GMG Financial Group Blog

COVID-19 Stimulus Package - Apprentices & Trainees

Tue, 24 Mar 2020 22:00:00 GMT

In line with the second economic response package, the federal government is supporting small business to retain their apprentices and trainees. Wages subsidies will be paid to eligible employers equal to 50% of their apprentices/trainees wages from 1 January 2020 to 30 September 2020. Employers who are eligible will be reimbursed up to a maximum of $21,000 per apprentice/trainee.

Eligibility

The subsidy will be available to small businesses employing fewer than 20 full-time employees who retain an apprentice or trainee as at 1 March 2020.

Has re-employed a displaced apprentice/trainee, who was employed by a small business at 1 March 2020 but who has since been released from their apprenticeship/traineeship by their employer.

Employers will be able to access the subsidy after an eligibility assessment is undertaken by an Australian Apprenticeship Support Network (AASN) provider. Employers will be able to access the subsidy after an eligibility assessment is undertaken by an Australian Apprenticeship Support Network (AASN) provider.

Timing

Employers can register for the subsidy from early April 2020. Final claims for payment must be lodged by 31 December 2020. Further information is available at:

The Department of Education, Skills and Employment website at: https://www.dewr.gov.au/

Australian Apprenticeships website at: www.australianapprenticeships.gov.au For further information on how to apply for the subsidy, including information on eligibility, contact an Australian Apprenticeship Support Network (AASN) provider.

For further information on how to apply for the subsidy, including information on eligibility, contact an Australian Apprenticeship Support Network (AASN) provider.

COVID-19 Stimulus Package - Coronavirus Income Support Supplement Payments

Tue, 24 Mar 2020 22:00:00 GMT

A $550 fortnightly Coronavirus supplement, to commence from 27 April for an initial six month period, will be paid to eligible recipients.

Eligibility

Permanent employees who are stood down or lose their employment, sole traders, the self-employed, casual workers and contract workers. This payment is in addition to the JobSeeker Payment under expanded accessibility

Existing and new recipients of the JobSeeker Payment, Youth Allowance JobSeeker, Youth Allowance Student, Parenting Payment, Farm Household Allowance, Special Benefit

If you're already receiving one of the welfare payments listed above, you don't actually have to do anything. Services Australia will automatically pay the Coronavirus Supplement to eligible recipients each fortnight.

If you're not currently receiving welfare, you'll need to apply online at MyGov using a Centrelink account or contact Services Australia by phone.

If you require further information on any of the above, require assistance in working out your eligibility or help lodging an application, please call our office on (03) 5032 9422

COVID-19 Stimulus Package - Boosting Cash Flow Employer Payments

Mon, 23 Mar 2020 22:00:00 GMT

COVID-19 Stimulus Package – Boosting Cash Flow Employer Payments

The Government is providing up to $100,000 to eligible small and medium sizes business, and not-for-profits that employ people, with a minimum payment of $20,000.

On 12 March 2020, the government announced the Boosting Cash Flow for Employer's measure. The measure initially provided up to $25,000 to business, with a minimum payment of $2,000 for eligible businesses.

The government has now enhanced this measure as of the 22 ^nd of March 2020 as part of the second economic response package. Under the enhanced scheme, employers will receive a payment equal to their PAYG withheld on employees' wages, with the maximum payment being increased from $25,000 to $50,000. In addition, the minimum payment is being increased from $2,000 to $10,000.

Above all this, an additional payment is also being introduced in the July to October 2020 period. Eligible entities will receive an addition payment equal to the total of all the boosting cash flow for employer payments they have received.

Eligibility – Boosting Cash Flow for Employer payments

Small and medium sized business entities and not for profit organisations with aggregated annual turnover under $50 million and that employ workers will be eligible.

The payment will be delivered by the ATO as an automatic credit in the activity statement system from 28 April 2020

Eligible employers that withhold tax to the ATO on their employees salary and wages will receive a payment equal to the amount withheld, up to a maximum payment of $50,000

Eligible employers that pay salary and wages will receive a minimum payment of $10,000, even if they are not required to withhold tax

The payments will only be available to active eligible employers established prior to 12 March 2020.

Quarterly lodgers will be eligible to receive the payment for the quarters ending March 2020 and June 2020. Monthly lodgers will be eligible to receive the payment for the March 2020, April 2020, May 2020 and June 2020 lodgements.

To provide a similar treatment to quarterly lodgers, the payment for monthly lodgers will be calculated at three times the rate (300 per cent) in the March 2020 activity statement. The minimum payment will be applied to the entities' first lodgement.

Eligibility – Additional payment

To qualify for the additional payment, the entity must continue to be active.

For monthly activity statement lodgers, the payment will be delivered as an automatic credit in the activity statement system. This will be equal to a quarter of their total initial Boosting Cash Flow for Employers payment following the lodgement of their June 2020 , July 2020, August 2020 and September 2020 activity statements (up to a total of $50,000)

For quarterly activity statement lodgers, the payment will be delivered as an automatic credit in the activity statement system. This will be equal to half of their total initial Boosting Cash Flow for Employers payment following the lodgement of their June 2020 and September 2020 activity statements (up to a total of $50,000)

If you require further information on any of the above, wish to check if your eligible or need assistance lodging your activity statements to ensure you receive the credits, please call our office on (03) 5032 9422 . As the situation changes we will continue to relay the information to our clients and community.

For more general information please follow the link to the Treasury Fact Sheet

COVID-19 Stimulus Package - What it means for you?

Tue, 17 Mar 2020 22:00:00 GMT

We have already seen how COVID-19 has impacted our everyday living from our daily grocery shop, all the way through to our local community, sporting events & tourism industry.

We have seen supply chain disruptions making it difficult for businesses to provide the usual goods and services, as the flow of imported and exported goods from China and other countries are being delayed or halted.

That means our local building and supplies store might not have the materials we need for the weekend DIY job, or bigger yet, the materials we need for building homes & commercial properties.

In addition, our local farmers are having difficulty sourcing chemicals for their upcoming cropping season with some of these chemicals being on order since December.

It also means your local café or restaurant might not have access to the same everyday products, as the demand for food continues to grow.

Ultimately, COVID-19 is having a domino effect not only on our individual health but on our small business economy.

So, what's out there to help small businesses?

On 12 March 2020, the government announced a package of measures to help the economy withstand and recover from the economic impact of coronavirus.

The following measures may be introduced to government legislation in the coming weeks.

- Increasing the instant asset write-off threshold from $30,000 to $150,000 for eligible businesses with an aggregated annual turnover of less than $500 million.

- A time limited 15-month investment incentive to support business investment and economic growth over the short-term, by accelerating depreciation deductions. An instant deduction of 50% of the cost of an eligible asset on installation will apply.

- Boosting Cash Flow for Employers by providing up to $25,000 to assist with staff wages. The payment will be delivered by the ATO offsetting the amount of your PAYG Withholding tax payable for the first 6 months of the calendar year.

Facebook is also offering $100 Million in cash grants and advertising credits. The grants will be available for up to 30,000 eligible small businesses in over 30 countries.

The big 4 banks are providing fee-free redraws on loans, early access to term deposits, deferred payments on business credit cards, waiving merchant fees and deferring home loan repayments.

This is a tough time for everyone but we need to keep in mind that our local businesses still need our support.

If you require further information on any of the above, please call our office on (03) 5032 9422 .

This is a developing situation changing daily and sometimes even hourly as more relevant information come to light we will keep you informed.

Is Bad Cash Flow keeping you awake at night?

Tue, 28 Jan 2020 22:00:00 GMT

Is bad cash flow keeping you awake at night?

It is common to see profitable businesses struggle with cash flow difficulties. Small Business owners need to understand the ebbs and flows of their business and plan ahead.

The ideal situation for a business owner is to be able to pay all suppliers by due dates. Fall behind and the grapevine always seems to spread faster with bad news. A bad reputation for paying bills has many repercussions including difficulty in obtaining supplies and can also lead to a downturn in customers.

It's common that many small businesses fail during their infancy. This is due to new business owners spending cash flow without planning for future liabilities including Tax, GST, PAYG Withholding and Superannuation commitments.

It is often the second year in business that hurts most as you can get through the first year without paying any income tax. But when it catches up, it catches up two fold as you will be required to pay your prior years tax in full, and start paying instalments toward the year you are currently in.

The key is to understand and manage your cash flow, and budget!

For assistance in the area of cash flow – get in touch with your accountant! Many see accounting fees as an additional cost of operating their business, rather than seeing it as an investment in your business reaching its full potential

Growing your Business - Shape Up or Ship Out!

Fri, 09 Jun 2017 23:00:00 GMT

Fact – 88% of sales is repeat business. It's at least 10 times easier to get another sale from an existing customer than a new prospect.

I have heard the talk over the past 5 years or so that online businesses are to blame for a decline in business profits. Change is here and has been for some time and will not stop. Change is now apart of everyday life. Technology, Cloud Technology, online shopping and society as a whole continually change & all business sectors need to adapt to continue to remain relevant.

Below are some brief ideas that anyone can adopt to ensure they remain relevant, competitive and profitable:

Treat all your customers will the utmost respect. Greet all customers with a smile and show them that you care. 1st impressions last.
Can't beat them join them. Customers will tend to look up goods & services on the internet. Your business should have a website. You can be open 24 hours a day.
Websites need updating regularly as well. The more updates you do to your website the more google hits you wil receive. A stale website is a negative experience for a customer.
Entice customers into your business. You need to devise sales and marketing strategies.
Problem solve for your customers. If you don't have an immediate product or answer for your client assure them that you will source a result. Create relationships with business partners.
Up sell. Teach your staff to up-sell. Do you want fries with that?
Up sell. Package products together. 6 pack of beer & some chips.
Training, training, training. You need to invest time & attention to all staff. They are a reflection on the business. Continued training, reviews and new challenges are also required.
Praise. Thank customers for their support. And importantly don't forget to thank your staff as well.
Listen more & talk less! 2 ears 1 mouth!
Have devised systems and processes for all aspects of your business.
Bean counting. Review your gross profit & overheads regularly using cloud accounting to identify issues and fix before they become a bigger problem.
Always deliver on your promises. Do what you say and remember to follow up requests.

Change occurs each day and that is why it is important to review your business on a continual basis. We all know how busy owners are working in their business & that is where GMG can help. We can become your business coach to assist you working on your business and to ensure you remain relevant.

The 101 for First Home Buyers - Part 2

Wed, 31 May 2017 23:00:00 GMT

Buying your very first home can be a very exciting process, but also an expensive one. It's very important to fully understand what you are getting into before making what is likely to be your most expensive purchase so far in your life. Here are some helpful hints that may make the process a little more stress free.

Building your dream home?

From the 1 ^st of July 2017, the Andrew's government will double the First Home Owners Grant (FHOG) from $10,000 to $20,000, payable when a contract is signed for a newly established home. First home buyers may also eligible to receive 50 – 100% off their stamp duty on the purchase of their land. Lenders will take these amounts into consideration when calculating the required deposit for a home loan.

For example, a $200,000 property could be bought with a $20,000 cash deposit and the $20,000 FHOG – a total deposit of $40,000 or 20%. Such a situation might save you from having to pay Lenders Mortgage Insurance, as the deposited amount is 20% or more of the property. This is a huge saving to first home buyers as more funds may be available to put towards to the property build.

This is expected to help over 6,000 Victorians purchase their first home and to build and live in their local communities. Note: the grant is only available to first home buyers building new homes valued up to $750,000 in regional areas (ie. not Melbourne).

Buying Established Home?

As of the 1 ^st of July 2017, the Andrews's Government will axe Stamp Duty for First Home Buyers on both new and established homes under $600,000. First home buyers purchasing a property between $600,000 and $750,000 will receive a tapered discount. For example, stamp Duty on a $300,000 home will drop from $5,685 to NIL for first home buyers – this gives first home buyers the advantage of being able to put more money into their new property.

What is Stamp Duty?

Stamp duty is a charge which is applied by the state governments in relation to the transfer of land or property. As such, each state has its own rules - here we have discussed those which apply in Victoria.

Low Deposit Home Loans

Financial institutions generally required deposits to be around 20% of the property value. This is to provide confirmation to your lender that you have the ability to save and are able to meet your monthly mortgage repayments. In an ideal world you would be a banks model candidate. Depending of the price of the property, first home buyers may not be able to afford the 20%, and that's okay because there may be more options available to you.

Lenders will often allow individuals to borrow above 80% of the property value to own their dream home faster. They do this by adding a one off payment to the loan - lenders mortgage insurance (LMI). The aim of this payment is to protect the lender (not the borrower). The lower the deposit on your property, the higher the risk you become to the bank. This payment is a once off premium, with the payable amount entirely depending on the amount being borrowed. Some lenders may allow the borrower to add the cost of their premium to their monthly loan repayments, - meaning no upfront cost.

Other factors to Consider

Its getting harder and harder for Australian's to save for their first home. These few changes have made it somewhat easier although we still need to consider the underestimated additional costs.

Items such as home and contents insurance, legal fees, moving costs, inspection reports, council rates and transfer fees need to be well-thought-out. It's important that these additional costs are taken into consideration, as well as knowing exactly how you will make the monthly repayments on you property.

It is important to shop around; each lender will have different packages to attend to your needs and financial capabilities. Lastly, ask questions, this is so important! It's not everyday that individuals go and purchase homes and it isn't something which you will naturally understand the process of. As such, there is no such thing as a silly question!

If you are interested to learn more about this topic and how it may affect you, you can call or book an appointment on (03) 5032 9422 .

The 101 for First Home Buyers - Part 1

Tue, 30 May 2017 23:00:00 GMT

Who wants to own their very first home?

Buying your very first home is the Great Australian Dream. It can be a very exciting process, but for some, especially first home buyers and lower income households, it's getting much harder for this dream to become a reality.

Did anyone take note of the 2017/18 federal budget overview?

No ?

Well here is what's relevant to you!

First Home Super Saver Scheme – 2017-18 Financial Budget

In the 2017/18 financial year budget, the Federal Government have imposed that first home buyers will be able to save for a deposit through superannuation:

- As of the 1st of July 2017 you can make voluntary super contributions of up to $15,000 per year (or $30,000 in total), to help you save for that deposit on your dream home.

- Voluntary super contributions can be deductible or non-deductible in your individual tax return. Deductible contributions reduce your individual taxable income, and will be taxed at 15% in the super fund when they are deposited. All future earnings within super on the amounts deposited are also taxed at 15%. This gives the potential to save you up to $5000 in income tax, depending on your circumstances.

- After the 1st of July 2018, these contributions can be withdrawn for a first home deposit only. Deductible contributions and earnings that are withdrawn will be taxed individually at the marginal rate less 30% offset.

The first home super saver scheme can potentially boost savings to put towards a deposit by at least 30%, as opposed to a standard deposit account. This is due to the concessional tax treatment and higher rate of earnings realised within superannuation.

This may be a huge benefit for home buyers, particularly in regional areas where $30,000 is seen to be a sufficient amount for deposit on a new home. This incentive provides first home buyers the chance to build their savings more quickly and purchase a home that they are happy with. The $30,000 contribution limit is per person, so couples will be able to both access the scheme and combine their savings for a single deposit.

The ATO has assumed the responsibility of administering the First Home Super Saver Scheme. They therefore are responsible for determining the eligibility of the person seeking a release of funds, and to approve the released amounts based on the information provided by the applicant and superannuation fund.

The ATO will also administer compliance mechanisms to ensure that people purchase their first home after they release monies from the superannuation fund. This means the amount withdrawn is not allowed for personal use, it is designed entirely for a home loan deposit.

If you are interested to know more about this topic or how it may affect you, you can call or book an appointment on (03) 5032 9422 .

Player Payment Rules and How They Will Affect You?

Thu, 20 Apr 2017 23:00:00 GMT

If you haven't noticed over the last few years, metropolitan and suburban football has been struggling. Small community football clubs all across the land are folding or merging, as they can no longer support escalating player payments along with dwindling volunteer help.

However, 2017 marks the first year for the Community Club Sustainability -Player Payment Rules. Put in place to maintain support and grow Australian Football at Community Level, while ensuring competitions are evenly matched and clubs financially viable.

From this season all player payments (match payments, cash incentives, bonuses, travel allowances, finals appearances and payments for other non playing roles) will be reported to the AFL before the season starts as a budget. Payments that have actually been made will then be lodged and reported to the AFL at the end of the season, post finals.

The 'salary cap' has been introduced in to stop financially stronger clubs being able to obtain an unfairly large proportion of the best players at the expense of the financially weaker clubs. Its aim will also be to boost memberships at all clubs, due to the more-even competition, which hopefully produces more volunteers.

Customarily, in the past, all or part of player match payments may have been 'cash' with the other portion being an actual 'wage' or 'travel allowance' and possibly appearing on a PAYG Summary.

'Cash' payments require no reporting on the clubs behalf and they do not form part of your taxable income.

If you have received a wage or allowance from football you would have received a PAYG Summary and it would form part of your taxable income (treated exactly the same as a PAYG Summary you received from other employers). You would need to keep record of this for when you lodged your Income Tax Return.

With the new Salary Cap and player contracts in place in the 2017 season - all match payments, cash incentives and bonuses will have to be reported by your football club to the AFL and also the Australian Taxation Office (ATO). This means you will receive a PAYG Summary and the Income you receive from Football will be taxable income.

The AFL have put in place severe sanctions for both Clubs and Individual Players if Player Payment Rules are not adhered to, which range from monetary sanctions, clubs forfeiting the right to register specific players, players forfeiting the right to register for a specific club or league, relegation of clubs and loss of or ineligibility of Premiership Points for past, current or future years.

So what does this mean for you as a Footballer?

Well to put it simply, you are now recognized as an 'employee' of your respective football club if they pay you in any way, shape or form. Any income received will have to be declared, but footballers may also be able to claim deductions against this income for football related expenses.

As well as this, players may also be entitled to Super Guarantee Contributions of 9.5% of their earnings from their employer, the football club.

To find out more information on what you may have to declare and what you may be able to claim as a footballer, call us on (03) 5032 9422

The Power of Influence - A Night with Chris Helder

Wed, 19 Oct 2016 22:00:00 GMT

Last Thursday night 6 representatives of GMG went to hear Chris Helder speak to an audience of approximately 90 people at Spoons Riverside, arranged by Swan Hill Inc. Chris is a certified practitioner of Neuro-Linguistic Programming specialising in advanced communication and behavioral modelling.

Chris provided us with a high energy and entertaining account of personality characteristics, body language and how we can identify these. This is designed to help us to be more aware of our own personality traits and also of those around us.

He also taught us his useful everyday communication techniques that can help us not only personally but professionally based on his FORD principle – Family, Occupation, Relax & Dreams (vulnerability).

Chris was an informative, entertaining and insightful speaker and I'm sure everyone who attended learned a great deal.

Below is a photo of our very own Ash Lawry with Chris Helder

The Great Australian Dream

Tue, 27 Sep 2016 23:00:00 GMT

Home ownership is considered to be part of the great Australian dream, and the 'primary residence' is one investment the ATO allows you to escape from the clutches of Capital Gains Tax (CGT).

Expenses incurred in maintaining your primary residence are often included as deductions in individual's tax returns. When does the deduction go too far? The 'tax free' status of the primary residence can be impacted!

Caution needs to be exercised for those who claim deductions in relation to their primary residence including:

Taxpayers who claim deductions for home office expenses
Taxpayers who rent out all or part of their residence (which is increasingly popular now with Airbnb)
Taxpayers running a home based business

If certain deductions are claimed, such as a portion of you home loan interest you may be surprised to find you could be subject to CGT on the sale of your residence.

Best to seek advice from those in the know!

Donating Blood - B Positive

Thu, 18 Aug 2016 23:00:00 GMT

I had always liked the thought of donating blood but like everyone life gets busy and there are things you don't get around to doing. So I finally got around to it when our office manager Bev (who makes regular donations) decided to book in some of the GMG staff that were interested. I was quite surprised when the only pain was the initial prick of the needle -the rest of the process was quite relaxing. You get to lay back in a chair and have a 15 minute break from your day while overall the appointment only takes around 40 minutes. There is also the added incentive of free snacks and beverages to refuel once you have completed your donation.

The donor van now has after-hours appointments as well and will even book you in for your next visit which makes going back very easy once you get the ball rolling. Having just completed my third donation recently, I would recommend donating blood to anyone who is interested.

For more information check out these links:

Australian Red Cross Blood Service

http://www.donateblood.com.au/

Better Health Channel Victoria

https://www.betterhealth.vic.gov.au/health/conditionsandtreatments/blood-donation

Tax Checklist - 11 Essentials to your Tax Return

Mon, 04 Jul 2016 23:00:00 GMT

Tax Time! That's right it's that time of year again – when everyone books in their annual trip to the accountant to get tax returns done!

For some this also means booking their next holiday or buying the latest tech gadget with their refunds – but before the daydreaming starts, you need to see us.

We get asked time and time again what you need to bring to us to do your tax. While most are pretty savvy when it comes to keeping track of their deductions, depending on your situation there may be other information we will require – so we thought we would compile a checklist for you to make sure you have everything ready to go!

To book your 2016 Tax Appointment call 5032 9422 or click here !

Income

1. PAYG Summary

Your employer is required to give you a payment summary each year by the 14 ^th of July. Depending on how many jobs you have had during the financial year you may have more than one employer, make sure you have a copy of all your PAYG Summaries, if you haven't received yours yet – check with your employer.

What to bring – A Copy of your PAYG Summaries from each employer

2. Bank Interest

If you hold money in a savings or investment bank account, there is a good chance it has been earning interest! Interest earned is taxable income and needs to be included in your tax return!

What to bring – A print out of Interest Earned for 2015/16 – you can usually get this straight out of your internet banking.

3. Shares

The dividends you received from shares are also taxable income – if you hold shares you need to include these dividends in your tax return. If you have bought or sold shares throughout the year there may also be Capital Gains or Losses to be included.

What to bring – Copies of your dividend statements for 2015/16. If you don't have these, but have your SRN Number, we can look them up for you. If you have multiple shares in a share investing account you may be able to print out a summary.

4. Managed Funds/Trust

Units in Managed Funds and Trusts produce taxable income – which needs to be included in your tax return.

What to bring – The Managed Fund or Trust will issue a Tax Statement this year, it is usually sent out by the end of August. Bring this with you so we can allocate the income correctly.

5. Government Allowances, Payments and Pensions

Some government payments are taxable, for example, Youth Allowance or Newstart Allowance, while other may not be taxable.

What to bring – Centrelink will issue you a Payment Summary for all taxable allowances, payments and pensions you have received.

Deductions

6. Motor Vehicle Expenses

While in most circumstances you cannot claim travel to and from work, other travel for work purposes may be claimed.

What to bring – Log/estimate all travel you have done for work during 15/16, we can then work out what will be your best motor vehicle claim

7. Work Related Expenses

This is a fairly broad area, which can be different for every occupation and employee. A good rule of thumb is if you have an expense which is related to your employment, keep track of it either via receipts, journals or bank statements - we can help you work out whether or not it is deductible.

What to bring - All the expenses for 2015/16 that relate to your employment and we can work with you from there.

8. Self Education

If you have partaken in any form of study which is directly related to you current employment (i.e RSA Refresher Course for a bartender) or is likely to result in an increase in income from your current employment (i.e Trade School expenses for an apprentice) you may be able to claim a deduction for some or all of those expenses.

What to bring – A record of all your self education expenses for 2015/16

9. Gifts/Donations

A donation over $2 to any registered organisation is a tax deduction.

What to bring – A copy of receipts and records of all the donations you have made during 2015/16

Other

10. Rental Properties

If you have a rental property that has made a profit for the year (positively geared) it will increase your taxable income, if your rental property has made a loss (negatively geared) it will decrease your taxable income.

What to bring – Copies of all income and expenses related to the properties, including the agent's rental summary and interest on loans.

11. Private Health Insurance

Depending on the Type of Cover and your income, Private Health Insurance can affect whether you need to pay the Medicare Levy Surcharge and if you are eligible for the Private Health Rebate. You insurer will provide you with an annual statement which is included in your tax return.

What to bring – A copy of your Private Health Tax Statement for 2016

While this list may seem pretty long it is only a guide - depending on your situation there may be other requirements, which our friendly accountants can help you with.

The easiest way to tackle your tax is to book in with us on 5032 9422 . If you pay on the day of your 2016 tax appointment, you will go in the draw to win a $500 cash prize - what a bonus!

The Art of Discipline

Mon, 06 Jun 2016 23:00:00 GMT

I came across this article recently and thought I would share it with whoever is interested.

Link: Could a finance course save wealthy athletes from themselves?

Large contracts for being a professional athlete were probably never going to eventuate for myself given my lack ability and height! (I await small joke comments with angst)

But for some people this is the case, or maybe even a small windfall or gain, inheritance or even surplus cash.

I have named this blog 'The art of discipline'. If you are one of the lucky ones and you do not want to end up in a situation that you have blown it all, than being discipline & setting yourself a plan & sticking to it is a must.

Here at GMG we can assist with this process and also have access to some great networks to help you invest your money wisely. #StillwaitingforCollingwoodtocall!

July 2016 Minimum Wage Increase

Wed, 01 Jun 2016 23:00:00 GMT

The Fair Work Commission has recently announced an increase of 2.4% to the National Minimum Wage. The 2.4% increase will be payable from the first full pay period on or after 1 July 2016.

If you are an employer, the award that you use will be updated to reflect the new rate of pay – the update to your award should occur during June. We advise all employers to obtain the updated award - in particular, the rates of pay - to ensure you are compliant for the new financial year.
Employers should review other employment obligations such as superannuation (i.e. setup of the superannuation clearing house), WorkCover, Co-Invest and Payroll Tax to make sure you are compliant from 1 ^st July 2016.

Should you require assistance with any of your employment obligations, please give us a call at the office on (03) 5032 9422 .

Google MyBusiness - SEO Made Easy

Tue, 24 May 2016 23:00:00 GMT

You ma y have noticed a Google MyBusiness advertisement coming up a bit more recently in the last few months – most people would think that this is actually a paid advertisement but the internet savvy surfer would recognise this as a Google MyBusiness Page.

Google MyBusiness is a free service available to business owners that allows you to add in all the relevant information for your business – it will then show your address (and can provide GPs directions on smartphones), upload your photo or logo and provide a number that people can call to get access to you (again, very easy on a smartphone).

Signing up for a MyBusiness page is pretty easy – your first step is to Google "Google MyBusiness" (contrary to popular thought, googling google does not crash the internet). You can enter your business information to create your listing or take over an existing one that Google might have created for you. The information that you can provide is pretty limited until you get verified (either via phone or by receiving an automated google post card to your address) but once verified, you can put up anything you like, along with being able to track various metrics like total views or clicks.

Google MyBusiness is a great free tool that all businesses should take advantage of if they aren't already – if you don't feel that it's doing enough to get your business out there, it is also a great pathway into online advertising.

2016 Federal Budget - Review

Tue, 03 May 2016 23:00:00 GMT

Last night the government announced the 2016 Federal Budget - like the Abbott-Hockey budget last year, there have been some big changes to the taxation system and to small business in this years Turnbull-Morrison budget.

From 1 July this year, Small Business will get a further tax cut on the 2015 cut, the rate will be reduced for incorporated small business from 28.5% to 27.5% and the eligibility of small business rise form $2 million turnover to $10 million – this will slowly increase and by the 2026-27 all incorporated business with a turnover of less than $1 billion will be taxed at 25%.

The Small Business Tax offset for unincorporated businesses will also increase from the 5% brought in this year to 8% to match the tax cuts for companies.

The budget will also increase the middle income tax bracket from $80,000 to $87,000 in the 16-17 financial year – for someone earning $87,000 annually, they are set to save about $6 per week, only the top 25% of working Australians are set to benefit from this tax bracket shift.

The temporary budget levy will be removed for Australia's high income earners, bringing the top marginal bracket down by 2% to previous level of 45%. While this will reduce their tax burden, they are expected to be hit harder by super changes.

Accompanying the crackdown of the super tax concessions for high income earners (increase the tax rate to 30% for those who earn more than $250,000, up from 15% and a reduction in the concessional contributions cap to $25,000 from $35,000), the treasurer announced a Low Income Superannuation tax offset, which will give people with incomes up to $37,000 a refund of up to $500 in their super account of the amount of tax paid on there super contributions, making it more tax effective for these Australians to put additional contributions into super.

Other notable points to come out of last nights budget

· Unemployed Youth – government to offer jobseekers under 25 to register for pre-employment skills training and top ups to there regular income support payment to take on internships, where job seekers will work 15 to 25 hours a week for between 1 and 3 months, there will also be benefits for business to take on these job seekers.

· Property Owners – Negative gearing is here to stay, and there will be no change to capital gains tax – This is a win for homeowners, first home buyers hoping for some housing affordability relief in the current inflated property market are out of luck.

· University Students – Fee deregulation from last years budget has been put on hold, while funding cuts to universities and changes of how students loans are repaid and recovered are still on the table.

· Victorians – or more to the point Melbournians – $1.5 billon in funding previous paid to Victoria for construction of the East West link road project has been re-allocated to other infrastructure projects.

· Women – Along with the low income super offsets previously mentioned, partners will also get tax offsets for putting money into there low-income spouses super, this is to help the recognised problem of women who take time off to work to have children struggling when it comes to saving for their retirement.

With more measures this year effecting your taxable position, there is no better time than now to take advantage of our Tax Planning service before 30 June, call our office to book an appointment.

Calling all Bright Ideas! - LaunchVic Initiative

Tue, 26 Apr 2016 23:00:00 GMT

In the 2014 election, the Victorian Government made the commitment to establish a new startup entity that would support entrepreneurs to develop and grow businesses.

The Minister for Small Business, Innovation and Trade, Philip Dalidakis announced the creation of LaunchVic to be an independent company that will accelerate startups, drive new ideas and create jobs in Victoria.

Established to sit at arm's length from the government to avoid funds being caught in red-tape, LaunchVic will have access to $60 million over the next 4 years, with t he first round of applications closing on the 6 ^th of May 2016.

LaunchVic will work in partnership with entrepreneurs, industries, businesses, the community and the educational institutions to strengthen Victoria's entrepreneurial and startup ecosystem.

During the next four years, LaunchVic will focus on a comprehensive program, including:

Support - Expanding the capacity of accelerators and infrastructure in Victoria.

Mentoring - Entrepreneur mentoring, scholarships and corporate placement programs.

Access - Helping entrepreneurs find ways to better navigate the system.

Visibility - Events and marketing campaigns to profile Victoria's startups locally, and ecosystem internationally.

Overseas Talent - Attracting high profile entrepreneurs and global thought leaders to Victoria.

Government Policy - Advocacy around Commonwealth legislation and regulation affecting startups and entrepreneurial enterprises.

Proposals for funding should address the following key criteria:

Value-add to Victoria's acceleration, incubation and co-working capabilities.
Programs that are ambitious, creative and have a global orientation that will deliver maximum impact and support for Victorian entrepreneurs and startups/scaleups.
Strengthen ecosystem collaboration and diversity, including gender, cultural and economic.
Credible financial projections.

Proposals should also articulate what the funding will be used for and how it satisfies the above criteria and program objectives.

For more information on guidelines and applications, please visit www.launchvic.org

If you believe your operations/business fits the funding criteria you can contact our office for help with the application process, we will also keep you updated when new lots of funding opens up with LaunchVic

Co-Operatives - A future for business in Rural Australia

Thu, 07 Apr 2016 23:00:00 GMT

GMG Financial Group have been involved in Co-Operatives in the local community for over 40 years.

We currently oversee and process invoices and accounts, collect money and pay suppliers for Moulamein, Tooleybuc and Cannie Ridge farming co-ops. Members of these co-ops are able to negotiate with local suppliers for better prices because they are joining together for bulk purchases and guarantee regular payment to the local supplier. This is a great benefit to both parties.

Grain Co-ops have emerged over the past few years and we are involved with Moulamein, Boort, Berriwillock, Nandaly and Landsborough West o-ops. These co-ops provide storage options for grain and marketing by facilitating back to back sales.

We are all aware of the plight of small rural towns which are in rapid decline, as the current economic environment is making it more difficult for these to be a viable business for people to run. These rural towns need a local businesses as they are isolated from larger towns and essentials are required to be supplied to the farmers and residents.

Our firm is working with two of these towns by assisting the Co-Operatives with financial advice, assistance and on going support. Several years ago Culgoa residents formed a co-operative to keep their local store running, this has been operating successfully for over 10 years. Recently Sea Lake locals joined together to keep their hardware store operating.

Our managing partner Rick Pickering was present at the recent take over of the Sea Lake Hardware store.

GMG are proud to be involved with these community Co-ops and wish everyone involved every success with their ventures.

How to Achieve the Perfect Work/Life Balance

Thu, 31 Mar 2016 22:00:00 GMT

Get Active!

With the busy Christmas period over, it's so easy to get back into that bad routine of Eat, Sleep, Work, Repeat. After all those New Years Resolutions and January gym memberships we always seem to end up back on the couch! The goal of today's blog is just to provide a friendly word of encouragement to get out and active with your family and friends.

Whether it's a game of golf on the weekend or a walk and talk every night with friends, it's important to remember that we work to live, not the other way around. I for one have been spending a lot of time out on the driving range, trying to fix an issue where I'm standing too close to my ball…after I've hit it.

While we here at GMG can't help you with your golf game (we have enough problems of our own!), we can certainly take some of the hassles out of your business obligations, giving you more time to enjoy all that this beautiful region has to offer. So give us a call to get your work-life balance back on 'course.'

Are you making the most of your time?

Wed, 23 Mar 2016 22:00:00 GMT

In the office recently we conducted a session on Personal Efficiency. We all only have a limited amount of hours in the day, how do we make our time at work the most efficient that it can be?

Below are some of the ideas we shared in our personal development session.

Preparing for work:

Ensure you have enough sleep
Eat breakfast
Be healthy and active
Manage your mood (try to maintain a positive attitude)
Leave home at home (and work at work)
Drink plenty of water

At work:

Arrive to work on time
Make a 'to do' list:

Do it each night before leaving work so you can start straight away in the morning
Prioritise the list

Organise your workspace:

Clear clutter from your desk/workspace
Organise your emails (use sub folders, flags and categories)
Save a list of passwords so they are easy to find when needed
Save an excel list of shortcuts to websites/documents you frequently use

Eliminate distractions:

Put the mobile phone away (they can become more a hindrance than a help)
Emails

set specific times to check emails (first thing in the morning/after lunch)
remove pop up notifications

Block out your calendar if you have a specific task to complete

Have regular breaks
Delay non important jobs (add them to your to do list)
Understand your most productive times of the day (Schedule task that require full concentration for these times)
Understand what motivates you
Share idea on how to best use the technology you have

Job/Task Specific:

Understand the job/task before you start
Break job/task down into smaller tasks (Makes it less overwhelming)
Manage your time on tasks (Understand the budget – how many hours should it take)
Have a structured process for each time you prepare similar tasks
Dedicate your full attention to the one job/task at a time (Less likely to make mistakes)
If you have certain tasks to do daily/weekly set time aside in your calendar
Don't put off the difficult jobs, just do it, it will help clear your head for the rest of the day
Seek help from others when needed
Be an active learner, everyone makes mistakes, try to improve next time
Be confident in your abilities

Are Computers replacing Farmers?

Tue, 01 Mar 2016 22:00:00 GMT

There has been a lot of discussion about the potential impact of "Big Data" on Australian agriculture over recent times, with views ranging from "They'll never replace farmers" to "Its the end of agriculture as we know it, and farmers will soon be redundant." Exactly where advances in computer technology and digital information will take the agriculture sector over the next few decades is as yet uncertain, but what is already clear is that it is likely to result in pretty significant change.

In summary, the use of data analytics to analyse enormous datasets (think of a database of all the individual customer transactions of a major bank over a year, or all the purchases made by supermarket customers over a similar period, - both of which also have customers personal details included) banks now have this information available for retail business to produce insights into customer behaviour, it is effectively replacing the judgement and experience of managers rather with computer processing power instead.

"Now comes the second machine age. Computers and other digital advances are doing for mental power – the ability to use our brains to understand and shape our environments – what the steam engine and its descendants did for muscle power." (Erik Brynjolfsson, Director, MIT Initiative on the Digital Economy, Massachusetts Institute of Technology, 2015).

As recently as perhaps ten years ago, the cost of storing digital information such as harvester yield maps for example would have been prohibitive, it is now rapidly approaching the point where data storage capacity has no cost, with new cloud based systems

Computer developments appear more advanced in the cropping sectors, but applications are also beginning to emerge and gather momentum in the livestock and horticulture sectors. Exactly what the implications of these developments will be for the future of farming is as yet unclear in my mind. Perhaps the response that "a computer will never replace a farmer" is more wishful thinking than most might realise!

The Journey Through Retirement

Tue, 09 Feb 2016 22:00:00 GMT

There is an old saying: Old Accountants don't die, they just lose their balance!!

Whether or not this is true, we all come to a stage in our lives where contemplating life after work is part of our psyche.

After having spent many years working with clients, most of whom are friends, formulating plans for business handovers to the next generation, it has always been a topic in which I have been heavily involved.

Probably the most oft asked question I have heard is: " How much money will I need to retire?"

My reply is always the same: "How long are you going to live?"

Most major life-changing events such as marriage or divorce, involve an ongoing process of adjustment. Retirement is no exception. Marriage, divorce and other family related family-emotional issues have been the focus of decades of research and analysis by both clinical therapists and religious institutions. Unfortunately, the emotional and psychological frontier of retirement has remained virtually unexplored until recently. However, while research on this subject has barely begun, it is clear that the psychological process of retirement process follows a pattern similar in nature to the emotional phases accompanying other areas of transition.

Geoff of the Coast of WA near Broome after hauling in a snapper

Retirement: The Final Frontier

Retirees must face what is essentially the last transition in their lives. The first transition comes when we leave the security of home to begin our school life in kindergarten, and after school we have the rest of the day to ourselves. Another major transition comes when we join the working world. Now we work all week but still have the weekend to ourselves. Then finally comes retirement, a time when careers are over and the work is done. Retirees have the rest of their lives to themselves. The transition into retirement can be broken down into six main phases.

1. Pre-retirement Planning Time

During the working years, retirement can appear to be both an oncoming burden and a distant paradise. Workers know that this stage of their lives is coming, and do everything they can to save for it, but often give little thought to what they will actually do once they reach the goal. The current demands that are placed upon them leave them little time to ponder this issue. Many people face retirement like a player on the football ground who dodges and weaves his way through one defender after another until reaching the inside fifty and shoots for goal. It's hard for many workers to think seriously about what their lives will be like in 20 or 30 years when they are trying to stay on top of their mortgage, put their kids through school, and have some fun in the meantime. They want to kick the goal, but other issues will tackle them long before then if they don't take immediate action.

2. The Big Day Smiles, Handshakes, Farewells

By far the shortest stage in the retirement process is the actual cessation of employment itself. This is often marked by some sort of dinner, party or other celebration, and has become a rite of passage for many, especially for those with distinguished careers. In some respects, this event is comparable to the ceremony that marks the beginning of a marriage.

3. Honeymoon Phase I'm Free!

Of course, honeymoons follow more than just weddings. Once the retirement celebrations are over, a period often follows where retirees get to do all the things that they wanted to do once they stopped working, such as travel, indulge in hobbies, visit relatives and so on. This phase has no set time frame and varies depending upon how much "honeymoon" activity the retiree has planned.

4. Disenchantment: So this is it?

This phase parallels the stage in marriage when the emotional high of the wedding has worn off and the couple now has to get down to the business of building a working relationship together. After looking forward to this stage for so long, many retirees must deal with a feeling of letdown, similar to that of newlyweds who must get down to the business of living once the honeymoon is over. Retirement isn't a permanent vacation after all; it also can bring lowliness, boredom, feelings of uselessness and disillusionment.

5. Reorientation Building a New Identity

Fortunately, the letdown phase of retirement doesn't last forever. Just as married couples eventually learn how to live together, retirees begin to familiarize themselves with the landscape of their new circumstances and navigate their lives accordingly. This is easily the most difficult stage in the emotional retirement process and will take both time and conscious effort to accomplish. Perhaps the most difficult aspects of this stage to manage are the inevitable self examination questions that must be answered once again, such as "Who am I, now?", "What is my purpose at this point?" and "Am I still useful in some capacity?" New and satisfying answers to these questions must be found if the retiree is to feel a sense of closure from his or her working days.

But many retirees cannot achieve this and never truly escape this stage - make sure you do!

6. Routine Moving On

Finally, a new daily schedule is created, new marital ground rules for time together versus time alone are established, and a new identity has been at least partially created. Eventually, the new landscape becomes familiar territory, and retirees can enjoy the last phase of their lives with a new sense of purpose.

Conclusion

Life planning is an important key to successful retirement. Workers that have given serious time and thought to what they will do after they retire generally experience a smoother transition than those who haven't. Dreams and goals that cannot be achieved with a single trip or project may translate into long term part time employment or volunteer work. But it is never too soon to begin mapping out the course of the rest of your life.

As with all emotional processes that can be broken down into separate phases, it is not necessary to completely achieve one phase before beginning another (except, of course, for the actual cessation of employment). But virtually all retirees will experience some form of this process after they stop working. Their ability to navigate these uncharted waters will ultimately determine how they live the last phase of their lives.

50% OFF Vehicle Registrations for Apprentices

Tue, 02 Feb 2016 22:00:00 GMT

As of the 1 ^st of January 2016, Vic Roads is offering a 50% discount on 12-month vehicle registrations for eligible trade apprentices. That means a possible saving of up to $385.70! However, the following criterion needs to be met:

You must be registered as an apprentice with the Victorian Registrations Qualification Authority (VRQA) in an eligible course

The vehicle needs to be registered in your own name (motorcycles, trailers and mobile plant are excluded)

Not already have a concession applied to the vehicle(except for discounts for hybrid and electric passenger vehicles)

The vehicle must be used for work purposes, including travelling to multiple and varied work sites (this does not include commuting or travel to and from a single work site)

You must hold a current drivers license

Not already have a trade apprentice discount applied on another vehicle

Once you have received your renewal notice, you will be able to apply online or in store at Vic Roads where you will have to provide them with your VRQA registration number, vehicle registration number and driver's license number. Vic Roads will also verify with your employer that the vehicle is used for work purposes.

Small Business New Year's Review

Wed, 20 Jan 2016 22:00:00 GMT

For small/medium business owners (this includes you, farmers!), the stress of returning to work in the New Year is usually quite overwhelming - so many emails to answer and things to do! It is no surprise that planning for a successful 2016 is far in the back of your mind. However, the most successful business I have worked with taught me one critical lesson for business profitability - "Failing to plan is planning to fail".

Put simply, PLANNING IS THE SINGLE MOST IMPORTANT THING YOU CAN DO FOR THE ONGOING SUCCESS OF YOUR BUSINESS. Furthermore, planning is something that locally owned businesses and farmers are notoriously known not to do – when was the last time you set targets for each category of expenses in your business and checked in to make sure you were on target? Do you know how much other businesses similar to yours spend on the same sorts of things?

In Swan Hill I have heard many people talk about big business "taking over" - so why do they have a competitive advantage over the small guy? With a few exceptions (Dick Smith!), the fundamental reason is that they are exquisite planners. This involves precise daily, weekly, monthly, quarterly and annual planning and consistent and ruthless follow up.

Whilst managing at a national retailer, I recall blunt, non-negotiating calls with head office regarding a 1% overspend in budgeted weekly costs (it was less than $100, and EVERYTHING had a budget). Strict budgeting across all the expense areas improved the profitability of that individual business site by at least 20%-25% per annum.

So how does this affect you? In a break-even business with sales turnover of $500,000, a 1% improvement in expenses adds $5,000 to your bottom line. A 5% improvement (very achievable) could generate $25,000 – and as the owner, this money goes in your pocket. It is small improvements across lots of expense areas that add up very rapidly.

A couple of quick ideas to get you started in 2016:

· Get a formal, written plan for what you want to achieve this year. Be very specific!

· Phone around for better rates – on interest, electricity, gas

· Check-in with your employees

· Update your technology

· Most importantly - Ask your accountant for help! Our range of knowledge – including but not limited to industry benchmarks, planning strategies and great ways to improve your profit - are sure to help you plan to succeed. Call us today – (03) 50329422 !

How to survive on the Farm

Tue, 05 Jan 2016 22:00:00 GMT

How to survive on the farm

Primary producers have always been creative, otherwise they wouldn't survive. Their world is full of changing conditions and circumstances, to which they adapt, as a matter of course.

However, this does not always apply to the survival of the farm itself.

I read recently where Isobel Knight of Proagtive (based in Tamworth NSW) stated that "most farmers don't use their accountant to see how their business will stand the test of time or to delve into what's required to maintain its viability and give clarity and direction to the next generation."

She also indicated that farmers needed to lift their financial acumen by focusing on farm strategy for and involving the next generation. The aim should be to grow the asset base, not divide the asset pie.

One of the changes we have noticed is the concept of separating the ownership of the farming land from the entity operating business of farming on it. This can provide security for one generation and an opportunity for the next.

There is no one size fits all in family farming. Sometimes the family farming model is not a good fit at all.

We have the experience and expertise to assist in lifting financial acumen and providing assistance to all parties involved in finding creative strategies for the future.

The Most Wonderful Time Of The Year!

Wed, 23 Dec 2015 22:00:00 GMT

As kids we always looked forward to Christmas: all the cool stuff we would get, all the great food we could eat and lots of time to just enjoy life and have fun since school was out.

These memories are imprinted into our mind and are revived every year with the sounds and sights of the holiday season. It's a special time of year, one in which we celebrate and connect with those closest to us.

As adults, having time away from the workplace at Christmas provides a well earned rest and a fresh start to the New Year. It gives us an opportunity to recharge our batteries and return to work with fresh eyes and a rejuvenated attitude.

It can be a time of reflection and setting of 'New Year's resolutions'; taking time away can help provide a sense of perspective and an opportunity for self-evaluation and also a chance to take some time to set goals for the year ahead.

So, listen to your inner child … Enjoy the festive season & a well earned rest.

From everyone here at GMG Accounting, we would like to wish you a Merry Christmas and a Safe and Happy New Year.

Relay For Life 2015

Fri, 30 Oct 2015 22:00:00 GMT

Last Friday night, the GMG team 'The Number Crunchers' took part in the local Relay for Life at Riverside Park. The Number Crunchers team consisting of all the GMG staff along with their partners and kids all got together to have some fun and to raise some money.

Relay for Life is held to raise vital funds for the Cancer Council used in research, prevention, information and support services. The event is also to recognise and celebrate local cancer survivors, sufferers, their carers and to remember those lost.

With some glorious weather on the Friday night and then some much needed rain on the Saturday morning, the team kept walking right the way through to the very end.

Matt Lenton entertained a crowd with his musical talents and still managed to do a double shift in the early hours of Saturday morning.

It was great to see the local community come together and pull on their purple jumpers to raise money for this worthy event. This years Relay for Life for Swan Hill raised approximately $41,000, with the Number Crunchers coming 8 ^th in the donation tally.

If you want to know more about this event or read some of the inspirational stories visit Relay For Life 's Website

Congratulations and thank you to everyone for your participation and effort.

Until next year.

Tech Talk - Updating your Computer Systems

Tue, 06 Oct 2015 22:00:00 GMT

Being the office tech wizard I often have fellow employees (along with clients, family members, friends, estranged associates and the occasional internet blow-in) come to talk to me about technology. One of the most frequent things that come up is when people need to update their personal computer (aka laptop, Apple Mac, tablet, phone etc.). Most people come to me and they say "What do you think is a good computer to buy?" or "Do you think I should buy that one there?" and the first thing that I think to myself is – How the heck would I know?

The truth is that technology, like most other things in our lives, is dependent on the individual. There isn't a one size fits all computer – they are made up of a lot of different bits and pieces which we can customize to fit exactly to what we need. So that is where I start – I try to target a few key area's and then make a recommendation based off what I feel is important to a person. I've listed a few below…

· Budget – This is the most important thing – you need to figure out how much you want to spend and more importantly what you can actually afford . There isn't much point in spend over six grand on a computer if its going to take you the next four years to pay it off and you only really use it once a week.

· What do you use it for? – The easiest way to figure this out is by looking at what you currently use the tech for and what you might want to use it for? Is it an office PC? Do you work from home? Maybe a laptop with a couple of docking stations and sets of screens is a better idea rather than buying 2 separate PC's and needing to setup fancy remote connections and all that other stuff. Then again, maybe if all you use it for is surfing the internet and going on Facebook you might be better off with something like a tablet – the portability makes it easier to use at home on the couch or out and about rather then being confined to a desk. Or maybe you are an avid video game fan like myself and you need to go for the works – something at the very top end with a CPU that could beat the world champion in a game of chess, enough RAM to run a small enterprise and a video card that can process graphics that look so real that you can't actually tell. We've only really tipped the top of the iceberg here but the important thing to note is that there is no point in buying something that you might never need.

· Longevity – This is something you should take into account with your technology – how often have you had to replace it and how often will you need to? If you are an innovator on the cutting edge of technology then you might need to look at something that is replaceable in 12 to 24 months so you can keep up – I can say that I am guilty of grabbing a new phone when a new model has released and my old phone's contract has just fallen off (even when the old phone was still working OK). If you aren't going to use something very often, you might be better off spending a little bit more so that it will last the test of time – lets upgrade the RAM in your laptop so that when the next version of the Window Operating System comes out, you still have the capacity to run it with ease.

· Shop around – As is with anything, if you are going to spend a decent wad of cash you should shop around to make sure that you get the best price. I find that going to the larger providers like Dell, HP etc and selecting something with the requirements that you need is a good starting point – from here you can look down the street to the local PC provider or jump onto a computer superstore and get all of your parts sent out and put it together yourself.

· Take care of what you have once you have it – you don't want to have to replace your brand new piece of technology because you haven't been treating it correctly. It might seem like a great idea to watch a movie in bed on the laptop but you should be careful because if it doesn't get enough airflow then it might get to hot and cause damage to the components inside. Try to keep your technology is a dust and static free environment. Water (unless it's waterproof) is almost always a big no-no. My father is a farmer and I can't remember how many phones have been sent to 3G heaven because they slipped out of his breat pocket and into the spray tank.

This is just a quick recap on some of the things that I try to discuss when reviewing new technologies. If you think your business could use a technology retool and are not sure where to start – give us a call at the office.

If you want to find out more you can read my bio here .

NBN - aka Sky Muster - Will it deliver what we all hope?

Thu, 01 Oct 2015 23:00:00 GMT

As the world evolves & technology becomes a major part of this, here in the country we are forever behind the 8 ball due to a lack of internet speed.

I hear the frustrations from not only the employees here at GMG but from our clients, children and friends alike.

So with the news yesterday that the "Sky Muster" has been launched (a rocket carrying a ½ a billion dollar NBN satellite) will it be what we all hope?

With most software programs now being cloud based will the mid 2016 promise deliver?

Here at GMG we have learnt that if you don't accept change & progress with technology you get left behind.

If you don't want to get left behind and are looking for a more efficient & effective cloud based solution can you really afford not to contact us?

Check out the satellite – Looks more like a bug!

Coping with the Stress of Change

Fri, 24 Jul 2015 23:00:00 GMT

In business we are all faced with dealing with change, which can be stressful.

The World Health Organisation (WHO) defines stress as

" the reaction people may have when presented with demands and pressures that are not matched to their knowledge and abilities and which challenge their ability to cope."

When dealing with change and stress SURVIVAL is the key.

S Size up the situation
U Use all your senses
R Remember where you are
V Vanquish Fear and Panic
I Identify
V Value Learning
A Act like the Natives
L Live by your wits, but for now, Learn Basic Skills

Size up the situation

Don't over-eat. Drink lots of water. Watch your breathing
Size up your Equipment
Size up your physical condition
Size up your surroundings
Gather information, Training: Understand what, when and why
Be prepared to learn

Use all your senses

Watch your reactions, behaviour & emotions in stressful situations
Keep an eye on your team mates – can you help them
Ask Questions, Clarify information, Talk to others, 'Ask the experts'
Take notes, Keep 'in touch' with events
Listen to advice. Keep an 'ear out' for assistance and tips
Monitor your emotions Manage your stress levels, Maintain you work/life balance
'Sniff out' opportunities to learn and help others learn

Remember where you are

This is business/work, not war! Keep a realistic expectation of your (and others) abilities
We are all different and may react differently to situations
We are all in this together

Vanquish Fear & Panic

Plan ahead to succeed ---> Prior Planning Prevents Poor Performance
Use positive 'self-talk ---> "I am very smart, I can do this!"
Work your worries out ---> Identify your "Worry Shrinkers"

Identify

Identify similarities: One of the key aspects to learning is the ability to identify similarities between different subjects. How can you integrate two seemingly different phenomena? In that ways are they similar?
Identify the differences: The other key aspect is identifying the differences. How can you differentiate between two objects or phenomena? What makes the two different? What makes each one unique?

Value Learning

Accept mistakes as part of the learning process! (More Mistakes = Greater Progress)
Ask the experts!
To better navigate your way through the literature available for any given subject, it might be useful to ask some recognized experts for their own recommendations of books and resources to read, and any specific questions that you may struggle to find answers for. Experts don't just offer information. They offer insights.

To learn more, teach more!

Teaching others what you've learned is a great way to instil that information in your own mind. As you think of ways to better explain the subject, how to express it in your own words, and how to structure the information, you will develop a deeper understanding that will contribute to your own learning.

Act like the Natives

Go with the flow
Balance your life
Get help

Live by your wits

But for now Learn Basic Skills – Increases your ability to cope with the stresses of change

If your business environment or tax situation is causing you stress, book in an appointment to alleviate your worries.

Local Rental Market Pressures

Wed, 15 Jul 2015 23:00:00 GMT

As a young person, there comes a certain point when you (or sometimes your parents) decide that it's time to leave the nest and head out on your own. However, what can be an exciting and often defining moment in a person's life; will often stumble at the very first step – Where am I going to live?

It's a question that is becomes more daunting every year, as the housing and rental market in the Swan Hill region becomes harder & harder for a young person to enter. House prices have remained comparatively low and relatively steady over the last 6-7 years, and with the current low interest rates it's a fantastic time to buy. However buying a house is generally not an option for anyone leaving home for the first time, so out of necessity young people must turn to the rental market.

With 75% of people aged 15-24 renting in Australia, it's pretty clear to see that the barriers to entry are much easier to overcome. But it is difficult to argue against the fact that there is clearly too much demand and not enough supply, particularly in Swan Hill. The combination of low house prices and high demand for rental properties is fantastic news for investors, but ultimately is having a huge impact on young people.

Hopefully increasing prices & low availability won't force our local youth to look elsewhere to start their careers and families, or deter new young people from joining the community.

Crunching Numbers on the netball court.

Tue, 02 Jun 2015 23:00:00 GMT

Last year I decided to put together a GMG Accounting mixed netball team. I had a great response from staff and partners. The GMG Number Crunchers took to the court for the 2014 Spring competition and proved that your accountant has a few other skills away from the calculator.

Last season we finished second on the ladder and our own Shaun Lawry took out Best Fairest for the Mixed Netball League. We also ran our own in house Best & Fairest, votes taken down each week. Nonie Domaille won Best & Fairest easily, while both Justin Toomey and Shaun Lawry shared runner up. Tom Pepin won coaches award and Tamara Paull won most improved.

After such a great season and good end of season break up everyone couldn't wait to get back to the court this year. There was plenty of encouragement and talk around the office as the 2015 Winter Competition grew closer to starting. The GMG Number Crunchers lost a few big names but managed to pick up a few key players too. I was approached to take on coaching again, which I accepted. After some intense pre season training and new crisp bibs the GMG Number Crunchers were ready to hit the court.

The 2015 season started mid-April with a great start by the GMG Number Crunchers. Currently the GMG Number Crunchers sit 3 ^rd on the ladder with 3 wins and 3 loses to their name.

There is usually a good office vibe on a Wednesday afternoon when the team's weekly press release is issued including the line up for that night. Key players to keep an eye on this season are new recruit Andrew Halligan, husband and wife shooting duo Justin & Krystle Toomey and laying low stealing a few votes are Jess White and myself.

We have a really good fan base and some great supporters there every week which we really appreciate. The GMG Number Crunchers play every Wednesday at 6pm at the Swan Hill Basketball Stadium. With still 12 games to go anything could happen.

See you on the court.

Small Business & Farmers - big winners in 2015 Federal Budget

Wed, 13 May 2015 23:00:00 GMT

Last night saw Joe Hockey deliver the 2015 Federal Budget with Small Business and Farming Tax savings on the agenda.

Starting from 7.30 pm last night (12 ^th May 2015) small business with a turnover of less than $2 million annually can immediately deduct assets costing less than $20000. This increases the accelerated depreciation rules from the previous threshold of $1000.

In what Joe Hockey labeled as a 'game changer' for small business, these rules have been brought in to increase spending on infrastructure, which in turn will hopefully help to reduce the unemployment rate and grow the economy, both heavy focuses of this years budget.

With the downturn of the mining industry, it looks as though small business is what the government believes will be the driving force to grow our economy.

Another big plus for companies classified as small businesses is a 1.5% tax cut, meaning the tax rate will drop from 30% to 28.5%. A tax cut will also be extended to non-incorporated small business's such as sole traders and partnership, who will receive a 5% tax discount on the tax they pay on income from their business (capped at $1000 per year).

For farmers, along with the Small business tax breaks from 1 July 2016, they will be able to claim an immediate, total deduction for any spending on fencing and water infrastructure, the aim of which is to help encourage farmers improve there productivity and environmental management of the land through water conservation and cell farming.

These tax breaks, particularly the $20000 write off for small business are going to have immediate benefits as we begin tax planning for 2015, it will become a useful tool to make sure your business is tax effective.

If you want to take full advantage of our Tax planning service before 30 June, call the office and book an appointment

Other notable points to come out of last nights budget

Backpackers to lose the $18000 tax-free threshold
GST to be charged on digital services provided by foreign firms (the Netflix Tax)
Claim down on multi-national corporate to avoid tax in Australia (the Google Tax)
Simplified Childcare Subsidies, making working parents better off
Tightening of the Age care pension assets test from $1.15 million to $823,000

Pressure on Independent Retailers

Thu, 07 May 2015 23:00:00 GMT

If any readers have visited GMG Accounting's Swan Hill offices over the past few months or picked up the local paper anytime over the past couple of years, I'm sure you will be aware of a certain hardware chain putting up shop in Swan Hill.

The opportunities a store like Bunnings creates for local workers, local charities and community groups (through community partnerships and sausage sizzles) is not lost on me. The only qualm I hold with Swan Hill welcoming big business is that the lion's share of any store profit will likely find its way into a Wesfarmers shareholder's pocket to be spent in shops thousands of kilometres away.

Already serviced by five general hardware stores and a number of more specialised hardware stores Swan Hill is arguably well catered for in this area. It can also be said that because there is an assortment of these stores in town that no true monopoly exists and that there is already enough competition present to keep prices in check. Although I am yet to venture inside the new Swan Hill store, having spent countless hours browsing through a number of different Bunnings stores in Melbourne it's easy to see that they carry a wide range of different makes and models of hand and power tools. I've noticed that they never seem to carry the more prestigious and specialist brands, those that are more desirable to tradesman such as Milwaukee and Snap-on. This I'm hoping is where the local stores can excel and fill the gaps.

Casting the new Bunnings store in an optimistic light, Swan Hill will hopefully be able to welcome new non-local shoppers to town. Consumers that might not have otherwise had a reason to travel to Swan Hill for their house and hardware needs. This being the case the extra foot traffic will no doubt benefit the wider business community around town.

Anybody who can be as selectively forgetful as myself and thinks that Swan Hill is losing part of its soul just because one large retailer is moving in to town only has to look a little further South on Beveridge St to find a couple of chain stores that have been in town as long as I have been alive. The days of the small Roberts & Martin's SSW style supermarket have undoubtedly ended.

Maybe my sentimentality is misplaced, maybe local owner operator hardware stores won't suffer with the introduction of a Bunnings store. I certainly hope so. Time will tell.

Quick Pros & Cons of Credit Cards

Wed, 25 Feb 2015 22:00:00 GMT

Quick Pro's and Cons of Credit Cards

Below are two commonly discussed benefits and drawbacks of credit cards.

Convenience - Having a credit card (like a debit card) is convenient because many retailers and places of business have access to electronic Point of Sale services. Credit cards can also be used to make payments via telephone and online – adding the extra level of choice.

Credit Management – if people get paid irregularly or have trouble managing your finances, a credit card can help to stabilize expenses, along with assisting with paying for unexpected expenses.

Loss of credit card – if your credit card or credit card details are lost or stolen, then whomever has them has direct access to the available funds. Freezing the card or the account could take some time and leave you without access to that facility while the fraudulent activities are being investigated.

Bad Credit Management – There is a cost to use a credit card – that is usually a card fee or interest which gets added on to the balance. If not kept in check with constant analysis and regular payments, the balance can grow to unmanageable levels, which then has interest charged upon it.

Credit history

Applying for a credit card and staying on top of your payments could be a great first step on your way to gaining a strong credit rating, which is highly important when you apply for finance for something bigger like a car loan or mortgage.

A good credit rating may mean that you require less collateral or can get a lower rate on your loan – a bad rating will push your collateral requirements higher and likely lead to a higher rate. All circumstances are different so you should contact your local bank manager to discuss your options.

Positive Reasons to Encourage Fitness in the Workplace

Thu, 12 Feb 2015 22:00:00 GMT

Positive Reasons to Encourage Fitness in the Workplace

As business owners, we should always remember that our most important assets are our employees. We want our employees to enjoy their work environment and bring the best of themselves to their job every day. Encouraging our employees to embrace fitness as a lifestyle choice can pay off in many ways!

Fit employees are less likely to get sick. A person who is physically fit is less likely to catch the "bug going around".
Fit employees have more energy. Having more energy throughout the day allows the employee to stay focused on the task at hand.
Fit employees can have more self-confidence to challenge themselves and strive for higher levels of achievement in the workplace.
Fit employees tend to have better attitudes. They are more likely to "feel good" about the day ahead of them, having a more positive attitude in the workplace.
Regular exercise can release the emotional tensions that life sometimes brings our way - Fit employees are less likely to feel these levels of stress.

Group activities like football, netball, tennis or corporate gym memberships are wonderful ways to encourage fitness and teamwork in your workplace. A healthy workplace is a HAPPY workplace.

School Banking

Tue, 27 Jan 2015 22:00:00 GMT

As a mother of 3 girls, my husband and I thought it was very important that the girls learnt to have good saving habits from an early age, so we opened a CBA Youthsaver Account for each one.

We encouraged them to bank a minimum of 20% of their pocket money but they often banked more through the School Banking Program. As well as teaching the girls to save, the school received a commission on every deposit made and $5 for every Activated Account opened via the program. I see on television that CBA are still advertising the Youthsaver School Banking Program with Glen McGrath as the spokesman.

Today the children also receive a dollarmite token every time they make a deposit to their saving account regardless of the amount and once they have 10 tokens they can redeem them for a variety of rewards. Items including a hand ball, scented pencils, swimming bag etc. The rewards will vary from year to year.

We found this program a great stepping stone for our girls to start saving and 2 out of 3 are still very good savers but they all have the knowledge of how to save. The funds weren't saved to buy something they were designated as savings and once they had a thousand dollars they were then shown how to put the money into a manage fund which they still have today.

Saving is not often taught at school, it's something that parents needs to teach their children earlier rather than later.

Attention First Home Buyers!

Thu, 22 Jan 2015 22:00:00 GMT

Attention First Home Buyers

With an active real estate markets in Melbourne and Sydney's metropolitan areas, first home buyers in Australia seem to be struggling. According to the Australian Bureau of Statistics in November 2014 first home buyers accounted for only 11.6% of total owner occupied housing loan commitments, the long term average being 20%.

The First Home Owner Grant (FHOG) is still available…

From 1 ^st July 2013 the First Home Owner Grant of $10,000 was limited to metropolitan and regional buyers of new homes up to a maximum value of $750,000. Another incentive available to first home buyers is a reduction in stamp duty which from 1 ^st September 2014 was increased to 50%. For example if you have purchased a new home in Victoria for $400,000 and are eligible for the FHOG you will also qualify for a 50% saving in stamp duty, this is a saving of $8,185.

You can easily determine your FHOG and stamp duty benefits by using the app launched by the State Revenue Office for first home buyers.

If you or someone you know needs help in saving a deposit for your first home please contact us on 03 5032 9422 and we can help with our Money Matters service.

Keeping the kids entertained during the holidays

Sun, 18 Jan 2015 22:00:00 GMT

Christmas, New Year and School Holidays gives us extra time with the family. Keeping young children entertained can be pretty demanding especially when the weather is too hot or stormy so Rosalie from our Office has listed some recipes to help keep the kids entertained when they are stuck inside the house.

Homemade play dough:

Combine water, oil, salt, cream of tartar, and food colouring in a saucepan and heat until warm.

Remove from heat and add flour (add a couple of drops of food dye to what colour you like)

Stir, then knead until smooth

Store this dough in an airtight container or a Ziploc freezer bag

Homemade Glue:

Mix one part plain flour with one part water ( 1 cup of Plain flour to 1 cup water) until you get a thick glue-like consistency. Add a bit more water it its too think

M ix well with a spoon to get rid of all the bumps. Add a few tablespoons of salt to help prevent mold.

Homemade Finger Paint:

3 tlbs sugar

½ tsp salt

½-1 cup plain flour

2 cups water

Combine ingredients in small saucepan. Warm until mixture thickens. Cool & pour into containers, add food coloring for different colors.

Summer of Cricket

Tue, 13 Jan 2015 22:00:00 GMT

This summer has been a real treat for cricket enthusiasts.

Throughout December and January, Cricket was regular fixture on TV with the test series against India and the Big Bash on every night . This has probably been bad news in some households where I'm sure the battle for the remote has been fierce.

I was lucky enough to head across to Adelaide for the first test which ended in a spectacular fashion with Australia taking 8 wickets in a session to win the test. On Saturday we also made the trek to Melbourne to watch the local derby in the Big Bash. The whole experience was extremely entertaining from the fireworks and giant flames which you could feel from 200 metres away to the explosive batting. This match also finished in amazing fashion with one run off the last ball to win the game and some controversy in regards to whether the batsman was run out.

Happily for us enthusiasts and sadly for everyone else, the summer of cricket is far from over.With the One Day International Tri Series starting on Friday night followed by the World Cup starting in February there is plenty more cricket to come.

Hopefully Australia can do us proud in the World Cup and bring home the trophy. I know I will be watching, will you?

Aussie, Aussie, Aussie! Oi, Oi, Oi!

The Christmas Grinch

Tue, 02 Dec 2014 22:00:00 GMT

As we approach the end of another calendar year and wonder where the time went, many small business owners begin to plan Christmas parties which provide a chance for employers to thank staff for their support throughout the year. Staff Christmas parties and staff morale are essential to any effective organisation, and this needs to be managed easily in a way that is most beneficial for your business.

Most Christmas parties are organised without the slightest regard of what the tax man considers to be tax deductible, nor the consideration that they are providing a benefit to staff that is outside the safe definition of 'salary', and whether it is a fringe benefit .

The Australian Taxation Office's view is that the costs of a Christmas party are only deductible to the extent that they are subject to FBT. They have however stated that Christmas entertainment costs are part of the general FBT rules and come under the 'minor benefits' umbrella. This allows a $300 limit to 'incidental' benefits to be FBT free.

This may sound generous and allow employers to avoid the extensive FBT calculations and paperwork; however the exemption from FBT means that the employer is not entitled to claim the GST on the expenses, nor claim them as a tax deduction.

Apologies in advance if I have put a downer on your workplace festivities, however from all the team at GMG we wish you a safe and happy Christmas, and wish you all the best for the New Year!

Farm Finance Concessional Loans Scheme

Thu, 23 Oct 2014 22:00:00 GMT

The 2 ^nd round of loan applications for the Farm Finance Concessional Loans Scheme in Victoria has opened. Rural Finance is acting as the delivery agent on behalf of the government for this scheme in Victoria.

The scheme aims to assist Australian farmers who are currently struggling with high levels of debt by refinancing existing debt and/or providing new loans to fund productivity enhancement activities that will help farmers to better manage their debt in the future.

Minimum amounts for the loans start at $100,000 up to a maximum of $650,000 with a very enticing interest rate of 4.5%.

Additional information along with guidelines & application forms can be found directly on Rural Finance's website .

If you think that you could benefit from one of these Farm Finance Concessional Loans or would just like some advice on business related finances, please call the office on 0350329422 or email us at contact@gmgfg.com.au .

The Challenge of Reinvention

Wed, 01 Oct 2014 23:00:00 GMT

Over the last six months, I have been working with a business on a business plan predominantly to re-energize the business by improving its public perception, skills, communication, culture, systems, procedures and ultimately profitability. Invariably, this process requires a business (regardless of its size) to go back to basics and look at Why, When, Where, Who and How they do things - as well as identifying a profile of what the business owners would like the business to be. These missions and goals which should be formed from their own principles and values should be documented as a constant reminder of the purpose of the business.

An enthusiastic principal of that business recently sent me the following article on David Koch's role in the resurgence of the Port Adelaide Football Club. It is an excellent read with many of the points equally applicable to small business as it is to a major sporting club.

The Gap between Online & Offline.

Thu, 25 Sep 2014 23:00:00 GMT

I read with interest recently an industry article that suggested the gap between online-savvy small businesses and those which are online-cautious is widening. The article indicated both sales growth for the past 12 months and future projected sales growth was proportionately higher for on line savvy businesses than it was for those without an online presence. Almost 50% of SME's that use cloud technology (online shop/outlet) reported increased sales or work, whilst 40% of SME's with a website and social media presence reported similar growth. This contrasts to only 25% of businesses without some form of online presence reporting growth in sales or work.

The proportion of businesses willing to jump into the online arena continues to grow at some pace. The proportion of businesses with a website has increased 4% to 42% over the past 6 months with a similar increase in businesses using social media.

Interestingly females lead the charge in an online presence amongst business owners with 9% more female owners more likely to have invested in the resource than their male counterparts.

Certainly social media (Facebook, Twitter etc) has a very active role in online advertising and ultimately sales growth. I am a strong advocate of businesses finding a way to embrace the trend if they wish to grow or even maintain their market share. It is interesting to see how different businesses face this challenge in recent times in particular the increase in sponsored celebrity postings. More and more businesses are turning to celebrities with large social media followings to promote their products and services. The question in my mind is how much further can product advertising - both direct and indirect- go on social media outlets before consumers numbed by information overload and disconnect or seek new social media platforms?

CoINVEST

Tue, 16 Sep 2014 23:00:00 GMT

CoINVEST – Employers & Working Subcontractors obligations

Under the Construction Industry Long Service Leave Act 1997, employers & working subcontractors in the building, construction, electrical and metal works industries must register with Co Invest. Employers are required to provide details of their workers days & wages each quarter & contribute 2.7% of the total of their gross wages. Note this is not deducted from workers wages.

Working subcontractors can pay between $30 and $100 per month on behalf of themselves to gain service credits towards long service leave. You can recommence contributions for yourself to CoINVEST.

Please refer to the below link for additional information about your obligations, phone CoInvest on (03) 9664 7677 or contact our office for more info.

https://www.coinvest.com.au/

Friday Morning Tea is Serious Business

Wed, 10 Sep 2014 23:00:00 GMT

One tradition that we have at GMG is the Friday morning tea roster.

Each week a staff member has their turn to make or supply morning tea. We all have our morning break together in the tearoom to enjoy the food and time together. This has become an important part of the firm and is one of the first things that our new employees are made aware of - to prepare them for their turn.

A favorite that everyone enjoys is Toll House Cookies - The recipe is below:

250gms Butter or Marg

½ Cup Castor Sugar

½ Cup Brown Sugar

1 tspn Vanilla

2 Eggs

2 ¼ Cups Plain Flour

1 tspn Bi-Carb Soda

200 gms Choc Chips

1 Cup Crushed Nuts

Cream butter and sugars, add eggs and vanilla and mix well. Sift the flour and bi-carb soda into the mixture, then add the choc bits and nuts. Place small spoonful's of mixture on to a baking tray lined with baking paper, allowing room for them to spread. Bake at 190C degrees for 10-12 mins or until firm.

Enjoy!!!

Money Matters

Tue, 26 Aug 2014 23:00:00 GMT

Feel like you don't know where your money is disappearing to?

As a 19 year old in my first year as a full time employee, I was often left wondering what my money was going towards. From not having to worry about what I was spending whilst at school to having to save money for the necessities such as rent, bills and food while still trying to spare some for weekends out with friends, the word 'overwhelmed' comes to mind.

Fortunately for me, GMG have started offering a "Money Matters" program to our clients. They suggested I download a handy app called 'Track my Spend' (free from the App Store). This app allows you to record each little thing you spend money on for a period of time and it's surprising how quickly the little things add up. From that I was able to have a go at our Money Matters Project – helping me to figure out where my money was going and redirect some of it into a savings account.

If you are tired of stressing about money and want to feel like you are in control of your finances, give us a call on 5032 9422 and make a "Money Matters" appointment.

Restart Wage Subsidy

Thu, 07 Aug 2014 23:00:00 GMT

Restart $10,000 Government Wage Subsidies

If you are employing or looking to employ mature aged staff on a full time or permanent part time basis you may be eligible for government assistance of up to $10,000 over a two year period.

The restart program is designed to deliver support to employers who employ mature age job seekers being 50 years of age and over and at the same time will assist mature age job seekers to re-enter the workforce.

In light of Australia's ageing population and the need to become a more productive nation, the contribution of older workers is becoming more crucial to the workplace. When older Australians lose their jobs, they remain unemployed for a much longer period than younger job seekers often because they face significant barriers to finding work.

Restart has been funded for $524.8 million over four years is expected to encourage business owners to give mature workers a chance.

An eligible job seeker is someone who:

Is 50 years of age or older;

Has been unemployed for six months or more and has been in receipt of any of the following income support payments for six months or more:

Newstart Allowance; Parenting Payment; Disability Support Pension; Bereavement Allowance; Widow Allowance; Carer Payment; Special Benefit; Partner Service Pensioners; War Widows; Age Pension; Mature Age Partner Allowance; Wife Pension; Widows B Pension;

Does not have any outstanding workers' compensation claims against the employer; and

Is not an immediate family member of the employer.

How to get started

Employers

Applications for restart wage subsidy can now be accessed online by visiting

http://www.employment.gov.au/restart-wage-subsidy

Job Seekers

Job seekers can register with job agencies who are registered providers of the program. To find a provider in your area visit

http://jobsearch.gov.au/providers/

Apprenticeships - Trade Support Loans

Mon, 28 Jul 2014 23:00:00 GMT

You may have missed it in the news recently, but on the 17th of July the new Trade Support Loans Bill was passed through both the House of Representatives and the Senate.

What does this mean?

Eligible apprentices can now access Trade Support Loans of up to $20,000 over the course of their apprenticeship.

The loans assist apprentices with everyday living costs while they complete their apprenticeship, and will replace the 'Tools for your Trade' Grants which were scrapped on 30th June 2013. Similar to the previous scheme, the loan income is able to be used for any purpose suitable to the apprentice's needs.

The programme provides apprentices with up to a $20,000 paid monthly in arrears adding to;

Year 1 - Up to $8,000

Year 2 - Up to $6,000

Year 3 - Up to $4,000

Year 4 - Up to $2,000

How does it work?

The Trade Support Loans will work similar to the Government HECS/HELP Debt scheme, being repaid by the individual through the taxation system when the minimum income threshold is reached; in 2014-15 the minimum repayment occurs at $53,345.

The notable difference is that unlike the indexation on HECS/HELP Debt which is set to be changed to the Government Bond interest rate and caped at 6% p.a. as of 2016, Trade support loans will be indexed from the 1 July 2017 in line with the much lower consumer price index (CPI).

Another feature of the Trade Support loans is that apprentices who successfully complete their apprenticeship receive a 20 percent discount on the balance of their loan, effectively meaning that the amount borrowed will be reduced by 20 percent.

Follow this link to find a list of Trade Support Loans eligible apprenticeships.

How do I apply?

Apprentices can apply for the loan through Australian Apprenticeships Centres - Murray Mallee Training and MEGT Apprenticeship Centre located in Swan Hill. Once the application is complete, apprentices can then choose to opt-in every 6 months, and can opt out at anytime.

For more information on trade support loans or if you would like to discuss whether they are right for your situation, call 5032 9422 and book an appointment today .

Taxable Payments Annual Reporting

Tue, 15 Jul 2014 23:00:00 GMT

Since 2012 the government has required that all businesses in the building and construction industry report the payments they make to each contractor for building and construction services.

The ATO uses this information as a cross matching services to ensure all contractors have lodged a tax return and included all their income on these returns.

What does this mean for you?

It means that if you operate in the building industry, including plumbers and electricians, you need to report all contractor payments for any work completed in the 2013-14 year to the ATO by 21 ^st July, 2014.

You will need to provide your details and the contractors details including their ABN, name, address, gross amount paid (only include amounts actually paid not any amounts still owing) and the GST.

Some accounting programs have a function that will allow you to create a report that can be lodged electronically to the ATO.

If you are using an accounting program, like Reckon, Xero or MYOB, make sure you have all the supplier information filled out for your contractors.

The ATO has made a fact sheet for the reporting which may help you to understand your obligations.

If you would like any further information or help completing the report please feel free to give as a call anytime on (03) 5032 9422

Employee V Contractor Demystified

Tue, 28 Jan 2014 22:00:00 GMT

Some factors that characterise an individual as an employee include:

Control over work â€" Does the organisation control the way the work is performed?

Work unable to be subcontracted â€" does the individual have the ability to subcontract or delegate work?

Commercial risk â€" Is the individual exempt from commercial risk? ie. is not responsible to rectify any defect in work or pay to have any defect rectified.

Independence â€" Does the individual work within the organisation or are they considered separate to it?

Equipment & tools â€" Is the individual supplied with the tools required to carry out their duties?

An organisation may choose to engage individuals as contractors to save on such things as payroll tax and work cover. Once deemed as an employee however these individuals may be eligible for all entitlements reserved for wage-earners. The organisation may be required to foot the bill for the individual's superannuation guarantee payments, PAYG tax and annual & sick leave (if applicable).

The good news is that the ATO has provided a calculator to help in determining the basis of an individual's engagement Click Here For Access

From the desk of Doug Balcam.

Do You Reckon?

Wed, 25 Sep 2013 23:00:00 GMT

Last week I attended a Reckon training course and conference in Melbourne.

We covered many features currently available and also learned about some new features and programs Reckon is planning to release in the near future.

Did you know you can process credit card payments through Reckon Accounts?
If you don't have a credit card machine, the credit card payment can be processed through PayPal. All you need is an internet merchant account to subscribe to this service.

You can also process superannuation payment for your employees using SuperLink. SuperLink gives you the option of processing and paying superannuation contributions for all your employees, eliminating the need to process and pay to multiple funds.

Reckon Hosted (commonly known as Quickbooks Online) is receiving an update soon. This should provide easier connection and faster processing time. An option will also be provided if your internet connection is slow.

Two new products to be released soon are Reckon One and Reckon Pay.

Reckon One will be an simple online accounting program, where users are able to select which modules they need (eg payroll and invoices) and at what level or choice a package with a preselected range of modules. Live bank feeds are also available to cut down on processing times.

Reckon Pay is another way of receiving and processing payments, but this time whilst working out in the field.

You will be able to purchase hardware (similar to a small EFTPOS machine) which will connect to their mobile phone or tablet. Once you have downloaded the app, you will be able to process credit card or EFTPOS payment instantly. If using Reckon One, this information will then integrate into the software.

If you would like any further information or assistance with the Reckon product range available please contact us.

There have been many changes to the program, with each update, and you may find some features that will make the processing and reporting work better for your business.

Friday At Spoons May never be The Same

Tue, 13 Aug 2013 23:00:00 GMT

Spoons on a Friday afternoon may never be the same!

Andy Millar was celebrating the end of his role as a partner in GMG accounting, with fellow partners, on his last day of full time work, when he was flash mobbed

He has been in public practice for 41 years, 34 of them as a principal in Swan Hill. Not one for ceremony, he was enjoying a celebratory afternoon tea with his partners when he was flash mobbed, by staff, with a version of an old favourite, rejigged as the "Andy Man". Check it out

Andy said it was "one of the moments of my career"

The Andy man's career continues though, his new role is a senior consultant with the firm, on a part time basis, specialising in superannuation, retirement, succession, auditing and associated issues

"The Andy man can

Cause he mixes fun with work

And makes us all feel good "

Building and Construction Industry Taxable Payments Reporting

Wed, 19 Jun 2013 23:00:00 GMT

From the 1 ^st July 2012 the government requires that all business in the building and construction industry report the payments they make to each contractor for building and construction services.

The ATO will use this information as a cross matching services to ensure all contractors have lodged a tax return and included all their income on these returns.

What does this mean? It means than any one in the building industry, including plumbers and electricians, will need to report to the ATO payments made to any contractors for work completed.

The ATO has started sending business in this industry a letter outlining the reporting requirements and a form to be completed.

On the form you will need to provide your details and the contractors details including ABN, name, address, gross amount paid (only include amounts actually paid not any amounts still owing) and the GST.

Some accounting programs will have a function that will allow you to create a report that we can lodge electronically to the ATO.

If you are using an accounting program, like QuickBooks or MYOB, make sure you have all the supplier information filled out for your contractors.

The report is due for lodgment by the 28 ^th July 2013 and will be a yearly requirement.

If you would like any further information or help completing the report please contact us at GMG.

Nothing Beats First Hand Knowledge

Wed, 05 Jun 2013 23:00:00 GMT

One Friday 14 members of the Accounting team at GMG jumped in the utes and took off out into the Mallee to visit the White Family to learn more about what farmers actually do, to get an understanding off the challenges they face, about how updates to equipment and technology assist farmers today and a live demonstration of the sowing process.

After a short while in the car we reached our destination in the Manangatang region. What a lovely place, I couldn't understand why I had never actually visited the area before. At our first stop we became familiar with a Disc Seeder, CAT tractor on tracks and a Grouper. Many including myself had no idea what a Grouper actually was, it was interesting to see how it worked and the efficiencies it created with the speed in filling the seed box with seed and fertiliser in the paddock.

Andy backing up the grouper to the seed box. RIGHT HAND DOWN ANDY!!

In the same paddock we were shown different soil types and it was explained to us what strategies are used to maximise yields in any given paddock as well as the pro's and con's of sandy soil versus more heavy clay type soil.

It was interesting to hear how heavy country in the past was something that farmers really wanted because it was able to grow better crops with lower rainfall and how sand was generally considered more difficult land to farm and hence worth less. What our client explained was with new technology, new and improved grain variety's and farming practices that preserve soil moisture this has resulted in a move towards some of the lighter soils which have now started performing well.

We got an insight into the different varieties of grain and why farmers rotate from one variety to the next. What Rust is, I thought rust was something usually found on a Holden or Ford. Rust is dispersed by wind or moisture it is actually a fungus type disease that attaches itself to the plant and can significantly reduce yields if left unattended.

Sam's rig in action (above)

Direct Drill

At our second stop we were shown a tine seeder, spray truck, header and various other pieces of equipment used over the years and still used today. A slightly different, larger and possibly more sophisticated seeder is the Tine Seeder, which offered other advantages over the disc seeder such as consistent seed depth and accuracy in hilly country, it also packed the dirt down better which helped trap the moisture in which encourages seed germination.

It was explained to us the challenges that farmers are faced with this year due to the lack of any post harvest rains, moisture being a major issue but also the difficulties of weed control when it does rain and how seeds from previous harvests are usually eradicated with summer rain and summer sprays.

We were given an insight into how the GPS and Auto steer assist farmers to gain efficiency with driver accuracy. It is amazing how accurate GPS can be compared to driving freehand and over a large paddock how much land would either be missed or overlapped hence wasting time, fuel, chemical, seed etc. DVD players and TV's also play a part in farming! The idea being the help to keep the driver awake and allows the driver to spend more time behind the wheel, sure beats staring out into the paddock for 12 hours straight.

CAT Tractor & Tine Seeder

Overall it was a very informative and interesting trip, we all learnt so much from it. Thank you very much to the White family for taking the time to educate us on grain farming, I think it was an eye opener for us to see just how involved and sophisticated the industry has become.

Healthy mind. Healthy body. Healthy social life

Wed, 29 May 2013 23:00:00 GMT

In a country town like Swan Hill, footy and netball is an important feature in the community. Weekend sport plays a huge part in work life balance for a lot of us. Work life balance describes the relationship between your work and the commitments in the rest of your life, and how they impact on one another.

For me, mid week netball is where it is at! Playing mid week has been such a great way to meet some new people, have a run around and a laugh with friends. Being undefeated and on top of the ladder is just an added bonus!

I haven't played a game of netball in six years so I'm much more comfortable getting back into it in an environment that is not so serious. I am playing in the Women's competition so we play Wednesday nights at the Basketball Stadium. It is fun, flexible and friendly and a great way to get back into fitness. Plus, it's indoors so no risk of those horrible weather conditions like rain and being frozen.

Go Tiges!

Mother's Day Challenge

Wed, 15 May 2013 23:00:00 GMT

Mothers Day – a chance to spend time with and appreciate our lovely mums and thank them for everything they do for us.
For some people over the last 15 years, it has also been an opportunity to raise money for breast cancer research by running in the Mothers Day Classic. This year, I was one of those people.

I arrived at Beischer Park in Bendigo around 8:30am on Sunday. It was quite fresh and there was already a large amount of people gathered.
The 8km run was underway, and had been completed by some people already. I was running the 4km option and had roped my younger sister into joining me.
Neither of us have been runners in the past and it was the first time anyone in our family had decided to do a fun run. We set ourselves a goal of 30 minutes for completing the 4km circuit around Beischer Park and the Kennington Reservoir, and we finished in a time of 34:28 minutes.
There were times when I felt the need to slow to a walk, but still kept the pace up as much as possible. I'm proud of completing the run (my sister and I have differing views on how much of it I ran. She thinks three quarters, I think two thirds) and am also proud to have contributed $495 to breast cancer research.
Crossing the finish line and seeing my mum, dad, older sister and boyfriend waiting for me was a great feeling. They were all so proud of us for completing it – and mum suggested making it even more of a family event next year.

I chose to participate in the run because it is a cancer that affects so many people. As I get older and get to know more people, I'm realising that more and more people in my life have been affected by it.

Knowing now that I have what it takes to physically complete a fun run, I'm keen to do more - even though two days after, my legs are still really sore!

Entertaining Clients

Wed, 01 May 2013 23:00:00 GMT

We, Rosalie, Jacqueline and Kathleen AKA 'The Three Wise Monkeys' were given a task to organise the SMSF seminar which was held at the Swan Hill Club on the 22nd of last month. The three of us really got our teeth into it as we wanted to make this an enjoyable evening for our Clients, rather than something boring put on by Accountants.

During the preparation our competitive sides really kicked in. It became a competition of who could get the most acceptances on their list with the winner not having to clean up at the end of the night. Now without saying who, one of us took the initiative of asking all staff members if they were attending the seminar which made them the overall winner with a total of 44 attendees.

On the night we decided to have dinner before the seminar. As it turned out a number of Clients had the same idea. Some tried investing their money in those noisy flashing machines, but with not much luck. Good thing Hamish shared his wisdom and had some alternatives for us all.

Following the seminar, most stayed on to enjoy a cuppa, a bite to eat and a good catch up. We really enjoyed putting names to faces and can't wait for the next seminar. We think the only thing that could have made it more enjoyable for us is if we won Tatts Lotto and had money to invest!

The Admin Team: (The Three Wise Monkeys)

Kathleen, Jacqueline and Rosalie

The Wonderful World of Winter Sports

Mon, 22 Apr 2013 23:00:00 GMT

Trent Collins, Reece Collins, Shaun Lawry

Around these parts, sport, in particular, football is an institution. Not in a Texas High School, Friday Night Lights kind of way, but we love our footy and netball here, and a few of us in the GMG office are no exception to the rule. Now I'm not going to bang on about arguably what many of us consider to be the best club on the planet - COLLINGWOOD, but I will tell you a little bit about my new club, Charlton.

The Charlton Football club is actually made up of the Charlton Football, Hockey & Netball Club and brings together a range of great characters from around the town and district. The club have been fantastic in welcoming myself, my wife Teagan & our 2 children into their community. My future brother in-law, Reece Collins is the coach of the senior football team, Leanne Gretgrix is the senior coach of the hockey team & Tessa Burton is the coach of the A grade netball team.

The first 2 rounds have seen this old boy kick a few goals before running out of steam, but that's just due to what I thought was a massive pre-season, but turns out the work rate might not be at where it used to be! The senior football , A grade netball & the senior hockey teams are all 2 wins from 2 games. All teams have had an even contribution right across the board but there's still a few areas that need improvement.

Have you ever been to Charlton? Have you ever seen a hockey game played at the same place as football and netball? If you answered NO to any, or all of these, I have the solution for you…….. COME TO CHARLTON FOOTY!!!!!!!!!!!!!!!!!!!!

Charlton Football Club (inc Netball & Hockey Clubs) are holding a sponsorship and family day on the 4 ^th of May, it is a home game VS Boort. Come along & enjoy a great day out!

Dont forget to drop into GMG Accountings new office located in the main street of Charlton! Myself & Jess Round visit the office every Thursday!

The Best Things In Life Are Free

Thu, 04 Apr 2013 22:00:00 GMT

They say that the best things in life are free, and although I agree with that about 91.2% of the time, I did indeed get a wonderful reminder of that over the Easter break. I guess the 9.8% of me believes that yes getting out into nature and spending time with family is indeed free, but you need to fill the car (which costs you $) with fuel (which also costs $$) to be able to get to them in the first place, or get deep into said nature.

One of life's joys is being able to go out in a boat (which cost $) fishing with my son Dwayne and 2 grand sons â€" Jet aged 7 and Mitch aged 4. Not only is this a brilliant time of the year to indulge in a little fishing and camping, but the weather has been fantastic and so taking young gentlemen outdoors is a lot easier when you're not having to contend with the elements like wind and rain!

In the Swan Hill region we're incredibly lucky to live in the midst of 5 rivers, and on one of the longest rivers in the world - the Mighty Murray River, which has had, and continues to have it's share of environmental struggles like black water, salinity, European carp etc. These are truly magnificent natural resources we have here, which allows the production of some of the finest foods in the world in our fruit & vegetable domestic and export markets and our growing nut exports further downstream. I do believe it's important to teach our young people the importance of such brilliant rivers and how to look after themselves when around it, and how to nurture the longevity of the river itself. So taking my boys out on the river is such an important exercise in so many ways. For the grandson's it was all about fun and fishing. Result of 1 hour fishing = 16 e European carp and loads of smiles and fun had by all.

The best thing about it was of course the passing on of my knowledge. It's almost like it was the first time I realized I was the elder in the group, and passing on my stories, teachings and rules about the river. But if we can all pass on the knowledge we have acquired about respect for the river, the rules and enjoying the outdoors, well we might just have passed on something more valuable than we can ever imagine to future generations, and that, my friends is truly one of life's greatest, free gifts.

Team Bonding

Wed, 13 Mar 2013 22:00:00 GMT

Being a new year Justin thought this year we should do some team bonding sessions. A good way to get us away from our desks, become closer as a team and in the end result in more productivity. What a great idea, we could go out for lunch together, go to a seminar together…

Noooo we all did a boot camp session together!

Justin asked me to run a boot camp for our team, I thought great a chance to yell at my bosses and tell them what to do. As young energetic accountants we accepted the challenge, even some of the mature accountants joined in for the fun.

On Tuesday morning 5 ^th March I took Justin's team for a team bonding boot camp class. Bright and early (pardon the pun, it was actually pretty dark) Justin, Daniel, Ash, Andy, Bev and Rosalie joined me down at Riverside park for their first boot camp. I was immediately impressed that everyone actually turned up.

I told everyone that was not a class to see who was the fittest/best it was more about encouraging each other and having fun. We stated off with a short warm up run/walk. Well the boys all took off quickly out in front to show off who was the best. While Bev and Rosalie paced them selves and when the boys turned to come back the girls ran to the finish line and beat the boys! After stretching (getting their breaths back) for 5 minutes we moved onto the torture of 10 steps. We warmed our arms and legs up a bit more with some step ups and dips. We then paired up for the next activity, one which was meant to be a good encouraging activity. One person was in plank position while the other had to run up and down the 10 steps 3 times. The person in plank was meant to encourage the person running but as they were all out of breath for most of the activity not much encouragement was heard. It was then time to get a bit wet & dirty on the grass. I had everyone at a different station doing different exercises after so many we would swap and run to the next station. It's good to know even accountants hate burpees!!

After trying to do team encouragement activities I could see everyone was more interested in winning. So it was time to bring out some challenges… Everyone had to army crawl 100 meters the first one to the end won. I also would yell out random commands that they had to get up and do. A close finish between Andy, Ash & Daniel, however Andy was crowned the winner of that challenge. Everyone looked to be pretty exhausted so it was time to sit on our towels… and work our abs!! When everyone that wasn't asleep had warmed up their core I set another challenge. Who could hold a plank for the longest? The end came down to Andy & Ash. After 1 minute and 35 seconds Ash dropped to crown Andy the champion once again. I told Andy to keep holding and make 2 minutes but he dropped telling me that it's not about self satisfaction it's about winning!! Mmmm make us feel real good being beaten by a 60 year old! Finally the session was over and it was time to stretch. I asked everyone to give a different stretch we all had to do, not sure if just laying there was stretch?? A solid 50 minutes of boot camp and everyone was keen to get away from me.

Overall our team boot camp was a great team bonding session! A good way to do a bit of physical activity, some encouragement for each other, a few laughs and lots of sore muscles. I think it was fair to say not many were talking to me Wednesday! Although the pain was quickly forgotten, most of them are keen to do it again!

Have You Lost Your Super?

Wed, 27 Feb 2013 22:00:00 GMT

In recent changes, thousands of untouched super account balances will be handed over to the Australian Taxation Office.

The ATO is likely to receive a massive windfall if members of these lost and unclaimed accounts don't take action to recover these funds.

Previously the ATO could receive super accounts with balances of less than $200, however this amount has been increased to balances of up to $2,000. Superannuation fund providers have until May 31 to transfer these accounts across to the ATO.

Lost super sits in funds and belongs to people who have usually changed their name, address or job and cannot be found by their fund.

Unclaimed super is when the member meets eligibility requirements to withdraw it but the super fund cannot contact them.

If you think you may have a lost or unclaimed super account you can do free online searches at SuperSeeker, AUSfund or FindMySuper.

SuperSeeker also allows you to check your current super accounts and transfer your super to the super account you want to continue using.

If you need any further information, or would like some help finding or consolidating your super please give us a call.

www.ato.gov.au/superseeker/

www.unclaimedsuper.com.au/

www.findmysuper.com.au/

Australia Day

Thu, 24 Jan 2013 22:00:00 GMT

HAPPY AUSTRALIA DAY!!

On Australia Day we come together as a nation to celebrate what's great about Australia and being Australian. It's the day to reflect on what we have achieved together and what we can be proud of in our great nation "the land of opportunity".

On Australia Day, almost all of Australians will attend either an organised community event, or get together with family and friends with the intention of celebrating our national day. Many more spend the public holiday relaxing with family and friends.

What makes an Australia Day barbecue a true Aussie experience isn't just the thrill of the grill and the great Aussie produce you can put on it but everything that goes around it â€" your friends, family and the tunes the Triple J hottest 100 (kicks off around mid-day Saturday). Who will finish at number 1 this year? 2012 was Gotye and he went on to become a star around the world, will it be Perth's Tame Impala or Aussie rapper 360?.

Who would you invite to your Aussie BBQ?

My choices areâ€¦

WARNIE Maybe not the current "Pommie" version he is a bit of a toss

PAUL REIFFEL: Will provide the backyard cricket umpiring

THE MELBOURNE VIXENS NETBALL TEAM â€" Yeah. They are good fun...

Have a nice day and weekend.

Everyday Hero

Wed, 16 Jan 2013 22:00:00 GMT

Herald Sun | Citylink Run for the Kids 2012

Some would say that working a 5 day week is a marathon but I say why stop on the weekends! I have recently signed myself up to do the Run for the Kids Marathon. I have 66 Days left of training before hopefully completing the run. Call me crazy, however I enjoy the challenge I will be faced with.

Last year I completed a 42km Walking/Pushing a Wheelchair Marathon which raised funds for the Swan Hill ECU bus. This year I'm upping the pace and doing my first 15km running Marathon. The Run for the Kids Marathon raises funds for the Good Friday Appeal, Royal Children's Hospital.

The Run for the Kids Marathon takes place on Sunday24th of March. I will start and end my 15km journey in the Kings Domain. During the run I will be faced with running through the Domain Tunnel, along the West Gate Freeway, over the Bolte Bridge and through the CBD.

If you would like to donate to me and help out the Royal Children's Hospital please CLICK HERE . Don't forget any donation over $2 you make is Tax deductable ;)

You Can Take The Girl Out Of The Country

Thu, 10 Jan 2013 22:00:00 GMT

Growing up in Swan Hill must have made somewhat of an impression on me as now I have made the trek back. My name is Georgia McEwan and I'm the most recent addition to the team at GMG Financial Group. I have spent the past five years in the amazing city of Melbourne studying, working and meeting lots of fabulous people. I completed my Bachelor of Commerce (Accounting) at La Trobe University in 2010. After working in Management Accounting for a year at a company in Melbourne, I decided I wanted to get a stronger foundation in tax. In addition to this, my CPA studies are next on the list and I'm keen to get into the first subject in a few weeks time.

As soon as I walked through the GMG door I felt a welcoming, friendly vibe and was excited about my new prospects and opportunities here. Put straight into the 'A team' (of course) alongside Rick, Shaun, Andrew and Beth I have found my first month to be great. The Christmas Party was a perfect opportunity to get to know everyone on a more personal level and proved to be quite a night.

One of the biggest perks about coming back to Swan Hill has been moving in with Mum and Dad. With minimal expenses, food on the table and a housecleaner who knocks over the chores - life is a breeze! The sole problem I'm faced with now is deciding what car I'm going to buy myself!

I'm looking forward to being back in the community and furthering my career with GMG Financial Group.

Banklink Notes Everywhere You Go!

Tue, 18 Dec 2012 22:00:00 GMT

BankLink Notes Mobile can be accessed from your Android or Apple devices making it easier for you to complete your coding for your favourite people – us!

To get started, we simply set your BankLink account to be used online. If you have not used BankLink Notes Online before, you will receive a username and temporary password. You will also receive an email with a link when you have data to code. Simply open this second email on your mobile device, save the application to your homepage (there is an option to do this down the bottom of the screen) and sign in like you would normally with Notes Online.

You can access all of your uncoded data, type narrations and send it back to us all from your mobile phone or tablet.

This application does require an internet connection and it will let you know if your connection drops out. This is because, like BankLink Notes Online, it uses the cloud to access and send data.

If your business is utilizing mobile technology, or you have a tablet instead of a computer, this is a fantastic option for you.

If you would like further information on using BankLink Notes Mobile, please contact our office.

Merry Merry Christmas!

Thu, 06 Dec 2012 22:00:00 GMT

Merry Christmas

Less than 3 weeks to Christmas and 4 weeks to 2013!

For kids waiting for Santa the time can't go quick enough for everyone else it may go too quick.

Christmas is a great time to catch up with family and friends, stay home and relax or go away for a well deserved holiday. This year I am staying home after going to Melbourne for Christmas last year and then tackling the Boxing Day sales.

It is also a time of religion, decorating, parties, shopping, gifts, drinking/eating too much and backyard cricket!

As part of GMG's Christmas celebrations we have a staff Kris Kringle each year. This involves everyone picking an envelope with a persons name inside and (anonymously) purchasing this person a gift to put under our Christmas tree. On our last working day for the year we have a lunch together and the gifts are given out and opened. We are then continuing our celebrations at our Christmas party.

I have passed on my wish list and hopefully there will be lots of presents under the tree – especially since I have spoilt a particular someone!!

For anyone that is working over the holiday period, especially the farmers, hopefully you can have at least Christmas day off to relax and enjoy the day.

GMG will be closing on Friday 21 ^st of December and reopening on Wednesday 2 ^nd January.

We hope everyone has a wonderful Christmas and happy New Year.

Mad Dogs & Old Men Go Out In The Midday Sun

Wed, 28 Nov 2012 22:00:00 GMT

Yes it is over 60's cricket. I was fortunate to team up with old friends from the University of New England and play in the Aust over 60's cricket championships in Adelaide this month.
We fielded 2 UNEX teams in divisions 3 & 4 and were competitive finishing in the top halves of each group.

The picture is of the UNEX team I played with in Division 3 ( the guy on the left in the back row was SACA umpire, it pays to keep sweet ). We played 4 games of 40 over's in 5 days. All games went down to the wire. Generally the batters did well, the bowlers struggled and the fielding was very average. It was a great carnival of the spirit of cricket

The skills came back and the friendships blossomed. The rehab on the knees continue

Movember

Fri, 16 Nov 2012 22:00:00 GMT

Movember the month that women dread and fans of Merv Hughes & David Boon embrace.

Movember has grown from 30 participants in 2003 to over one million in 2012 and has raised over 300 million dollars globally. The funds raised in Australia support equally the two biggest health issues men face – prostate cancer and male mental health.

This year at GMG we have a team of moustache growers and those of you who have visited the office will no doubt have seen some interesting mo's floating around. Our aim as a team is to raise $1,000 and with our total currently sitting on $150 we still have a bit of work to do.

My own mo has been struggling to get noticed due to its bright blonde colour but I will fix that up with a bit of moustache dye this week. I will be looking rather foolish for the next two weeks so if you have some money to spare please follow the links below to donate to me or the GMG Team and make all the heckling worthwhile

http://mobro.co/AndrewHalligan

http://au.movember.com/team/589277

Who Are You?

Fri, 09 Nov 2012 22:00:00 GMT

We recently had a management retreat. One of the surveys we did amongst ourselves, prior to it, was to answer whether we thought as an individual, the glass was half full (optimist) or half empty (pessimist). We then had to classify the other attendees. The results were very interesting and illuminating. Some quotes below were used in discussions

If you want a interesting time or a quiet time, do this exercise with your spouse or partner ( good luck )

Optimist --- sees opportunity in every difficulty

Pessimist -- sees difficulty in every opportunity

Winston Churchill

Quotes from the Lewis Carroll " Through the looking Glass "

Who are you?

If you don't know where you are going, any road will get you there."

I can't go back to yesterday because I was a different person then. "

Call us.... Call us now!

Wed, 31 Oct 2012 22:00:00 GMT

We would like to introduce the administration team at GMG accounting: We are your first point of contact.

Rosalie has been with the firm for 10 years and is Rick, Geoff, Justin, Shaun & Rene's CSO.
Belinda has been with the firm for 7 years and is Andy & Ash's CSO.
Linda has been with the firm for 13 months and is our receptionist and last and by no means least Jacqueline who has been with the firm for 9 ½ months, she is our debtor controller, so if you don't pay your accounts on time, you no doubt will get a call from Jacqueline. If you have any account queries, please feel free to contact her.

THINGS WE CAN DO FOR YOU:

Any of us can make appointments for our Swan Hill, Balranald or Charlton Offices.

We can send financial statements and tax returns to banks, finance companies, Centrelink

We can apply for business names, ABN's and TFN

We can contact the ATO with your tax and or payment queries

We can contact ASIC with any of your company queries

We can accept payment of your accounts over the phone with credit cards & eftpos

We can liaise with the partners if they are unavailable, feel free to discuss any issues with us. We will get back to you.

When you come in for your appointment, we will even make you cuppa if you wish.

Hope to see you soon.

The Swan Hill Show S.W.O.T analysis

Wed, 24 Oct 2012 22:00:00 GMT

The team representing GMG Accounting at the show have completed a S.W.O.T Analysis for you and the show committee to consider! It's this week's featured blog!

STRENGTHS

Attraction/entertainment. Something to do
Family friendly
Educational – machinery, horses, livestock etc
Market style stalls – business advertising opportunity
Always something happening
Generates business for locals
Machinery
Fireworks
Late finishing Saturday
Tug of War

WEAKNESSES

Cost – entry, rides, show bags, food etc
Doesn't appeal to 18-25 year olds
The date can clash with large events
Food – some have certain dietary requirements
No rodeo

OPPORTUNITIES

Local business advertisement – market stalls
Agriculture/equestrian – chance to show livestock/skills
Rodeo
Appeal to all ages – Saturday night entertainment, 18+ section with alcohol
Dietary requirements – more food options
Public holiday Friday
Wrist bands for rides – unlimited, include entry, certain times
Big screen if clashing with events such as AFL grand final
More rides – ferris wheel, worm etc

THREATS

Weather – bad weather, bad show, low entry levels
Dirty perception – rides, food etc
Melbourne show & other events around the same time (Deni ute muster, AFL Grand Final)
Not appealing to all age groups

The Show

Wed, 17 Oct 2012 22:00:00 GMT

On Friday 5th October, the 'straight six' (junior accountants) were treated to a day at the Swan Hill show.

It was a great opportunity for Charles, Gemma, Maria, Danielle, Beth and Ash to re-live their childhood memories. With excitement, we made our first stop at the animal nursery, where we played with the puppies, baby goats and lambs, before moving on to the bulls, to seeing how big they really were.

Then, of course, we had to do the rides. First stop was 'The Tilt', where the girls enjoyed a ride and left Charles holding the handbags. Other highlights included the Gravatron, where we though we might see Charles' breakfast make an appearance, and the dodgem cars, where Gemma made it her mission to knock everyone out. After a typical show lunch of Dagwood Dogs, chips and doughnuts, we watched some equestrian and then ventured over to the machinery section, where Ash and Danielle received a personalized tour of the inside of a header, including the built-in fridge under the seat.

We made our way over to the pavilion, checking out the handwriting skills and artistic flair of the competitors, including the cooking and art and craft. Danielle then gave us a demo of the tug-o-war contraption she would be competing in the next day (which she ended up winning!)

We checked out the showbags and enjoyed a slushie before looking through the market tents, checking out what the locals had on offer. It was then time to play a game on the clowns, each of us winning an amazing prize of a flower.

As the day was coming to a close, we sat down and watched the cow judging. While our knowledge of the judging process was not vast, we still took our bets on which cow would come out on top, and had some success. We also wandered over to the pet show, where the highlight was a very smartly dressed Shetland pony.

After a great day had by all, we headed home to rest our weary bodies. Swan Hill Show, twelve thumbs up!

ATSA 2012 - A Wealth Of Knowledge

Thu, 11 Oct 2012 22:00:00 GMT

For the earlier part of this week, Justin Toomey and myself were at the annual ATSA (Accountants Technology Showcase Australia) conference in Sydney.

The 2 day conference is based on seeing the latest IT developments within the Accounting Industry. It not only looks at what Accounting Firms can implement within their own practices, but also what software vendors are offering SME's (small medium enterprises) that will assist them in creating further efficiencies within their own business systems.

Software vendors such as MYOB, Reckon, Xero, Banklink showcased what advancements they have made within their particular programs as well as giving us an insight into what they will be striving for in the next 12 months.

Stay tuned as we plan to upload more blogs on the conference over the next couple of weeks.

In the meantime, should you wish to discuss how your business systems can be streamlined and greater efficiencies can be achieved, please contact our office to make an appointment.

Wouldn't It Be Nice!

Thu, 04 Oct 2012 23:00:00 GMT

It is good to break the routine of a working day. Being one of the OLDER members of the firm, no longer having my life revolve around children, I now have the freedom to do my own thing.

What a wonderful way to start the day, being part of a crowd of people watching the Adelaide steam paddle boat go under the bridge.

Then a walk along the river and through the wetlands, it is very peaceful with the birds singing and the shrubs out in flower.

Try something different at the start or end of the day to enjoy life and break the day to day routine.

ATO Are Cracking Down

Thu, 20 Sep 2012 23:00:00 GMT

Someone very wise once said something along the lines of "There are only two certainties in life. Death & Taxes!" I think it was that Churchill fella. He's absolutely right too. No matter how long you try to put paying your taxes off, they will always catch up with you.

Business owners are quite prone to procrastinate with preparing their BAS and some wage earners can be quite lax with lodging their individual tax returns too, particularly if you know there's a bill coming. No one likes parting with their hard earned cash, however, we all get a sense of satisfaction when we get on top of our bills and those things on our "to do" list!

The Australian Tax Office has been cracking down on these businesses and individuals who have been sitting on their tasks lately. Maybe the government does need some extra cash so they're chasing up their debtors, however this means one thing for you if you've been putting it off.

In the infamous words of that shoe brand - Just do it. Its like ripping off a band aid, the anticipation is probably worse than the event, so just make an appointment with one of our expert tax agents and we will hold your hand through the whole event!

With some of our technololgies like Banklink and Xero, we can even make it as quick and easy as ripping off a band aid too so you needn't worry about it in the future.

The ATO knows that you're procrastinating, they're like big brother, so just get it over and done with.

Call us and make an appointment today!

Footy Finals - Who Will Fly The Flag?

Fri, 14 Sep 2012 23:00:00 GMT

When competing in any team sport only the strongest, fastest and fittest teams qualify for their leagues finals series, and every team, no matter what division, strives to be a part of it. I am fortunate enough to be a part of the Swan Hill Football Club's reserves side who is in the finals this year.

Since Swan Hill's final series in the reserves had begun 2 and a half weeks ago the intensity and importance of being around the club has increased with 31 players to pick from on a team of 22. Everyone was now turning up to every training and pushing to impress the selectors and coaches to make sure they held their spot. Finishing 4th meant that we would take part in the elimination final so it is do or die time for us now.

On game day of the elimination final, the build up of excitement and anxiety was greater than before any game of football I've seen or played in, I even found it more nerve racking than my first senior game. Once the game begun the sense of urgency became even more clear as the skill level & physicality was well above its usual standard. The Swans fought valiantly and won relatively easily and would play again next week in the semi final.

The semi final was a similar feeling but a little more relaxed than last week although when the match begun it was just as hard hitting as the previous game, the Swans however seemed settled & more focused on getting the job done than the week before. Swan Hill managed to win again meaning we will play against Woorineen this weekend and the winner of that game will advance to the Grand final where they will play the Mallee Eagles.

After playing a few games in the finals it seems like a whole different game compared to normal. Nobody gives an inch because we have worked all year to get where we are now and we don't want to throw it all away at the end of the season. As the last two games have both been on a Sunday rolling up to work the next day has been a battle but with coach Blohmy on our backs, for the first time in my reserves career we held recovery after work on a Monday night for ice and muscle rehab for those who are a bit sore.

The environment around the club is uplifting at the moment with 4 or more netball sides also in the finals which creates a buzz amongst players and supporters. Hopefully we all have another two weeks left in us and can come home with the premierships.

Carn the Swanners!!

Murrabit - The Best Bit

Wed, 05 Sep 2012 23:00:00 GMT

Participating in community events is a great way to meet new people and to become accustomed to living in a new town, as I learnt almost three years ago when I made the move from Shepparton, in North East Victoria, all the way up to sunny Swan Hill. As Chrissie detailed in last weeks' blog, through working at GMG we participate in Relay for Life each year. We are also actively involved in Meals on Wheels, and sponsorship of a number of sporting clubs.

I personally have been lucky enough to be a member of the Murrabit Football Netball Club since I moved to Swan Hill. I've always been an avid netballer, and when the opportunity arose to accompany my boyfriend to the footy one weekend, it ignited my passion to participate again. I was welcomed into the club with open arms and a place on the court, and was lucky enough to qualify for finals in A and B Grade that year.

One of the many exceptional qualities of the Murrabit Football Netball Club is their acceptance of every girl who is looking for a game. In 2011, our B Reserve team was made up of 16 girls. It was a tough gig for the coaches when it came time to pick teams for finals, but the resilience of the girls who sat on the sidelines and their elation when the final whistle blew and they'd won the premiership was undeniable.

It is not only the coaches who take on the high pressure positions for the netball season. I was appointed treasurer of the netball club this year, and being a committee member has really opened my eyes to the hard work that goes on behind the scenes to keep the club running. Our president and secretary are two of the most patient and hard working people I have met. Not only do they take on their official duties with ease, but they solve a myriad of problems that are way beyond their job descriptions. Their willingness to take on any task they are presented with is very humbling. Without these volunteers and the many others who give up their time to help out, the club would not be the success that it is today.

The true success of the Murrabit Football Netball Club can be seen through it's players and supporters, who in their large numbers come back each year to participate and strive towards the elusive premiership. This year we had our three senior netball grades make the finals, along with our Seniors, Reserves and Under 17's football. Unfortunately our B Grade netball teams' journey is over, but the other five teams dreams are still alive. This weekend we have our preliminary final, where our A Grade netball, Senior and Under 17's footy will compete to win a place alongside the B Reserve netball and Reserves footy in the grand final. The nerves are there, but I'm excited and very proud to be representing my club with some of the best people I know.

GO BLUES!

(Photo's are: First photo A Grade Premiership Team 2010; Second Photo B Reserve Premiership 2011)

Number Nerds

Wed, 29 Aug 2012 23:00:00 GMT

GMG has been supporting and participating in the Relay for Life since the event began in Swan Hill many years ago. As most people are aware Relay for Life is a team event dedicated to raising funds for cancer research. Every October, in rain hail or shine, teams get together to walk around the Tyntynder oval for 24 hours, not only to support cancer research but to celebrate and remember the lives of those who have battled cancer.

We fundraise for Relay for Life during the year through a number of different ways. $1 chocolates is always popular, with every member of staff given a box of chocolates to sell, or in most cases to buy and leave at home for the family. I bought the box and gave it to my mother and father in law for their Easter present, it was a big hit. I'm looking forward to a good Easter present next year!

This year we also tried selling for the first time Billy G's Cookie Dough. We sold 80 tubs all up, and are hoping that if people come back for seconds we can make it one of our annual fundraisers.

Over the year we also create social events for the firm that also incorporate some form of fundraising. Previously we have held cocktail parties where we set a price on the drinks. Our most successful event was a cocktail party at Geoff Hinton's where we also held a mystery goods and services auction. Prior to the night everyone was asked to donate or re-gift something, and we wrapped them up in boxes and auctioned them off. This year we held a Poker night at Rick Pickering's and Rick came out with a box of golf balls and asked everyone to donate $10, and whoever could hit the ball the furthest got half the money and the other half was for Relay for Life.

We have held mystery bus trips, ten pin bowling nights, 10kg chocolate block raffles. We will continue to create as many social and fundraising events as we can to raise money for this great cause.

Once again on the 19th & 20th of October the GMG 'Number Nerds' will be there to support the event.

The Riddle Of Risk & Return

Wed, 22 Aug 2012 23:00:00 GMT

Winston Churchill once described Russia as " a riddle, wrapped in a mystery, inside an enigma "

In today's world we are faced with a similar riddle, that of risk versus return. This relates to so many

decisions we make in our businesses, farms and investments generally.

Generally people belong in one of the 4 categories of risk style;

cautious
daredevil
adventurer
calculator

How you fit into these categories can change over time.

Any business / financial decision is usually made using a calculation of balancing the risk of an action

against the expected return. Often the higher the risk the greater the return.

How can you measure the risk? How can you manage the risk? Are questions we are often asked

We can't solve the riddle but we can unwrap the mystery and help you through the puzzle

Contractors Vs Employees

Thu, 16 Aug 2012 23:00:00 GMT

The ATO have signalled an intention to target employers who hire workers as contractors even though they are legally their employee.

We have experienced first hand the wrath of the ATO when it comes to this matter, having dealt with one recent audit in this area.

The ATO argue that employers are engaging full time contractors in an attempt to avoid paying tax and superannuation, and annual and sick leave entitlements.

Contractors who invoice based on hours worked are to be particularly wary. Not supplying materials for set jobs, an in some cases not using their own tools only add fuel to the fire that they are in fact an employee.

The ATO argue that if a contractor is engaged, they should be contracted for a specific job/task, including the provision of materials and the responsibility to rectify defects.

In several cases, the ATO has forced employers to pay 9% superannuation in addition to the amount already paid to these contractors which they ATO deed to be employees.

One measure introduced by the ATO in the building and construction industry from 1 July 2012 is that an annual report will need to be lodged by the business operator specifically identifying every contractor used during the year. Details required to be reported include on each contractor include:

Contractors ABN
Name
Address
Gross amount paid
Total GST

This report will provide the ATO with a reliable database whereby they will know which businesses to target.

Beware,if you get a questionnaire in this field, its not random. The ATO's data matching has found anomalies in your reporting and are confident they will find something.

In addition to the above, the industries being targeted for unpaid superannuation include all trades, cafes and restaurants, while also targeting the cash economy in these fields also.

The extent the ATO are willing to go in the Cafe industry involves ATO auditors going back to wholesalers, determining how much coffee a business has acquired, and determining how many cups they should have produced and at what price, and attempting to match this to sales.

You Can't Stop Progress

Wed, 08 Aug 2012 23:00:00 GMT

If you want your business to grow, you have to be committed to moving with that growth.

This little pearl of wisdom could be directed at the new digital age with the internet, smart phones and social media.

It could be directed at being flexible in your business planning and moving with the times and trends.

It also can be directed at your physical location, and being willing to move to where you are needed.

GMG Accounting have done just that. As our firm continues to grow in terms of client base, employees, and development, we have also recognised that we are needed a little further afield. With this in mind, we have opened an office in Charlton.

Myself and colleague Jess Round, a former Charlton local, are now available for appointments each and every Tuesday. We can assist with your farm accounting, business accounting, individual tax, succession planning, estate planning, self managed super funds and anything else that you might want to discuss with a CPA. We are even more than happy to talk about the weather, footy, netball, hockey and this month's blue moon, or the Olympics.

We are now open at the Circle in the old Globe building but will be opening our new premises at 17 High Street next month, so make an appointment today by calling 50329422

A Grain Of Knowledge

Wed, 01 Aug 2012 23:00:00 GMT

A recent session at the GRDC advisers update raised some interesting views. I was suggested that most farmers spend more time looking how to sell their crop than focussing on when to sell.

Suggested steps to developing a marketing plan include

Calculate the gross margin of the crop i.e. your breakeven price, which becomes your initial target
Create a cash flow budget the will tell you when receipts from sales are required
Determine when to sell in relation to the production cycle, pre planting, post planting, pre harvest, at harvest, post harvest
Determine how much to be sold /priced at these periods
Determine how to sell/price any sales before harvest ; swaps, options or forward physical sales
Determine what price to be targeted
Determine how much will be carried over to the next crop and how long this will be held for

It was also suggested that farmers should consider forward selling 2014 now as well.

Good Decision Making

Wed, 25 Jul 2012 23:00:00 GMT

As advisers we often witness or are directly involved with the decision making process of our clients.

Whether that decision is merely the purchase or sale of some shareholdings or a significant property purchase the process to reach that decision varies from client to client.

There are basically two kinds of decision making processes.

Justified - Decision already made just need to justify it.

Selective - Gathering Facts and assessing alternatives.

Whilst many good gut decisions are made and then justified after the event by far the more consistent and considered approach particularly to those who are risk adverse is the selective approach.

The steps to a selective approach are relatively simple to implement

Gather the Facts
Identify a number of alternatives
Assess those alternatives
Decide

Personalities and emotions often influence decision making but if you consider the four steps to the selective approach poor decisions are likely to be less.

Centrelink & Child Payments

Wed, 18 Jul 2012 23:00:00 GMT

Centrelink provides several payments to families to help support their income and reduce or subsidise child care costs. However, the eligibility requirements and what the payments actually provide a family can become very confusing.

As a young mother I encountered this when I decided to return to work. Many people gave me their opinion that child care was so expensive that it wasn't worth returning to work. However, I found this not to be the case, but understood how people may come to this conclusion.

Centrelink provides two main payments when it comes to child care. They are Child Care Benefit and Child Care Rebate.

The Child Care Benefit (or CCB) is entirely dependent on your family income, whether you are single or partnered. It is calculated as a percentage based on your annual income and is given to you in the form of a weekly reduction in your child care fees.

As an example, if the weekly cost of child care is $400 and Centrelink assesses you to receive 50% of CCB, your weekly child care costs are reduced by $200, so that you only pay $200 per week.

The Child Care Rebate (or CCR) is 50% of all your out of pocket child care costs up to $7,500 per year per child, and you can receive it weekly, quarterly or annually.

Carrying on from the previous example, if after CCB you pay $200 in child care costs for the week CCR then reduces this to only $100 per week.

Child care costs do look expensive if you think that you are going to be paying $400 for the week. However, depending on your individual circumstances, Centrelink does provide some worthwhile benefits to reduce these costs and you may be surprised by how little you actually end up paying.

If you are confused by the child care benefits provided by Centrelink, or you are considering returning to the workforce and would like some further information, please contact us, we would be happy to help.

Health & Fitness. It benefits everyone

Wed, 11 Jul 2012 23:00:00 GMT

Are you struggling to get out of bed with these cold mornings?

Do you sit for most of the time while you're at work?

Is the option of a hot pie more appealing than a cold salad?

And is it just too much effort to go to the gym or do physical activity after work?

You find most your excuses include, It's to cold.

It's easier to cook bad foods.

I don't want to get sick and get a cold.

I don't have the time. It's too dark.

It's raining.

I can't be bothered.

It's time to wipe those excuses because there is an answer for all of them. Hate it when your kids back chat you? Now it's time to back chat your excuses.

With these cold winter months it is easy to fall off the track as far as your health is concerned. As the saying goes many grow that extra winter coat. Then by the time summer approaches many freak out and go on a strict diet to get that summer body, which many don't end up sticking to.

It doesn't have to be like that. It is much easier and fun to stay healthy and active the whole year through. By making small changes and encouraging yourself and people around you, you will find it's not that hard. It will be rewarding not only to yourself but to your workplace as well because you will be more productive.

Eating:

Does your work have a weekly morning tea? Encourage people to bring in healthy food or healthier options. Some ideas could be a fruit platter, yogurt dip, carrot, celery and capsicum sticks, zucchini slice, fruit sewers and veggie muffins.

Prepare! Prepare! Prepare! Write a healthy weekly meal plan. Know all the ingredients you need and go shopping in preparation for the week ahead. Know everyday what you're going to have and prepare it that morning or the night before. If it's not in the cupboard, fridge or freezer you can't eat/cook it. And after all you don't have time to go shopping during the week.

Take snacks and your lunch to work with you. If you have food at work with you to eat you won't have the temptations of other foods. Keep a bag of unsalted mixed nuts in your handbag/esky/lunchbox as they are easy to snack on wherever you are.

Exercise:

Have your workplace encourage you do physical activity. Go for a walk around the block for 10 minutes during morning and afternoon breaks. Eat your lunch outside if possible and go for a walk during your lunch break, this can include window shopping!

Take your sports clothes to work with you and get changed at work if possible. That way you can go straight to the gym or for a walk from work. You don't have to go home and won't be distracted by something at home.

The best time to do physical activity is in the morning before breakfast. It will get your metabolism going and give you a positive attitude for the day. Rug up when walking outside during winter, wear a beanie, scarf, gloves. Maybe invest in some thermal wear or skin's, these will prevent injures and keep you warm.

If you struggle to commit to doing exercise then do it with a friend. Plan to meet up and go for a walk or go to the gym together. This way you have to go otherwise you're letting your friend down. It's also a great chance to catch up on all each other's gossip. Another idea is to go to a gym class. Most classes are for 1 hour and when you're having fun that hour will go really quick. It is always a great way to meet new people and have everyone encouraging you.

When you're healthy you're happy. When you're happy you're productive. Everybody benefits!

URGENT attention to businesses in the building and construction industries

Wed, 04 Jul 2012 23:00:00 GMT

New ATO reporting requirements have been put in place regarding you and your contractors.

Effected businesses in the Building & Construction Industry are required to keep track of and report the following details for each and every one of their contractors:

ABN
Name
Address
Gross amount paid (including GST)
Total GST paid

These reporting requirements have been put in place as of July 1 2012.

This requirement extends to all businesses in the Building & construction industries, The ATO have singled out over 70 different business types, so if you think this does not effect you, you may have to think again.

These industries include some of the following:

Bricklaying
Cabinet making
Earthworks
Engineering
Glass and glazing work
Irrigation system construction
Roofing and guttering
And many more - A full list is available at our resources page.

If you are concerned about exactly how you will have to report these payments, contact us at the office for more information.

Banking On Your Smartphone

Thu, 28 Jun 2012 23:00:00 GMT

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

Thu, 28 Jun 2012 14:00:00 GMT

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 contact@gmgfg.com.au

Cashflow is good. How do we get more of it?

Wed, 20 Jun 2012 23:00:00 GMT

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.

Budgets are included in banklink and most accounting software or they can be prepared on a spreadsheet.

To start the budget input income and expenses from your current years trading figures into the relevant months.

Check that payments are in the correct months and adjust any abnormal amounts.

Review the income to make achievable targets each month.

Include your opening bank balance and your budget is a live document to enable you to track your business for the year.

Plan for your Taxes and Reap the Rewards.

Wed, 13 Jun 2012 23:00:00 GMT

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.

Bring forward tax deductions into the current financial year
Purchasing Plant & Equipment. If finance is required should it be a Lease or Chattel Mortgage?
Do debtors exist or have they "gone bad
Stock Take at 30 June â€" is any stock obsolete or has its value changed?
Setting up Trusts, Company's, Partnerships etc
Motor Vehicle â€" what is the largest claim possible
Salary Sacrificing
Self Manage your Superannuation
Negative Gearing investments
Use of Capital Gains Tax Discounts and Exemptions including Small Business Relief
Use of farm management deposits for farmers
These are just a few examples of some of the tax planning strategies used by businesses and individuals. With the right knowledge and a good plan you will avoid overpaying Taxes whilst remaining on the right side of the law. Paul Hogan once confused tax planning with tax avoidance don't let this be you.

Don't bury your head in the sand, talk to your Accountant.

Introduction to Fuel Tax Credits

Tue, 29 May 2012 23:00:00 GMT

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.

Changes to Fuel Tax Credits

From 1 July 2012 the new carbon tax legislation will result in changes to the fuel tax credit system.

Everyone is advised to keep records of when fuel purchases are made, what type of fuel was acquired and what type of activity it was used for. Changes to the fuel tax credit rates are going to happen progressively through until 30 June 2015 and good records will assist us in making sure your claims are correct.

The new rates that come into effect from 1 July 2012 are as follows

For fuel used in a vehicle weighing more than 4.5 tonnes on a public road the rebate has been reduced from 15.043 cents per litre to 12.643 cents per litre
For fuel used in agricultural activities, fishing & forestry the rebate stays the same at 38.143 cents per litre
For fuel used in machinery for other activities including mining, construction & manufacturing the rate has increased from 19.0715 cents per litre to 32.623 cents per litre for petrol and 31.933 cents per litre for diesel.

The Carbon Tax - will you see any benefits?

Thu, 17 May 2012 23:00:00 GMT

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.

Changes have been made to the tax free threshold and low income tax offsets. With the tax free threshold increasing to $18,200, any amount under that you don't have to pay tax on. This is more than triple what it was before the carbon tax.

For small businesses, the government is introducing changes to help ease the burden of increasing costs. This includes increasing the immediate asset write-off amount from $1,000 to $6,500.

Are you still confused about the changes? That's ok, give us a call and we will happily help you out.

SELF MANAGED SUPERANNUATION

Wed, 02 May 2012 23:00:00 GMT

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??

Did you know that you can take control and make your own decisions??

More and more people are now turning to Self Managed Superannuation Funds. You take control and invest for YOUR retirement the way YOU want to. This can even be as simple as leaving all your money in Bank Deposits if you don't like the risk of your fund balance going backwards, or you can invest in shares or even a rental property.

The other common misconception is that you need to be in your own business or have millions of dollars to have a SMSF, this couldn't be any further from the truth. Almost anyone can switch to a SMSF if they wish.

If this sounds like something that you might consider, then why not contact us at GMG Financial Group for an appointment and we can discuss your situation in more detail and get you the necessary financial advice you require to make the decisions about how to best invest your Super.

Is The Party Business, Your Business?

Tue, 24 Apr 2012 23:00:00 GMT

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.

(For the full list of questions visit: this website )

If you are operating as a hobby, the income you earn from the activity is tax-free and does not need to be declared in your tax return. If you are operating as a business, then you need to declare the income but it also means that you can claim deductions against that income as well. You may also be required to register for GST if your income is over $75,000. You can only claim losses from the activity if it is a business and meets the business tests for claiming non-commercial losses Find out more by clicking here

In summary, it can be worthwhile finding a way to earn some extra money â€" especially if it is tax-free. Also, be sure to do your research and understand if it will be a business or a hobby and what your reporting requirements will be.

To build or to buy??

Wed, 18 Apr 2012 23:00:00 GMT

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:

When buying an established home you have to accept you are buying someone else's dream, and trying to make it your own.

Look for hidden costs in the established home your looking at for example: is the home or garden in poor condition and a lot of maintenance or renovating is required costing both time and money

An established home is far easier to consider all costs before making an offer. What you see will be what you get.

Building has the very real immediate advantage of getting the home that is exactly to your requirements. You're not living someone else's dream, you are realising your own.

Site cost and finishing costs will need to be included in your building budget. Be sure to allow enough budget to finish the home off.

When considering building, have a finished price in mind and work backwards in your calculations

Location, Location, Location

Stamp Duty: there is a vast difference in the amount of stamp duty you will pay on an existing house compared to a block.

And lastly but maybe the most important: First Home Owner Grant.

The first Home Owner Grant provides eligible first home buyers with a $7,000 grant. In addition, if you build a new home you could also be eligible for the First Home Bonus of $13,000 and also the Regional Bonus of $6,500 if your new home is built in a regional municipality in Victoria.

My first tip if to make your own decision because at the end of the day, your're the one that owes the money to the bank!

Sheep or no sheep

Sun, 01 Apr 2012 23:00:00 GMT

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.

Analysis from the Grains Research and Development Corporation 's Grain and Graze project reveals that grain is a riskier enterprise than livestock because returns are susceptible to greater volatility in both price and yield. In comparison, livestock yields tend to remain relatively stable. However, the potential returns in cropping are far greater than livestock

So the question moves from personal likes or dislikes to one of risk versus returns. Everyone has a different risk tolerance and it is important for farmers to review theirs. Farmers can calculate expected profits using a range of prices, yields and costs to show the volatility ( risk ) of cropping and grazing .

It still may come down to whether you hate sheep or not, but you might find a reason to like them more.