Duncan Dovico - The Bottom Line

RECORD KEEPING FOR BUSINESSES

Keeping good records is essential for those in business and can potentially save a business significant time and money.

Poor record keeping is often a key factor in the failure of businesses.

There are a number of reasons why businesses should be keeping good records of their transactions.

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Record keeping requirements for self managed Superannuation Funds (SMSF’S)

Poor and inadequate record keeping are often recognised as a major problem for self managed super funds (SMSF’s).

One responsibility of being a trustee of a SMSF is to keep proper and accurate tax and super records.

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Cash Flow Strategies

Without profits and positive cash flow, a business is going to struggle to survive. This is why cash flow strategies should be taken seriously.

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Medicare Levy Increase

The Medicare levy will increase from 1.5 per cent to 2 per cent from 1 July 2014.

The money raised from this increase will be placed into a National Disability Insurance Scheme (NDIS) fund.

Individuals could be affected if they are individual taxpayers, individuals and trustees who are in the “pay as you go” instalment system, trustees with liabilities or employers with fringe benefits tax impacts.

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PRACTICE NEWS

New Partner - Amanda Castricum
We are delighted to announce that Amanda Castricum CA, has recently become a Director and Shareholder in the Duncan Dovico Practice.
Congratulations Amanda.


Federal Budget
With the upcoming Federal budget only a matter of weeks away we will be providing our clients with a concise summary of the key matters impacting on Business, Superannuation and of a general Taxation nature.