflect the significant rewrite of Practice Statement PS LA 2001/6 to include contemporary electronic device issues.

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Business Development Cash is KING – Working Capital Cycle

Every business owner should be aware of the working capital cycle within their business and how important it is to cash flow.

The key to successful working capital management is reviewing all the essential steps in the working capital cycle.

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Self Managed Superannuation Fund (SMSF)  Is it right for you?

With more and more Australians taking control and responsibility for their own retirement, there is a dramatic uptake in establishing and running a SMSF. 

Previously, SMSFs were used mainly by small business owners and self-employed people.  Over time, many people outside those traditional categories, such as employees and retirees, have been establishing SMSFs. 

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Business Development - Strategic Planning - New Financial Year (Your Goals)

Your business should be the key in the pursuit of achieving your personal goals. With the new financial year upon us, ask yourself "is my business helping me achieve my personal goals?"

 Owners of small to medium enterprise (SME) are usually working so hard in their business that they fail to stop and even think about why they are even in business in the first place.   

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2015-16 Budget, get the low down.

As most of you are aware the words on every accountant’s lips recently was “Budget Night”.

Whilst we know that for most people this isn’t the highlight of their calendar year as it is for ours, we felt that there may be a few changes that you should be aware of.

The focus of the 2015-16 budget is growth in small business, and families with incentives for the second income earner. The budget has also handed of a win for primary producers with tax breaks for farmers and additional funding in loan schemes.

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$20,000 asset write-off for Small Business Tax Incentive

On budget night the government announced the jewel in its crown of tax incentives, the accelerated depreciation of assets under $20,000. 

We're getting a lot of questions in regards to what can be purchased, who’s entitled to the incentive & when it applies.

It applies to you if have a registered business, i.e. you have an ABN, and your business turnover is under $2 million then you're eligible.

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The Importance of Tax Planning

What it means and how we can help.

How often do you hear accountants going on about the importance of tax planning and feel yourself zone out and feel disinterested? Although it may not be the most fun topic to talk about it may be one chat you wish you had with your accountant when you get next year's tax bill.

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Residential Investment Property Seminar

Parallax Accounting is running a seminar about residential investment properties for our valued clients and any interested parties.

Some of the issues covered:

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Parallax Accounting’s New Website 

We are proud to announce the launch of our new website, it not only looks great, but it also has lots of practical information about our services and our blog.

Here you can find articles about relevant tax advice & tips, upcoming ATO deadlines, seminars that we're holding and so much more to help you get the most of our accounting services. 

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Without exception, the most common scenario that hinders business growth is a thing we call the “Time-Poor Factor”.  Whether we’re at a business networking event, briefing a client over a coffee or just out and about, the “Time-Poor Factor” seems to be “the norm” if you are in business.

However, when talking with our clients, the issue is actually something else. Something very easy to put your finger on, and the pathway to discovering it is actually very simple.

Here’s the process… 

It takes just a minute or two, won’t cost you anything and doesn’t require another APP or password to remember either.

This, is the most powerful Business Growth Analysis Tool you'll ever use... seriously!

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