Quarterly Newsletter April to June 2007

Fri Jul 27 2007

Quarterly Newsletter April to June 2007

This quarter has again seen exciting growth at Spectrum Financial Partners. We would like to take this opportunity to introduce two new accountants; Brad and Angeline, who both bring experience and diversity to the Spectrum team.

This quarter?s edition will look at the government?s Budget, including changes to Small Business Initiatives, Child Care Offsets and the New Tax Rates from 1 July 2007.

To assist in collating your records for the preparation of tax returns, Business and Individual Tax Return
checklists are available for your convenience. Please contact reception should you wish a copy to be mailed to you.

Benowa Salad and Juice Bar and its proprietors David and Victoria Beedle are this quarter?s featured business, we profile Director Ali Becirevic and Dani lets us in on her culinary secrets with her favourite recipe!

From all the team at Spectrum, we wish you the best in health and business.

Budget 2007
Small Business Initiatives

The Government has announced the following small business changes in the May 2007 Budget:

- From 1 July 2007, a business  with annual turnover of less than $75,000 ($150,000 for non-profit  bodies) will no longer be required to register for GST. 

- From 1 July 2008, taxpayers who voluntarily register for GST will be able to pay their PAYG instalments on an annual basis.

- From 1 July 2007, any small business that makes mixed (taxable and GST-free) supplies or mixed purchases will be able to approach the ATO to discuss the development of a simplified accounting method for their use.

- From 1 July 2007, purchases by businesses of $75 or less (excluding GST) will no longer require a valid tax invoice to claim an input tax credit.

Child Care Tax Offset now a direct payment

From 1 July 2007, families will receive the existing child care tax offset (i.e., a 30% rebate on out-of-pocket approved child care costs, up to a maximum of $4,000 per child, plus indexation) as a direct payment through Centrelink, soon after the financial year in which they incur child care costs.

Families will still receive the tax offset for out-of-pocket costs incurred in 2005/06 through the lodgment of the 2007 income tax return.      

Source: NTAA,  Practice Update, June 2007

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Don?t forget to provide your 
Tax File Number to your 
Super Fund!

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New tax rates from 1 July 2007

he tax rates from 1 July 2007 are proposed to be:

Taxable Income

Up to $6,000           Nil

6,001 - 30,000         15 cents for every dollar over $6,0000

30,001- 75,000        $3,600 plus 30 cents for every dollar over $30,000

75,001 ? 150,000     $17,100 plus 40 cents for every dollar over $75,000

150,001 and over     $47,100 plus 45 cents for every dollar over  $150,000

 

Featured Business of the Quarter

Benowa Salads and Juices

 In December 2005, David and Victoria Beedle sold their chain of award winning fish and chip shops in the north of England and set up a new home and business 12,000 thousand miles away here on the Gold Coast.  During an earlier trip to the Coast, David and Victoria engaged Adem and the Spectrum team to support their accountancy and general finance needs in the big move.  

Much of the negotiation on the purchase of their new business, was done by telephone and email from the UK with the help of Spectrum who conducted a due diligence and feasibility assessment of the business.

The first step in David and Victoria?s quest to secure a permanent business visa here in Australia was the purchase of their new business ?Benowa Salads and Juices? based at Benowa Gardens Shopping Centre in January 06.

David comments, ?Our visa requirements have kept the mind focused and as with every new
business there has been a huge amount of hard work, long hours and dedication.?  He continues, ?During the last 18 months we have managed to more than double the turnover of an already successful business, this has been achieved by adding new products, improving quality and extended opening hours, and most importantly by ensuring the focus of the business is on customer service.?

Benowa Salads and Juices offers a wide selection of fresh salads and juices and gourmet sandwiches plus hot breakfasts and delicious coffee.  During the colder months, the selection of hot food like their
legendary hamburger and home made soup are winter warmers which keep customers coming back every day.

David and Victoria have been looking for new opportunities to develop the business and have discovered there is increasing demand for their delicious sandwich platters, fresh fruit and cheese platters and their hot
corporate lunch selections.  It is hoped that they can further develop their growing corporate catering customers over the coming months.

Benowa Salads & Juices, Shop 3, Benowa Gardens Shopping Centre, Corner of Ashmore and Benowa Road, Benowa, Qld. Tel: 55970081 

Dani's Favourite Recipe
 TAHITIAN COCONUT CHICKEN

Remove skin from 4 chicken breasts
Lightly dust with plain flour & dip in 1 beaten egg
Press onto chicken 1 ?  cups shredded coconut
Fry chicken in 60g butter & 1 tablespoon oil until golden brown on both sides
Remove & drain on paper towel & keep warm.

Combine & cook 30g butter & 1 tablespoon curry powder over low heat for 1 minute.

Add ? cup chicken stock,
? cup chopped seeded raisins,
1 peeled & thinly sliced apple,
1 sliced banana & cook a further 3 minutes or until fruit softens.

Stir in ? cup natural yoghurt & 2 teaspoons brandy & cook 1 minute.

Spoon sauce over chicken & serve immediately!

Team Member Profile

Ali Becirevic

Position: Finance Broker/Director

Ali has been involved in the Finance industry for over 6 years, commencing with the running of his business known as BLoan, which focussed its business by arranging finance for home loans, business loans with chattel mortgages and leasing for vehicles and commercial equipment. The growth of the business surpassed all expectations and created more than a ripple with existing and much larger brokerage firms.

Approximately 18 months ago, due to the growth of the business, BLoan, together with another Finance Broking business, BW Mortgages, merged, creating Spectrum Home Loans/Finance.

Spectrum Home Loans/Finance now employs 5 staff members, and are planning for future growth within the next 12 months.

Favourite Holiday Destination: Austria

Favourite Sporting Team: Richmond Tigers AFL

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