ZM Accountings and Taxation in Lindfield, New South Wales | Business service

ZM Accountings and Taxation

Locality: Lindfield, New South Wales

Phone: +61 413 464 220

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• Business service
• Accountant

25.01.2022 Responsive, affordable accountant with expertise and experience.

25.01.2022 Need help with your tax return? Talk to ZM tax accountant.

25.01.2022 Basic principle of personal financial management: 1. Always spend less than you earn; 2. Avoid unsecured debt as far as possible; Mortgage can be positive debts ,but unsecured loan, credit card debts will keep your personal budget from balancing; 3. Make the most of what you have. You have to take care of your money with long term investment goals in mind. 4. Be prepared for emergency.

25.01.2022 Just helped a client in Chatswood to catch up payroll in Xero. They were behind three months. Now they are completely updated and the owner can take the job by herself after being trained.

25.01.2022 Attended QB Connect, and that was a fabulous experience. Quickbooks is doing such a wonderful job.

24.01.2022 Attend CPA Tech Exchange. Quite a lot software provider came, such as Receipts bank, Credi, CoreLogic, Intuit, OpenInvest, HotlineIT, Wolters Kluwer. I am using Receipts Bank and it was awesome. I think I can start to use Intuit workflow soon because I am using T-sheet and it can integrated with Intuit.

24.01.2022 42% Australian workers say their biggest concern about retiring is not having enough money. Currently government age pension is $24,000 a year for single and $36,000 a year for couple. You can get it from age 67. If you want to retire early or have a better living standard, you will have to save some money in your super. ... According to ASFA, for modest lifestyle, single needs $27,646 a year and couple needs $39,848 a year. For comfortable lifestyle, single needs $43,255 a year and $61,061 a year. All the above amount assume you have own property outright and don't need to pay mortgage and rent.

24.01.2022 A client asked me his company is going to purchase a new car and he doesnt know what he should choose between Chattel Mortgage and Hire Purchase? Under Chattel Mortgage, you are the legal owner of the car and just agree to borrow money from lender. If your business registers GST, you can claim the purchase prices GST when lodging quarterly BAS. [ 134 more words ] http://datawiseaccountant.com.au//chattel-mortgage-or-hir/

23.01.2022 Start investing with Raiz today! Get $10 when you use my invite code: https://app.raizinvest.com.au/invite/ZBLSD6 Start with small money, very easy to open and use , mobile app. So far, good returns. Use the above code, you will get $10, and I get $10 as well.

22.01.2022 SMSF sector growth overview: As of 30 June 2018, 596,000 SMSFs held $750 billion in assets, belonging to more than 1.1 million SMSF members. In 201617, 48% of SMSFs had assets valued between $200,001 and $1 million. This accounts for 21% of the total of SMSF assets. In 201617, the average value of an SMSF's assets was just over $1.2 million. This is an increase of 10% from 201516, and up 27% from 201314. 55% of SMSFs have been established for more than 10 years.... The median age of SMSF members of newly established funds in 201617 was 48 years old. The median age for all SMSF members at 30 June 2018 was 59. The average member balance for females increased by 32% in the five years to 30 June 2017. The average member balance for males increased by 25% during this time. Source: https://www.ato.gov.au//Positive-SMSF-sector-growth-in-20/

18.01.2022 After driving 50km to Sydneys west I came to a Yogurt manufacturing business today. The owner felt frustrated to get the correct unit cost for their products and she didnt even know how much to charge for a new wholesale customer. I showed her how to allocate direct labor cost, indirect labor cost, indirect materials, machine cost and overhead. We worked together to get the allocation rate for each cost category. She was so happy to know her products cost. It was a big surprise they never knew the unit cost for the past 15 years.

17.01.2022 How to manage your boss? 1. Build up trust. Let your boss know what you are doing and what is your progress. Report proactively. 2. Help boss save time. You take time to do research, read materials, make phone calls or talk to related people and summarize what you find. It may take you 8 hours to do all the work and your boss can take 30 seconds to make decision. 3. Always provide a few options and state advantages and disadvantages and let your boss to choose.

17.01.2022 Today , in CPA financial planner discussion group, the speaker - Geoffrey Ellis from Profit Advantage Group said:"Every business should have a current active business plan, and they should review their business plan at lease every 6 months." He talked "8 good business essentials" and they are: 1. Clear focus and Direction; 2. Financial management and liquidity; ... 3. Overall management and business experience; 4. Sound sales & Marketing--need to keep doing and distinguish clients to ABCD 5. Resillience--- financially, psychologically and physically 6. Good record management - bookkeeping, quotes, contracts 7. Reliable staff & employment practice; 8. Seek professional advice. See more

17.01.2022 I have set up Single Touch Payroll for my Xero clients today. They are ready to use it from 1 July 2019.

15.01.2022 The most important thing is providing the current clients the best service.

13.01.2022 ATO is so strong and they ignore my request for reviewing my client's requirements. Two months after lodging personal income tax return, my client received a letter from ATO and required him to pay $5600 more tax. They didn't mention the reason and later on we found that the client paid $42,500 into his super account during 2017-18. There were $18,000 was deposited in early July by his employer and it should belong to previous year. I wrote a letter through the portal and explained the timing issues based on their instructed procedure, but there was no any response from ATO. When I call them, they said we need to lodge "Objection Form". So be careful for timing lapse when depositing super, even if the depositing is done by your employer. Make the most of your concessional cap every year.

12.01.2022 In the past, accountants are required to be accurate, meaningful and timely; nowdays, accountants should be timely, meaningful and accurate. Have you seen the difference?

09.01.2022 Small business will start Single Touch Payroll(STP) from 1 July 2019. Employers will run payroll, pay employees and give them payslips as normal. Employers can use STP-enabled payroll software to send ATO a report which includes information such as salaries and wages, PAYG W and super. For small employers(1-4 employees), there are no-cost and low-cost Single Touch Payroll solution(less than $10 per month).

06.01.2022 ATO is so strong and they ignore my request for reviewing my clients requirements. Two months after lodging personal income tax return, my client received a letter from ATO and required him to pay $5600 more tax. They didnt mention the reason and later on we found that the client paid $42,500 into his super account during 2017-18. There were $18,000 was deposited in early July by his employer and it should belong to previous year. I wrote a letter through the portal and explained the timing issues based on their instructed procedure, but there was no any response from ATO. When I call them, they said we need to lodge "Objection Form". So be careful for timing lapse when depositing super, even if the depositing is done by your employer. Make the most of your concessional cap every year.

06.01.2022 I attended Xero Roadshow at The Star recently and amazed by its growth. There were 800+ Xero partners coming to the meeting. Xero is making every effort to automatic bookkeeping process. All the apps make bookkeeper and business owners' lives easier. They are doing good job. I love Xero.

06.01.2022 It was good to do SMSF tax returns through Xero!

05.01.2022 Risks of shares, bonds and properties Risks of shares: Industry + operation Risks of bonds: Default+Cycle Risks of properties: Growth + Decline

05.01.2022 After driving 50km to Sydney's west I came to a Yogurt manufacturing business today. The owner felt frustrated to get the correct unit cost for their products and she didn't even know how much to charge for a new wholesale customer. I showed her how to allocate direct labor cost, indirect labor cost, indirect materials, machine cost and overhead. We worked together to get the allocation rate for each cost category. She was so happy to know her product's cost. It was a big surprise they never knew the unit cost for the past 15 years.

05.01.2022 How do professionals manage risk? Professional owe a duty of care to the person they are advising. The advice they are receiving should be accurate, current, appropriately researched and reliable. This clearly applies to doctors, lawyers, accountants, auditors, engineers etc. Being aware of this serious legal responsibility is of utmost importance in the professional and financial services world. To protect professionals from the risks, the following ways should be consider...ed: 1. Obtain professional indemnity(PI) insurance policies. In fact, many professionals, such as lawyers, cannot legally practice without holding such insurance. If an employee breaches their duty of care, the PI insurance can protect against the potential consequences as well. 2. Disclaimer If you put Disclaimer in the report, you can be escaped. Case: Hedley Byrne & Co Ltd (Plaintiff) v Heller & Partners Ltd(Defendant) (1964) AC465 The plaintiff extended credit to a customer, Easipower Plc which had no asset. The plaintiff relied upon a favourable credit reference report from the defendant, a broker. The report contained a disclaimer, stating that the defendant had provided the credit reference without responsibility. In the end, the credit was not met, so the plaintiff sued the defendant for negligent misstatement. The court held that as a general principle a person with special skill or knowledge owes a duty of care when giving advice if it is reasonably foreseeable that the advice will be relied upon. However, in this case the defendant was not liable because of the disclaimer. (refer to Property Law by Penelope McCam) 3. Update your knowledges If you provide an outdated advice, you will be liable for negligence, so it is important for professionals to update knowledges. When a plead occurs, the court normally considers what a reasonable person will do in the circumstances. For instance, if a reasonable accountant can foresee a harm and take steps to prevent that harm, you as an accountant should be able to do so. If failed to do, a breach of duty will occur. To be safe, updating knowledge is a basic part for performing your professional work. Of course, to better serve your clients and add value to them, you should learn more in your area deeply and widely. It would be bad experience to be sued Breach of Duty of Care for all the professionals. The above three ways sounds simple, but it can help to avoid huge trouble if you seriously applied them into your daily works.

04.01.2022 Fringe benefit tax (FBT) year ended on 31 March 2019. Some common issues will attract ATOs attention: 1. Failing to report car fringe benefits. For small business owner, when you put your car under companys name, you use the car for private purpose and the company claims deductions for all the cars expenses, you will need to report fringe benefit tax. 2. Claiming entertainment expenses as a deduction but not correctly reporting them as a fringe benefit, or incorrectly classifying entertainment expenses as sponsorship or advertising

04.01.2022 EFTs are a wonderful thing for us retail investors. EFTs are "passive" investments that track an asset or market index (for example ASX200, S&P 500). They can be used as a way to diversify your investment portfolio and usually have lower fees than a traditional managed Fund. According to statistic, "Passive" index's performance is much better than 'Managed fund" in the long term. Before investing money, you need to make sure it is a "Passive" fund.

03.01.2022 Fringe benefit tax (FBT) year ended on 31 March 2019. Some common issues will attract ATO's attention: 1. Failing to report car fringe benefits. For small business owner, when you put your car under company's name, you use the car for private purpose and the company claims deductions for all the car's expenses, you will need to report fringe benefit tax. 2. Claiming entertainment expenses as a deduction but not correctly reporting them as a fringe benefit, or incorrectly classifying entertainment expenses as sponsorship or advertising

02.01.2022 "Employee" v "Contractor" If you are paid on the basis of hours, a price per item or activity, or commission, you cannot subcontract your job, you are employee. Even though you are treated as contractor. Employee should pay you superannuation guarantee. Here is the ATO link: https://www.ato.gov.au///Employees-treated-as-contractors/