Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved and failure to address them pro-actively will cost you more tax. What happens when there is a family company? A recent ruling from the Australian Taxation Office (ATO) will create…
If you pay your employee superannuation late, it ceases to become a tax deduction! This means that you will not only pay the superannuation (eventually), but you will effectively pay more tax of between 34.5% and 49% of the super paid late depending on your personal tax rate. One day late is sufficient to remove…
At Magnus we have been loyalists to Xero accounting software quite a number of years now. Year after year they continue to deliver improvements that makes business owners lives easier. There are countless reasons why every small business should be using Xero software as a primary tool within their business. Some of the more predominate…
Good bookkeeping isn’t a concept that only applies to large businesses. Whether your business is a large multi-national, a small business with a few employees or even a sole trader, your business is flying blind if your bookkeeping isn’t being performed by competent bookkeepers or accountants Business owners and managers make hundreds of decisions a…
As in all exercises of substance, the first step is to plan your actions. In this concise article we outline what needs to be done to identify a top line adviser. The ten most common reasons for wanting to change accountants are: Phone calls not returned promptly or not at all. Poor value proposition. Deadlines…
A few years ago ANZ conducted a survey of SME accounting clients. An astonishing 43% of respondents said that they would change accountants if an appropriate one was presented. This is a measure of “perceived indifference” rather than hostile dissatisfaction. Compare that to the fact that accounting practice clients are generally perceived to be highly…