MONTHLY NEWSLETTER – JUNE 2023

Newsletter – June 2023

How did we get to June already? Seems like that’s the common theme of conversations this month. A little bit of excitement for us as it’s EOFY, which means watching TV commercials giving out terrible tax advice and we’re getting geared up for the start of the new year.

Remember there’s 2 weeks before pay slips are finalised and tax reports are out from the ATO but don’t worry, you can get your information in order while you wait. We have popped in a little article down below on getting your records together in preparation for FY23 tax.

Finally, it’s all happening on the Coffs Coast! We have just had Screenwave (and Stroyland) and now coming up in August is Australia’s Inaugural Children’s Content Summit. Find out more below and don’t miss out on your tickets! We love supporting the blossoming and thriving industry up the coast.

How We Work

As we’re heading into a new (financial) year, we would like to share how we have established a complementary set of services that allows us to provide a holistic business solution to set you up for success.

We have been finessing the interaction between each service line to ensure they work together to create value for our clients and a seamless experience between each, giving peace of mind in relation to your business, financial and tax situation all in one.

Virtual CFO – Essentially the outsourced finance department. We spend time in your books on a day-to-day basis, keeping them complete and up to date. We can also manage payments, debtors, super and BAS/IAS lodgements. This ensures you’re able to review your numbers and be confident in your decision making. On top of this, our CFO service can assist in budgeting, cash flow, strategic decision making and more.

Taxation – Accountants bread and butter. Tax lodgements – done, Strategic tax planning – done, Structuring – done. We take into consideration all your personal requirements and set you up for success with the right balance while keeping you in the best position possible.

Advisory – This is where it all comes together. The books are running smoothly and the numbers are there for decision making, no suprises around tax and there’s a plan in place on top of the right structure. Advisory is where we work with business owners to achieve the ultimate goals, personally and professionally.

We are a business proudly built on referrals.  If you know a business owner that would benefit from a fresh take on their accounting, tax and advice needs, please send them our way!

Get Your Business Records Ready for Your Tax Return 2023

Organising your end-of-financial year documents now means you can get your tax completed earlier and maximise your return. Book your tax return appointment now and rest easy knowing it’s under control.

5 ways to ensure you get paid on time

Are you waiting for payments? Are your customers paying you on time? We’ve got 5 simple tips for speeding up payments and giving your cashflow position a boost.

Do you need to improve the cash flow position for your business?

Turning a profit is at the heart of running any successful company – But without cash flow, you can’t run your day-to-day operations or grow the business. Talk to us about how you can increase cash flow in your business.

Australia’s InauguralChildren’s Content Summit

Tickets are now on sale for Australia’s inaugural children’s content summit – the Australian Children’s Content Summit will bring together Australian and international delegates from the children’s and family entertainment industry for an exciting three-day event from Tuesday 29 August to Thursday 31 August at Pacific Bay Resort, Coffs Harbour in New South Wales.

Count Out Loud are proud to supporting the inaugural event and excited to see so many great names on the line up.

Well done to Suzanne Ryan and SLR Productions for all the hard work putting this event together.

We’re looking forward to seeing everyone there, don’t miss out on your tickets here!

Accountants Letters – The Can’s and Cannot’s

It’s really common for us to be asked by clients to provide a letter confirming business activity when it comes to securing finance, be it business or personal. These are usually pushed by the lenders and brokers as easy ways to get your loans approved.

Unfortunately, there are a number of issues and risks with what the banks are asking us to confirm. While the letters seem simple enough, we have been advised by our professional body, Chartered Accountants AUS & NZ, what we can and can’t confirm.

What information can my accountant provide in an accountant’s letter?

•    Your gross taxable income
•    Principal sources of income
•    Years your tax returns have been lodged, and
•    Confirmation if your accounts have been audited

What information can’t my accountant provide in an accountant’s letter?

Your accountant cannot provide information that they cannot factually verify. They also, cannot provide a service for which they do not have professional indemnity insurance.  Both of these situations would be a breach of their professional obligations.

Examples may include, but are not limited to:

•    Estimate or validate your future income or expenses
•    If your business is solvent and will remain solvent
•    Your ability to service a loan.

While we understand this may be disappointing but it is imperative we operate within the guidance from our professional body.

Tax Planning – Last Chance!

Last chance for tax planning before EOFY! A quick note to get in touch with our friendly team to book in your tax planning meeting. We’re happy to have a 30 minute meeting to discuss any of your specific questions.