APL Accounting News August 2018
Last chance for client day as our workshops start this month!
One last reminder for our annual client day. If you are interested in attending one of the workshops, you can find out more here: http://www.myvetexpert.com
Melbourne – Friday 24 August 2018 at Stamford Plaza, 111 Little Collins Street, Melbourne
Brisbane – TOP DOGS Thursday 6 September 2018 (invitation only) at Stamford Plaza, Edward St & Margaret St, Brisbane
Brisbane – Friday 7 September 2018 at Stamford Plaza, Edward St & Margaret St, Brisbane
Sydney – Friday 19 October 2018 at Sir Stamford, Circular Quay, 93 Macquarie Street, Sydney
Please note: We are going to attempt a live web stream from our Brisbane 7 September workshop. If you could be interested in viewing this event could you please let us know by contacting firstname.lastname@example.org
These expert days are open to everyone, so to avoid disappointment please contact email@example.com ASAP for more information or to discuss options if you are a non-client.
Some venues have restricted numbers so it is important you let as know ASAP which venue you will be attending.
New South Wales payroll tax rebate scheme
For those of you in New South Wales who may not be aware there is a rebate scheme available if you pay payroll tax and your employee FTE has increased consistently over 2 years.
For more information visit: https://www.revenue.nsw.gov.au/taxes/payroll/factsheet/jap
There is no need to worry about payroll tax in NSW if your payroll (gross wages plus super) is under the threshold of $850,000 per annum (for 2018 – 2019 financial year). Payroll tax and the rebate scheme mentioned above does not affect everyone.
Adding value to valuations
APL accountants and Valuvet are delighted to announce a new partnership, which will see Australia’s two leading vet practice valuers join forces, to bring their clients a superior practice valuation service.
There is so much happening in the veterinary space with acquisitions and, incidentally, not just acquisitions from corporates, as these seem to be slowing down a bit. Rather, we are finding that a lot of younger vets are buying smaller practices, or wanting to buy into partnerships. It appears as if the flurry of corporate acquisitions has inspired many new vets to invest in their skills as business owners. This is good news for existing practice owners.
Based on this, there is a very important need to support both sellers and buyers of practices, with a fair and clear valuation service. One of the most important aspects of valuations is the valuer’s experience in the industry, and this comes only by doing a lot of valuations – a bit like orthopedic surgery – the more you do, the better and more precise you get. But, with the veterinary industry being so small, there are only a few people in Australia who have this experience. It therefore makes sense to bring some of the best people together and share their experience.
As a result, we are happy to announce that Paolo and Anne from APL Accountants have joined forces with ValuVet, bringing together some of the most experienced valuers of veterinary practices in Australia. All valuations will be done jointly through ValuVet, and no longer through APL Accountants.
ValuVet has over 40 years of experience in veterinary consulting and valuations with Tony Thelander, whom we are sure you all know very well. Paolo and Anne bring in further valuation and veterinary experience, as well as the accounting support and improved use of KPIs to assess practices.
We will be conducting on-site visits where required, to include separate asset and goodwill valuations. Tony will still be offering on-site consultancy services through ValuVet, for those of you needing somebody on the ground watching the running of your business, or talking directly with your team.
ValuVet and APL will launch this joint venture on August 9th, 2018
As accountants – numbers thrill us. We like what we do and we also like sharing the joy with you. When was the last time you looked at your Profit & Loss statement? Does your bookkeeper prepare management reports for you? Would they even know how?
Profit & Loss statements are an invaluable tool for your business and should be prepared at least monthly. A Profit & Loss statement will help identify any problems that need addressing that could save your business thousands of dollars. The compounded affect could be disasterous if left until you have your tax done up to a year later.
So be engaged! Know what your business is doing and compare your sales on a month of month, or quarter to quarter basis.
It is with sadness that Mya and Grizz our favourite border collies are moving on to new opportunities closer to home, and with them they are taking Nicole and Tori. Both of them will be greatly missed by both APL staff and their clients, and we wish them well with their new endeavours.
Here is Mya giving Strudel a final hug.
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the informations applicability to their particular circumstances. In particular, please note that the APL dogs who often prepare this newsletter do not have opposable thumbs so have to type with their noses.