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Remember to Increase Your Employee Superannuation Payments!

27.04.2013 22:27

From 1 July 2013, the Superannuation Guarantee rate paid on behalf of all employees rises from 9.0% to 9.25%.

Further, payments must now also be made on behalf of employees who are 70 years of age or older.  This is a new requirement.

This rise in the Superannuation Guarantee rate is the first of many with rises occurring annually up to an including 1 July 2019.  This will result in the Superannuation Guarantee rate increasing to 12%.

The new rate of 9.25% will take effect with, and will be calculated from, the first remunerations paid on or after 1 July 2013.

This new measure will have a small impact on the cashflow of employers but it is important that they get it right.  Underpaying Superannuation Guarantee amounts results in a significant and almost draconian penalty regime which is best avoided at all costs.

With the Superannuation Guarantee rate rising from 9% to 12%, and with more people being eligible for inclusion over the coming years, it is important that businesses plan properly for the impacts.  Morgan Reynolds can help you with your strategic planning needs, not only to ensure compliance with your Superannuation Guarantee obligations but also with your entire business strategic planning issues.




Get Your Life Back!

06.03.2013 13:43

Now that we’re well and truly into the 2013 New Year, it’s a good time to re-visit those resolutions we made way back then.

For many business owners, the biggest problem they suffer is the amount of time taken up by bookkeeping – those business administration and compliance tasks which take them away from:

  • Family
  • Friends
  • Personal rest and recreation
  • Working on the areas of the business that they do best  (the real reason they started the business in the first place!)

And for many, each New Year they make the resolution to change the way they do things so that they regain the work/life balance for a better quality lifestyle.  Unfortunately, like most resolutions, they are generally forgotten after the party.

So why not outsource your bookkeeping to someone else?

Apart from the obvious benefits listed above, if you choose the right bookkeeper with the right qualifications, then you can also get:

  • Regular Performance reports;
  • Budget and cost setting;
  • Tax and Business Planning; and
  • Profit maximisation

And by freeing your time, you’ll be able to save time so you can spend it on the most important parts of the business, you’ll win in three important ways:

  • Your administrative tasks and taxation affairs will be regularly managed and lodged on time – no more struggle to keep up with deadlines
  • More time for you to spend on the rest of the business means you can increase your income producing capacity
  • Engaging the right bookkeeper will reduce the amount of time your accountant needs to review the work, so the total cost is less than it would cost you to do the task yourself.

Morgan Reynolds now offers bookkeeping services to help clients focus on the areas of their business and personal lives that have been neglected. 

As registered tax agents and advisors, we also give you the added comfort of knowing that we can spot many problems before they arise and can work with you to fix them quickly and, in many cases, cheaply. 

By working closely with you on a regular basis, we can also help you to take your business forward and we are more than happy to liaise with your current accountant to ensure they get the information they need in a format they are happy with.

Life’s too short to waste doing work you’d rather avoid.  Outsourcing your bookkeeping will take you that step towards giving you more time to spend doing the things that really matter to you. 

Call us on 8563 2620 to discuss your needs, so we can help you make 2013 everything you want it to be.




TOUGH TIMES FOR SMALL BUSINESS

27.04.2012 14:44

If you think it’s hard being a small business owner in today’s business climate, you’re not the only one.

Credit reporting agency, Dun and Bradstreet have reported a 48% rise in the number of business closures during 2011 from the previous year, while the number of startups dropped dramatically, by 95%.

According to Dun and Bradstreet failure numbers have been growing by 30% per year in the last three years and, since 2008, have been exceeding the number of new businesses starting up.

Most alarmingly, failure rates have been rising fastest n the small business sector.  Failures in small businesses with fewer than five employees are reported as rising by 57% over the year, while those with between six and nineteen employees experienced a 40% increase for the same period.

Most failed businesses blame rising interest rates, wages and wage-related costs and the strong Australian dollar as well as the general uncertainty in the economy that has resulted from the Global Financial Crisis and the escalating European economic situation.

So how do you avoid becoming another statistic?

One way that businesses can survive and thrive in this current environment is to keep a regular eye on the Key Performance Indicators (KPIs) for their business.  Determining KPIs for a business is not always easy but, once set, it is quick and easy for any business owner to monitor them.  A slight change in these KPIs can be an indicator that things are starting to slide and enables the business owner to take care of the situation before a serious problem arises.  In most cases, prompt attention to a potential problem will significantly increase your chances of fixing it before the costs start piling up.

Contact Morgan Reynolds to find out how Key Performance Indicators can help keep your business on track and earning you higher profits.



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Barossa Valley Way, Tanunda 5352
P 08 8563 2620
F 08 8563 2648
info@morganreynolds.com.au

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