Hansens Blog

What is your “why”?

Wed, 21 Mar 2012 01:36:00 GMT

To put this question into some kind of context for you I need to go back a couple of weeks.

Strange as it will seem I was beside myself with excitement to be attending the annual Proactive Accountants Network conference on Hamilton Island. As I’m not an accountant it wasn’t the thought of spending long hours into the night (over a sparkling mineral water) talking about ATO portals, corporate compliance registers and Division 7A legislation, all of which I’m sure are fascinating to the professionals! I’ll be honest it was more about an escape from the familiar daily grind that bogs everyone down from time to time.

However, halfway through the conference I wanted to get home – quickly – there was work to do and it was exciting.

One question had been posed amongst the information overload and it was really simple - What is your “why”? You see, accountants are really great at letting you know what we do and how we do it. It would be fair to say that the 20,000 accounting firms in Australia all vie for your business describing what they do best and how they do it best.

What we’ve forgotten to do is tell you “why” we do it? Forget the fact that everyone in business is there to make a profit – that is simply a result not a belief or a purpose. Hansens, the business and the team’s “why” can be encapsulated in one word – SUCCESS. You, as a client get to define what that means to you – our job is to help you achieve it.

I challenge you to think about your “why” and once you do the feeling of empowerment will be emphatic.

Cheers,

Annette Toussas

General Manager

Kickstart Your Business in 2013

Wed, 21 Mar 2012 00:27:00 GMT

Remember that Business Plan you have tucked away in a top drawer somewhere? You know the one, the bank wanted it when you last applied for finance or someone told you it would be a good idea. If you’re like most small business owners it does its job at the time and is then never referred to again.

Over the last couple of months we’ve been working with a select number of our “A” class clients, preparing them for the 2013 financial year. The feedback we have received to our One-Page Strategic Plan Workshop has been overwhelming and we believe it should be available to our entire client base.

Attendance at our workshop will allow the key stakeholders to understand where the business is today, what the goals for the next 12 months are and what needs to done to achieve them. We focus on the 4 decisions you need to make as a business owner – People, Strategy, Execution and Cash. At the end of the session you will leave with a Strategic Plan for the year that can be updated by you on a quarterly basis.

Please note that these sessions are personalised to your business and there are no other attendees. We have limited availability for dates at the end of May and early June.

If you would like further information please feel free to contact Annette Toussas by email annette@hansens.com.au or by phone 03 8805 8000

Self Managed Super Funds - PROPERTY IN A SMSF

Mon, 20 Feb 2012 03:02:00 GMT

PROPERTY IN A SMSF
By Craig Wright – Head of Investment Property @ RUN

A few years back, I was exploring other ways I could continue to invest in property and grow my portfolio.

I discovered there were some recent changes to the Superannuation Act which enabled me to now borrow funds for investment, with my superannuation as the deposit. With any new legislation, there was a quick learning curve.

I was very disappointed with the performance of my Super in a major Super Fund. The balance of my fund reduced by almost $60,000 overnight. With my partner, we rolled our super together into our own fund. We purchased our next investment property inside the fund, and have not looked back. Our cash flow on this property is neutral and it costs us nothing to hold. The property continues to perform well on growth and rent. We have much more control creating our longer term security, and still have diversification within our own super.

Since the changes to Superannuation to allow direct property investment, lenders and their policies, the set up and costs of your own fund have progressed in leaps and bounds. This is by far one of the fastest growing sectors of the property and financial services world. It is envisaged by 2015 there will be approximately $1.3trillion in SMSF. DIY funds currently account for 32% of all super funds in Australia.

Property in SMSF is a very powerful, dynamic strategy – which includes significant value for investors with tax and cash flow benefits.

For more information, contact Brett Hansen, Partner

Self Managed Super Funds - Administration and Compliance

Mon, 05 Mar 2012 02:32:00 GMT

Spouse Contributions Splitting

Did you know you can split your Superannuation Contributions in a Self Managed Superannuation Fund? Following the end of the financial year a member can elect to split their contributions with their spouse, to help their Super balance grow, and also potentially reduce the amount of tax you may pay.

Contributions can be made in a number of ways to your Fund:

- Superannuation guarantee (SG)

- Salary sacrifice

- Personal contributions (deductible or non-deductible)

- Other employer contributions

And in certain circumstances they can be split with your partner, whether you are married or in a de-facto relationship.

This allows for you and your spouse to increase super fund benefits and better access the low rate cap amount on lump sum payments, effectively increasing the amount of super you can access at a lower (or nil) rate of tax. It may allow for personal insurances for your partner to be paid by the Fund, or you simply may plan to add to the “older “ member to allow access to your Superannuation benefits earlier, or in a more tax effective manner.

As a member of a Self-Managed Fund, contribution splitting is a much easier task so if you would like to investigate further, please don’t hesitate to contact our office.

What is the most effective GST outcome for your business when financing asset purchases?

Wed, 15 Feb 2012 00:09:00 GMT

Avoid the disappointment of some business owners who found out after financing an asset purchase such as vehicles, computers, plant or equipment that the type of finance arrangement was not the most effective in ensuring the best GST outcome was achieved.

A hire purchase arrangement is an agreement where you can obtain goods by hiring them over the repayment term and the transfer of title to you is completed when you make the final payment of the agreement. A chattel mortgage (also known as an equipment loan) is a loan agreement where you take ownership of the asset at the time of purchase.

There are various options and possibilities for the way assets are financed, which can have particular GST implications at the time of purchase that might not be in your best interests.

Don’t get it wrong, call our office to discuss.

Lorraine Barrett, Business Services Manager

Hooray the rug rats are back to school!

Sun, 29 Jan 2012 22:59:00 GMT

After weeks of school holidays the kids are finally back to school. Here’s how we can reduce the burden of sending the kids back to school by maximizing your education tax refund.

You can claim the education tax refund if you had eligible education expenses during the financial year for a child enrolled in a primary or secondary course provided at a school or TAFE (secondary school student only) and you received Family Tax Benefit (FTB) Part A.

However before you claim the ETR you must have first lodged a claim for FTB Part A for the child with the Family Assistance Office and had that claim approved. If you lodge an end of year claim for FTB Part A, the Family Assistance Office can only approve the claim after you lodge your tax return.

So what are eligible expenses?

Eligible expenses include the cost of buying, establishing, repairing and maintaining any of the following items:
• home computers and laptops
• computer-related equipment such as printers, USB flash drives, and disability aids to assist in the use of computer equipment for students with special needs
• computer repairs
• home internet connections
• computer software for educational use
• school textbooks and other printed learning material, associated learning materials, study guides and stationery, and
• prescribed trade tools for secondary school trade courses.

School approved uniforms purchased from 1 July 2011 (including hats, footwear and sports uniforms) approved by the school as its uniform can be claimed for the 2011/12 tax year.

Expenses which can’t be claimed are:
• school fees
• student attendance at school-based extra curricular activities such as excursions and camps
• tutoring costs
• sporting equipment
• musical instruments
• school subject levies - for example, payment for consumables for particular subjects such as woodwork, art or home science
• building levies
• library book fees
• school photos
• donations
• tuck shop expenses
• waiting list fees
• transport
• membership fees, and
• computer games and consoles.

For any assistance in claiming the education tax refund, please give us a call.

Vince Facciolo, Business Services

Testamentary Trusts

Mon, 16 Jan 2012 05:20:00 GMT

There are two things certain in life – death and taxes. But with some effective planning tax payable can be minimized when a loved one passes on.

A testamentary trust is simply a trust that is established by a will. Many individuals during their lifetime establish trusts to hold their investments, to conduct an active business, or for other purposes. A testamentary trust can be discretionary or fixed in nature. They come into existence when probate has been granted and administration of the estate completed.

There are a number of advantages for employing testamentary trusts in estate planning. These include:

To exercise control over the future use or transfer of estate assets. It is also a means of protecting and administering assets for the benefit of minor individuals or others under a legal disability.

To protect assets from creditors

For a beneficial tax outcome.

The second reason is often the most important. If assets are gifted to an individual who is at risk of claims from creditors or gets divorced, the estates assets are increasingly at risk. With 1 in 3 marriages ending in divorce, a testamentary trust can be an effective way of protecting an estate’s assets from a matrimonial dispute.

In general terms, the taxation rules applying to a discretionary trust are the same that apply to a testamentary trust. However there are two main advantages.

a) Lower tax rates apply to beneficiaries who are minor children; And

b) Lower tax rates may apply to undistributed income of the trustee.

For a confidential discussion on estate planning or the implementation of a testamentary trust, please contact us directly.

Vince Facciolo, Business Services

They are called a “Self Managed” Super Fund for a reason people, so let’s start managing them!

Wed, 30 Nov 2011 03:10:00 GMT

I’m a slave to the fashions and a dancing diva, but oddly, numbers are my thing….more specifically Superannuation.

Inspired by the culture and passion at Hansens, my number one goal is to think creatively of ways to help increase your wealth, predominantly through your Self Managed Super Fund. They are called a “Self Managed” Super Fund for a reason people, so let’s start managing them!

Everyone wants to keep costs to a minimum especially when most super funds are experiencing minimal growth in these economic times. Did you know that you can assist us keep our costs down by following these tips:

Keep your bank statements; preferably in order
Ensure all correspondence relating to the Super Fund eg. ALL investments, insurance statements, expense invoices etc. are kept; preferably in order
Keep track of any contributions made during the year: preferably in order.
Keep track of pensions payments during the year; ensuring you pay above the minimum but don’t exceed the maximum cap
Consider subscribing to Xero accounts cloud software at a cost of $10 per month

Incredibly, despite how reliant we will be on our super funds in the future, many clients treat them as a low priority. From my perspective the more organized a fund’s paperwork - the more effective I can be in assisting you increase the value of your fund.

Help me, to help you.

Andrea Salmeron, Business Services

Cloud – light and fluffy to look at, but in this instance…SO much more.

Mon, 07 Nov 2011 01:34:00 GMT

Cloud computing is not a new term, in fact its been around for a few years now, its just that most of the world is finally understanding the incredible benefits and how it could change the way you do business.

What is it though? Here's a brief overview: Instead of installing a suite of software for each computer in your office, you'd only have to load one application. That application would allow workers to log into a Web-based service which hosts all the programs the user would need for his or her job. Remote machines owned by another company would run everything from e-mail, to word processing to complex data analysis programs.There's a good chance you've already used some form of cloud computing. If you have an internet banking or an e-mail account with a Web-based e-mail service like Hotmail, Yahoo! Mail or Gmail, then you've had some experience with cloud computing.

Why is Hansens so involved in Cloud based accounting? It’s all about usability and functionality for us and our clients. In a very short time, a fully integrated e-commerce system can be up and running for any business, large or small. The benefits to you, is a live interactive relationship that will save you time and money, allowing you to concentrate on more important things, like how to grow your business and increase your wealth.

In the past the costs of entering this market was prohibitive and risky, businesses had to develop their own solutions to suit their needs. Through the use of API technology each application is able to share common data and provide a complete integrated system at a fraction of the cost for the software, implementation and training. An added bonus is that if one of the solutions does not meet your requirements or another product comes on the market that better suitesyour needs, it’s a very easy and inexpensive process to turn off one subscription and start another.

At Hansens we are committed to the cloud and creating cost effective and innovative business solutions for the market. We will facilitate the solution rather than providing a product.

Find out more by contact us directly so we can show just how easy it all is.

Trevor Schoenmaekers - Partner

Let's SHARE

Thu, 20 Oct 2011 02:28:00 GMT

According to www.wiktionary.org

Verb. 1.To give part of what one has to somebody else to use or consume.
2.To have in common.
3.To divide and distribute

Historically Accounting and Business Advisory services have always kept information to themselves, the ‘how’ and the ‘what’ we do seems to remain a mystery to the greater population.

Hansens Accountants aim to change this stigma. We are not your average Accounting and Business Advisory firm. We have personality and lateral thinking concepts that help our clients change the way they do business, in ways they only dreamt about. We have the ‘know how’ and the ‘can do’ and we want to share this.

With the launch of our blog, Hansens aims to bring you relevant and important information. We invite you to give us feedback. Please.

Your opinions about the way we do business and insights to the way you do business, can only benefit us all in the future.

Hansens want to SHARE.
Share our tips, share your tips. Your opinions and our opinions. Great suggestions and inspiring knowledge.

From Sharing we can all learn.
We hope to learn a lot.
We hope you do too.

Lets Share.

Amy Holdsworth - Marketing & Administration Manager