Blogs

Blogs on northlakes.com.au

At northlakes.com.au we aim to bring you an array of useful information, not only on all things North Lakes but on life in general.

So with that goal in mind we have acquired some accomplished writers to provide an interesting read. Enjoy!

Your Guide to Effective Tax Planning

by Vincents | Jun 02, 2017

Tax Time Planning

Tax time ahead?

Your Guide to Effective Tax Planning

Would you like to reduce your home loan? Top up your super? Invest more into growing your business? Even take that holiday you’ve been dreaming about? As the end of financial year rapidly approaches, Vincents invites you to take a minute and imagine what you could do with a minimised tax liability…

Tax planning can help you achieve your personal and business goals – but to be truly effective it is best to plan throughout the year via regular catch-ups with your accountant. If you’re a small business, it’s also particularly important to use these catch-ups to keep up to date with any changes that occur before this financial year comes to a close.

To get you started, here are a few ways to help minimise your business tax for 2017: 

 

1. Benefit From 'Small Business Entity' Concessions

Small businesses have access to a range of ATO tax concessions. Even better, as ...

Building and Construction Employees Business - Claiming against allowances

by Tom Polkinghorne | May 19, 2017

Vincents_Northlakes_

In order to assist our clients better understand the tax environment in which they operate, last month Vincents released the first of a two part series to summarise the rules relating to claiming deductions for building and construction employees. Part 2 will outline how receiving an allowance from your employer expands the claims available to construction workers. The information within this article is of a general nature only and should not be relied upon in place of specific taxation advice.

Claims against allowances

Building and construction employees may receive allowances that are shown as a separate amount on their payment summary. These amounts are considered to be part of an employee’s income. Allowances are specifically to be declared at item 2 on the taxpayer’s income tax return.

However, while all taxpayers are entitled to claim deductions for the expenses they incur in deriving income, including an allowance, there are some special rules that relate to allowances that may reduce substantiation ...

Building and Construction Employees – Navigating Tax Deductions Part 1

by Vincents | Mar 08, 2017

Tax for Construction workers and Builders - North Lakes Tax and Business Advisory

As an employee in the building and construction industry, it is often confusing as to what tax deductions are available to you. To make life easier, Accountants Practice Vincents has summarised the rules in a two-part article. The first part deals with claiming deductions. The second part deals with how allowances expand the claims available to construction workers. All taxpayers are entitled to claim tax deductions for the expenses they incurred whilst doing their job, as long as the expenses are not personal and receipts or written evidence are kept.

Motor Vehicle expenses:

Australian taxation law sets out that travelling from home to work and vice-versa is not considered to be work-related travel, therefore cannot usually be claimed as a tax deduction. However, you may be able to claim the cost of using your car to travel between home and work if:

  • You have to carry bulky tools and equipment to use at work; and
  • Transporting the equipment to and from work is essential, ...

For Business Advisory Expertise Brisbane North Trust Vincents Chartered Accountants

by Jayne McIntyre from the Moreton Bay Region Industry & Tourism | Feb 08, 2017

Financial Planning, Business Advisory and Consulting Brisbane - North Lakes Community Hub

From investing in cloud-based accounting solutions to streamlining filing systems, there are a number of ways you can maximise efficiency when it comes to managing business finances.

Small business owners juggle a lot of different responsibilities and as companies grow it is all too easy to become time poor. Business advisory and consulting expert, Katrina Brennan, Director of Business Advisory at Vincents Chartered Accountants, offers 10 simple steps to help improve customer service, support creative work, and grow your business.

Top 10 Tips to Streamline your Business Processes

1. Invest in Technology

Accounting/bookkeeping software makes it easy to be efficient, accurate and up to date. More and more business owners are turning toward cloud software and other accounting solutions that allow them and their accountants to access financial information from any electronic device.  

2. Find a Good Bookkeeper for Business Advisory and Consulting Advice

A professional bookkeeper can train you on your software, answer any questions and ...

Only The Best For North Lakes Coffee Lovers at Wray Organics

by northlakes.com.au | Dec 09, 2016

Award Winning Di Bella Coffee at Wray Organics North Lakes

Wray Organic North Lakes patrons might have thought they were enjoying the best coffee in Australia, but now they know for sure, with coffee supplier Di Bella Coffee being awarded the prestigious ‘2016 Golden Bean Overall Champion’ title last week.

After being recognised with a swag of medals at this year’s Compak Golden Bean Coffee Roaster’s Competition, Di Bella Coffee took out the steamy championship and was recognised as Australia’s best roasting business with an impressive 23 medals across every category.

Di Bella Coffee’s Account Manager Logan Kedwell said it is an honour for the business to take home the top title as it reinforces their commitment to providing customers like Wray Organic North Lakes with consistently high quality coffee. 

“Di Bella Coffee has entered this competition since 2007 to not only demonstrate our dedication to roasting specialty grade coffee, but to showcase the exceptional beans we source from farmers around the world through our Crop to Cup program and ...

How To Get To Know Moreton Bay Region Businesses Over A Coffee

by Moreton Bay Region Industry & Tourism Writing Team | Aug 18, 2016

How to get to know your moreton bay region businesses over a coffee

There's an easier way to get to know fellow entrepreneurs and successful businesses within the region, and you can do it anywhere while relaxing and sipping on your favourite coffee.

Welcome to the FIRST ISSUE of More for Business Magazine, brought to you by Moreton Bay Region Industry and Tourism.

In this issue, Master Chef’s Georgia Barnes set to cook up a storm at Local Tastes, we embrace a little Girl Power with interviews with Women in Local Government, provide an overview of the New University Precinct at Petrie and much much more!

More for Business is the Moreton Bay Region’s business-to-business news magazine that informs and connects business people, decision makers and key stakeholders throughout the region.

Hit the view below to get a full screen version of the magazine – enjoy!

 

ATO Scams - Protect Your Personal Information

by Katrina Brennan, Director, Vincents Chartered Accountants | Jul 20, 2016

Northlakes.com.au Blog - ATO scam warning from Vincents Chartered Accountants

As we enter tax season, we would like to warn you that a number of tax related scams are currently doing the rounds.  The scams are of differing levels of sophistication - generally advising that you either have an unexpected refund or an outstanding tax debt and then asking you to transfer money, provide personal information and/or credit card or banking details.

Signs that the correspondence is not from the Australian Taxation Office (ATO) include:

  • reference to debts or refunds that you know nothing about;
  • caller is aggressive; and
  • the call includes threats that you will be arrested and sent to jail if you don’t pay immediately.

The ATO provides services that allow you to verify correspondence:

  • Phone calls:  ask the caller for their full name and extension number and their team leader's full name and extension number. You can call the ATO on 1800 008 540 to verifiy that the caller is from the ATO.
  • Email / SMS: Do ...

Year End Tax Planning - Time to Get Organised!

by Katrina Brennan, Senior Manager, Business Advisory | Jun 15, 2016

Vincents Chartered Accountants EOFY Tax Tips and Hints

With the end of financial year fast approaching, it is important to consider your estimated tax position and if there is anything that you can do to minimise tax payable. Evaluating your financial affairs holistically – including income, deductions and investment structures – can go a long way towards ensuring you get the most out of any potential tax savings.

Below is a list of helpful pointers that may assist you in managing your 2016 income tax obligations:

  • Consider if income can be deferred to a later year.
  • Consider whether deductions can be brought forward to the current year.
  • Consider prepaying expenses to bring forward deductions (if eligible).  Individuals prepaying non-business amounts and small businesses are not subject to the prepayment rules if the period is 12 months or less.
  • Review your Debtors ledger and write off any bad debts prior to 30 June 2016. You will need to prepare a minute approving the write off and amend the relevant ...

Controlling Costs to Help Your Bottom Line

by Katrina Brennan, Senior Manager, Vincents Chartered Accountants | Jun 02, 2016

Small businesses must continually be looking to control costs as a means of helping their overall profitability.  Whilst sales growth is very important, management should be just as diligent in the control of what is being spent to run a business.

Many SME’s have found that by embarking on a strict cost control review they have achieved the same profitability improvement that would otherwise have needed to come from a substantial increase in sales (which might not have been possible for the business). 

There are a number of areas within most businesses that could benefit from a closer cost examination, including but certainly not limited to:

  • Electricity
  • Telephones
  • Stationery
  • Travel
  • Water
  • Bank Interest, Fees & Charges
  • Petrol
  • Entertainment
  • Advertising
  • Rent
  • Insurance
  • Packaging
  • Corporate Credit Cards

In addition to the above, the following are 5 general hints to embrace on the road to achieving lower costs for your business:

  1. Shop Around

    Small business operators have to be conscious of the necessity ...

How To Align Your North Lakes Business With The Movers & Shakers Of The Region

by northlakes.com.au | May 25, 2016

northlakes.com.au blog - Inspiring Business - B2B event with John Howard

Are you a business owner in North Lakes needing to expand your reach? 

Do you recognize keeping up with economic growth to be vital in keeping your business alive?

Then you're going to want to read on.

Moreton Bay Region Industry & Tourism (MBRIT) invites North Lakes business owners and leaders from South-East Queensland to join them for the inaugural Inspiring Leaders luncheon with keynote speaker Hon. John Howard OM AC.

As the nation’s second longest-serving Prime Minister, John Howard, has built an impressive portfolio that comes with being a world leader. Guests lucky enough to secure a seat can expect an informed and insightful discussion at the Grand Ballroom at Eatons Hill Hotel on Friday, 8th July.

Unless your business is the type of shop relying completely on local foot traffic, you want to get out there and tell the whole region what you are doing and what you have to offer. That includes making connections with other like ...

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