MHP News

September 2017

Spring has sprung and this month McDonnell Hume Partners celebrates 14 years of partnership! A great milestone and we all look forward to assisting our clients reach their tax and financial goals for many years to come. 

In House Tidbits

CONNECT WITH US!

Did you know we have a Facebook page? Keep up to date with what's going on at McDonnell Hume Partners and in the accounting world by connecting with us on Facebook. Follow the link and LIKE our page for all the latest tips, hints and info regarding us and the tax world.

https://www.facebook.com/MHPCharteredAccountants/

Our website is also a wealth of knowledge! You can conveniently request appointments out of hours, access some of our common in house client literature and it's a one stop shop to access ATO key due dates, tax facts and useful calculators. It also has a comprehensive list of the all the services we offer.

http://www.mhpartners.com.au/

SPONSORSHIP

McDonnell Hume Partners recently sponsored the Human Powered Vehicles (HPV), an annual event run in our local community supporting students from the local high schools. Hamilton was our enthusiastic representative on the day. Wishing all the students the best of luck in the next stages of the competition.

   

WEDDING BELLS!

We wish our accountants Byron and Simone all the very best on their upcoming nuptials! Such an exciting time. We wish them a lifetime of happiness together and we hope to have a couple of photos to share with you all next month. Enjoy your special day guys.

BUILDING RENOS

The downstairs area of our building is continuing to undergo construction. This will continue for the next few months. We apologise for any inconvenience this may cause.. McDonnell Hume Partners will be operating as normal during this process. If you encounter any issues accessing us during this time, please contact us.  

Tax Time 2017

STARTING A BUSINESS 

Starting a business can be daunting. You may have the idea, the drive and the excitement, but don't have a starting point. We can assist you through every step of the process and make sure you take off on the right foot. It's important to plan properly and find out what's involved. We will discuss your thought processes with you and help you decide the best set up for you. 

We can assist you:

  • Decide on the most suitable structure for your business - Sole trader, partnership, or limited company
  • Prepare a business plan, cash flow projections, budgets, and trading forecasts
  • Assess your finance requirements, advise on the best sources of finance, and draw up the necessary proposals
  • Establish a good working relationship with your bank
  • Register for an Australian Business Number with the ATO
  • Complete registration procedures with the Australian Securities and Investments Commission
  • Deal with company secretarial issues
  • Set up a recording system for your internal use and for complying with statutory requirements

Here is a link to the government's business site get your thought process going and to get you thinking about the things you should consider when starting a business.

https://www.business.gov.au/info/plan-and-start

In our Business Seminars held earlier this year, we addressed some key things required when setting up a business. These slides are a great overview of launching your business and they are things we would discuss with you when approaching us with your ideas.

McDonnell Hume Partners - Workshop One Slides.pdf

McDonnell Hume Partners - Workshop Two Slides.pdf

Session 3 Slides.pdf

CHILD CARE BENEFIT (CCB) & CHILD CARE REBATE (CCR)

Confused? It's not uncommon for question marks to be raised or shoulders to be shrugged when CCB and CCR are mentioned. Rebates offered by the government can be difficult to understand, difficult to find out if your eligible and whether or not these benefits make it worthwhile going back to work! This article from MHP Private Wealth's Knowledge Centre is a great snap shot of the child care rebates and provides a clear understanding of the two, how and where to claim.

http://www.mhpwealth.financialknowledgecentre.com.au/kcarticles.php?id=1364 

More detailed information can be found here on the Department of Human Services webpage including the links to find out if you are eligible.

https://www.humanservices.gov.au/individuals/services/centrelink/child-care-benefit

SIMPLIFIED BAS FOR SMALL BUSINESS

This quarter sees the launch of the new simplified BAS system for small business.

With simpler BAS, from 1 July 2017 small businesses will have less GST information to report on their BAS. The only GST information required will be:

  • G1 Total Sales
  • 1A GST on sales
  • 1B GST on purchases

The following information will no longer be required:

  • G2 Export sales
  • G3 GST- free sales
  • G10 Capital purchases
  • G11 Non-capital purchases

If your annual GST turnover is less than $10 million, you will be transitioned to Simpler BAS reporting from 1 July 2017.

Simpler BAS will not affect how other taxes are reported (eg PAYG income instalments or PAYG tax withheld), or how often you submit your BAS.

You still need to keep records, such as invoices, as proof of any claims you make in your BAS and income tax return lodgements. 

Clink on the link below for a short video from the ATO relating to the new Simpler BAS initiative.

http://tv.ato.gov.au/ato-tv/media?v=bd1bdiub5aitrn   

Out of Interest

NEW $10 NOTE!

The revamped bank note has been designed to make it harder to counterfeit and has two small bumps to help the blind and vision impaired identify it. It starts circulation today! Check it our here at 9Finance......

https://finance.nine.com.au/2017/09/19/07/21/new-dollar-note-to-begin-circulation

YOUR MONEY PERSONALITY!

Money Personality helps you understand your behavioural preferences and how these preferences relate to money and wealth. Just for fun, complete this quiz from MHP Private Wealth's Knowledge Centre and see what your money personality is. Are you an owl, monkey, labrador or dolphin!?

http://www.mhpwealth.financialknowledgecentre.com.au/kcquiz.php?mid=3

Have a great month and please contact us for any clarification on any tax matters or issues pertaining to your individual circumstances. 

Be sure to check out the links below and keep up to date with the due dates for your tax obligations

Kind Regards

The Team
McDonnell Hume Partners 
www.mhpartners.com.au

Key Dates

You can keep up to date with important accounting and business dates and deadlines. More...

Tax Facts

The Tax Facts section where you can learn more about tax requirements within New Zealand. More...

Calculators

Try out our new online calculators. More...

Request Appointments

You can also organise an appointment with one of our staff via our special online appointment form. This is particularly useful if you struggle to find the time during normal business hours to phone. Simply click here to book an appointment.

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