Quarterly Newsletter October to December 2007

Wed Dec 19 2007

Merry Christmas from the team at

Spectrum Financial Partners!

Christmas Trading

Spectrum Financial Partners will be closed from Friday 21st December 2007 and re-open Monday 7th January 2008.

From the team at Spectrum Financial Partners we wish you a merry and safe Christmas and a properous New Year.

Upcoming Deadlines

21st January - Due Date - Monthly BAS & IAS last month. Lodged by any method.

28th January- Payment due - last quarter Super Guarantee for employees.

11th February - Due Date - BAS & IAS last quarter. Lodged by paper by self and you use a tax agent.

21st February - Due Date - Monthly BAS & IAS last month. Lodged by any method.

25th February - BAS & IAS last quarter. Lodged  by ELS by Tax Agent.

28th February -Due Date - 2007 Income Tax Return for NEW Super Funds.

21st March - Due date for monthly BAS & IAS for last month lodged by any method.

Dont forget to check out our website for the lodgement program calendar: http://www.spectrumfp.com.au/accounting-resources

Succession Planning and Sale of Business

For most people, their business is one of the largest investments they will make in time, money and responsibility. Let us help you make the most of that investment.

It is expected that at least 40% of small businesses will change hands in the next 5 years as the baby boomers near retirement. If you plan to sell your business in the next 5 years, is your business ready and at its optimum value?

Regardless of whether you are looking to:

- Sell your business;
- Transfer or transition your business to family members (generational succession);
- Buy or invest in a business or franchise opportunity;
- Find out how much your business is worth (business valuation);
- Introduce new partners or shareholders; or
- Manage a shareholder or partner dispute or split,
you need the right advice.

Spectrum's commercial ability, knowledge of the business community and the broader issues that influence your decisions - lifestyle needs, business sale value, impact of taxation, saving and retirement issues - will make the difference.

Contact Spectrum Financial Partners today to talk to us about your needs and let us help you benefit from our experience.

Team Member Profile - Chris Dobbie, Partner

 

Chris has been in the accounting and taxation industry since 1992 when he joined DWL Accountants. He has been part of a growing practice which merged in 2005 to become Spectrum Accountants.

Chris has various experience in all aspects in both the accounting profession and the running of a business.

His passion is working closely with clients to better their quality of life through support in growing the clients business, improving profitability, maximising wealth creation and asset protection in reaching their goals. Chris is a member of the CPA and is PS 146 Compliant (ASIC).

Upcoming Events - Self Managed Superannuation Fund Seminar

We are very pleased to announce that early in the New Year, well-known Self Managed
Superannuation Fund specialist Grant Abbott will present a SMSF update and explain how you can borrow using your SMSF. A must see presentation for those using, or considering using, a SMSF.

We are privledged to have this industry expert available to present to our clients, so to register your interest, please email Renee at renee@spectrumfp.com.au

2007 Tax Obligations

As keeping your taxation obligations up to date is our priority, we ask that you submit your workpapers for your 2007 return as soon as possible if you have not alrady done so.  Once all of the necessary information has been received, we will  schedule your work for commencement.

This will give us both the opportunity to assess your financial situation and manage your future goals.

Featured Business of the Quarter - Grapevine Productions

Grapevine Productions was started in 2000 by owner Jean Claude Da Costa. With many years experience in the printing industry, Jean Claude decided to set up a printing business offering products and service in all areas of print media, graphic design, promotional products, labels and many more.
 
The print media arm of the business specialises in offset and digital printing, business cards, letterheads, envelopes, brochures and flyers.
Grapevine Productions can also design and organise your graphic design work.
 
In addition, Grapevine offers promotional products such as corporate gifts, novelty products, pens, apparel, caps and bags, mugs and drink bottles. In fact, almost anything that can be printed on can be arranged through Grapevine!
 
Renee from Spectrum Accountants says "We"ve been using Jean Claude at Grapevine for all our printing needs for about 6 years now. He?s wonderful! His products are always of the highest quality and he?s so wonderful to deal with?.
 
Grapevine Productions can be contacted on 1300 487 123 or direct on 0404 026 241, or emailed at info@gvp.com.au.
 
To see their great range of services and products, visit their website at www.gvp.com.au

Kristal's Favourite Recipe - Rice Salad

Ingredients
    
1 Cup white Rice
1 tsp Tumeric
Capsicum
Red onion
Celery
Apple
Dressing
? Cup Malt Vinegar
? Cup Oil
? Cup sugar
2 tsp Curry powder

Method

Cook rice with Tumeric in the water. Once cooked rinse with cold water.  Dice capsicum, onion and celery and add to rice.

Before serving dice an apple and add to salad.

Combine all ingredients for dressing and mix through the rice.

Terminally ill will be able to access super tax free

The Assistant Tresurer has announced that, from 12 September 2007, people under the age of 60 with a terminal illness will be able to access their lump sum superannuation benefit tax-free.

Currently, taxpayers under the age of 55 who access a lump sum superannuation benefit from a taxed superannuation fund are  subject to a minimum tax rate of 20% (plus Medicare levy).

Until the legislation passes into law, the Government has asked the Commissioner of Taxation to consider changing the rate at which super funds are required to withhold from payments to people in these siutations.

Further details will be determined in consultation with the super industry, the medical profession, and support groups.