News and views from PSZ

Read the latest from PSZ. Stories about our own PSZ team. Profiles of our inspiring clients and how we’ve helped them succeed. Updates from the ATO as well as financial reminders, checklists and tips. Please visit again soon.

Your 2018 tax return checklist

To maximise your deductions and ensure that your tax return is complete, please review the following items and advise us of any that apply to you.

  • PAYG payment summary (employment)
  • Allowances / tips / director’s fees
  • Employer lump sum payment
  • Centrelink / pension income
  • Annuities / superannuation lump sum payments
  • Interest amounts and TFN credits
  • Dividend statements
  • Employee share schemes
  • Partnership and trust distributions
  • Business income
  • Capital gains / losses – property / shares
  • Foreign income
  • Rental property income
  • Royalties
  • Taxable scholarships
  • Jury service payments

Contact us today for expert assistance to prepare your tax return and maximise your tax refund.

It’s EOFY tax planning time!

We invite you to get in touch now to discuss how you can save on tax. There are many tax strategies that may work for you but you need to act well before 30 June 2018.

With the end of financial year (EOFY) fast approaching, now is the time to discuss with us the actions you can take before 30 June to reduce your tax and grow your wealth.

Key priorities for 2018 are likely to be:

  • Maximising super contributions without exceeding the relevant caps
  • Bringing forward deductible expenses
  • Deferring taxable income
  • Managing capital gains

This is the first EOFY since the super reforms came into effect. So there are new contribution limits to consider, as well as new opportunities for you to grow your super and pay less tax.

The sooner we get started, the sooner we can help you save tax. You need to talk to us well before 30 June to allow sufficient time to implement your tax saving strategies.

Imagine what you could do with the tax you save.

  • Reduce your home loan
  • Top up your super
  • Have a holiday
  • Put a deposit on an investment property
  • Upgrade your car

For more information, check out our detailed tax minimisation guides below.

Minimise your business tax guide 
Minimise your personal tax guide

Contact us today to get your tax strategies in place well before 30 June 2018 to meet the EOFY deadline.

Can you benefit from the new super changes?

This year, a key super change means almost everyone, including employees, can make an extra tax deductible super contribution to bring their annual total to $25,000.

New super rules come into effect this financial year that could maximise your super balance while saving you tax.

A key change is that the new concessional contribution cap of $25,000 applies to all individuals under the age of 75 (although if you’re over 65 you must pass a work test).

Ordinarily, self-employed individuals and those who earn their income primarily from passive sources make super contributions close to the end of the financial year and claim a tax deduction.

For the first time this financial year, individuals who are employees may also use this strategy. That means if you’d like to top up the super paid by your employer to a cap of $25,000, you can do it and claim a tax deduction.

The advantage of this strategy is that superannuation contributions are taxed at between 15% and 30% compared to typical personal income tax rates of between 34.5% and 47%.

Your contribution must be in your fund by 30 June and the process can take a few days. So you’re interested, talk to us about this and other super changes urgently – well before the 30 June 2018 deadline.

Contact us today.

Jane Fraser, Fremantle Press: Client Q&A

As CEO of Fremantle Press, Jane Fraser helps bring uniquely Australian stories to the world.

How did you get involved in publishing?
It all happened by accident when I finished uni. I needed a job and publishing sounded great. I started in sales, then moved into editorial.

What’s your role as CEO of Fremantle Press?
I’ve been a publisher for many years producing large format non-fiction, but now I lead the company I have to concentrate more on the numbers and strategic planning, not words and illustrations. I also have a sales role, working with our marketing team and on rights negotiation with international publishers.

You must get lots of manuscripts across your desk. What makes a piece of work stand out from the pile?
Something that keeps me reading; a writer who has a good grasp of the nuts and bolts of telling a good story with narrative interest and reader connection.

What’s been the highlight of the job so far?
Celebrating the company’s 40th birthday, knowing we’re in good shape financially.

Any future plans you can talk about?
We’re going to keep doing what we do best – finding and publishing books by new WA writers.

How long have you been with PSZ and how did you decide they were the accountants for you?
We’ve been with PSZ for over six years now. They were recommended to us and we knew they understood arts organisations as well as not-for-profits.

Who do you deal with at PSZ and what services do they provide?
Dino Penaranda does our annual audit for us. 

As an incorporated not-for-profit organisation, do you require special expertise from your accountants?
Yes, because we have to report to our key funding bodies in a particular way. We also appreciate that Dino and the team understand the complexities of publishing and how we fit into the not-for-profit model.

Three words that describe you…
Passionate. Adventurous. Sensible.

A quirky fact about you…
While I love the creative side of publishing I also really enjoy the business side of the role.

6 ways to get paid faster in small business

Poor cashflow is a major cause of failure in small business. The right strategies can help you get paid faster and keep the cash flowing.

So, you’ve done the work. Now all you need to do is send an invoice and get paid. Simple – you’d think. Unfortunately, you can’t always bank on it. Here are our six top tips to get your clients to pay up quickly.

1. Consider part-payment before starting the job

It’s reasonable to ask for a deposit before starting a new job. A willingness by your client to commit shows they’re serious about working with you. It also ensures you’ll receive at least some payment for the job in the unlikely event that the relationship sours.

2. Invoice promptly

Send your client an invoice as soon as the job is complete. Don’t wait until the end of the week or month. This way it’s fresh in your client’s mind and you may get your money quicker. Xero makes it easy to create an instant professional invoice, even when you’re out on the road. More important still, it makes it easy for your client to pay you.

3. Invoice right

It’s no good emailing your invoice to Mandy Smith in marketing if the person responsible for paying it is Andy Jones in accounts. Especially in government and larger corporate organisations, your invoice can get lost in the corridors of bureaucracy unless you pinpoint the right person. It’s also helpful to break down your account into a list of separate tasks. Your client will be less likely to query the bill if they understand the full scope of the job.

4. Email, not snail mail

Most clients prefer to be invoiced and make payments online these days. It not only saves you time but saves you money for stationery and stamps. Xero’s invoice function makes it easy.

5. Send reminders

State your terms on your invoice – 7 days, 14 days or whatever. If you haven’t been paid within this time period, send a friendly reminder. Xero makes it easy to automate this. Allow a few days’ grace and if you still haven’t been paid, make a phone call and enquire in a courteous manner whether there’s a problem with the invoice and when you may expect payment.

6. Keep up with your cashflow

The problem when you don’t get paid is that you may not have the funds to pay other people. Always be aware of your cashflow status and step up efforts to get your money in if you’re running low.

Contact us today for more advice on your business cashflow and how to set up easy invoicing with Xero.


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