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Time for a spring clean? 

If you'd like some help getting your finances in order so you can live the life you want, get in touch. We can help you get things in order, set up a plan and take control of your financial future.

Spring into action with your finances


With spring now upon us and Christmas fast approaching, now is a great time to re-evaluate your finances. For those of us who usually don't pay much attention to our financial situation, Spring is a great time to stop and take some time to streamline it and making things easier to understand and manage. Consider implementing these 5 key strategies:

1. Get organized. If you are still using a manual system (aka the shoebox) now is the time to upgrade. Set up a basic filing system to include monthly bills, statements, tax return copies and receipts. That way, when tax time rolls around, you'll be prepared. And you'll save heaps of time when you know where to find it.

2. Review bills for hidden fees. Over time many companies introduce sneaky fees and increases that may slip by. Take some time to review your bills and statements to see if any strange fees have been charged and sort them out.

3. Shop around for deals. Make sure you're paying as little as possible for on your services like  Insurance, Foxtel, mobile phone and even credit cards. Sometimes when switching suppliers you can get introductory deals or big reductions in what you're paying now. If you do make a switch, try to avoid signing a long-term contract, which can make it tougher to jump ship should you find something better down the road.

4. Look for your money leaks. Disorganized finances can develop leaks. Look for areas where you could plug these and save some money. If you rent a storage unit for all that "stuff" you never use, clean it out, sell what you can and donate the rest. Sell unwanted items, look at ways to save electricity to reduce bills and if you don't have one already, set up a simple budget so you can track where the money is going - you might be surprised!

5. Put a limit on your activities. Set an annual limit for your activities and stick to it. If you limit yourself to an annual contribution, you can justify resisting those impulse decisions you feel the urge to make when you're in a hurry or on the spot.

Effectively managing your finances can seem difficult and time-consuming, but the reward justifies the effort. Once you've set up system that works for you, make sure you stick to it. Set yourself up for financial freedom today.

If you'd like to discuss these or other ways we can help, give us a call on 3357 5553.

Important Update: Changes to Director Penalty Notices

In June last year the Tax laws Amendment (2012 Measures No. 2) Act 2012 was introduced and contains significant amendments to the Director Penalty regime (“DPN”) used by the Commissioner of Taxation to recover a company’s unpaid tax liability personally from directors. Read about the changes.

These amendments gave the Commissioner of Taxation greater powers to recover a company’s unpaid tax liability personally from directors. More than 12 months on from these amendments, there is the constant concern for directors that the ATO will issue the new DPNs to directors.

Under the DPN regime, directors are personally liable to pay a penalty to the Commissioner of Taxation equal to their company’s tax liability which is unpaid after the due date.  The Commissioner may commence proceedings to recover this penalty personally from directors of the company 21 days after the DPN is give to them. Importantly, under the new DPN regime, where a company’s PAYG withholding and superannuation guarantee charges is unpaid and unreported for 3 months after the due date, the directors can no longer ‘remit’ the tax debt or avoid personal liability by placing the company into administration or liquidation. Therefore, a director served with a DPN should cause the company to pay its tax liability or enter into an instalment arrangement with the ATO prior to the end of the 21 day period.

Directors - you must be aware of your company’s tax liability.  If your company’s PAYG or superannuation guarantee liability is unpaid and unreported for greater than 3 months, you will no longer be able to remit the tax debt and avoid personal liability by putting your company into administration or liquidation. New directors must also take immediate action in relation to a company’s unpaid tax liability as they will be personally liable for a director penalty 30 days after appointment.

If you are a director who has been served with a DPN, you should seek immediate legal and financial advice.

For more info, give us a call on 3357 5553 to book a time to have a chat with John. 

Source: Scoglio Law

Client Workshops and Webinars

Following feedback from clients, we're introducing bi-monthly workshops and webinars to help you build better businesses. We'll be covering topics like Marketing, Budgeting & Cashflow, Financial Planning and more.

The second in our series of workshops is on Budgeting and Cashflow and how you can achieve financial freedom with the right systems in place. The workshop will be run by our very own John Sciacca who has over 16 years experience helping people achieve financial freedom through accounting, financial advice and business advisory services. The workshop will be held onWednesday 4th September from 6pm - 8pm at our office and is just $49. Numbers are strictly limited so if you'd like to come along, please RSVP to karmen@sciaccagroup.com.au

If you have any suggestions for webinar or workshop topics, please let us know.

Coming up

SEPTEMBER
21 August monthly activity statement due
30 PAYG withholding payment summary annual report

OCTOBER
21 Activity statements, PAYG instalments
28 Activity statements, GST instalments, Superannuation
31 PAYG withholding, GST, TFN report, AIIR reporting
31 Income tax return due for individual, partnership, trust

For more key dates, click here.

Meet the team

Catherine Law – Accountant

After Catherine completed High School she did a bookkeeping course at TAFE and started her career in an Accountant’s Office as a Typist Clerk. Catherine has since worked her way up to a Senior Accounting position through experience and on the job training. After having her third child, Catherine and her husband made a sea change in 2001 and moved to Bribie Island from Melbourne. On Bribie Island they owned and operated a convenience store for four years. After experiencing seven day trading and the stress of owning their own business, Catherine decided to go back to working a normal job.

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Do you know of anyone who would benefit from our services? If you are happy with the service we provide, we'd be really grateful if you would pass on our contact details. The first meeting is complimentary.  
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.
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