News - Winner Partnership is an accounting, tax, business and financial advisory firm located in the Sydney CBD.

Phishing Scams

Tue, 16 Mar 2010 00:00:00 -1000

The Assistant Treasurer has warned Australians of a new email phishing* scam using the lure of a tax refund to try to steal private information.

"This particular scam is quite sophisticated and uses convincing fakes of what could be easily mistaken for Australian Tax Office web pages," he said.

"The email claims to be from the ATO and shows a fake Tax Office email address as the sender."

The email uses the Tax Office logo and includes the words 'Tax refund' in the subject heading.

The email asks people to enter their email, name and date of birth to search for any refund owing, which then directs them to a bogus Tax Office website and asks for personal and credit card details.

"Anyone who has already entered their credit card information into the bogus site should immediately report it to their credit card provider."

Note(*): Phishing: To request confidential information over the Internet under false pretences to fraudulently obtain credit card numbers, passwords, or other personal data.

How women can win back the planet.

Tue, 16 Mar 2010 00:00:00 -1000

Take action on climate change into your own hands by joining us in the One Million Women Campaign.

In 2009, Australia was placed as the highest emitter of carbon dioxide (CO₂) per capita in the developed world with an average of approximately 18 tonnes per person per year. CO₂ is the main greenhouse pollutant causing global warming and its production will continue to rise until business, government and individuals take action.

Why should we wait when the climate is changing now?

The One Million Women Campaign is the first national initiative of Climate Coolers, a not-for-profit, non-partisan women's organisation. Their goal is to inspire one million Australian women to take practical action on climate change by cutting one million tonnes of CO_2.

It is easy to sign up online and once you join you are guided through many ways to reduce your carbon emissions. The online log book allows you to track your progress and calculate your CO₂ savings.

It's amazing what a big difference you can make with a few small changes. And they have many examples of different things you can do at home, work, travel and shopping to reduce your emssions.

At Winner Partnership, we have been busily reducing our carbon emissions in the office and at home by:

Using recycled paper and envelopes.
Storing our files electronically and getting rid of physical files and filing cabinets
Reducing our car use each week by using the bus and train as much as possible
Composting organic matter
Recycling paper/plastics at home and in the office
Washing clothes in cold water and drying them on the clothes line (this can save 400kg of CO₂ per year!)
Buying local produce and eating healthy

One person can make a difference. If each one of us took action, all of us can win back the planet together.

Registered BAS Agent

Tue, 16 Mar 2010 00:00:00 -1000

As of 1^st March 2010, bookkeepers need to be registered as BAS Agents to lodge BAS for your business... Don't get caught and cop the penalties.

BAS agents will now require an accounting qualification, such as a certificate, and minimum of 2 years work experience. They will also need to get Professional Indemnity Insurance next year to practice. The new code of conduct will also come with civil penalties, which include a written caution, an order to complete some form of education or suspension and termination of registration.

We welcome the changes after 10 years dealing with poorly trained and unqualified bookkeepers. One of the main reasons for the change is due to lack of understanding and failure by bookkeepers in accounting correctly for income tax and GST in the BAS. Their business clients paid penalties to the ATO for incorrectly declaring income tax and overclaiming GST.

What do you need to do to protect your business?

1. If your bookkeeper is lodging your business BAS, you need to ask him/her if they are a registered BAS agent. If they are a registered BAS agent with the new Tax Practitioners Board, they must show you their registration certificate in order to continue lodging the BAS on your behalf.

2. If your bookkeeper is not registered as a BAS agent, they can no longer lodge your BAS. You need to get your registered tax agent to lodge the BAS from now on.

3. If you wish for your bookkeeper to be registered as a BAS agent, they need to apply to the Tax Practitioners Board. The BAS agent will need to have an accounting qualification + work experience for at least 2 years.

Winner Partnership can help you!

1. BAS Lodgements: We can lodge your BAS if your bookkeeper is not a registered BAS agent. From $165/BAS, we can review your MYOB file/excel sheets to check for accuracy, work out the income tax that needs to be paid, and lodge the BAS. It pays to deal with a qualified Accountant to handle all your Bookkeeping, Tax and BAS needs.

2. Book keeping: We have implemented a new bookkeeping technology that will save you time and slash your book keeping costs by at least 40%. You will get timely monthly profit and loss and cahflow statements with financial analysis of your business performance. Call us on 9221 7977 to discuss how we can help you.

Clean Sweep!

Wed, 23 Dec 2009 00:00:00 -1000

Avril Henry's message this Christmas is to do a "Clean Sweep!" Inspired by Robin Sharma in his Greatness Guide she believes that a Clean Sweep is the best way to streamline, simplify and refocus your life, both personally and professionally. Most of us have a lot of baggage and clutter we carry with us in our personal and professional lives, which prevents us from being truly effective!

The baggage could relate to long outstanding personal tasks, such as preparing or updating your will, reviewing personal insurances and financial planning. The clutter could relate to unpacked boxes in the garage or a spare room, outstanding domestic chores or piles of paper sitting in the corner of your office.

Avril's recommendation is that you take some quiet time in December to consider a Clean Sweep BEFORE the end of the year, rather than on 2 January when you are just starting to relax after the frantic pace of the festive season.

The power of the Clean Sweep is this: by eliminating and getting rid of things you don't want you can then make room and accommodate for the things you do want.

Her Ideas and tips on doing a Clean Sweep

Get rid of anything you haven't used for a long time at home
Tidy up your office BEFORE you leave for the Xmas break
Get any old tax returns lodged
Update your insurance
Make or update your will
Resolve "unfinished business" with business colleagues, team members or clients, or make the courageous decision to simply "Let Go", so you can start 2010 with a clean slate, and no grudges which will hold you back
Evaluate your leisure time. Are you really doing what you want to? Does your leisure time foster your personal goals?
Reflect on any mistakes, learn from them and stop feeling guilty.

By doing a clean sweep you will be able to enter the new year without being held back by personal or business baggage and leave you set to create and complete your new goals.

So eliminate or change what doesn't work for you. Messes, whether physical or emotional, drain you. Do a Clean Sweep of your life and DO IT NOW! The results may surprise you!

Avril Henry is a client of Winner Partnership and a thought leader in the field of Human Resources and Leadership. She has recently launched a suite of practical HR tools HR Try Angles to help SME's better recruit, retain and manage their people. If you want to your article promoting your business to appear in future edition please contact us.

Tribal Talk

Tue, 10 Nov 2009 00:00:00 -1000

Winner Partnership is committed to promoting cooperation and community amongst the Winner Tribe. We know our clients have lots to offer to each other. We would like to give our clients the opportunity to do a short (300 - 600 word) EDUCATIONAL PIECE teaching us about a problem we may experience, its causes and promoting their goods or services. Contact us to discuss possible topics. We can link your article to your website or email address.

The majority of our clients and prospects are established (5 yrs+) small (5 -50 staff) businesses in a wide range of industries including healthcare (eg. medical, dental, pharmacy), legal, technology and various consulting (eg. web/ graphic, HR/ recruitment) firms to name a few. We are also rapidly expanding our prospect database adding hundreds of new names. We have just created our "MARKETING MACHINE" and intend to roll out regular communications, seminars and networking events starting next year. If you are interested in speaking or being featured in one of our publications or events we encourage you to contact us to discuss these opportunities further. We are also considering doing a profiles page in the secure area of our website where members (clients) can promote their businesses. If you would be interested in profiling your business let us know. You may like to promote us on your website.

We believe the majority of our clients have GREAT POTENTIAL but are under-performing to their capability. Perhaps they need to find more efficient ways to do what they are currently doing or perhaps they need to free up some more time to promote and market their business further and serve more customers. Whatever the problems we know the answers lay within our Tribe. Talk to us. Let us connect you with someone who can help.

Claim Your Christmas Party

Sun, 08 Nov 2009 00:00:00 -1000

Many businesses are planning their end of year celebrations and Christmas parties. Some are considering what gifts, if any, they will be providing clients and employees.

An important issue to consider is the possible FBT (Fringe Benefit Tax) and income tax implications of providing "entertainment" to staff and clients. If you need some assistance with this complicated area contact us for advice today.

One of the major considerations is the "less than $300" minor benefit exemption and the fact that the Tax Office now accepts that different benefits provided at (or about) the same time are not added together when applying the threshold.

This means that a Christmas party and gifts may be exempt from FBT, even if provided at the same time, as long as each costs less than $300!

Gifts which ARE NOT entertainment (ie. tax deductable) generally include:

a Christmas hamper, a bottle of whisky, wine etc and
gift vouchers, a bottle of perfume, flowers, a pen set etc

From a tax view point it is better to give presents (gifts) which ARE NOT entertainment.

Gifts which ARE considered entertainment (neither tax deductible nor subject to FBT) generally include:

tickets to attend a theatre, live play, sporting event, movie or the like; and
a holiday airline ticket or admission tickets to an amusement centre.

Example of a party and presents.

An employer holds an external Christmas party for employees and their spouses. The cost of food and drinks per person is $250, and no other benefits are provided.

Assuming the actual method is adopted:

for employees attending with their spouses - no FBT is payable (ie. the cost per head is less than $300).
for employees attending alone - no FBT is payable (ie. the cost per head is less than $300).

In either case, no tax deductions will be allowed.

Assuming the 50/ 50 method is adopted:

50% of the total expenditure is subject to FBT and is tax deductable.

If this still doesn't make sense contact us and we can give you advice on your specific circumstance.

Reserve Bank Interest Rate Announcement

Tue, 03 Nov 2009 00:00:00 -1000

The Reserve Bank of Australia has announced an expected 0.25% interest rate rise for all Australians bringing the Cash Rate to 3.50%.

In the statement by the Governor, Glenn Stevens he said "the global economy has resumed growth and the recovery is expected to continue in 2010. However, the expansion is expected to be modest in major countries due the legacy of the financial crisis."

Australian economic conditions have been stronger than expected and confidence has recovered. Dwelling activity and public infrastructure spending is starting to provide more support to the economy. The unemployment rate is now likely to peak at a lower rate than previously expected and the share market has recovered significant ground since the financial crisis.

If you are interested in a loan/ lease for property/ vehicle/ equipment or your business contact us for a consultation. We can also discuss with you how this recent interest rate rise impacts your personal situation.

Winner website goes live

Tue, 06 Oct 2009 00:00:00 -1000

Winner Partnership website goes live after months of development. We want this website to be a central "plaza" to bring the winner community "tribe" together and exchange ideas.

Please come and visit our site often as we will constantly be updating information. As business owners we are often so caught up in the "busyness" of business that we need all the tools we can get to nuture that human connection. In these tough economic times working together will be the only way we make it through in a healthy state. Work is unrelenting, that is why we need to take time out and rejuvinate.

Through this website we hope to bring you material that inspires you into action to realise more of your potential.