As  the  first  month  of  the  new  financial  year  comes  to  a  close,  the  team  at  Diligent  would  like  to  highlight  some  areas  to  ensure  your  smooth-­‐sailing  in  the  new  financial  year.

Diligent  Business  -­‐  Back  to  Basics

‣Every  business  has  a  driving  force  behind  it.  Make  sure  as  a  business  owner  you  also  have  a  personal  financial  plan  to  back  your  future  growth.

‣Set  benchmarks  for  your  business  based  on  last  year’s  financial  history.    If  you  are  a  start-­‐up,  connect  with  the  right  individuals  to  help  you  identify  and  set  realistic  goals.

‣An  absolute  must  for  business!  Cash  flow  is  king  -­‐  What  is  your  cash  flow  strategy  this  year?

Diligent  Wealth  –  Self  Managed  Superannuation  Fund  

‣From  1  July  2012  a  SMSF  will  only  be  able  to  claim  100%  of  the  Total  &  Permanent  Disablement  policy  premium  if  the  policy  is  an  “any  occupation”  cover.  You  need  to  check  whether  your  policy  is  “any  occupation  or  own  occupation.”

‣For  those  over  55  years  of  age,  the  concessional  contributions  limits  have  been  reduced  from  $50,000  per  annum  to  $25,000.  A  review  of  your  retirement  planning  and  tax  position  should  be  done  to  ensure  the  health  of  your  contribution  strategy.

 

Diligent  Taxation  –  Personal  and  Business  

‣The  tax  free  threshold  has  increased  from  $6,000  to  $18,200  reducing  the  amount  of  tax  payable  by  individuals.  Salary  packing  arrangements  should  be  reviewed.

‣Business  owners  should  review  additional  income  withdrawn  from  the  business  since  the  15%  tax  threshold  has  increased  to  19%  and  the  30%  threshold  has  now  increased  to  32.5%.

‣The  Education  Tax  Refund  has  gone  replaced  with  the  School-­‐Kids  Bonus.  You  will  only  receive  the  School-­‐Kids  Bonus  if  you  get  the  Family  Tax  Benefit  A.

TDG  Legal  -­‐  Employee  Entitlements

‣The  amendments  to  the  Fair  Work  Act  2009  ("FWA")  impose  positive  obligations  on  the  purchaser  to  take  over  any  associated  employee  entitlements  including  any  existing  awards  and  enterprise  agreements.    You  should  review  these  as  part  of  any  sale  and/or  purchase.

Diligent  Marketing  -­‐  Is  your  Business  Online?

‣Your  website  is  far  more  than  an  online  brochure.  It  is  your  personal  and  business  calling  card.  Just  like  “cash  is  king”  for  business,  “content  is  king”  online.

‣Social  Media  is  the  hype  today  and  most  small  business  owners  struggle  with  it.  Identifying  how  to  better  manage  and  where  to  concentrate  your  efforts  can  make  a  world  of  difference  to  your  online  sales!

We  trust  you  will  find  the  above  tips  useful.  We  “get  it”  -­‐  we  are  a  small  business  too!

Visit  our  website,  contact  us  and  let  us  help  your  business  grow.