By Peter Vickers Business Group | small business company tax rates | 1 Jun 2018 |

Parliament managed to agree at the end of last year to lower small business company tax rates. The standard company tax rate is still 30% but the rate for small companies has decreased to 27.5 % for the 2017/18 and 2018/19 years and then falls to 27% for 2019/20, 26% for 2020/21 and 25% for…

By Peter Vickers Business Group | data breach, cyber security | 1 Jun 2018 |

On 22 February 2018 the Privacy Amendment (Notifiable Data Breaches) Act 2017 came into effect. The new law establishes that organisations that suffer an eligible data breach must notify affected individuals and the Office of the Australian Information Commissioner (OAIC).

By Peter Vickers Business Group | event, charity | 28 May 2018 |

Peter Vickers Business Group support the Biggest Morning Tea which is run by the Cancer Council Australia.

General, Insurance | 25 Mar 2018 |

Business interruption insurance greatly improves your ability to recover and assists in the post-loss recovery process of a catastrophic or unplanned event – whether naturally caused or human caused e.g. an act of terrorism.

General, Insurance | 24 Mar 2018 |

On Friday 19 January 2018 at approximately 7:30pm the roof of our office building in Lindfield partially collapsed. Fortunately no one was injured.

events, sponsorship | 23 Mar 2018 |

Peter Vickers Business Group was proud to participate and sponsor the Kuringgai Chase Fun Run and Barry Easy Walk 2018 which took place on Sunday 18 March at Wahroonga.

income, tax | 16 Mar 2018 |

Deductions for personal superannuation contributions are now allowed for all individuals under the age of 75 (but those aged 65 to 74 must meet the work test).

taxable payments | 8 Mar 2018 |

Currently payments made to contractors for building and construction services have to be reported to the Australian Taxation office annually.

payroll, single touch payroll | 1 Mar 2018 |

If you currently pay wages, you will soon be required to be linked to the Australian Taxation Office electronically.

General, sponsorhsip, peter vickers business group | 28 Feb 2018 |

We first learned about The Kuringgai Chase towards the end of 2014 when we were approached as a local business via LinkedIn. We decided to get involved for several reasons.

General, peter vickers business group, sponsorship | 14 Feb 2018 |

We are once again proud sponsors of the The Kuringgai Chase Fun Run and Barry Easy Walk which raises important funds for Special Olympics Sydney Upper North Shore.

12 Dec 2017 |

CGT started on the 18th September 1985. Any asset (a very wide definition) acquired after that date is subject to tax on the capital gain when disposed of. After 32 years we are now seeing some interesting things happening.

12 Dec 2017 |

We generally prepare accounts and tax returns in the order that we receive the work from clients. Some clients have specific deadlines like travel agents, holders of an AFSL and large proprietary companies.

12 Dec 2017 |

It starts from 1 January 2018. The definition of small business is the “CGT small business entity” which is one with an aggregated turnover of less than $2 million.

12 Dec 2017 |

This “was a period in the Dutch Golden Age during which contract prices for some bulbs of the recently introduced and fashionable tulip reached extraordinarily high levels and then dramatically collapsed in February 1637.

12 Dec 2017 |

If you own land in NSW with an unimproved capital value greater than $549,000, at midnight on 31 December you will have to pay land tax.

4 Dec 2017 |

Our funds aim to invest, 70% in Australian equity, 25% in Fixed Interest and 5% in cash.

4 Dec 2017 |

The bureaucrats have lost it again. With the new $1.6 million pension cap the public servants want to know about any changes to pensions where the balance of a member is greater than $1 million.

borrowers beware, financial advice | 28 Jun 2017 |

The government is trying to make house prices affordable. Prices are affected by supply and demand. What the government is trying to do is decrease demand. It has instructed its APRA, the Australian Prudential Regulation Authority, to tell the banks to make it hard for people to borrow money…

1 Jun 2017 |

Transfer Balance Cap:  If you receive a pension and the assets supporting that pension exceed $1.6 million then you need to commute the part of the assets that exceed $1.6 million before 1 July 2017.  To make the commutation the trustees need to agree to do so.

Insurance | 1 Jun 2017 |

ALARMS –  Burglars tend to avoid homes with security systems. Use window stickers and make sure that these are visible from every approach to your home, not just the front entrance and experienced burglars know the difference between a fake alarm and a real one.

EOFY in review | 31 May 2017 |

The end of the financial year is the time to do a final review of your tax affairs for the current year and to do your tax planning for the new financial year.  It is no longer acceptable to do last minute tax manipulation when you prepare your income tax returns after the year-end. Tax and…

25 May 2017 |

The Federal politicians have done what they had been elected to do. They prepared a budget that looks pleasing to the electorate. They have increased some taxes; extra 0.5% for Medicare levy and the levy on the evil banks. This is so they do not have to tackle the hard bit of reducing govern…

20 Mar 2017 |

The ATO still has not worked out how to get taxpayers to pay but it is trying various methods. In the end,  it will just bankrupt individuals or liquidate companies. This will harm small businesses the most as they tend to use the ATO as a “lender of last resort.”

17 Mar 2017 |

Parliament in record time passed the changes to superannuation that were announced in May and September.  They all start from 1 July 2017 .

17 Mar 2017 |

Novelists write the best books from real life stories. The same applies to financial decision making. We will never identify clients and we change the details to maintain confidentiality.

small business insurance, are you underinsured | 8 Mar 2017 |

One of the most common risks for Australian businesses is underinsurance. And about 25% of SMEs have no business insurance!

8 Mar 2017 |

We’re very happy to be sponsoring and participating in the  Kuring-Gai Chase Fun Run and Barry Easy Walk for the 3 rd  consecutive year and to be supporting the local programme for Special Olympics.

23 Feb 2017 |

The government’s recent changes to superannuation only commence on 1st July 2017. The major impact is going to be on those people with more than $1.6 million in all their super funds.

14 Dec 2016 |

In the last few weeks we have held discussions with a number of clients about the performance of their managed superannuation funds. Their super funds have reported negative or very small returns for the 2015/16 year and the returns are below bank interest rates whereas the year before the r…

14 Dec 2016 |

Cashing out of annual leave:   In August 2016 the Fair Work Commission made a number of important reforms to annual leave for employees covered under Modern Awards. Under the new reforms employees who fall within most of the 122 Modern Awards can now  cash-out  a portion of their accrued…

tips for staying safe while travelling | 14 Dec 2016 |

Our last post was about cashing out annual leave.  This is now possible following reforms by the Fair Work Commission in August. But don’t forget time off is important to recharge the batteries and restore the balance of life.

NSW land tax | 13 Dec 2016 |

Your principal place of residence is exempt as is land used for primary production. All other land that is owned at midnight on 31 December is taxed. The first $549,000 is tax free. The tax on the excess of this number is 1.6% plus $100. If the value is over $3,357,000 then the tax is 2% ove…

13 Dec 2016 |

Parliament in record time passed the changes to superannuation that were announced in May and September.  They all start from 1 July 2017.  At present the size of a member’s benefit when in pension phase has no relevance. However from 1 July 2017, there is an initial  limit of $1.6 million.

retirement, managing finances for retirement | 11 Oct 2016 |

There has been a lot written about how one goes about saving and how one then invests savings. The topic of tax comes up and then this leads to superannuation and how one uses super to save tax. A lot of this is driven by investment advisors who like to produce financial plans and charge ad…

8 Sep 2016 |

It’s never too soon to start saving and in many cases even if you double your deposits at a later date you may never catch up to people who start saving earlier.  An understanding of compound interest can encourage young people to start saving now!  But good saving and spending habits do…

late tax returns, taxation, financial advice | 8 Sep 2016 |

Have you forgotten to lodge your tax returns for a number of years? Big brother has got even more tools up his sleeve to find you. Big brother now has access to most government computer systems to check that returns,  both Commonwealth and State are being lodged and correctly calculated.

8 Sep 2016 |

Early Stage Innovation Company Legislation: From 1 July 2016 there is a 20% non-refundable tax offset capped at $200, 000 or $50, 000 for non–sophisticated investors for investments in early stage innovative companies.

negative gearing | 5 Jul 2016 |

The elections are over but negative gearing will remain a useful investment tactic especially for smaller investors that have few options for increasing their wealth. They mainly invest in rental home units.

death and taxes, wills, superannuation | 8 Jun 2016 |

As the saying goes both are inevitable. We talk a lot about taxes in this newsletter and even show ways not to make them inevitable. However we are not that clever with death. We also like to maintain our client base so discourage our clients from dying. But lets look at some stories from th…

News Highlights, Windsor Accounting | 26 May 2016 |

Sydney, Australia, May 26, 2016 - P eter Vickers Business Group has merged with Bardi Management Group to form the leading Accounting firm in the Hawkesbury.  The merger is effective as of 16 May 2016.

18 May 2016 |

The Treasurer announced changes to superannuation as part of his 2016 budget that he handed down on 3 May 2016. This budget was handed down in the run up to the Federal election that has since been announced for the 2 nd  July.

tracking small business expenses | 2 May 2016 |

Did you know that 50% of small business expenses are generated on the go? It’s no wonder the majority of expense receipts end up shoved in coat pockets or an old shoebox.

19 Apr 2016 |

The end of the financial year is the time for a final review of your tax affairs for this year and to do your  tax planning  for the new financial year.  It is no longer acceptable to do last minute tax manipulation when you prepare your income tax returns after the year end.

investment advice, property cycles | 30 Mar 2016 |

There is a saying that what goes up must come down. The corollary is what comes down must go up.  This is what cycles are about and there are cycles in investing. The main problem is that we have very short memories. 

selling your business | 30 Mar 2016 |

In the last few months we have assisted a number of clients to both buy or sell businesses including professional practices. These should be simple transactions but in nearly every case they have turned into an epic saga. In any transaction there are usually six parties. 

30 Mar 2016 |

In the past trustees of Self Managed Superannuation Funds purchased art work for the super fund as an investment. You could not purchase this art work for any other reason than investment and certainly not for obtaining the pleasure of looking at it.

30 Mar 2016 |

The financial press is full of stories about the ending of the accountants’ exemption in respect of Self Managed Superannuation Funds. Most clients probably will not have read these articles as they are not very stimulating.

10 Mar 2016 |

With a few days to go until the fourth annual Kuringgai Chase, it’s a pleasure to report that we have already received over $18,600 in online donations! 

tax tips | 4 Dec 2015 |

You could claim immediate deduction for up to $20, 000 of depreciable assets. If you are a small business, aggregated turnover of less than $2 million, then you can claim an immediate deduction from 12 May 2015 to 30 June 2017 for any depreciable assets with a cost less than $20,000. If you …

3 Dec 2015 |

However employers can also get into a jolly mess during this season. Human issues: It’s wise to remember that the location of your Christmas party is considered part of your work place.

small business insurance, Insurance, fire safety plan | 24 Nov 2015 |

As news of an early start to the bush fire season is reported in the media, we tend in Sydney to see it as a concern to those in rural areas.   Memories are short!  Think back to Sydney in January 1994 and then again to Canberra in January 2003.

14 Oct 2015 |

Last week AbleOwl conducted 2 days of Excel training for SMEs in our boardroom. They do this a few times a year.

1 Oct 2015 |

I do not want to pay tax, so I will not make a profit. This is a common misconception of people that have poor cash flow and do not understand correctly their finances.

retirement, financial planning, aged care | 30 Sep 2015 |

When retirement is on the horizon it’s quite common for people to start taking a more active interest in their savings, partly triggered by the fear that they will not have enough to maintain the lifestyle they currently enjoy.

Tax Planning | 21 May 2015 |

There is some housekeeping that needs attention  before the end of the year.  You can only write off plant and equipment if it has been disposed of or scrapped. So do not keep a broken machine in a corner, throw it in the bin and claim any written down value. 

investment cycles, financial advice | 15 Apr 2015 |

We currently have low interest rates, a dollar that has fallen from a high against the USD that we have not seen for 40 years, low inflation and this has caused both the share market and the property market to go up rapidly.

Trust account records | 26 Mar 2015 |

If you are a law practice and have received or held trust money (except transit money) at any time in the year ended 31st March 2015, you’r required to have an External Examination of your trust records.

News Highlights | 12 Mar 2015 |

In addition to participating in various other charity events, the Peter Vickers Business Group has now become one of the pivotal sponsors in the Ku-ring-gai Chase and Barry Easy Walk, working to raise funds in support of the Special Olympics.

18 Feb 2015 |

The team at Peter Vickers Business Group are thrilled to be involved with the  Kuringgai Chase and Barry Easy Walk,  to help raise funds in support of Special Olympics for the Sydney Upper North Shore.

4 Dec 2014 |

We’re wrapping up the year on a positive note having just completed the audits of the financial statements of 2 of the charities we support, both of which are very much part of the Ku-ring-gai community.

Insurance, small business insurance, fire safety plan | 20 Nov 2014 |

Is your Bush Fire Survival Plan up to date? We have witnessed in the last few years an increase in the frequency and severity of natural disasters not only in Australia but around the world as a result of climate change.

managing finances for retirement, managing finances | 7 Nov 2014 |

When most people reach retirement age, they’re still relatively fit and agile and quite capable of  managing  their own finances.

17 Sep 2014 |

If you’re lucky enough to love what you do, you won’t have to consider when to retire.  But for most of us, George Foreman’s sentiments ring true :  “The question isn’t at what age I want to retire, it’s at what income”.

17 Sep 2014 |

financial advice as you age, financial advice longevity | 11 Sep 2014 |

For some time now, government subsidiaries such as the Australian Bureau of Statistics and The Productivity Commission have been releasing a stream of studies on “life expectancy”.

tax advice | 24 Jun 2014 |

Each tax time brings changes and this year is no different.  It’s important to be aware of the changes, what they mean to you, how they will affect your net income for the year and to look at ways to ensure you minimise the tax you need to pay.

xero and cloud accounting, accounting advice | 10 Jun 2014 |

Get an overview of Xero and Cloud Accounting.  Try Xero for yourself.  Product experts can answer your questions and show you the benefits of doing business in the cloud.

cyber attack | 22 May 2014 |

eBay confirmed that its corporate network was hacked and a database with users passwords was compromised. It doesn’t matter what size you are: Facebook, Microsoft and NBC were all victims of cyber attacks in 2012 and 2013.

aging parents finances, financial counselling, financial advice | 20 May 2014 |

our ageing parents may still be enjoying their retirement in their own home but there will come a time when they need carers to assist them in their day to day lives. Whilst a carer can help them remain in their own home, the carer can’t help them to manage their finances and someone needs…

News Highlights, SMSF | 18 Dec 2012 |

News Highlights, SMSF | 18 Dec 2012 |

News Highlights, Insurance, small business insurance | 26 Mar 2012 |

Finding cover for the unusual can be difficult but at PVIB we rise to the challenge. PVIB ensured that James Cameron’s record breaking solo dive (in his submersible DEEPSEA CHALLENGER) on 26 March, 2012 to a depth of 35,756 feet (almost 11kms) to reach Challenger Deep – the deepest point…