Movember Special Release

Movember Special Release

Most people ignore it until it touches them or someone around them…

During this month of Movember, the team at PrimeAdvisory are taking on the challenge to raise awareness and support for prostate cancer.  In Australia, prostate cancer is the most commonly diagnosed cancer in men.

This challenge is one that is close to our hearts, as our team member Mark Greenwood was diagnosed with prostate cancer last year after a simple blood test.  16 months later after surgery, and a period of recovery the signs look good for Mark with all test results showing “clear”.

Sharing his experience, Mark exclaims, “I want to promote awareness of this insidious disease, it’s one of those things that is not dramatic but will slowly kill you. I understand that most people ignore it until it touches them or someone around them.”

When reflecting how this experience has changed Mark’s outlook on life he says, “Everything like this does change you in some way or another. There are so many things going on in the world and we are all busy, that it’s easy to ignore these things until maybe it’s too late.  I understand that a lot of guys my age do not even think about it.  My best mate even asked me how I found out I had it, and he is over 50 and never had a PSA test. Every male should be having this test over the age of 45.”

So how do you know if you have prostate cancer and are you at risk?

Your risk of developing prostate cancer develops from the age of 45-50 you should really begin having a simple routine PSA (Prostate Specific Antigen) blood test,  coinciding with regular check-ups with your GP.  Mark suggest, “You should see your GP annually and just get the test done. It’s a simple blood test, but you also need to create a history of readings to establish a base line.”

Early detection is key!   If detected early you have a 98% chance of survival beyond 5 years however if detected late you have a 26% chance of survival beyond 5 years.

To help raise awareness for this important cause, we are looking to raise $16,000 for the 16 months Mark has been clear!  That’s why we need you to get involved and help us by generously donating much needed funds to fight this disease.

We are calling this our 16/16 Challenge!

DONATE NOW

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Interesting Stories, Interesting Places Event

Interesting Stories, Interesting Places Event

Last week we hosted some of our gorgeous clients in the relaunch of our office through our bi-annual “Interesting Stories, Interesting Places” Client Event. It was a night of networking and celebration as we shared in the success of our clients through the launch of our “On Track For Life Wall” as featured below.

This wall was designed to share in the successes of our clients which motivates us as a team daily to do what we do. From comfortable retirement, overseas holidays, new houses, new cars, well-educated children, successful business restructures, business awards, the list goes on! So, will you be next? Afterall, a goal without a plan is just a wish…

Further, we saw many long-standing clients mingle with each other and share in their successes finding a surprising lot in common as they venture down similar travel paths post retirement. PrimeWealth Practice Manager Marie Mauger commented, “My favourite part of the event was seeing some of my favourite clients finally meet and thoroughly enjoying each other’s company as they discovered all they had in common, not just their Financial Advisor!”

Client feedback included “Great night – I do like your renovation and thanks again for your generous hospitality.” So if you haven’t come to visit us for a while, come check it out and book in a time to meet with your Advisor or Accountant and get your finances sorted while you’re at it!

We hope to see you at our next Bi-Annual Event in March 2020 and please contact us if you would like support in achieving your personal or business goals to keep you on track, for life…

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The real cost of late payments

The real cost of late payments

People power businesses, and when people are paid on time not only do you keep your employees stress lessened and enjoyment heightened but you also build a more productive workforce.

A recent survey performed by Xero found 43 percent of workers to be experiencing payday problems in Australia, rising to 49 per cent for those employed by small business.

This effected employees in varied ways with 68 per cent reporting feeling stressed and 45 per cent had missed payments such as mortgage repayments. These pay day problems come at a big cost with 43 per cent of employees feeling less engaged and productive at work and over a third (34 percent) of employees considering leaving their job as a result.

From all surveyed in the study the most common payment errors experienced by employees were incorrect salary payments (24 percent), followed by late salary payments (22 percent), underpayment of salary (22 percent) and overpayment of salary (10 percent).

As a small to medium business owner, sometimes you must do it all, but finances may not be your strong suit. It’s no surprise that 73 percent of business owners feel much more optimistic about their business when they have positive cash flow.

This further goes to impact the personal wellbeing of business owners with more than 40 percent of owners claiming late payments to affect their mental health, 43 percent of owners losing sleep over their businesses cash flow, and 37% of entrepreneurs have considered giving up because of cash flow issues.

This sounding all too familiar? Don’t struggle in silence, that’s what we are here for. Please give us a call, 02 9415 1511 or contact us and we can get you on track.

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Self Correct Your Super Or Suffer….

Self Correct Your Super Or Suffer….

Find out what the Super Guarantee Amnesty means for you.

After the original amnesty failed to pass parliament in May 2018 the government have reintroduced legislation to establish a one-off amnesty for historical underpayments of the superannuation guarantee.

If enacted this will apply from the date of the original amnesty announcement, 24 May 2018 until 6 months after the legislation has passed. This will give employers time to disclose of these super guarantees to the commissioner of taxation including historical underpaid or unpaid for any period to the March 2018 quarter.

To qualify for the amnesty, employers must voluntarily make this disclosure and either pay the full amount owing or arrange a payment plan in which all payments are met otherwise the amnesty will no longer apply.

The ATO continue its compliance activities during the amnesty period and if they make the discovery first, full penalties will apply. The amnesty will also not apply to amounts already identified as owing in which the employer is subject to an ATO audit.

What employers pay for failing to meet SG obligations

No AmnestyAmnesty
SGC comprised of:SGC Comprised of:
- The outstanding SG entitlements (this component might be higher than what it would have been had the entitlements been paid on time)- The outstanding SG enititlements
- Interest of 10% per annum- Interest of 10% per annum
- An administration fee of $20 for each employee with a shortfall per quarter- No administration fees
Penalties of up to 200% of the amount of the underlying SG charge (minimum 100% for quarters covered by the amnesty)No penalties
A general interest charge of the SBC or penalties are not paid by the due dateA general interest charge
SGC amount is not deductible - even if you pay the outstanding amountA general interest charge

So, what do employers need to pay under the amnesty?

Under normal circumstances employers pay the super guarantee charge and lodge a superannuation guarantee statement. However, under the quarterly superannuation guarantee, the interest is calculated on an employer’s quarterly shortfall amount from the first day of the relevant quarter to the date when the super guarantee charge would be. If the superannuation guarantee is paid late, special provisions exist within the legislation to automatically protect employees from inadvertently breaching concessional contribution cap limits if the unpaid superannuation guarantee is paid to the Commissioner and then transferred to the employee’s superannuation fund. In the case an employer makes the payment directly into the employee’s fund, the individual would need to apply to the Commissioner requesting the exercise of discretion to either disregard the concessional contributions or allocate them to another financial year.

But what happens if you don’t take advantage of this amnesty?

If you are found to have underpaid employee’s superannuation guarantee penalties up to 200% apply. With the amnesty-imposed legislation however calls for tougher penalties on employers that do not voluntarily correct underpaid or unpaid. The Commissioner therefore loses the power for leniency even in cases where an employer has made a genuine mistake.

So what does that mean for you?

Regardless of if you do not believe that your business has an Super Guarantee underpayment issue, it is worth undertaking a payroll audit to ensure that your payroll calculations are correct, and employees are being paid at a rate that is consistent with their entitlements under workplace laws and awards.

With the introduction of single touch payroll there is going to be a lot more transparency on super and non-compliance with the ATO now able to capture more recent non-payments.

If  you need a super health check get in touch with our accounting team to see how we can help you avoid these penalties and stay on track , you can call us direct on 02 9415 1511 or contact us.

 

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Procrastinator or Producer?

Procrastinator or Producer?

Yes, I suppose the title isn’t quite correct because you could be both, but I got your attention, didn’t I? Are you procrastinating right now? If you are a procastinator that’s totally okay because this might be a productive procrastination situation and you spend 28 per cent of your day on distractions anyway.

With so many demands for your time and so many distractions beyond your colleague’s family and friends, can it ever change?

The answer, well that’s entirely up to you. You are the one who makes the choice as to what you do and how you do it. So you can either remain disorganised like 27% of office workers checking emails on average 13 hours per week, or you can consider the remainder of the article and take action and be a producer delivering results.

Top Tips

  • What you eat has a direct effect on how productive you are at work, experts suggest foods low in glycaemic carbohydrates including fruits, vegetables and whole grains.
  • Fight the temptation of checking your emails, the first few hours set the tone for the day and get you pulled in many different directions. With a clear head get your creative juices flowing on projects before jumping into your inbox and what awaits.
  • Identify what distracts you, by tracking your work activity for one week and evaluate the cause and effect of your distractions to stop them in their tracks
  • Create a to-do list with priority levels and deadlines
  • Only schedule purposeful meetings and make them efficient, don’t book a meeting if it can be written in an email
  • Experts have found that working for 90-minute intervals maximises productivity, your mind needs a break and a reward so find a break schedule that works for you and stick to it! Be kind to yourself!

If you want to increase your productivity in your finances, have someone working on it who specialises in the field, give us a call, 02 9415 1511 or email us today and stop procrastinating!

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