Business, Wealth Management & Tax News

Synectic Blog

Business, Wealth Management & Taxation

The latest news and insights from Synectic

Switching or consolidating super funds can be risky business

7 December, 2018/in Wealth Management /by synecticgroup

Super fund members are regularly encouraged to consolidate their super accounts into one account to reduce paperwork and avoid paying multiple administrative fees and charges for accounts they don’t need.

Compulsory Single Touch Payroll (STP) reporting rolls out to small employers

6 December, 2018/in Business & Corporate Advice /by synecticgroup

Months of uncertainty for small businesses ended yesterday with the Senate passing the Bill to now extend compulsory Single Touch Payroll (STP) reporting to employers with 19 or less employees. Effective from 1 July 2019, it comes on the back of STP rolling out to larger employers from 1 July 2018.

Six tips for SMSFs investing in property

27 November, 2018/in Wealth Management /by synecticgroup

As a Self-managed Super Fund (SMSF) trustee you might, at some stage, want to invest in property as part of your fund’s investment strategy.

Before you do, you should fully consider the risks associated with property investment. Holding a “real property investment” can affect other aspects of your fund, such as benefit payments, and any investment must comply with superannuation laws.

Here are 6 issues to consider before your SMSF makes a property investment:

Position Vacant for Client Services Administrator

23 November, 2018/in News /by synecticgroup

We are growing rapidly and need a passionate and talented Client Services Administrator!

You’ll provide high-level administrative and clerical support, dealing directly with both staff and clients.

This is a diverse role, based in Launceston, supporting our Accounting & Business Services team.

Set up better bookkeeping systems with a Synectic adviser

5 Common Bookkeeping Fails – and How to Easily Avoid Them

12 November, 2018/in Business & Corporate Advice /by synecticgroup

If you’re in business, you already know that careful financial management is important. But do you really aspire to spending your time dealing with numbers and paperwork? That’s probably not why you went into business!

5 tips to avoid FBT on your staff Christmas gifts and work party

1 November, 2018/in Business & Corporate Advice /by synecticgroup

Christmas will be here in a moment and many employers will be thinking about recognising their team’s efforts throughout the year. Have you thought about how to manage tax and Christmas gift giving?

Feel free to celebrate, but make sure you don’t get stung with unexpected taxes. Fringe benefit tax (FBT) and associated income tax and GST pitfalls are the big ones to watch out for.

Employee or contractor? 12 common myths

26 October, 2018/in Business & Corporate Advice /by synecticgroup

Do you know whether your worker is legally an employee or a contractor?

There are plenty of myths and assumptions made when it comes to deciding the status of a worker. Many employers (and workers) rely on inaccurate indicators of what makes a worker an employee or contractor. However, the employee-or-contractor status is important to get right.

What really matters?

25 October, 2018/in Business & Corporate Advice, Wealth Management /by Kurtis Alexander

Xerocon2018 brought us several sessions that asked us to think about the way we think. They were an excellent, and timely, reminder for me of what’s important in my life.

With a young family, I’ve found myself at one of those times in life when it’s valuable to pause a moment. To check that you understand your priorities. Because they change over time. And sometimes a significant event, or a minor event, a comment, a chance meeting, or a speaker at a conference can trigger reflection.

The powerful ripple effect of your business’ purpose

19 October, 2018/in Business & Corporate Advice /by Danny Hoare

Do you ever question whether your business is being all that it can be? Are your customers, employees, even your community, getting the best of you? Why does your business exist? What’s your business’ purpose?

What you stand for may have more impact than you think.

October 2018 Newsletter

12 October, 2018/in News /by synecticgroup

In this month’s newsletter we share the first in a series of highlights from our team’s attendance at Xerocon2018. Always an exciting conference for industry innovation, this year gave us some particularly thought-provoking takeaways. We also discuss an interesting strategy for business owners who have an SMSF. And we dig into how one organisation is adapting to the NDIS.

Information on this webpage has been prepared on a general advice basis only. The advice has been prepared without taking account of your specific objectives, financial situation or needs. Accordingly, you should, before acting on the advice, consider the appropriateness of the advice having regard to your objectives, financial situation and needs. In cases where the advice relates to the acquisition, or possible acquisition, of a particular financial product, you should obtain a Product Disclosure Statement (or other relevant information statement) and consider such document before you make any decision about whether or not to acquire the product. Self-managed superannuation funds are not cost competitive for lower balance accounts and are not appropriate for all investors due to the time, cost and responsibility involved in managing an SMSF. For these reasons, it is imperative that you seek advice from your financial adviser before making any investment decisions.

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.

Our mission is to help people, businesses and the community prosper.

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.