Latest News June 2020

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Workshops (virtually irresistible)

Special 50% off offer on our annual benchmarking report and strategy conference until 30 June 2020.

Below is what it will include and if you took all these services individually they would add up to $6,000.

But we are offering this package for $3,000 until 30 June:

• 6 months free connection to Profitdiagnostix worth $1,800
• 6 months free access to Vet Business University worth $900
• Full analysis of financial and clinical parameters of business for past year compared to average and top performers prepared by one of our consultants prior to the workshop worth $2,000
• Identification of 4 key strategies that will make the greatest difference on your profitability
• Attendance of our 2 half day online workshops including guest speaker, small group discussions and help formulating your strategic plan for the next 12 months worth $1,000
• A 45 minute consultation to discuss progress with one of our business consultants 6 months after the workshop worth $300

Reply to this or email admin@aplaccountants.com.au if you would like to join us.

These are the online sessions and dates:

Day 1 – 25 August – 4pm – 7:30pm (QLD)

An afternoon/evening session so we can include a UK speaker. There will be a 20 minute bathroom/drinks break. This session will include benchmarking, planning based around possible economic changes and our guest speaker – Alison Lambert not to be missed.

Day 2 – 26 August or 15 September – 9:30am – 11:30am (QLD)

This requires live attendance as you will complete your strategic plan online using a new online tool we have created where Paolo and Anne can view it confidentially in real time and help you out. Calculations will be done magically for you so no more brain work. Then there will still be small group discussions as we can put you into private virtual rooms to discuss things.

As you can see, we will be running this interactive day on 2 dates to make sure that all of you can make it.

Reply to this or email admin@aplaccountants.com.au if you would like to join us. 

Time to think about your tax

The last few weeks of the financial year are an important time to give your tax some consideration. There are some things that need to be done before the end of the financial year to reduce your tax expense.

These things do require that you are comfortable with your cash flow, so you can do them if you have enough available cash.

Also, the current year is close enough to completion to allow you to predict or project what your business profit will be and therefore how much tax you are likely to pay. If the year looks very profitable then the measures below can help reduce your tax.

• Pay your staff superannuation before the 30th June. In fact we recommend you pay it at least a week before the end of the month so it has time to clear the bank account before the financial year ends. This will then be deductible in the current financial year.
• If there is any expensive equipment items that you need, buy them now. But please buy something that will generate revenue! It’s great to get a deduction for equipment but it really should be something that you really need. Some of you may also be aware that there has been a temporary increase of the immediate write off value from $30,000 to $150,000 as part of the COVID relief! Initially we were a bit reluctant for businesses to spend so much cash in uncertain times, but now with hindsight we can see that most veterinary practices have fared reasonably well through the crisis, so if you do need something like a new digital xray machine, you can probably get the whole thing written off as a deduction.
• If you are very comfortable with your cashflow, then you can consider pre-paying some things like rent or insurances. Whilst this only defers your tax, there is a possibility that next year will bring with it a recession, so if you prepay in a more profitable year, then it does actually save you money.
• If you are comfortable with your cashflow, you can also top-up your superannuation. Money put into super gets taxed at a lower rate and this saves you tax. However the obvious disadvantage is that you can’t access that money until you retire. Also make sure with your accountant that you do not exceed the legal limit for superannuation contributions.

And don’t forget to write off bad debts – anybody owing you money that is unlikely to pay should be written off as otherwise you will pay tax on this amount.

Are your casuals really casual?

Just a reminder that if your casuals aren’t ‘true’ casuals then it could cost you a lot of money. Many of you are aware of the recent case where the court has ruled in favour of a ‘casual employee’ who’s salary was loaded 25% to still receive pay for annual and sick leave (yes on top of the 25%). This is further to a case in 2018 which was similarly ruled.

This ruling could still be over ruled but it is a warning to those of you that have casuals. If their shifts are regular then they may well not be viewed as casual despite any contract or wage loading. The court confirmed that the hallmarks of a true casual engagement include: irregular work; a mechanism for employees to accept or decline shifts at will; and a lack of advance commitment to the period of work.

If any of you have concerns over this then we would recommend talking to an employment specialist to check your casuals are really casual.

Dog Tales! It pays to have a positive outlook – Mystery of the missing liver treats!

Please note that this article is written by the office dogs, so the human accountants are completely disclaimed from any liability and typo’s are allowed because they have to type with their paws.

Humans are interesting! It certainly appears that their limitations are more a function of their mental attitude than their actual ability. Us dogs don’t have that problem, we live in the moment and don’t obsess about what we may or may not manage to do. In fact we don’t really fear  ‘failure’ so we pretty much try do everything regardless of what others think about us.

Here is an example (watch the video below as proof): The new 4 legged addition to our team is ‘Lucky’. Oh dear! politically incorrect by human standards! He’s a 3 legged addition – have no idea why he only has three legs, but then I doubt he even knows and we don’t really want to break the news to him.

However, the humans underestimated him thinking that he was ‘disabled’. Therefore were often left wondering how if was possible that liver treats being left on desks were suddenly going missing. They would never believe the real story so we took the liberty of setting up a camera. The link to the video below is a true account of the ‘Mystery of the disappearing liver treats’:

Click to watch video (https://vimeo.com/421357718)

3 legs – who cares, I can do more than most dogs do with 4. 

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