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ASIC

ASIC: Are you up to date?

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As a business or company owner, you have obligations that you need to keep with the Australian Securities and Investment Commission (ASIC).

ASIC is Australia’s corporate, markets and financial services regulator and your obligations include notifying it of any changes to your business’ name, the registered address, changes in shareholders, shareholding values, directorship and much more.

It can be difficult to maintain a calendar of these obligations with so many things to keep track of, and this is why it is beneficial to bring in professionals who can help.

 

Your obligations to ASIC include:

  • Registering a business name/company
  • Renewing your business name
  • Transferring your business name
  • Changing company addresses, name, type, details and passing of resolutions
  • Changes to shareholding/shareholders/directorship
  • Cancelling your business name
  • Closing your company and deregistration
  • Annual review fee
  • Solvency test

 

Dexterous team specialises in ASIC Compliance

Dexterous has a team of highly motivated and skilled individuals who specialise in ASIC Compliance. They will manage your ongoing obligations with ASIC so you can do what you do best, concentrating on your business.

Our team of professionals will be in direct contact with ASIC and will communicate with you to tell you exactly what information they need to keep everything up to date and in good order.

Not only will we keep on top of your day-to-day obligations, but we will also take the stress out of updating the Commission of any significant changes that have been made to your business or company structure.

We are a progressive accountancy firm that embraces technology and new ways of doing things and rely on our clients to give us the seal of approval and use their testimonials to showcase our track record.

Call Dexterous today on +61 2 8072 0695 or send us an email to find out how we can help you.

cloud security

Top 5 tips to cloud security

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Cloud computing is becoming a very popular solution to data storage and company operations and if you follow some practical steps, you can eliminate any concerns about security.

The reality is that if done right, cloud computing is a more secure option than what most organisations employ when they have an in-house data storage or IT system. That being said, things need to be managed properly for optimum performance and security. Here are five top tips to ensure that your cloud security is airtight.

 

#1 – Know exactly where your data is

You cannot ensure cloud security if you don’t know where your data is. Although data encryption, firewalls and detection protocols will keep out most intruders, you need to think ahead. What if you decide to terminate the service or the cloud provider goes out of business?

Being able to identify exactly where your data is, goes a long way towards long-term security. Just like all other forms of storage, dedicated hardware is key for cloud computing services to pass stringent security guidelines. Make sure you are clued up as to where your data will be stored on a specific piece of hardware.

 

#2 – Backup your data

Just as you would back up your server or hard drive, it is important to backup your data on the cloud. We are still talking about data on a machine here. Massive multinational company T-Mobile lost thousands of people’s data simply because they did not have a backup of it. The cloud is not a magic solution to everything, it is still a network of machines that stores data. While cloud providers do have redundancy protocols, doing so will always give you and your business peace of mind.

 

#3 – Develop a plan and educate the response team

Always have well developed contingency plans at the ready. A large element of security is the response to threats and how rapidly an organization can respond to threats and adverse events. Organisations should document logical responses to different adverse scenarios and implement ongoing training programs to facilitate a fast response to those situations. This can all be done in tandem with the cloud service provider.

 

#4 – Test the system

Never assume that where your data is stored is impregnable. When identifying a cloud provider, ask them what safety audits they carry out and specifically ask them how often and how they test the system. The only way to make sure something is secure is to test it. It is quite common for highly data-sensitive organisations to hire a skilled ethical-hacker to test their security provisions. Vulnerability scanning and assessments are just as important inside the cloud as they are outside the cloud. If you can find a way around the system, then hackers most definitely can.

 

#5 – Get references

There is no better advice than that which comes from someone who has had direct experience. When choosing your cloud service provider, ask for references from existing satisfied clients. Anything related to data on finance, healthcare, insurance, or government organizations is a good thing to look for. If other companies that have similar security needs are using the provider, they may be a good fit for you. Be sure to contact these references directly when possible and ask what steps they have taken to secure their data.

 

Better to be safe than sorry

If you have done your homework well and found a reputable cloud service provider, the chances are that your data will be secure. As with everything in life, it is always better to be safe than sorry. Follow the above tips to ensure that your data will remain secure. On a final note, the private cloud hosting model (dedicated companies) provide much more of a security guarantee than any on the public domain.

Dexterous Employee of the Month

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Shanie Ramos

At Dexterous, we believe in a peer based system where our team votes for the employee of the month. The votes for July have been counted and the winner is our highly talented Shanie Ramos.

Shanie focuses on process improvements that help the efficiency of the client’s business through the use of simplified procedures. Her cheerful vibe in dealing with people and her good understanding of different accounting processes and procedures help her adapt to evolving scenarios.

Shanie has been at Dexterous for just over two years and is based in the Philippines.

“What I really enjoy about working at Dexterous is my supportive colleagues and the appreciative management. This serves as a motivation for us to work harder because Dexterous focuses both on client and employee satisfaction.”

In her downtime, Shanie enjoys hanging out with her friends, watching TV drama series and cooking. Congratulations Shanie!

Dexterous Employee of the Month Award & New Team Member

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Sam Calimlim

At Dexterous, we believe in a peer based system where our team votes for the employee of the month. The votes for June have been counted and the winner is our highly talented CPA Sam Calimlim.

Sam has been with Dexterous for one year and three months and, as the Team Leader, manages our team to ensure that our client’s Bookkeeping, Accounting and Tax needs are met.

Sam is based in the Philippines. “At Dexterous, your efforts are recognised and appreciated. Teamwork, and management’s culture of appreciating the value of its people are some of the things that I really love about working with the company.” When not at work, Sam enjoys reading and travelling. Congratulations Sam!

 

New team member

Brigette Panetta

Dexterous Group is pleased to welcome Brigette Panetta into our ranks as a Client Manager. Brigette brings a mixture of chartered and commercial experience to the team.

Until recently, Brigette was part of a taxation team in a chartered firm and prior to that,  worked in a series of commercial roles.

Brigette has a Bachelor of Commerce (Majoring in Accounting; Sub Major in Taxation Law) and is also currently studying her CA. We are confident that Brigette will bring a mixture of experience and youth to our team and we wish her every success in our collective journey forwards.

accounting

Xero: Cloud-based small business accounting software

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Business environments are changing and much of the back end software that was traditionally used for administration and accounting is now cloud-based.

One such piece of software is Xero, which is specifically designed for small businesses. Because it is cloud-based, Xero can be accessed from any computer, tablet, smartphone or any other device that has internet browser capability. Dexterous Group uses the software suite in conjunction with other platforms. We use Xero because of its wide range of functions, ease of use, reliability and security.

There are three service plans that you can choose from, according to your business needs. All plans allow the account holder to invite an unlimited number of users to the software and set permissions to manage what information they can access.

The starter plan includes most functions, including accounts payable, but limits the account holder to five invoices, five bills and 20 bank reconciliations per month.

The standard and premium plans include payroll, federal and state eFile and ePay. The premium plan can also handle different currencies, which is useful if you have deal with  international clients.

Xero integrates with more than 500 applications, so you can add features to customize the program to your business’s specific accounting needs, though some may cost extra.

 

Accounting Functions

It’s easy to set up an account with Xero. It gives you several starting tasks to acquaint you with the program, such as connecting your business bank account, creating your first invoice and first expense claim, and so forth, and many of the pages have how-to videos and link to a step-by-step guide in case you need additional help.

The interface is well designed and easy to navigate. Features are easy to access from drop-down menus at the top of the screen.

 

Accounts Receivable

When you create a quote, you can easily convert it to an invoice. You can configure this bookkeeping software to generate recurring invoice and send payment reminders to customers. After you receive and record a payment, you can email your customer a receipt or thank you.

 

Accounts Payable & Inventory

You can use Xero to manage sellers, create purchase orders and track inventory. When creating a quote or invoice, the program will show how many items are in stock. The software can also manage fixed assets, track bills and print cheques.

 

Banking

Xero allows you to run more than 40 different reports, including an aged receivables report and a general ledger. The program allows you to archive them or export them as PDF, Excel or Google Sheets files.

You can sync your bank and credit card accounts to this bookkeeping software, and it imports data daily. It also has bank rules and cash coding features designed to help make the reconciliation process easier to accomplish.

 

You can read more about Xero on their website

 

 

 

income tax

Take the stress out of personal tax time

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It’s tax time again and time to sort out your income tax returns and personal taxes. The first thing you need to do before you even consider filling out your tax returns is to make sure that you have all the information that you will need at hand. Better yet, you can get in touch with Dexterous Group, and have it all done for you by our dedicated professional team of accountants.

We offer affordable and reliable solutions to people who want their personal tax returns filed on time and error free. Our team will also advise you on what you need to pay income tax on, as well as what you can claim back from the Australian Tax Office.

 

Records you will need for income tax returns

We are accountants, but we are not mind readers. For us to be able to file your returns correctly and without any risks, you will need to provide us with the correct documents, which include:

 

  • Payment summaries – Outlines the income you have received from your employer, super fund or government payments
  • Bank statements – Details any interest you have earned during the period and fees you have paid
  • Shares, unit trusts or managed funds statements – Information on dividends or distributions you’ve received
  • Buy and sell investment statements – Needed to calculate capital gains and losses.
  • Records from your rental property – If you use a property manager you will probably get an annual tax statement that details income and expenses, including any capital gains or capital losses from the sale of property
  • Foreign income – Details of foreign pensions or other foreign income
  • Private health insurance policy statement – Information needed to complete the private health insurance section of your tax return.

 

Lodge your income tax return before the deadline

If you are lodging your own tax return, you have until 31 October 2017 to do it. If you decide to use Dexterous as your registered tax agent, you will need to contact us before 31 October. We advise that you think ahead and not leave it too late.

Get in touch with Dexterous Group today to take the stress out of tax time. You can call us on +61 2 8072 0695, email us on team@dexterousgroup.com.au or visit our website to book an appointment TODAY. 

nstalment Activity Statement IAS

What is an Instalment Activity Statement?

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The taxation world is littered with acronyms and the IAS is one of them. But what does it mean?

An IAS or Instalment Activity Statement, is a form used by taxpayers who are not registered for Goods and Services Tax (GST). It is also the form required to be lodged by entities that prepare a quarterly Business Activity Statement, but are required to remit their Pay As You Go (PAYG) withholding tax on a monthly basis because they are a medium withholder.

The IAS is a pre-printed document issued by the Australian Taxation Office every month, which summarises the amounts of PAYG instalments, PAYG withholding and ABN withholding.

If you withhold less than $20k per year, you must do this every month. If the amount is in excess of this amount, it can be done through the BAS. Withholders of large amounts have to remit statement seven days after the payment of wages or fees.

The ATO has a dedicated section about the IAS and lodgement time frames on its website.

 

Who uses Instalment Activity Statement?

If you own a business or are individual that deals with PAYG Instalments, PAYG withholding, and/or Fringe Benefit Tax Instalments, and you aren’t registered for the GST you will need to lodge IAS’s. There are instances, for example if you are a trustee, where you are required to fill out both business activity statements and IAS forms.

 

Where do I get the forms from?

The Australian Taxation Office will send all your IAS documents well ahead of completion deadline. This will allow you plenty of time to complete it and have it lodged before the due date. You will also notice that some parts of the form will have already been filled out with some of your personal information in order to save you some time.

 

Tips to stay on top of your obligations

  • Keep all your paperwork up to date and easily accessible
  • Even if there is nothing to report, you must still lodge your Instalment Activity Statement on time
  • Plan ahead of time and ensure your IAS is completed ahead of time
  • Make sure that you aren’t late with lodgement and/or payments to the ATO or you will be subject to late fees and charges
  • Make sure the form has been signed and dated before submitting your IAS
  • You only need to lodge a single copy of your IAS per reporting period
  • Contact the ATO and get them to send you out a new form if you make a mistake on your IAS
  • Keep copies of your IAS.

 

Getting the right advice

These recommendations will help you better understand your IAS obligations, but you could also take the simpler option of letting an accountant do it for you. Contact the Dexterous team TODAY to find out how we can tailor an affordable solution to your needs so you can concentrate on growing your business.

 

Telephone: +61 2 8072 0695

Email: team@dexterousgroup.com.au

Top 5 Tax Tips for the New Financial Year

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Financial year end can sneak up on you very quickly and if you’re not prepared, it can cost you and your business thousands of dollars in tax.

Whether you like it or not, everyone has to deal with tax at least once a year and it can become a burden for many. However, if you’re prepared for tax time it can drastically change the way you see the next few weeks. If you’re a small business and eligible for the small business tax concessions, it can be an opportunity to invest back into the business to take advantage of the concessions available.

There are a number of areas you should look to address to ensure you’re prepared as we approach financial year end;

1. Prepare yourself – Do you know what your lodgement dates are? If you align yourself with a tax agent, do you know you get an extension on your lodgement dates? In some cases this can mean you have an additional 7 months to pay any tax.

2. Small Business Tax concessions – Know what concessions are available to your business and assess their appropriateness. Cash flow permitting; now is a great time to review your IT infrastructure or that need for a new motor vehicle for your business. The most popular concession available to small businesses is the instant asset write off. As a small business you can spend up to $20k on a new asset and claim an immediate tax deduction.

3. Bad debts – When did you last review your debtors ledger? Do you have aged debtors that are unresponsive and not worth chasing? In order to claim an income tax deduction for any bad debts these should be physically written off in the year you wish to claim on them, so it’s an important consideration between now and 30 June.

4. Donations – Feeling charitable and been putting off making that donation? A donation made to a Deductible Gift Recipient prior to 30 June will be deductible against your income and therefore reduce the amount of tax you pay.

5. Superannuation – As a sole trader you may want to think about making a personal superannuation contribution. There are certain conditions that must be met and these are found here. This deduction will offset the income you’ve earned during the financial year.

Don’t make tax time a chore; you can very quickly assess these key areas raised. No one enjoys getting a large tax bill (despite it meaning you’re making money) and by addressing the above you are ensuring you’re in the best position as we approach year end.

 

Getting the right advice

These recommendations are just the tip of the iceberg but they highlight the sorts of questions you need to be asking yourself. Contact the Dexterous team TODAY to find out what concessions you may be entitled to and let us take the stress out of tax time so you can concentrate on growing your business.

Telephone: +61 2 8072 0695

Email: team@dexterousgroup.com.au

Dexterous to take part in 2017 B2B Expo

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Dexterous Group is taking part in the 2017 Business Expo in Sydney later this month, if you’re there be sure to pop by and say hello.

Our experts will be in attendance at our stand to advise you about our suite of services including accounting, bookkeeping and payroll. Our mission at Dexterous is to help your business grow by taking care of your accounting needs so you can concentrate on what you do best.

You can get instant onsite quotes and free consultations which can be booked on the spot.The Expo is organised by the Australian Business Forum and will be held between 27 and 29 June at the Sydney International Convention Centre in Darling Harbour.

There will be more than 60 speakers giving talks on digital disruption, e-commerce, small business, marketing, social media, finance and more. The B2BEXPO 2017 showcases essential products and services within Australia’s influential SME market, connects government and key industry associations, presents new startups and innovation trends and solutions.

 

Business Matters Seminar

The Business Matters Seminar Series will focus on trending topics and issues affecting SMEs in Australia including growth opportunities for SMEs and how SMEs can harness success in the digital economy and the challenging global market.

 

Meet-the-Experts Roundtable

The Expo will also host Meet-the-Experts Roundtable mini-workshops designed for interactive discussion in a small group setting focusing on key small business challenges such as cyber securities, innovation and new technology.

 

B2B Pitch Room

The B2B Pitch Room is a new platform for Startups looking to raise interest and take new business to the next stage. Pitchers will have the floor to spruke their innovative business ideas to a panel of experts. Dexterous will be sponsoring this event, providing a free strategy and planning session as a prize.

 

The Innovation Luncheon

With new disruptive businesses emerging every day across every industry sector, innovation is essential part of staying ahead of the game. The Innovation Luncheon offers discussion with an Innovation Leaders Panel to find out why SMEs need to innovate to survive.

 

You can find the full programme for the B2B Expo 2017 here

 

 

 

Dexterous Employee of the Month Award

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At Dexterous, we believe in a peer based system where our team votes for the employee of the month. The votes for May have been counted and we have a tie between two of our brightest young accountants, Aiko De Guzman and Anie Cinco.

Aiko De Guzman – accountant

Aiko has been working at Dexterous Group for 9 months and is based in our Manila office located in Bonifacio Global City, Taguig. What Aiko enjoys the most about working with Dexterous is that she manages several clients and juggles different processes. “This is challenging but exciting at the same time. It gives me the opportunity to acquire new skills and broaden my knowledge,” she said.

When not working, Aiko enjoys hanging out with her brothers and sisters, watching television series and talent shows such as America’s Got Talent, reading books and listening to her favourite tunes.

 

 

Anie Cinco – accountant

Anie has been working at Dexterous Group for 10 months. Also based in our Manila office, Annie enjoys the day to day challenges that working for Dexterous brings. She said that she enjoys being on a constant learning curve, while also sharing her knowledge base with the rest of the Dexterous team.

She said: “I get a lot of motivation from feedback by the rest of the team. Knowing that my hard work is appreciated keeps me motivated to do better.” In her spare time, Anie enjoys spending quality time with her family and friends. Whenever she has the chance, she also enjoys traveling.  

Congratulations to both Aiko an Anie!