Single Touch Payroll is a reporting change for employers. It means employers will report payments such as salaries and wages, pay as you go (PAYG) withholding and super information to The ATO directly from their payroll solution at the same time they pay their employees. Employers may need to update their payroll solution to report through Single Touch Payroll. For employers with 20 or more employees, Single Touch Payroll reporting starts from 1 July 2018. The Australian Government … [Read more...] about Employers: Single Touch Payroll is coming
The Practice Charity Club was set up to help those in less fortunate situations, and to improve the welfare of the Practice team members & the Practice family as a whole. Recent charity and welfare events have included: 1. R U OK? Day morning tea. Team members were encouraged to ask R U OK? in an attempt to remove the stigma about sharing life’s ups and downs, leading to open, honest and constructive conversations about mental health. 2. Blood Drive. In late October, 16 … [Read more...] about The Practice Charity Club
We are excited to announce the acquisition of Sydney accounting firm Pritchard Lees, effective 1 December. The move strengthens our push into the Sydney market, following on from the appointment of ex-HLB Mann Judd Director Matt Gardiner to head up the establishment of The Practice’s first office outside Melbourne. “We are thrilled to bolster our Sydney presence with this acquisition,” said Co-Founder and Director Jason Cunningham. “Establishing a Sydney footprint has been a long-standing … [Read more...] about The Practice Sydney office grows with acquisition
On 1 December 1997, two 24-year-old upstarts decided to strike out on their own and have a crack at building something special. But childhood friends Robert Hadded and Jason Cunningham could never have imagined what their humble little shopfront in Union Road Ascot Vale would eventually become. Fast forward 20 years, and The Practice has evolved into a thriving business and personal wealth advisory firm operating in Melbourne and Sydney, with a team of experts working in harmony to … [Read more...] about The Practice turns 20!
Dear clients and friends of The Practice, 2017 has been a year of considerable growth and significant achievement at The Practice. Here are just a few highlights: Early in the year we welcomed the team from specialist business consulting firm Knightstone who have added tremendous value and experience to The Practice's Business Advisory offering. In June our business retreats went 'global' as we took 30 business owners to Fiji for a life-changing experience. In October … [Read more...] about Season’s greetings from the CEO
The Practice can now lodge all Export Market Development Grant (EMDG) documentation on your behalf through the AusTrade Portal. The EMDG is a great opportunity to receive cash back for promoting your business services or products internationally. With a 50% refund of expenses in excess of $15,000 this grant may allow you to grow your business profile overseas and boost your cash flow. For more details, contact Michael Leyland at The Practice on 03 8888 4037 or firstname.lastname@example.org. … [Read more...] about We can now lodge your Export Market Development Grant (EMDG) application
Scammers pretending to be from ASIC have been contacting ASIC Registry customers asking them to pay fees and give personal information to renew their business or company name. These emails often have a link that provides an invoice with fake payment details or infects your computer with malware if you click the link. An email is probably a scam and is not from ASIC if it asks you: to make a payment over the phone to make a payment to receive a refund for your credit card or bank … [Read more...] about Beware: ASIC Registry scam
THIS CASE STUDY <1a. BRI Ferrier Newsletter - May 2017> highlights the importance of ensuring your asset protection structures are compliant with the Personal Properties Securities Register (PPSR). Contact your relationship manager today to check if your structures are PPSR-compliant, or contact us via email or on (03) 8888 4000. … [Read more...] about How a business owner lost $1 million of assets to the Liquidator of his trading entity
As part of the 2017 State Budget, the Victorian Government has announced significant changes to Stamp Duty and Land Tax. Some of the groups who may be affected by these changes: Anyone who owns real estate other than their family home which is not eligible for a land tax exemption Owners of properties in certain councils that have been vacant for more than 6 months Couples that want to change the ownership structure for an investment property Anyone looking to purchase an … [Read more...] about Stamp duty and land tax changes
We’re excited to announce the release of The Practice App. Now you can take The Practice with you wherever you are in the world, and access your important financial documents anywhere, any time, on any device. Key benefits of The Practice app Use the App to access your important financial documents (business and personal) anywhere, any time, on any device (through your Client Portal login) Send us signed documents from your device at the click of a button using Quick Scan – simplify … [Read more...] about The Practice App: access your important financial documents anywhere in the world
I had the privilege to take 30 business owners away for a powerful, challenging and inspiring business retreat in June. It was an amazing three days full of world-class content, actionable content, and the bonding that can only happen amongst fellow passionate and switched-on business owners. The feedback from attendees was so incredible, we’ve decided to run two major events every year – Fiji in June, and Noosa in November. ‘Have your cake and sell it too’ implementation retreat | … [Read more...] about Fiji retreat: “life-changing”
In another exciting development, we are thrilled to announce the establishment of The Practice Sydney. The Sydney office represents our first footprint outside of Melbourne, and is part of a focus to make it even easier for clients in the northern states to work with us for all their critical business and personal wealth needs. Matt Gardiner, who for 17 years was a Partner at HLB Mann Judd, is energised by the opportunity to build the Sydney team from the ground up. “I’ve known the … [Read more...] about The Practice opens Sydney office
We are thrilled to announce that experienced executive Ron Gauci has joined The Practice as CEO. Ron was appointed after an exhaustive process to find the right person to lead the firm through our next phase of growth and development, following the retirement of previous CEO Alan Bliss. He has developed a reputation as a dynamic and inspirational transformation and business growth specialist, having taken on some of the most difficult commercial and brand reputational challenges. Most … [Read more...] about New CEO “Storms” The Practice
This is an extract from Jason Cunningham’s latest book, Have your cake and sell it too: the 7 key ingredients of business success. We’ve all been there: standing around the barbie, listening to someone bang on about how little tax they pay. But scratch the surface and you’ll often find these people are not paying tax for one primary reason: they’re not making any money. Paying tax is not necessarily a bad thing. For one, you get that warm inner glow from contributing to society. But more … [Read more...] about 3 reasons to do tax planning this year
The Practice is thrilled to announce we are joining forces with specialist business advisory firm Knightstone. The new entity, operating under The Practice brand, will offer an even deeper range of Business Advisory consulting capabilities to support the strategic objectives of business owners, and will add increased property capabilities as part of the Personal Wealth Advisory division. “There’s a real synergy between the two entities that will only be enhanced by coming together”, said … [Read more...] about The Practice and Knightstone join forces
ATO data regarding Super Guarantee non-compliance The ATO has provided some information about Superannuation Guarantee (SG) non-compliance in its submission to a Senate inquiry into the impact of the non-payment of the Superannuation Guarantee. In addition to marketing and education activities to re-enforce the need for employers to meet their SG obligations, the ATO conducts audits and reviews to ascertain SG non-compliance, with 70% of cases stemming from employee notifications (the … [Read more...] about Tax update
You’re far too busy running your business, doing your job, or managing your household, to hunt down a better interest rate, investigate new investment opportunities or review your personal insurance to ensure you’re adequately covered... that's our job. We see our role as more than just your accountant / financial planner / mortgage broker; think of us as your personal advisers who are here to help you ensure you are financially organised. Just some of the ways we can help: Protect … [Read more...] about Want to build wealth? We’ve got you covered
As another year races by, it’s timely to recap some of the important changes at The Practice this year, and hint at some of the exciting plans we have in store for 2017: Important changes 1/ The firm has decided that we need Robert Hadded’s hands-on skills as we continue to refine our Personal Wealth Advisory offering. He will head up this division throughout 2017, bringing with him a wealth of experience in finance, structuring and asset protection, and of course tax. His leadership … [Read more...] about Big changes, exciting plans
Most pundits expect the RBA to cut the cash rate again this year. Some even predict the cash rate will fall to 1.5%. This gets mortgage holders and property investors excited. The question is… why? Obviously new investors can get a great deal, but I challenge people to look at the rate decision differently. What’s the actual impact for existing mortgage holders? Do you automatically get this new rate cut (and the previous cuts) passed on to you in the form of a reduced mortgage … [Read more...] about RBA to drop cash rate again… SO WHAT? How does it actually impact YOU?
Some of the areas that the ATO has stated it will be focusing on are: Work-related expenses: motor vehicle expenses for travelling between home and work; overnight travel; and the work-related proportion of use for computers, phones and other electronic devices. Rental property expenses: excessive deductions being claimed for holiday homes (deductions should be limited to the amount of income earned, or to the number of days actually rented out at a commercial … [Read more...] about Are you an ATO audit target?
Get smart (and save) at 30 June With the end of the year fast approaching, we’ve put together a handy guide to get you thinking about what you should be doing prior to and immediately following the end of the year. These actions will increase efficiency and simplify your affairs, and could also save you considerably at tax time. While not all will be applicable to everyone, they’re all worth considering. DOWNLOAD: Get smart and save at 30 June Questions? Contact us on (03) 8888 4000 … [Read more...] about eNews: June 2014