PRM Integrated Accounting Group in Leederville, Western Australia, Australia | Tax preparation service

PRM Integrated Accounting Group

Locality: Leederville, Western Australia, Australia

Phone: +61 8 6363 7888

Address: 7/643 Newcastle Street 6007 Leederville, WA, Australia

Website: http://www.intacc.com.au

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25.01.2022 Christmas parties constitute "entertainment benefits" and the expenses may be subject to fringe benefits tax (FBT) unless an exemption (e.g. the "minor benefits" exemption) applies. A minor benefit is one that is provided to an employee or their associate (e.g. spouse) on an infrequent or irregular basis, which is not a reward for services, and at a cost less than $300 (inclusive of GST) per benefit. Entertainment expenses are not tax deductible unless they are subject to FBT. This means that expenses incurred in providing a Christmas party are not generally deductible where the minor benefit FBT exemption applies.

25.01.2022 Key Tax Dates - September 21 September Lodge and pay August 2020 monthly business activity statement.... 30 September Lodge PAYG withholding payment summary annual report if prepared by a BAS agent or tax agent. If a payer has only closely held payees and their tax agent helps prepare their report, they may be eligible for a concession to lodge this report by the due date of their tax return. Lodge Annual TFN withholding report 2020 if a trustee of a closely held trust has been required to withhold amounts from payments to beneficiaries.

22.01.2022 Many people are using the recent shake up we've had to go out on their own and start their own business, but it's important to realise that not everyone is cut out to be a business owner and not every business idea is going to work. So here's some tips on what you should be considering before you make the leap. These are especially important if you are currently in a secure job and are the sole earner in your household. ASK THE TOUGH QUESTIONS... Would you buy your product/service? Will you make a profit at the price? Are you solving a problem? What makes you different from competition? JOT DOWN THE GAME PLAN Do you have enough funds for first year living expenses? Grants/ Loans/Financing? Do you have a clever Business Name? Register the domain name/email address. Figure out type of business: incorporation or sole proprietorship? What permits/licenses are required? MARKETING & PROMOTION Register all social media profiles (ASAP) Determine location (if needed) Networking is key so order those Business cards ADMINISTRATIVE Open a business bank account Set up an accounting system or hire a bookkeeper Delegate work with co-founders. Put everything in WRITING, at all times.

21.01.2022 One of the indicators of a good business is how it responds to negative feedback. With reviews being such an important part of a businesses reputation, small business owners rely on these as part of their online strategy. But negative feedback has to be handled carefully and with plenty of thought. Keep in mind that when someone leaves a negative review, it's usually because they have had a bad experience with your business or an experience they believe was handled badly. Don't jump into defensive mode. If the review is genuine, apologise publically and thank them for providing the feedback. Offer to speak to them directly, rather than trying to solve the issue online and make it very clear you genuinely want to resolve it for them.

21.01.2022 Have you heard of the term Lifestyle Creep? Lifestyle Creep basically occurs when an individual's standard of living improves as their discretionary income rises and former luxuries become new necessities. Now that's not to say that, as you financial position improves, you can't live a little better but think about what you really need. Why is this important though?... Well as your financial position improves, rather than spending more, you should be looking at ways to leverage your increased income to secure a more stable and comfortable financial future. That might sound a little boring but given what we're going through in the world at the moment, we think there might be quite a few people wishing they had done things a little differently when it comes to their personal finances. So how can you prevent Lifestyle Creep? The easiest way is to budget, which no one really likes to do. But what a budget does is show you what your actual needs are vs what your wants/desires are. Many people find that by using a budget, they can actually enjoy more financial freedom because they have peace of mind that their essentials are covered. Alan's Tip - Make sure you budget is not just flexible but also allows you to indulge occasionally and enjoy life. Budgets can be a bit like a diet. The more restrictive it is, the more likely you are to eventually fall off the wagon. #advice #finances #supportsmallbusiness #saving #money

21.01.2022 Leases are often one of your largest expenses and can quickly become a serious liability if your revenue slumps. So it pays to reassess your leases and opt for short term rather than long term commitments. This way you can move to smaller premises and reduce your fixed costs or even consider co-working spaces if you have a small staff and don’t need retail space.

18.01.2022 How are you at reading and understanding your financial reports? Many business owners struggle when it comes to making time to sit down and go over their financial reports and this can lead to a number of issues in their business. These reports help you understand where your business is at and make projections on where it could be going, so it is important that you take time to review them and make decisions based on the information in them.... A good accountant can support you by helping you interpret the information and explaining any areas you're unclear on or data you don't understand.

18.01.2022 Cockburn Cobras are looking for players 16-20 years old. If you're looking for a great footy club with a great community, look no further!

15.01.2022 The ATO has clarified an important point in relation to the tax treatment of the JobKeeper payments. They confirmed that although the JobKeeper payments are ordinary income, the payments are not derived in the ordinary course of business, and therefore not included in aggregated annual turnover. This means that a number of businesses could now be eligible for a range of tax concessions where their aggregated turnover has dropped below $10m. Make sure you speak to your accountant about any concessions you may be entitled to.

13.01.2022 PRM Integrated Accounting Group pride ourselves on our client focused approach to Tax and Management Accounting. We offer advice and guidance based on what will have the best outcome for you, the client. So rather than using a cookie cutter tax agency or shopping centre kiosk accountant, let us look after your tax and accounting needs and see what a MASSIVE difference having a firm who cares can make. m.me/PRMintacc | 08 6363 7888... #accountant #perthaccountant #supportsmallbusiness #customerservice

13.01.2022 Have you heard of Trade Credit Insurance? At a time when many businesses are struggling and some are having to make the painful decision to close their doors, small businesses are being hit by debtors who are unable to pay. Trade Credit Insurance can assist in some cases.... "This type of insurance can work in a number of ways. Businesses can buy it to cover one specific debtor, especially if they have a large exposure to them. The policyholder may be able to make a claim if the debtor goes into liquidation and can’t pay their debts. Other policies are more general in nature and not limited to specific debtors. Rather, they insure a book of debts and an amount owed. In this instance, policyholders are not typically required to name the specific debtors covered under the policy." Steadfast - Well Covered article - snip.ly/2ac11i As with all insurance products there are certain conditions that must be met in order for the business to claim. These include things like actively managing your debtors, when you need to notify the insurer if a debt remains unpaid and waiting for specific periods of time before placing a claim. Whilst this insurance can be of great help to small business owners, it's not a substitute for managing your cash flow and staying on top of your debtors. It is also important to note that insurers will only cover debts over a certain amount (usually over the 3k mark) and will typically only cover around 90% of the debt.** Protect your business and your legacy with quality insurance products and expert advice. . . . **General advice warning. The information provided is of a general nature. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives, and requirements and seek advice before making any decisions.

13.01.2022 Did you know, income earned from providing ride-sourcing services, like UBER and other platforms, is actually assessable and must be included in your tax return? To make sure you are recording and reporting your activities correctly, here are few tips: Report your income including fares, tips or bonuses as business income when doing your tax return.... Only claim deductions for expenses that directly relate to the provision of ride-sourcing services. Keep records of all your expenses and income. Ride-sourcing is also subject to GST, so you must have an ABN and be registered for GST.

13.01.2022 Ever wanted to experience a Croatian Christmas celebration? Western Knights Soccer Club is supporting this fantastic family event! Filled with music, food and culture, we know Alan and his growing family will be there with bells on!

12.01.2022 Has your business changed in the last year? Have you gone from being a sole trader to employing staff? Maybe the impact of recent challenges has seen you downsize? There are so many changes that can happen in 12 months and these may mean you don't have the most tax effective business structure. PRM Integrated Accounting Group can ensure you have the best possible structure for your business and help educate you on what these changes mean for your tax and reporting obligatio...ns. m.me/PRMintacc 08 6363 788 [email protected] #accountant #business #smallbusiness #perthaccountants

11.01.2022 Future Proof Your Business - Tip #2 Optimise Your Cash Flow With reduced sales, your cash flow decreases accordingly. To breathe life back into your cash flow you can focus on collecting all outstanding debts, reducing standing stock, and replacing slow moving stock with stock that sells faster. You can also sell some of your assets to improve your cash flow and promote products with a high profit margin.

09.01.2022 Future Proof Your Business - Tip #4 Communicate With Your Employees When business has taken a downturn, it’s always wise to keep your employees informed of what’s happening. Asking staff for innovative solutions may result in new directions or strategies for your business, whilst involving staff in decision-making can often turn a business around very quickly. ... Job sharing and reduced hours may well be sufficient to get you back on your feet, but you need to communicate what's happening and why it's happening to ensure your team aren't left wondering about things. When it comes to happy employees, transparency is a key factor.

09.01.2022 Future Proof Your Business - Tip #3 Focus on Your Customer Base Does your business rely on a small number of big customers? If so, expanding your customer base will help your business weather the loss of one or more of these big customers. You can also diversify your range of products so that they appeal to a larger customer base. ... Increasing customer loyalty by running incentive programs, competitions, and offering discounts for products with high margins (so you still make a good profit) are other options to consider.

08.01.2022 Sportsman’s Day Saturday 31st October 2020 Tickets: Https://www.trybooking.com/BLQFE Get in early!

06.01.2022 Did you know that, no matter where you are in Australia, PRM Integrated Accounting Group can help you manage your tax obligations, plan for business growth and tax effectively structure your business? So whether you're a local, enjoying our states South or North or even across the borders, Alan and his team are here to help! PRM | m.me/PRMintacc | 08 6363 7888... #Australia #accountant #supportsmallbusiness #familybusiness

05.01.2022 Do you need help securing a more stable and predictable financial future? Would you rather it was more a straight road than a winding, mostly uphill battle? With decades of experience in our team, PRM Integrated Accounting Group can help you with everything from basic budgeting for you or your business, all the way through to strategic planning and advice.

04.01.2022 Unless you have access to an incredibly accurate crystal ball, knowing exactly what's going to happen in the future is impossible. But you can plan strategically for the future you want. We advise clients on the strategies and decisions they can make that will give them a more certain and prosperous future. It's about more than just tax and accounting, it's about helping you achieve your goals. Get the support your business deserves from PRM Integrated Accounting Group - m.me/PRMIntacc

03.01.2022 For those that don’t know, PRM Director Alan Pecotic has been involved in the WA sporting landscape as a Club Administrator for over 20 years. He has held various roles at both local and national levels. One of his main passions is his beloved Western Knights Soccer Club where he has volunteered his time ever since being a child and this love and passion has continued over the years. He is currently serving as the Football Operations Manager. The Western Knights sit top of t...he WA State League too! Here is a photo of Alan’s 2 sons giving a helping hand in his role and teaching them early the key attributes of volunteer work and giving back to the community.

03.01.2022 Future Proof Your Business - Tip #1 Review Your Marketing Strategies Have your marketing strategies produced the results you anticipated before things went a little pear shaped this year? How can you update these strategies to move your business forward today? Should you explore social media marketing or sponsored ads? What strategies are your competition using that could leveraged for your company? ... Developing a range of marketing strategies for both good and bad times can help your business weather downturns and hard times with confidence and peace of mind. #businesstips #accounting #supportsmallbusiness #future #innovation

01.01.2022 Your Accountant should be a key team member in the overall strategic plan for your business. And we don't just say that because we are accountants. There are many advantages to utilising the skills, knowledge and experience of expert accountant but the biggest one would have to be support. A number of small business owners don't really have anyone else to turn to when it comes to planning for the success of their business. So they either keep their own council and do what the...y can or they make the smart move and ask their accountant for advice. PRM Integrated Accounting Group are able to draw on decades of real world, practical experience to assist small business owners in planning for success. As partners in your financial well being, we not only look for ways to reduce your tax obligations but also ways to action strategic plans geared towards growing your business sustainably. If you're looking for a firm who measures their success by yours, PRM is the firm for you! Call today and grab a coffee with Alan! - (08) 6363 7888

01.01.2022 When your business is facing challenging times, it may be tempting to delay payments which don’t impact the day to day operations, such as PAYG, GST or superannuation obligations. However, even if revenue doesn’t improve, the payments still need to be made. Failure to remit PAYG and super to employees may also result in personal liability being imposed on company directors. Make sure you're keeping an eye on cash flow and making allowances for these payments in your budget so... that the money is always there when it comes time to pay. If you're having trouble meeting your obligations, or just want a better picture of where your finances are, you should speak to an accountant who is experienced in helping businesses manage, improve and maintain their finances. #accounting #tax #smallbusiness #supportsmallbusiness #businesstips