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DONT TRASH: Enjoy a quick read with your favourite cuppa
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July 2015

Happy New Financial Year! Have you got big plans for this new year? More importantly, do you have a plan for how you are going to make it happen?

Remember we're here to help. If you need advice or someone to run things by, to make sure you're on the right track, give us a call. This month we're talking about :

  • Why you need a financial advisor
  • Retirement - the most important career move you'll ever make
  • July checklist for employers
Cheers,
John Sciacca

WHY YOU NEED A FINANCIAL ADVISOR

Superannuation, insurance, investments, budgeting... is your mind already wandering and eyes glazing over?

We understand that knowing where and how to invest your money, can be confusing and overwhelming.

We like this analogy from AMP: "Think of your money as vehicles travelling along various roads that can help you reach your lifestyle goals. Sometimes the road rules change and faster routes are built. And sometimes you can get a flat tyre or make the wrong turn - which delays your trip. Having a qualified professional - like a Financial Planner - guide you through the maze of roads and road rules could get you to your destination much sooner."

So, if you want to find out how you can be proactive and take control of your financial future, we can help you make the right decisions for you.

Just like any other professional service, a Financial Advisor is trained to advise you on a range of financial matters - helping to build, manage and protect your wealth.

We can help you to:

  • improve your household budget
  • reduce your debts and taxes
  • save or invest for something special
  • buy or renovate a home, paying it off sooner or investing in property
  • protect your wealth and those that are important to you
  • make lifestyle changes
  • prepare for retirement, and
  • make the most of your retirement income and any government payments.

The beauty of John doing this for you, is that he can also advise on your tax affairs, estate planning, preparing a will and much more. You can all the advice you need in one place from someone that knows and cares about you.

Whether it is helping you learn more about budgeting or implementing complex tax minimisation strategies, John will help you set clear goals and outline what you need to do to achieve them.

All you need to do is make an appointment to come in and see just what's possible.

RETIREMENT - THE MOST IMPORTANT CAREER MOVE YOU'LL EVER MAKE

Heading into retirement and contemplating ending paid work, means you need to rethink the risks in your portfolio. 

Are you fearful of retirement? Most of us are very anxious for what retirement means for our lives. The allure of time to spend with your family and freedom from the demanding schedule of work is matched with a new set of responsibilities – that of financial survival as a ‘sole business owner’ to your household. Retirement is a change of career, not an end of a career.

We’ve called your new role Director of Income, or DOI for short. DOIs are basically CEOs of a very specific type. A DOI is responsible for making sure they can source a portfolio of income producing investments to fund their commitments.

The importance of this profession cannot be overstated. In fact, the consequences of not excelling at this career are arguably the most impactful of any career you’ve had before. Unlike an employment environment, you are very much on your own because its so personal and to most, our financial affairs are confidential.

Why Director of Income is the fastest growing profession in Australia ....

JULY CHECKLIST FOR EMPLOYERS

As an employer you need to:

  1. provide payment summaries to your employees by 14 July
  2. lodge your PAYG withholding payment summary annual report
  3. check you’re using tax tables applying from 1 July 2015

Payment summaries

You should provide payment summaries to all employees even if you didn’t withhold any tax, and include the details in your annual report.

Annual report

You can lodge your annual report online using:

  • ATO Business Portal, or
  • Standard Business Reporting (SBR) enabled accounting or payroll software.

One of the advantages is online checking, so you can correct mistakes before you submit your report.

Lodging your annual report online as soon as you provide payment summaries to your employees makes it easier for them to lodge their tax returns. The ATO use your information to pre-fill their tax returns onmyTax or e-tax.

Standard Business Reporting (SBR) enabled software can help reduce time preparing payment summaries. SBR uses employee and payroll information already in your software. Once completed and verified, you send the report electronically to the ATO from your software.

Tax tables

The ATO have published the updated tax tables that apply from 1 July 2015, so make sure you’re using the correct PAYG withholding rates. You can also use our tax withheld calculator. You may need to check with your software provider if an update is needed to your software.

 

Call 07 3357 5553
john@sciaccagroup.com.au
235 Stafford Road, Stafford 4053
PO Box 1570, Stafford 4053
www.sciaccagroup.com.au
For all the latest updates, be sure to connect with us on social media:
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14 Jul Due date for PAYG withholding

21 Jul Due date for Activity statements

28 Jul Due date for PAYG and GST instalments, Super guarantee contributions

31 Jul Due date for TFN report for closely held trusts

Dates for AUGUST

REGISTER FOR AUSkey
FREE WEBINARS

The ATO provides free webinars (online seminars) on a variety of topics delivered by experienced tax officers. For further details or to register, 
click here.
Do you know of anyone who would benefit from our services? We love to share information with clients and friends, so please send this newsletter to anyone you think might be interested in us, or our content, or our services. The first meeting is complimentary.
Find out how you can safeguard yourself against the cost of an ATO audit, visit our website or contact us and we'll talk you through it.
Sciacca's Financial Services is an Authorised Representative of Count. 'Count' and Count Wealth Accountants® are trading names of Count Financial Limited, ABN 19 001 974 625 AFSL 227232 ("Count") a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.
Copyright © 2015 Sciacca's Accountants and Advisers, All rights reserved.


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The content of this newsletter is provided for information purposes only. Sciacca's Accountants + Advisers does not accept liability to any person for the information or advice, or the use of such information or advice, provided herein. The information and advice provided is of a general nature only. No person should rely on it without seeking professional advice which takes account of their specific circumstances.