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Banking On Your Smartphone

 With the constant developments in today's technological environment, it is estimated that approximately 60 per cent of Australia's population will be using smartphones by the end of the year. If you're yet to jump on the iPhone or Android bandwagon, the benefits of the banking apps that are now available may have you convinced. If you're a fan of internet banking, the banking apps take the concept one step further, enabling customers to check their balances, make transfers and pay bills when they don't have access to their computers. The big four banks all have apps on the market, however CBA and ANZ have taken the notion one step further for those who are willing:

ANZ Mobile Payments - need to transfer money but not sure of the recipients bank account details? No worries. So long as they have an Australian bank account, you can simply type in their mobile number and send them through the money. Or, if you're feeling particularly brave.

Commbank Kaching -  With CBA's new app, they boast that you can 'leave your wallet at home'; there is no longer a need for cash or cards, only your smartphone. Kaching offers the same mobile payment feature as ANZ, but the real highlight is having the ability to pay for purchases under $100 by simply waving your phone over a PayPass terminal at participating stores. This requires the purchase of an iCarte case to fit to your smartphone, but otherwise it really is as simple as it sounds. CBA ensures that this feature is completely safe, but as to whether it will take over the use of cash and cards, is yet to be seen.

While these features are available to all customers, they do not necessarily have to be utilised; simply having the ability to transfer money from your savings to your cheque account while in line at the supermarket may be benefit enough for most. All of the bank apps are free to download, simple to use, and could be of benefit to your business or personal banking for those prepared to take the next step. If you'd like to find out more about smartphones, apps and all they have to offer, please give us a call.

Welcome to the new GMG Accounting website

As you may have noticed, we have recently revamped our website look. This website design change has been in the pipeline for a little while now so we are glad to see it has hit the light of day. We have updated a lot of our information and hope to be keeping everything fresh from now on. You can also look forward to more of the same handy tidbits of information that we are currently publishing in our latest blog posts. 

We would love for you to give us your opinion on the new look and website format.... you can drop us a line at  

Want to improve your cashflow??? 

Budgets are a great way to improve and monitor your business cashflow during the year. 

Now is the ideal time to get your budget prepared for the new financial year. 

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Plan for your Taxes and Reap the Rewards.

Some small business owners and employees neglect to plan for their taxes and end up missing tax planning opportunities. By having a thorough and tailored tax strategy and a commitment to its implementation you will notice a reduction in the tax you pay each year. The taxation system can be complex but it can be navigated to ensure you never pay more tax than necessary. 

Don't get caught out!!   Be proactive your accountant can help you with setting strategies which help keep your taxes under control and allow you to better grow your business and increase personal investments without having any unnecessary tax burdens. 

Some of the following strategies are often considered during the tax planning process. 

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Introduction to Fuel Tax Credits

Many of our clients currently claim credits on their Business activity statements for the tax they have paid on fuels such as diesel and petrol. This rebate can quite significantly reduce a client's GST liability or be returned to them as a refund if no GST is payable. 

The most common claims are for: 

  • Fuel used in a vehicle weighing more than 4.5 tonnes (truck) on a public road 
  • Fuel used in agricultural activities, fishing & forestry 
  • Fuel used in machinery for other activities including mining, construction & manufacturing 

There are a number of other uses of fuel that could make you eligible for a fuel tax credit. So if you think you might be eligible please give us a call. 

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The Carbon Tax - will you see any benefits?

The Gillard government's carbon tax is set to come in on July 1 2012 and indications are that it will lead to an increase in prices.

Reports suggest that prices will increase by only 0.7% and it is expected that most businesses will pass this increase in costs on to their customers. 

The government has brought in various solutions to help ease the pain on households and business. 

There will be an increase in payments to pensioners, families and those on government allowances. The Clean Energy assistance supplements may also be paid to those in this group. 

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Are you frustrated by the returns that your Superannuation has been getting in recent years?? 

Have you ever wondered who make the decisions on how your retirement fund is invested?? 

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Is The Party Business, Your Business?

The names 'Tupperware', 'Lorraine Lea Linen', and 'Chefs Toolbox' often remind people (especially women) of an evening with friends buying high quality products which are more expensive than what you would get in stores, but are also of much higher quality. These types of direct selling companies offer commissions to their sales force in return for them actively selling the products. 

In the last 12 months here in the office, we have had two staff members who have taken up these opportunities so there has been some discussion about when it is no longer classed as a hobby but is a business and so the income needs to be declared. Income in this example is the commission that is earned off sales, not the total sales amount. 

There is a list of questions on the ATO website which help to determine whether the activity you are undertaking is a business or a hobby. They are questions regarding the goal of the activity, manner in which it is undertaken and the characteristics of the activity.

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To build or to buy??

Most people at some point in their lives will be faced with the decision of becoming a homeowner.

For most of us, it comes when we realise we are paying someone else's home loan by renting their house, when we could be paying off our own. 

I decided 18 months ago to take the plunge and become a homeowner, but I was soon faced with a bigger decision to make: To build my home, or to buy an existing home? 

Everyone has their own opinion on this dilemma, it maybe from their own experiences or someone else's that has formed their opinion. There are many things that everyone should consider before making the final decision and here some of the ones that helped me: 

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Sheep or no sheep

The question is often debated about the value of running sheep in a cropping business. We have found that the running of sheep often depends on whether the individual likes or hates sheep. 

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