With the end of the 2017 financial year fast approaching, it’s time to take a closer look at your business and investments for the tax season.
The ups and downs of your business success, your future plans and legislative changes throughout the year can all have an affect on your tax at the end of the financial year.
Which is why we like to catch up with you in May and early June to review your current circumstances. We’ll get your records in order and do an in-depth analysis of your business and investment profitability. With your profit forecasting, we can get an estimate of the tax payable and if there are any strategies available to make sure your tax is kept to a minimum.
Let’s talk soon – the sooner the better!
Analysis and planning can take time, so we’d love you to make a booking today on 02 6362 1966 with your PMW Advisor and get ahead of the June 30 rush!
Recently we’ve seen some major changes to many areas of superannuation.
Most of the changes are effective from July 1st, however there are some changes that need to be considered and acted on before 30th June 2017.
The biggest change is the tax exempt pension which will now be capped at $1.6M, from 1st July 2017. If you have funds over this pension cap, you will be paying a 15% tax rate on the residual funds earnings. For some, there may be strategies you can adopt prior to the 30th June 2017 to reduce the impact on your remaining funds.
What should you do?
To check if any of the changes affect your superannuation, or if you need to act before 30th June 2017, speak to your Financial Advisor.
We have a team of licensed Financial Advisors who can help you determine how the changes could impact you and review your current financial circumstances.
Call us 02 6362 1966 for more information.
We are looking for an ambitious Experienced Accountant who loves cloud-based accounting, is passionate about business and has top-notch communication skills.
Based in Orange NSW, this is a great role if you thrive in a fun and supportive team while working with clients across all aspects of their business.
Essential for this role:
- two to three years’ experience in public practice
- a professional manner
- good cloud-based accounting knowledge
- excellent verbal and written communication skills
- a high level of attention to detail
- the ability to work independently and meet deadlines
- knowledge of Xero, QuickBooks, MYOB, and other business systems and financial packages relevant to small and medium businesses.
Your key responsibilities will include:
- year end and periodic statutory reporting for financial and tax purposes
- PAYG, IAS, BAS preparation
- preparation of management accounting reports
- researching and keeping up to date with new accounting technology
- working closely with other team members to meet the requirements of our business clients.
PMW Accountants & Advisors is a flexible and modern business, with family values at our core. The role is based in Orange, a great NSW location (only 3.5 hrs drive to Sydney) .
If you’d like to know more about this opportunity, our team or our business, contact Sarah Low at HR Savvy on 0499 119 294.
Please email your written application including your CV, directly to email@example.com by Friday 10th March 2017.
Recent research indicates that 77% of dentists believe their practice is not operating at peak efficiency and only 41% have a plan for growth*.
Has one of these thoughts ever crossed your mind?
- It’s only an idea but I would like to get another dentist and advertise more aggressively but I don’t really have a plan
- I assume succession planning is important, but I am not completely sure what this entails
- What makes a successful dental practice?
- Gee, it’s a tough competitive environment at the moment with so many dentists entering the market
We’re committed to understanding the unique challenges that dentists face and are always looking for innovative ways to support your business.
BOQ Specialist have complied a comprehensive report that PMW Accountants & Advisors can offer to dentists looking to operate a successful dental practice. The report is drawn from one-on-one interviews with advisors and Dental Practitioners and identifies concerns, common themes across the industry and benchmarking insight.
The special report goes into detail on key areas such as improvements to your practice, growth strategies and succession planning i.e. when to start, what are the key business indicators of a successful dental practice, what my advisors should be doing for me just to name a few.
If you want to get ahead in this highly competitive market this report is a must.
You’ll gain practical insight into benchmarking, understanding business indicators and planning for your Dental Practice.
Get your copy of the Dental Practice Research Report HERE
I look forward to speaking with you soon.
Justin Walker, Business Advisor at PMW Accountants & Advisors
02 6362 1966
*Source: BOQ Specialist 2016/17 Dental Research Report.
Last night, together with The Aspect Buyer’s Agency, we held a seminar on investing in property. If you weren’t able to make it, or you’re just keen on some top line info, here’s some key points from our discussion.
Most people dream about financial freedom, but don’t really know how to obtain it. Or they think that buying an investment property is reserved for a select few. We’re abolishing that thinking and have some tips on how to shape your financial future with property.
First up, if you’re thinking of buying property – we have a few simple steps to follow before you do:
2. Decide how to structure the purchase. There are numerous ways to structure your investment and we recommend talking to your financial advisor to get it right the first time.
3. Contact your Mortgage Broker to determine how much you can borrow and how to structure the loan.
4. Contact a buyers agent (like Aspect Buyer’s Agency) or research a property that is suitable to your investment goals.
Why do all this?
Planning is key, make the most of your time and your money by engaging professional help to reach your property goals.
Some of the things that your financial advisor will discuss with you are Tax Planning, Asset Protection and Estate Planning. This helps to determine how to structure your financial position to make the best property investment decisions.
We often get asked about rental income on investment properties and as you can imagine, there are lots of tax intricacies. Here is a link to a Rental Property Guide from the Australian Taxation Office that explains how to treat rental income and expenses that is useful for understanding what might be applicable to your circumstance.
We highly recommend arranging your finance through a Mortgage Broker.
If you don’t have a mortgage broker already, get in touch with Matt Derham here at PMW Finance.
A good mortgage broker is able to look at the type of investment and financial structure you have and source the best loan to suit your needs. They should be an Authorised Representative of their industry and have access to ongoing monitoring of the market and the most current loans, rates and positions of available lenders. You’ll get advice and a tailored solution so you have the flexibility to grow your property portfolio in future.
Most importantly, a Mortgage Broker will help you with Loan Structuring – looking at options like:
- Deductible V’s Non Deductible debt
- Cross collateralisation V’s stand alone
- Flexible? Lender Choice? Complexity? Future options?
- Active use of offset accounts
Finally, when you’re ready to buy property – consider getting in touch with a buyers agent.
This means, having someone on your side who knows the market, has a lot of research available to determine the value of a property and who can dedicate their time to finding a great property for your investment goals. We’ve worked with Aspect Buyer’s Agency who have had over 20 years professional experience in property buying.
If you think property investment is for you and you’d like to know more, call us at the PMW Group on 02 6362 1966 or touch base our Mortgage Broker Matt Derham to see how we can help you create a passive income through property.