We would like to wish you all a very special greeting this Christmas to express to you our sincere appreciation for the opportunity of working with you. 

We are deeply thankful and extend to you our best wishes for a happy and healthy holiday season.

This month we're talking about how Crunching the numbers can help your business grow, your Superstream obligations and an update on Project DO IT.

If you need any help with anything, please don't hesitate to give us a call.

Crunching the numbers can help your business grow

Whatever type of business you run, your success depends on numbers. Revenue, expenses, overheads, inventory, sales figures, profit – all of these numbers are important.

Small business owners often have to focus on day-to-day operations, making it hard to see the big picture. After all, if you don't keep a close eye on your business every day, it won't perform at its best.

Yet there are times when you need to step back for a clearer view. If you're thinking of applying for extra financing, or moving into a new market, or even selling your business, you'll need more than just the daily figures.

In fact the bigger financial picture can be helpful whenever your business is ready for the next stage of growth. That's when you might ask yourself, "What are the steps I need to take today in order to be successful tomorrow?"

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Declare undisclosed offshore income and assets by 19 December

The Project DO IT (Disclose Offshore Income Today) 19 December deadline is fast approaching, so taxpayers with undisclosed offshore income and assets need to act now or risk audit and significant penalties. This is a never-to-be-repeated opportunity. It allows taxpayers to come forward and voluntarily disclose unreported offshore income and assets.

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The ATO recently sent information to employers about SuperStream to help you get started.

It’s important you investigate your options now, because SuperStream will apply to all employers. The start date for using SuperStream depends on the number of employees you have.

Employers with 20 or more employees can use SuperStream now, and have until 30 June 2015 to implement the changes.

Smaller employers (with fewer than 20 employees) can start using SuperStream from 1 July 2015, and have until 30 June 2016 to implement it.

This sounds far away, but getting ready takes time. Careful planning and preparation is the key to making an easy transition, and now is the time to start.

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