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Jarvis Newsletter

Issue 1 - First Edition

Welcome to the first edition of Jarvis Accounting Solutions quarterly newsletter.

Business Tip

Over the next few months I want to talk briefly about some good business habits, starting with the need for business owners to plan for the future.  As part of any good business plan is forecasting.  This includes;

  • Income - Setting monthly targets/goals for at least the next twelve months.
  • Expenses - So you know the cost of running your business.  Remember to factor in your personal financial requirements in the form of owners salary.
  • Cash Flow - This allows you to sit down and work out when income comes in and when expenses will go out of your bank account.
    This is a powerful tool that can alert you to times when cash maybe tight. It also allows you to fore warn your bank manager and prearrange an overdraft facility to help you through the difficult period.

Planning applies as much in today's economic environment as it does in boom times.

General Tip

As the holiday season is upon us and many of us will be travelling, it is a good time to consider, whether;

  • Our will is up to date.
  • We should consider having a Power of Attorney for our
    a. Property.
    b. Personal care and welfare.
Power of Attorney is a person you nominate to look after your affairs;
  • While overseas. You can give them rights to pay bills on your behalf.
  • If you ever become mentally incapable.
  • I recommend you contact your solicitor to discuss.

GST Tip

Two monthly filers of GST Returns whose current GST Return period ends on 30 November 2008, remember you have until 15 January 2009 to file your return and make the payment.

For all GST registered businesses, remember;

  • You now get charged a penalty for late filing as well as late payment of your return.
  • All returns and payments are due on the 28th of the month except.
    a. Period ended 30 November, have until 15 January, and
    b. Period ended 31 March, have until 7 May.

Tax Tip

Did you know;

  • From 1 April 2008 the Company tax rate is now 30%.
  • From 1 October 2008 the personal tax rates have changed to:
    $0 - $14,000 12.5%
    $14,001 - $40,000 21%
    $40,001 - $70,000 33%
    $70,001 and over 39%
  • From 1 April 2009 the new National Government proposes further individual tax cuts will come into law. We will let you know what these are in our next newsletter.
  • From 1 April 2008 you will be able to claim 33% of all charitable donations made. Note the rebate is calculated on the lower of
    a. Your personal taxable income for that year, or
    b. Donation made.

Charitable Donations - Example 1:

Bob earns taxable income of $50,000 a year and makes $25,000 worth donations. Bob will be able to claim a donation rebate on the $25,000 he gave away.  This means Bob will receive a donation rebate of $8,250 ($25,000 x 33%).

Charitable Donations - Example 2:

Cath earns taxable income of $50,000 a year and makes $75,000 worth donations. Cath will be able to claim a donation rebate but this is limited to earn taxable income of $50,000. This means Cath will receive a donation rebate of $16,500 ($50,000 x 33%).