Dodgy Fake ATO Email Floating Around

May 10th, 2011 | Posted in Warnings

If you receive this email, please delete it. It is fake and you should not reply or give them any details.

“Australian Taxation Office and your tax return

Subject: Australian Taxation Office: Please submit the tax refund

After the last annual calculation of your fiscal activity we have determined that you are eligible to receive a tax refund . Please submit the tax refund request and allow us 3-6 days in order to process it.

A refund can be delayed for a variety of reasons. .
For example submitting invalid records or applying after the deadline.

In order to complete your tax refund please Download attachment.

Regards,

Australian Taxation Office

© Copyright 2011,ATO”


Cloud Computing in the Accounting World

December 2nd, 2010 | Posted in Cloud Computing

Cloud computing is becoming more and more increasing within many industries. Computing in which services and storage are provided over the Internet (or in the “cloud”) such as Email, Accounting, Payroll and files. These systems are all becoming apart of the cloud where to use and access them you log in through your web browser.

Cloud Computing has the following advantages:

  • Stored on secure servers around the world. No lost files if your work computer crashes.
  • Access these systems from any computer around the world.
  • Unlimited access for multiple users around the world.
  • Less hardware requirements, you need only an internet connection
  • Regular Free updates to the software, with little to no downtime at all.
  • Phone versions available. Most cloud computing solutions are iPhone compatible. Imagine finishing a project, logging onto your iPhone and invoicing the customer straight to their email inbox!
  • No big software costs. A small montly fee is charged, this helps manage cash flow better as well.
  • Support is usually free & included

So who can benefit from the cloud the most?

Individuals & Small/medium businesses

What’s available in the cloud for my business?

  • XERO – The ultimate accounting solution. Replaces solutions such as myob and quickbooks. Another advantage other than the ones listed above is that accountants can log in and help you manage your accounts live without emailing files and messing around. XERO can also get a live feed of your bank account, no processing or time consuming bank recs ever again!
    We currently have 3 clients now using this software and are wondering why they didnt start using it earlier!
  • DropBox - Dropbox allows you to sync your files online and across your computers automatically. Dropbox automatically syncs when new files or changes are detected.
    Imagine finishing a pricelist excel document, saving it to your computer, then your out at the shops and a customer rings you. You can look up the spreadsheet on your phone and retrieve it. Alternatively you could be at the airport, open up your laptop (providing its connected to the internet), the spreadsheet appears in your documents as its synced and away you go!
    Dropbox has 2GB of online storage for free, with up to 100GB available to paying customers.
  • Workflow Max – Client Resource Management, includes timesheets and client database management. Integrates with XERO as well.
  • Paycycle – A Great payroll system. Very easy to use and doing the payroll can be completed within 10 minutes! Integrates with XERO as well.
  • e-Mail – Google can actually host your mail just like a gmail account, but you can have name@domain.com.au – We currently use this system at Macquarie Partners
  • Sharesight - Share Portfolio Management -Sharesight is a new generation, online share portfolio management system designed for DIY share market investors. Sharesight’s online software is simple and intuitive to use. It is designed to provide maximum output for minimum input. Integrates with XERO as well.

So, I want to work in the cloud! Where should I start?

Xero accounting system is a great easy place to start in getting into cloud computing. Dropbox is another easy one too. Alot of these sites have video overviews of what the software does, we recommend checking them out to see what it can actually do for you.

If you would like some help deciding, what solutions would be suitable, you can contact the Macquarie Partners (Central Coast) techie at it@mpcc.com.au

Alternatively, all the sites mentioned above have free trials, try them out for yourself and see the potential of cloud computing.


A Stimulus Story

June 14th, 2009 | Posted in Jokes

Here’s another cool little story. Remember, if you have any tax tips or questions please send us a email!

It is the month of August, on the shores of the Black Sea . It is raining,
and the little town looks totally deserted. It is tough times, everybody is
in debt, and everybody lives on credit.

Suddenly, a rich tourist comes to town.
He enters the only hotel, lays a 100 Euro note on the reception counter,
and goes to inspect the rooms upstairs in order to pick one.
The hotel proprietor takes the 100 Euro note and runs to pay his debt to
the butcher.
The Butcher takes the 100 Euro note, and runs to pay his debt to the pig
grower.
The pig grower takes the 100 Euro note, and runs to pay his debt to the
supplier of his feed and fuel.
The supplier of feed and fuel takes the 100 Euro note and runs to pay his
debt to the town’s prostitute that in these hard times, gave her “services”
on credit.
The hooker runs to the hotel, and pays off her debt with the 100 Euro note
to the hotel proprietor to pay for the rooms that she rented when she
brought her clients there.
The hotel proprietor then lays the 100 Euro note back on the counter so
that the rich tourist will not suspect anything.
At that moment, the rich tourist comes down after inspecting the rooms,
and takes his 100 Euro note, after saying that he did not like any of the
rooms, and leaves town.
No one earned anything. However, the whole town is now without debt, and
looks to the future with a lot of optimism….
And that, ladies and gentlemen, is how the United States Government is doing
business today.


Family Trusts & The Tax Advantages

May 13th, 2009 | Posted in Trusts

Here’s a reply to a question that came through from the contact form From Grant

“Can you explain what family trusts are about and how/if they can benefit a small family (no kids)?”

There any many variables you will need to consider but I’ll give a general overview.

To make a family trust it costs around $1000, so if your your not going to save more than that, there’s really no point.

To be effect the income source needs to be over about $30,000 as long as only one person is making money. A vital factor is Personal services income or PSI which must be below 80% meaning that all the income has to come from more than 80% from one source.

A family trust is ideal for a service skill such as a plumber or lawyer as they serve many different clients and do not work for a company.

The benefits are that is the husband earns $50,000 and spouse earns 0 than they can split the income between the two.

EG. Person on $50,000 would pay $8850 in tax.
Where as two people on $25,000 each would pay $2,850 each or $5,700
Thus a saving of 8850 – 5700 -$1000 for the trust costs = $2150 saving per year.

If you did have kids, it can help the situation even more saving an each $400-$600 depending on your tax bracket.

If this sounds like you, see your tax agent to get more advice.

If anyone picks up that i have missed something above comment below or contact us.


The Dead Donkey | Joke #2

May 11th, 2009 | Posted in Jokes

Young Chuck moved to Texas and bought a donkey from a farmer for $100. The farmer agreed to deliver the donkey the next day. The next day he drove up and said “sorry son, but I have some bad news, the donkey died”.

Chuck replied: “Well then just give me my money back”.

The farmer said: “I cant do that, I went and spent it already”.

Chuck said: “OK then, just bring me the dead donkey”.

The farmer asked: “what are you gonna do with him?

Chuck said: “I’m going to raffle him off”

The farmer replied: “you cant raffle off a dead donkey!”

Chuck replied: Sure I can. Just watch me… I just wont tell anybody he’s dead.”

A month later, the farmer met up with chuck and asked, “what happened with the dead donkey!”

Chuck said: “I raffled him off. I sold 500 tickets at $2 a piece and made a profit of $898.00”

The farmer asked: “did anyone complain.

Chuck said: “Just the guy who won. So I gave him his $2 back.

Now Chuck works for the Government.


ATO Stuffing Up Bank Deposits, Sending Cheques Instead

May 7th, 2009 | Posted in Government Payments

Thousands of direct deposits from the ATO have mistakenly been sent to tax agents on behalf of their clients. This also means that tax agents have had to use additional resources to get the money to their clients and the money spent by agents on additional wages and postage costs is not being reimbursed by the ATO, but passed onto the clients, which means less money from the KEV.

“I was expecting it to be in my bank account Monday morning but no sign of it. Thursday morning it appeared in the mail from my accountant who relayed it on to me.” -  Rhys Evans

Can’t the ATO get anything right?