Monthly Archives

April 2015

Life

“The Miracle Morning”

April 25, 2015
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As part of my journey to become more successful in business and in life, I have had the pleasure of being trained by Nam Baldwin. Nam is a Peak Performance Coach and as the current Strength & Conditioning Coach to Mick Fanning (as in, 3 x world surfing champion!) I think I’m in safe hands…

One of the most life-changing lessons that Nam has taught me has been about the true power of the mind. You have about 60,000 thoughts a day, most of which are just things made up by your brain as it tries to make sense of everything it sees, hears, smells, tastes and experiences. Trouble is, if you listen to all of them, you can become your own worst enemy. Learning how to master your own mind, and influence it positively through good nutrition and physical activity, is really key to good performance, and it has changed so many things for me.

Something that Nam taught me early on in our sessions and that I have carried on with religiously is The Miracle Morning. This has become the foundation for daily success and fulfilment for me, and for so many more of Nam’s network.

The idea is to set yourself up for a great day from the second you open your eyes. With Nam’s guidance, you learn how to significantly supercharge your body’s chemistry and give yourself more energy, motivation and capacity to focus on what’s important – all done within the first ten minutes of the day! I can’t imagine how I would get things done without this significant ritual in place and it has definitely become a non-negotiable habit for me.

Nam will be appearing here as a guest blogger from time to time, but if you can’t wait until then to hear more about him you can head to his website here and check him out!

 

 

Business

Get Lined Up For Tax Time

April 25, 2015
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As a business owner, there are many obligations that you need to consider and action over the next few weeks. Some of these will help to minimise your tax. We have outlined these action points to help you in a document which you can grab here

Key Changes from 1 July 2015

Businesses need to take note of a number of key tax changes that apply from 1 July 2015. These include:

  • SBE Company Tax Rate reduced to 28.5% and 5% tax discount for those unincorporated SBE tax payers
  • $20,000 Immediate Deduction for SBE’s
  • Removal of Tax Free Threshold for Temporary Residents
  • Zone Offset for some fly in/fly out employees abolished
  • FBT Exemption increased
  • Start-ups

Please urgently check these key things:

  1. Did your payroll software automatically updated for these changes last year? Or do you need to load these changes into your payroll software?
  2. Check your first pay run from 1 July 2015 to ensure the changes are correct.
  3. Review any salary packaging and calculations and make any adjustments to employee FBT contributions or other items where needed.

Last Minute Tax Minimisation Tips

Here’s a few final reminders about ways to reduce your tax for 2015

  1. Write-off Bad Debts
  2. Write-off any trading stock that is damaged or obsolete
  3. Review your asset register and scrap any obsolete plant and equipment
  4. Pay for repairs, consumables, office stationery, and donations before 30 June 2015
  5. Ensure employee superannuation contributions are made (and received by your employees superannuation fund) by 30 June 2015 to allow a tax deduction this financial year
  6. Realise any capital losses you have before 30 June 2015 to offset against any capital gains you may have made

In the document we also cover the important points that you need to know about the following:

  • SBE Company Tax Rate reduced to 28.5%
  • $20,000 Immediate Deduction for SBE’s
  • Removal of Tax Free Threshold for Temporary Residents
  • Zone Offset for some fly in / fly out employees abolished
  • FBT Exemption increased
  • Start-ups
  • 2% Debt Tax for High Income Earners
  • Medicare Levy Increase
  • 2% Fringe Benefits Tax Rate Increase
  • Superannuation Guarantee
  • Trust Distributions – Timing of Resolutions
  • You might not need to do a Stocktake
  • Fuel Excise Increase
  • Deadline for 2015 PAYG Payment Summaries
  • Building and Construction Industry Reporting
  • Payroll Tax
  • WorkCover/WorkSafe
  • Goods and Services Tax (GST)
  • ATO Audit Activity

Don’t forget you can just give me a call at any time if you need help!

Testimonials

Testimonial Time!

April 20, 2015

Just wanted to share this testimonial from Nam & Devo at Equalize Training Company:

Joe Walsh broke the ‘accountant’ mould for us right from day one, I mean who can say they go surfing with their accountant every week?!!  We are in the health & well-being industry and we took one look at Joe and thought, here’s a guy who looks after himself even though he has a busy & successful practice. We felt we could therefore trust him to take care of our business too.  We were right!

We love to make progress and since working with Joe he has helped us set realistic financial goals to keep us moving forward, and we are forever grateful for the introduction to Xero Accounting Software, it’s so easy to operate wherever we are in the world which is important in our work.

We also have the pleasure of working with Joe’s staff, timely replies to our queries and nothing is too much trouble.

Thanks Joe and team JWA for taking great care of the financial side of our business.

Nam & Devo

 Find out more about Equalize here