CNS Partners specialises in advising dentists in private practice and we have access to the most up-to-date dental practice research and benchmarking information.  The 2016/17 Dental Practice Research Report features detailed insights into:

Where do you want to go? How are you going to get there? Yes, you can invest online. Yes, you can buy insurance online. Yes, you can buy a DIY Will kit online. But in purchasing these, do you actually know what you have bought? If things go wrong or if your circumstances change, is there someone you can contact? Have you thought about the whole picture, or just one part of it?

In an era where everything can be done sitting on your couch we at CNS are hoping to bring you back to the village. With our CNS Financial Solutions division we can help you with:

Our process for these services includes:

Our mission is to work with you to achieve your financial and personal dreams. We assist you to identify what your goals are, help develop a plan to realise them, and then continue to work with you along the journey to ensure success.

Not quite the end of the world, but still a good opportunity to take stock of where everything is at in your financial life.  

For trustees of Self-Managed Super Funds, do you understand what all the changes mean and whether they affect you in any way?

For business owners, have you stopped to consider what the next year will look like, to set goals, put budget in place, aim for specific targets?

In your personal lives, have you planned the next holiday, thought about super contributions for the coming year, worked out what you want to achieve financially?

Accountants probably treat the 1st of July the way the rest of the world views the 1st of January, as far as New Year resolutions are concerned.  However, just like Valentines' Day, while we should not need to have a special day in place to acknowledge something important, it helps to serve as a reminder.  Any day is a good day to review business and personal goals, implement plans and strategies and think ahead to what your ideal life looks like.  Take advantage of the fresh start provided by a new Financial Year to stop and consider these points.

Most importantly, hold yourself accountable (unlike many New Year resolutions!).  At CNS Partners, we work with our clients to identify and establish goals, then work with you to achieve them, review them regularly and support you along the way.  It is almost too late to make plans before the 30th of June, but there is still time if you want to make time.

Feel free to contact us about our unique programs and how we can assist you to work out what you want and how to get there.  We offer a Business Improvement Program for our business clients, combined with Personal Financial Programs, to ensure that every aspect of your financial lives is taken care of.  We enjoy working with our clients and helping them succeed, so we would love to hear from you.

Below is a copy of our Tax Planning Checklist that we go through with every client. Unsure of the answers? Contact CNS Partners today on (07) 3356 7088 or admin@cnspartners.com.au and we'll make sure you're ready for Tax Time.

Is your Self-Managed Super Fund (SMSF) ready for the new financial year? 

Last week the Federal Government delivered the 2017 budget.  Most of the country is still trying to come to terms with the changes to superannuation resulting from the 2016 budget!  Thankfully, 2017 was fairly uneventful, but what still needs to be done to your SMSF before 30 June?

In the 2015 financial year the $20,000 instant asset write-off was first introduced.  Now in the 2017 budget the government has proposed to extend this accelerated depreciation for a further 12 months to 30 June 2018. Many small business owners are still confused. Is the government going to give me $20,000 to put towards buying assets for my business? No, they're not. Let me explain.

The $20,000 immediate deduction is therefore a timing difference in that you can get the full deduction over one year instead of over the assets effective life.

Here are some examples:

Oscar runs a small business and buys a new car for his business for $19,000. This is an outright tax deduction in the year of purchase and is deducted off the businesses taxable income. This is a tax saving of $5,225 (assume 27.5% tax rate).

Example 2

Zac runs a small business and buys a new car for his business for $35,000. The $35,000 asset will be depreciated at 15% in the year of purchase ($5,250 deduction) and 30% each year after that until the $35,000 cost is fully depreciated.

You can see from the above that overall both business owners get a full tax deduction for the asset purchased but in example 2 it is over a few years instead of one. The bottom line for me as an adviser is this – if you need new assets to help generate larger profits for your business then buy them and take advantage of the $20,000 accelerated depreciation. If you are purchasing just to save tax you are wasting your money.

If you do need new assets for your business and they cost less than $20,000 then it may be worthwhile purchasing before 30 June 2017 to gain access to the deduction in the current financial year. Assets purchased on or after 1 July 2017 will be deducted in the 2018 financial year. 

At this time of year we stop and take stock of the most important person in many of our lives – our Mums.

As the end of financial year (EOFY) fast approaches many clients ask me what they can do to get ready for it. Here are the three most critical items every business owner should get sorted before 30 June:

1. Tax Planning 

Understanding what the potential tax liability will be for your business and allowing time for tax planning may save you thousands of dollars. By better estimating your taxation liability you will be able to budget for this cash outflow in your business. Arrange a time to sit down with your adviser as soon as possible to allow time to implement any plans.

2. Finalise Goals, Plans and Budgets 

It is important to set the goals for the year ahead before it gets underway. Once these goals are established the business plan can be adjusted to ensure it aligns with the goals. As a final item the financial budget should be established or reviewed for the year ahead. These budgets should then be regularly reviewed and measured against as the year progresses.

3. Accounting Software 

A new financial year is a great time to make a change if your current accounting software is not meeting your business needs. Online software such as Xero is great as it allows for regular contact with your adviser. The software should also have the ability to handle budgets, payroll functions and automate as many tasks as possible. This will save you valuable time and money.

Overall interaction with your accountant is a must as this time of year. This will allow you to start the new financial year with the above items sorted and be ready for a successful and rewarding 2018 financial year!

If you need help with your EOFY preparation or with getting 2018 on the right track contact Scott Grady at scott@cnspartners.com.au or (07) 3356 7088.