Consolidating your loans this EOFY

Debt consolidation case study

Northern Rivers Lending Specialist, David Seymour, was introduced to a couple who were both wage earners, trying to get their debt under control with little success from the major lenders. 

debt consolidationBeing a small family with one child, they were living pay-to-pay but couldn't get their heads above water. It felt like they were continually paying off something all the time. 

To try and grab a break, they went to see major bank about consolidating their loans. When they were turned away they went to their existing lender to find out that they also had no time for them. 

They completed paperwork in the hope of being approved and the process only dragged on, so they became disenchanted and gave up. 

Read more…

Single Touch Payroll live reporting

Live reporting through Single touch payroll

Single touch payroll (STP) reporting has changed the way businesses report salary and wages, PAYG withholding and superannuation contribution information to the ATO. 

Single Touch PayrollFor the 2018-19 financial year, only businesses with 20 or more employees were required to use STP. 

From 1 July 2019, all businesses will need to use STP although there is some leniency for micro businesses struggling with implementation.

STP means that employers will no longer issue Payment Summaries, instead a finalisation declaration will generally need to be made by 14 July (the deadline is 31 July 2019 for businesses using single touch payroll for the first time in 2018-19).

If your employer has used STP in 2018-19, you can access your Income Statement from myGov. Through your myGov account, you will be able to see your year to date tax and superannuation information within a few days of your employer paying you.

In any event, make time now to meet with the Collins Hume team to ensure you are STP-ready by July. Our advice is don't leave it to the last minute, as set up can be time-consuming for some businesses.

Let Collins Hume partner with you to achieve greater business and lifestyle success as your trusted advisers. Call us in Ballina or Byron Bay on 02 6686 3000.

2019 Tax Planning

Feel like you're paying too much tax?

Get on the front foot with Collins Hume this tax time and plan proactively to minimise your tax before 30 June.

tax timeHave you thought about your tax planning for this financial year?

Would it help to know your tax position before 30 June and how to minimise your tax and protect your assets?

Don't leave tax planning to chance
Smart business operators plan for their tax throughout the year, not at the last minute. As tax can be a major cost to your business, we work with you to minimise your tax and help you achieve your key business and lifestyle objectives.

Collins Hume provide the one stop shop for all your financial and tax affairs including tax returns, management accounting, activity statement preparation, payroll advice, GST, fringe benefits and FBT, tax minimisation and management of ATO audits.

Read more…

Effective ways to donate to charity

You don't have to be Bill Gates to be a philanthropist
When you think about philanthropy, it might be something like the Bill and Melinda Gates Foundation that comes to mind. But philanthropy isn't just for retired billionaires. 

Amanda at ElstonIn fact, anyone can set up their own perpetual charitable fund with as little as $50,000 and enjoy the satisfaction that comes from making a real difference.

We recently sat down with Amanda Sartor, Manager of Elston Philanthropic Services, to see how she is helping people connect with causes that are close their heart. It's clear that it's a job that she loves. "For me, it's wonderful seeing someone find a way to not only give, but also get so much in return," said Amanda.

Here's a short excerpt from our interview with Amanda.

Is Philanthropy related to fundraising and volunteering?
Absolutely. If you're giving your time, skills or money to support causes in your community, then philanthropy is already a natural part of your life. You might be sitting on the board of a Not-For-Profit or volunteering at the local surf club. That's philanthropy too.  Read more…

Xero's Payroll Only STP plan

Xero's new Payroll Only plan

Helps Australia's smallest employers embrace online payroll and STP

Single Touch PayrollFrom 1 July this year, Single Touch Payroll (STP) will apply to all employers in Australia. First announced in 2015, STP is an Australian Tax Office reporting regime that requires employers to report salaries and wages, PAYG withholding tax, and superannuation to the ATO each time they pay their employees.

According to the ATO, more than 400,000 small employers with up to four employees will need to adopt an STP solution before the end of September 2019. Many don't currently use any software to manage their payroll.

Following months of development by Xero, they've announced the launch of Payroll Only plan to assist small businesses with STP.