New Super Rules

By mike | August 1, 2010 | Taxation

Small business owners need to be aware of recent changes to the way the ATO calculates income in order to qualify for the co-contribution benefit.

For the 2011 financial year, the Federal Government will match contributions that individuals make to their super fund, as long as that individual meets the income test.

From 1st July 2010, an individual must earn less than $31,920 to qualify for the maximum co – contribution of $1,000. For every dollar earned over this threshold, the co-contribution reduces by 3.35 cents until it cuts out completely at the upper income threshold of $61,920.

What has changed is that reportable employer super contributions (ie those contributions above 9%) are included in earnings for the co-contribution benefit as is fringe benefits.

Small business owners need to consider their total income, as defined by the co-contribution benefit – when looking at the tax efficient way to extract money form their private businesses.

If you need to discuss these changes, please call Mike on 0401 631 904

Do you have a Rental Property?

By mike | July 29, 2010 | Links

If you have a rental property you may be interested in the services provided by Rent Savers. They provide a fixed fee rental management service for your rental properties. Go to their website Rent Savers and use their calculator to see how much you can save by using their services.

For Accounting advice, call Mike Harding on 0401 631 904

5 Secrets of starting up

By mike | July 29, 2010 | Improve business

What comes first when you are starting up – getting new business or ensuring that you can meet the deadlines you have promised! Well, you need clients to start with – without those you can have the best products in the world, but if no one knows about them, you won’t have a business!

  • stand out from the crowd – if you are a plumber what is going to make you different from all of the other plumbers. You need to think outside the square. Not all ideas will be good ones…but some will be.
  • Website. All businesses these days need a website. Think about your own way of doing business – If you want to buy a new piece of equipment, do you research it on the web? Of course you do and your customers will be no different. The Website is your brochure. If you don’t have one, speak with Mighty Media (you’ll find them through Google!)
  • Sometimes you need a hook to get your potential client to contact you. If you are a plumber it may be something along the lines of a free 1/2 hour – where most plumbers may charge a $100 call out fee you will immediately get customers to call you. When you are running at full capacity, then will be the time to reappraise that offer.
  • Honesty – In business, honesty goes a long long way. Be honest when you are starting out, and say you are just setting up. New businesses are hungry, and people know you will go that extra mile. Provide as good a service for a small leaking tap fix as you do for a new house plumbing job.
  • Value for money. If you give value for money, people will recommend you. If you don’t, they will tell people not to use you. Price for the value of the job – don’t blindly follow how much time you spent!

At Harding & Co we charge by value of the job. Clients do not pay if I am inefficient and spend more time than it should normally take!

Call Mike on 0401 631 904 to discuss your accounting needs.

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