09 Mar

How to get the most from your accountant

The best accountants add value to your business, all for an affordable cost that you can control

A Growing business rapidly finds they need the services of an accountant to help them manage the finances of their business.

But which services are actually essential to business growth?

How should you pay for them? And how do you make sure you’re getting good value for money?

 

Here’s some top tips for getting the most from Stafford Accounting while managing the cost of our service.

  1. Use Fixed Fees

Agree on a fixed fee for your accountant’s services, rather than paying by the hour. This will enable you to plan ahead for the cost of the work and to control costs. Our fixed fee agreement will come with clear detail on what you’ll get in return for your money, but you’ll also have the option of commissioning additional work should it prove necessary.

 

  1. Be realistic about your budget

While it’s important to keep a tight rein on all costs, accountancy fees included, review your budget on a regular basis. Over time, the work you require from your accountant will change – you may need additional, more wide-ranging services, as your business grow. At Stafford Accounting we adapt our services to best suit your individual needs, so that your business is the best It can be.

 

  1. Timing is crucial

The frequency of the work your accountant produces can make as much difference as the work itself. If interactions with your accountant are limited, then getting timely analysis of trading and business may not be attainable. That is why here at Stafford Accounting we understand the importance of timing and understand the need for frequent communication.

 

  1. Relationships matter

It’s your accountant’s responsibility to make an important contribution to your business’s growth, but if you don’t trust them, or feel comfortable talking frankly and openly with them, you won’t be able to take full advantage. An accountant should be a trusted business partner who can provide constructive support as you run your business. If that’s not an accurate description of your relationship, it’s time to ask why.

 

Stafford Accounting- your business adviser, accountant and bookkeeper all rolled into one. Get ready for real advice not just accountancy

 

It’s time make the change!

For more information on how we can help you and your business, contact us today.

09 Feb

The biggest changes to superannuation in a decade

The biggest changes to super in a decade – how to capitalise now! Major changes to tax and superannuation have just been approved by the Government.

These are the biggest changes in the last 10 years. THEY ARE SIGNIFICANT! Most of these changes will take place on 1 July 2017.

That’s why we need to start planning ASAP with you. The experts at Stafford Accounting have established several cutting edge and brilliant strategies to cater for your specific needs. There are 3 key actions for you right now.

 

1. Maximise Super Contributions – Large amounts now for possibly the last time

While you may not be able to put large amounts into superannuation, Stafford Accounting believe it’s important that you’re aware of what is possible to maximise your super balance and help you reduce your tax.

We believe everyone should be aware of these changes below that come into effect on the 1st of July 2017. The tax deductible super contribution cap decreases to $25,000 per year from $30,000 per year for up to age 49 or $35,000 per year for age 50 to age 75, after passing a work test if over 65. The non-tax deductible super contribution cap decreases to $100,000 per year (provided your super balance is less than $1.6 million) from $180,000 per year.

You may have a once-off opportunity to make a non-tax deductible contribution of $540,000 before 30 June 2017 into super, depending on prior year contributions if any. By meeting the Stafford Accounting team, we can discuss and consider your overall personal and family circumstances, and then we can design for you the most tax effective super contributions you can make prior to 30 June 2017.

 

2. After you’ve maxed out your Super tax deductions – what else is there?

One of the most effective ways to reduce your tax is through super contributions. The second is to prepay interest on an investment asset. One solution is to prepay interest towards a portfolio of shares that are capital protected (meaning the value of the initial portfolio is 100% protected if the market falls).

This has the effect of getting a tax refund and then using it to help fund owning a protected share portfolio, usually for a 2-year period. This strategy doesn’t apply to everyone –here at Stafford Accounting we must pre-qualify you to ensure you will be better off from this strategy and will then provide you with a Statement of Advice which clearly outlines our strategies and advice for you

 

3. Establish a “blood descendant” Will to keep your money and assets in your family

We believe a “blood descendant” Will (or a “Lineal Descent” Will) is possibly the most important thing you can create for your family.

Rather than making gifts under your Will to individuals, you can make gifts to blood descendant Trusts set aside for those individuals. After your death, the individual you have intended to benefit will control the blood descendant Trust set aside for them and will be able to use the assets in the trust as if they owned them.

However, those assets will not be at risk should the individual divorce or have a separation.

Under the terms of a “blood descendant” Will:

⦁ the passing of the capital assets or proceeds is limited to the Will-maker’s bloodline;

⦁ assets are protected from attacks against beneficiaries, whether from personal creditors or the Family Court;

Stafford Accounting can help you by coordinating a tax effective “blood descendant” Will for you with our expert Estate Planning Lawyers.

 

This is vital – don’t delay in instructing us to set this up for you!

Other General Tax Planning Strategies Of course, we’ll consider all the usual 2017 General Tax Planning options for you at the same time. Contact Steve Black TODAY to book in your initial 2017 Tax Planning Meeting with us! Imagine what you could do with your tax saved!

⦁ Reduce your home loan

⦁ Top up your Super

⦁ Have a holiday

⦁ Deposit for an Investment Property

⦁ Upgrade your Car

For more information on how we can help you and your business, contact us today.

22 Sep

2016 Federal Budget Superannuation reforms – Changes to Non Concessional Contributions into Super

With the Government abandoning its policy to introduce a $500,000 lifetime cap for non-concessional contributions are you clear on what non-concessional contributions you can make to superannuation now?

With the Government abandoning its policy to introduce a $500,000 lifetime cap for non-concessional contributions are you clear on what non-concessional contributions you can make to superannuation now?

Non-concessional contributions are contributions that are made to super from after-tax income or savings.

Instead of going forward with its proposed $500,000 lifetime cap on after-tax contributions, the Government has decided to go back to the current rules for after-tax contributions but with a lower annual limit of $100,000.

This will now allow people to:
• make non-concessional contributions of up to $100,000 per year
• have the ability to bring forward 3 years’ worth of contributions to a single year (allowing you to contribute up to $300,000 in a single year)

The ability to make non-concessional contributions will also be limited to people who have an individual superannuation balance of under $1.6 million. In addition, if you are aged 65 or over you need to pass the “work test” to contribute to your super and cannot bring forward contributions to the current year.

The new rules will apply from 1 July 2017. This means that for the current 2016-17 financial year people can still make non-concessional contributions of up to $180,000.
How can we help?
If you need assistance with any aspect of making after tax contributions to superannuation, please feel free to give me a call to arrange a time to meet so that we can discuss your particular requirements in more detail.

For more information on how we can help you and your business, contact us today.

24 Feb

Steps to Business Success

What steps do you need to take to grow your business sale value?

For more information on how we can help you and your business, contact us today.