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October 2018 Newsletter

See our latest newsletter here:

Synectic news October 2018

Artifical Intelligence is here, but maybe it’s not so scary

One of the highlights of Xerocon2018 for me was a presentation from Professor Genevieve Bell: Preparing for artificial intelligence, or the fourth wave of industrialisation 

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How will your business make a difference?

I want to share with you one of my personal highlights from attending Xerocon 2018.

It was a presentation by Trent Innes (Managing Director, Xero Australia & Asia) on why the 1% is everything. Trent’s message resonated with me as both a business owner and a business adviser.

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June 2018 Newsletter

See our latest newsletter here:

Synectic news June 2018

Tax Planning for Primary Producers

‘End of financial year’ is a big deal for us accountants. With the intensity of the annual budget, tax lodgement due dates, and FBT deadlines all easing towards the end of June, we’re well and truly ready to relax a bit … maybe even welcome in the new financial year with a wild office party and NFY-eve countdown…

The other thing we love doing around this time of year is tax planning!

And the last few federal budgets have included some serious concessions for primary producers. We’ve listed below a few of the key tax planning opportunities for primary producers, and outlined some of the changes that have been made over the past few years.

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Keeping a vehicle log book – plus your free template

When claiming work-related car expenses, many people miss maximising their claim due to poor record keeping.

Inadequate records can also cost dearly if you are audited by the Australian Tax Office (ATO).

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Are you taking data security seriously?

You’ve heard it all before: change your passwords, make them difficult to guess … blah, blah, blah.

But it’s well past the time for us all to take data security seriously. Cyber criminals are targeting Tasmanians and their businesses of all types and sizes. If you’re not looking after your and your customers’ data you could well be the next victim.

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2017-18 Federal Budget: Businesses

Small and medium businesses were the big winners of last year’s budget. It is therefore no surprise that the 2017-18 Federal Budget announcements have been less stimulating. However, there are still tax and business planning opportunities coming out of the Budget which we look forward to assisting our clients with.

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Farm Management Deposit (FMD) scheme changes: What they mean for Tasmanian farmers

The Farm Management Deposit (FMD) scheme allows farmers to set aside primary production income in years of high income, to draw on in leaner years. The deposits are an excellent cash flow planning tool and an important strategy for primary producers to consider in their tax planning. They help farmers build up cash reserves while smoothing fluctuating income, maximising profits and minimising tax liabilities.

Effective 1 July 2016, the government introduced several amendments to the FMD scheme. The changes give farmers more flexibility in managing their businesses and mean that FMDs should be back on the table during the upcoming tax planning season.  In this article we look at two of the changes that we see as particularly relevant to our Tasmanian farming community.

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Employers: understanding the tax system

Navigating 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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