Synectic Blog
Business, Taxation & Wealth Management
Stay up to date with the latest news and insights from Synectic
About Us
Synectic is a Chartered Accounting and Advisory firm that brings together the skills of accountants, business advisers, financial planners, self-managed superannuation experts, and auditors. Our team operates state-wide from Devonport, Hobart and Launceston offices.
We offer the depth of knowledge, specialist skills and progressive resources usually associated with much larger firms. Yet our size and availability allows us flexibility and enables us to develop an in-depth understanding of your business and financial affairs.
Contact Us
Devonport
A: 49 Best Street, Devonport
P: (03) 6424 1451
Hobart
A: 30 Burnett Street, North Hobart
P: (03) 6239 4900
Launceston
A: Suite B, First Floor, 99-103 George Street, Launceston
P: (03) 6337 6777
Office Contact
M: PO Box 6003, Devonport, TAS, 7310
E: info@synecticgroup.com.au
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Employers: understanding the tax system
/in Business & Corporate Advice /by synecticgroupNavigating the tax system to ensure you are meeting all your obligations as an employer can get confusing. In this article we look at some common areas of concern for business owners and provide some handy tools and tips.
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FBT on portable electronic devices in 2017
/in Business & Corporate Advice /by synecticgroupThe FBT exemption for small business employers providing work-related portable electronic devices to employees has been expanded in the 2017 FBT year (that is, from 1 April 2016).
Under the old rules, FBT exemption does not apply to multiple portable electronic devices provided to an employee in the same FBT year, where those multiple items have “substantially identical functions”. This “one device” limit still applies to employers that are not small businesses.
However, small business employers (that is businesses with an aggregated annual turnover of less than $2 million) can now access the exemption for more than one work-related portable electronic device, even where the devices do have “substantially identical functions” (such as the functions of a tablet and a laptop).
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Xero improves bulk changes to invoice reminders
/in Business & Corporate Advice /by synecticgroupLast week Xero released an enhancement to their invoice reminders. The release allows you to bulk-select groups of invoices to switch reminders on or off from the main Invoicing list.
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Keeping a vehicle log book – plus your free template!
/in Business & Corporate Advice, Individuals /by synecticgroupWhen claiming for work-related car expenses, many people miss out on maximising their claim due to inadequate record keeping. Also, failing to maintain a valid vehicle log book can cost dearly if you are audited by the Australian Tax Office (ATO).
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3 Tips to Update Your Business Plan for the New Year
/in Business & Corporate Advice /by synecticgroupWhat’s your New Year’s Resolution: “stay fit”, “stress less”, “save more”? The New Year is a welcome opportunity for some personal reflection and goal setting, but are you making any resolutions to help make your business better than ever? January is a great time to consider your business goals and to plan what you’d like to achieve in the coming twelve months.
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2017 Synectic UTas “Scholarship in Business” winner
/in News /by synecticgroupSynectic wish to congratulate Chloe Smith, the 2017 University of Tasmania (UTas) recipient of the Synectic “Scholarship in Business”.
The annual scholarship is made available to a student entering the second year of an undergraduate Business degree. In recognition of the long heritage of our firm in the Devonport region the student must originate from North-West Tasmania, however may be attending any of the UTas campuses.
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Superannuation reforms – what they will mean for you
/in Wealth Management /by synecticgroupThe Australian Government finally had most of its 2016 budget measures on superannuation pass through Parliament on 23 November, following a tortuous process of negotiation with the cross-benches. Most of these changes to Australia’s superannuation system will take effect from 1 July 2017.
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Tax and the sharing economy
/in Business & Corporate Advice, Individuals /by synecticgroupThere are more and more sharing economy, or collaborative consumption, websites and apps hitting the market in Australia and they are making their way from the big cities into the Tasmanian market. With the holiday season upon us, short-term vacation rentals through apps like Airbnb and Stayz will be in full swing. And now that Uber has arrived in Hobart – just in time for the silly season – Tasmanians and our tourists are embracing the ride-sourcing phenomenon.
But before you decide to rent your house out for summer with Airbnb or earn some extra money driving for Uber, you need to consider the tax implications – you may need to pay GST and income tax on your earnings and you may be liable for CGT down the track.
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Top 3 stresses for business owners & how to manage them
/in Business & Corporate Advice /by synecticgroupWe all know that, left unchecked, stress can grind down your passion and undermine your performance – not to mention, take a serious toll on your physical and mental health. So when you consider the pressures of starting and running a business it seems wise to add effective stress-management to the list of skills you need to develop to build and sustain a successful business.
Everybody experiences stress sometimes. But it is possible to stop stress from derailing your productivity, profits, and overall well-being. Follow these practical tips to avoid the main causes of “business-owner stress.”
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5 tips to avoid FBT on your staff Christmas gifts and work party
/in Business & Corporate Advice /by synecticgroupChristmas will be here before we know it, and once again many employers will be thinking about recognising their employee’s efforts throughout the year and getting everyone together for some fun and relaxation. While we don’t want to be the party-stoppers, we do think we should let you know that it’s worth thinking about how to manage tax and Christmas. While you should feel free to celebrate, make sure that you don’t get stung with unexpected taxes; particularly fringe benefit tax (FBT) and associated income tax and GST pitfalls.
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