Spring & The New Financial Year
I cannot believe it is September (which means 2 months of the financial year have already elapsed) and SPRING is here (because the weather has been atrocious).
However, we are into a new financial year and therefore we should be executing the plans we have put together to achieve the goals for 2018!
Here’s a list of matters/issues/suggestions to ensure you can execute your plans or commence.
- ATO HOAX CALLS
The frequency of ATO hoax calls seeking taxpayers (and businesses) to provide personal information and make payments has been around for some time. They were fairly obvious due to low quality presentation and factors that were obviously “fake”.|
I have had 2 experiences with clients (very) recently that have been more sophisticated and the “fakeness” was not immediately obvious.
The only way to deal with ATO contact is to ask them to contact me – your tax agent.
Telephone contact is the hardest to determine authenticity. Under no circumstances give the caller any details other than my name and phone number.
- READ THE BOOK “THE BAREFOOT INVESTOR” BY SCOTT PAPE
Once you have done so give it to family members starting their careers- it is an outstanding roadmap to financial well-being and it is simple.
Get the book so it can pass through many hands, but if online is better for you www.booktopia.com.au/the-barefoot-investor-2017.
- LISTEN TO QANTAS “TALKING BUSINESS” NEWS WITH ALAN KOHLER
It is available on the www.qantas.com/travel/airlines/entertainment-radio.
Alan is the ABC business news presenter most evenings and he is at the very fore front of current business dynamics and changes.
“Business” disruption or new opportunities arrive every 62 days. This means if you’re lucky, because you can’t spend 24/7 doing your own research, you might discover a business advantage but if you don’t a competitor possibly will. Spending 60 minutes a month should assist you keep abreast of latest business developments.
Last month Alan introduced a new business opportunity with recycling and ‘green steel’.
Is speaker was a uni academic but had set up some successful recycling plants on the East coast. What I
He was speaking with a Uni academic who had set up some successful re-cycling plants on the East coast, and I thought of the opportunity for WA. What was interesting was the initial Cap X was only $500K – not bad for a start-up.
- REVIEW YOUR BUDGET AND CASH FLOW
I am repeating myself to say that these documents are simply mathematics for your suspicions. (see my monthly quote at the foot of my email).
However, what is critical is that your BUDGET (projected Profit model) and your CASH FLOW (the flow in and out of CASH) is based upon your business assumptions and it is these that require monthly measurement against actual performance.
- WE HAVE A NEW FINANCIAL PLATFORM – MY PROSPERITY.
This “platform” is cloud based, and is the digital BOX which holds 100% of your financial affairs and then ensures they are updated by the movements in the market place.
Among the many features is the fact that it houses everything to do with your finance.
- Your home and its current (and Moving value)
- Your car(s)
- Your Shares
- Your Super
- Your business
- Your investments (including property at market (and moving value)
- AND HERE’S THE KICKER. -Your documents (your Will Insurance policies , anything!)
And there’s more:
You can tag all taxation reports and simply select them to be emailed to me at the end of every year.
Likewise you can tag any item or document to send to your financial planner, your solicitor, your banker etc.
I like the banker most because they always want the financial statements and tax return and you simply tag them and off they go.
My prosperity has over 1 million clients and is extremely secure.
It will cost you $60 per month once set up! How good is that?
- CHECK OUT THE NEW WEBSITE
The branding thing because apparently the old one was ‘old’.
The web site is to give you more information. www.connollysbs.com.au
Quite seriously check out Resources on the web site as there are new tools and guides that I have purchased for your benefit and I can say this because I didn’t design them but they are awesome.
The accounting game is changing fast. Taxation has continued to become much more complex and more closely audited, the cloud is changing information availability enormously and the economic landscape is still extremely tough in Perth and WA.
Hopefully you see we are moving with these changes and meeting our vision of providing you with the best available professional business advice.
Please let me know if there is anything you would like or an area where we can better meet your needs.