Xero is cloud based accounting software designed to make your business life easier.

The subject of Xero is looked at closely in our Modern Business seminars. 

At a recent Modern Business seminar, we were asked a question about Xero that relates to accessing your financial data if you were to cease your subscription with Xero. 

We've looked into this and can provide the following answer:

• If you want to stop using Xero, you can do so at any time – there is no obligatory or contractual period. You will be billed up until the day you remove your organisation.


• With Xero you have no need to purge any data. Historical data is always available to view, even if your subscription lapses. If you do need access to your data for any reason whatsoever after ceasing your subscription, send an email to support@xero.com including the name of the organisation(s) you want the data for.


• In the meantime there are a series of reports and other data you can export in order to obtain your own back-up copy. This will give you a snapshot of your account balances and a full detailed General Ledger history up to the time that you make the back-up. These can be exported to Excel and stored on your hard drive.

For any further questions about Xero, please don't hesitate to call our office on 08 8951 0100.

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At HAS, we take the business of building up your business and finances pretty darn seriously and in 2012 we're taking this dedication one step further...

In 2012, we are here to help you Live Your Dream! Want to grow your business? Buy a Porsche? Perhaps retire in the next year? No matter what your dream, our financial experts have the know-how to help you achieve it.

Don't sit back waiting to achieve your goals, contact HAS today and let's starting working out how you can achieve them!

Still not sure what we mean? Check out our latest business ad...

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As part of the Chinese New Year, this morning HAS got our very own personal blessing from the Dragon.

The guys from the Chung Wah Society Darwin came and played music while the Dragon danced through our office blessing the building and every office along the way. 

A symbol of power and excellence the Dragon blessing ceremony is thought to bring good luck and fortune and with a promise like that, well, we couldn't resist.

Wearing red is encouraged for good luck, though we're still not quite sure about accountant, Michael France's interpretation of the dress code...have a look at the pics below.

For more info on the Chung Wah Society and this ceremony head to www.chungwahnt.asn.au 

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Today marks the Chinese New Year and to all celebrating we say Happy New Year!! This year is the year of the Golden Dragon, perhaps the most auspicious of all the zodiac signs. As well as bringing with it an expected population boom, the dragon also brings with it the promise of prosperity. This got us thinking, just what are you doing to help promote your own prosperity in 2012?

Your money

Looking after the money that you have and trying to find ways to maximise these funds is an essential part of ensuring a prosperous New year. Even if you have a mortgage or other debt, aiming to achieve a healthy level of savings (around three months worth of salary is a guide) is important to help achieve security and comfort with your finances. Also, regular reviews of the best ways to maximise your savings should be constantly considered and reviewed (term deposits, investments etc).

Your home

With exit fees now a thing of the past, moving your home loan between lenders has never been easier. Shop around to ensure you have the best possible home loan rate. A person's home is often the single greatest asset to their name so paying off your mortgage as soon as possible is essential to your overall wealth and financial position.

Your credit

Do you have five credit cards all maxed to the limit? If so, get your scissors out and start chopping those cards now! Even the slightest amount of credit debt can affect your overall rating and in the long term the pants you bought for $80 will end up costing you more like $90. If you haven't already develop a repayment plan and start making efforts to get those credit cards down to a $0 debt level.

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In the interest of saving you time and hassle and saving the environment paper at HAS, we've recently set up a client portal on our website that will allow you to upload, send and download files with your HAS accountant as quickly as you can say, "that was easy!".

Located on our home page (www.hasbs.com.au) on the left hand side is a login area for Secure Returns. Once we issue you with a username and password (which you can change later) you can login to this secure site where you can upload financial files for your accountant to download. Similarly we can upload files which you can then download and read at your leisure. You will be notified  there is a file waiting for you via an email notification. It really couldn't be much more simple.

No more lugging great big files into the post office, no more waiting to receive documents, with Secure Returns you are able to send and download in an instant.

We will be allocating login information to all clients as required but should you wish to jump on board for this free service now, simply email reception@hasbs.com.au and we will be able to set you up quickly.

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If you have a self managed super fund then you may recall that back in July 2011 new rules were introduced into the Superannuation Industry Act that affected investments in collectables and personal use assets.

The roles took effect on 1 July 2011 and apply to all collectable and personal use asset investments made by SMSF’s on or after this date. So, if you are an SMSF holder you need to look at your fund and if it held an investment in a collectable or personal use asset prior to July 1 2011 it has until 1 July 2016 to comply with the rules. The long transitional period has been designed to give SMSF trustees enough time to comply as penalties will be imposed on those who do not.

Forgot what these new rules are? As stated on the ATO website the regulations require:

• collectables and personal use assets must not be leased to any related party of the funds
• collectables and personal use assets must not be stored or displayed in the private residence of any related party of the fund
• trustees must make a written record of the reasons for the decisions on where to store the collectables and personal use assets and keep the record for 10 years
• trustees must ensure that collectables and personal use assets (other than a membership of a sporting or social club) are insured in the name of the fund within seven days of acquisition
• collectables and personal use assets cannot be used by any related party of the fund
• the transfer of ownership of collectables and personal use assets to a related party of the self-managed super fund must be done at a market price determined by a qualified independent valuer.

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As an employer of contractors it’s important to completely understand the tax obligations associated with this type of employment. Failing to do so may see you under the close scrutiny of any one of three regulatory bodies with severe consequences for those businesses who do not comply.

With the Australian Tax Office, Fair Work Australia and the State Revenue Office all regulating this area, any business employing contractors should expect to have their contractor arrangements reviewed at some stage and therefore be prepared.

In recent years ‘sham contracting’ or misclassification has attracted attention from the regulating bodies and the ATO announced that this would be an area of focus for the 2011 – 2012 year and that at least 28,000 employers would be targeted as part of their Compliance Program.

To provide clarification is can be assumed that a person is definitely not an employee if:

• The contract for the worker states they are a contractor
• The worker invoices for their services
• The worker is paid on result, rather than an hourly basis
• The worker provides and ABN and/or is registered for GST
• There are no employment tax obligations for incorporated contractors
• The worker can refuse work and/or work for others

If you are incorrectly classifying your employees or contractors there are a range of tax implications which may attract penalties some of these include:

• PAYG withholding breaches
• GST issues
• Failure to pay payroll tax on the salary and wages of employees
• Failure to make the compulsory 9% Super contribution
• Failure to pay workers’ compensation

With the three regulatory bodies currently looking at sham contracting some businesses may have already received a letter of caution. If you have received one of these letters you should seek professional advice as soon as possible.  If your business has not yet received a letter now is the time to review your contractor arrangements and to evaluate whether the ATO, FWA or the SRO may treat any of your contractors as employees and vice versa.

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Improving your personal financial position shouldn’t be hard work. No matter what your level of income is or outgoing expenses, there are always options on the best way to structure your finances to make the most of them. To start your 2012 on the right financial foot and help ensure great financial fitness throughout the year, look at the following tips and start living your dreams this year.

The Snapshot

Your first step to your best financial year comes from knowing where you’re at. Just like deciding to bake a cake without knowing exactly what ingredients you have in the cupboard, trying to create a financial plan without knowing exactly (and we do mean to the cent) where your money comes from and goes is almost certain to doom you before you’ve started. While we all have a vague idea of when money comes in and when money goes out, there are numerous other expenses that will occur on an ad-hoc basis that while you cannot necessarily plan for, you need to know averages for so you can either change this spending or better plan for it. Sit down and look at your bank statements for the past three months, this will give you a good idea of how your finances are currently looking and you can create your financial plan based on this information.

Create The Plan

If you have a budget you use and stick to, then we are probably already talking to the converted but if you don’t already have a budget sit down and establish a realistic budget that will help you tick all your financial goals but is also a budget that you will be able to stick to. You need to look at all your current incomings and outgoings as well as include room to move to help you achieve personal financial goals. For example, if you have a wedding coming up, are buying a house or simply want to increase your savings, you need to include this in your budget now.

Actively Manage Your Money

If you think that having a budget means you can sit back and watch your money take care of itself then you are wrong. Having a budget provides you with the framework for good financial health but in terms of making the most of your money, that’s still all you. To make the most of every dollar, you should be continuously keeping an eye out for areas where you can better save and improve your financial position. For example, if your savings hit a milestone like $5k have you looked into premium saver accounts where you could earn additional interest? Or, when did you last closely look at your bank statement to track when and why fees come out? Could you change your spending patterns slightly to lower your monthly fees? Actively managing your money does require additional concentration from you, but it will (literally) pay off in the end.

Reduce Credit Dependence

We know the credit card is super convenient but there is a reason that lenders make them this way – they want you to spend so you have to pay back interest…and a lot of it. Of course there are benefits to the credit card and as long as you make regular repayments on them they are usually fine but never allow yourself to be trapped into thinking that they are in any way as good as simply paying cash. It’s also important to remember that even the tiniest debt on credit can affect your credit rating, which in turn can affect your ability to borrow so think twice before you next whip out that card.

Seek Advice As Needed

Unless you are an accountant or financial advisor, it is generally not expected that you will know all things about money. When you feel additional assistance or advice may help to shed some light on areas you are unsure on, be sure to call your accountant as they are trained to help you maximise your financial position. 

Create A Long Term Financial Plan

Different to a budget, you also want to think long term when you are talking finances. Do you have personal insurance? Are you anticipating to need hospital cover in the next 12 months? When did you last review your will or personal insurance policies? Being in good financial health isn’t just about being in the black now, it’s also about creating a long term financial strategy that works for both you and any family you wish to take care of. If you are unsure about what will suit you best, call ShortlandCo Wealth Management on (08) 8952 6660

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Just a friendly reminder that from midday on Friday, Dec 23 HAS Business Solutions will be closed for Christmas. Our office will reopen again on Monday, Jan 9 at 8:30am.

Marc Loader is currently on extended leave and will return to work on Monday Jan 30.

If you anticipate needing your accountant over the Christmas break, we encourage you to call or email your accountant this week so we are able to assist you before the break. If you need Marc Loader, please call our office on 08 8951 0100 and we will be able to pass your query onto a fellow team member to help you.

A reminder also that ShortlandCo will be available to assist you over Christmas as they remain open with the exception of public holidays. Reach ShortlandCo on 08 8952 6660

Again a very Merry Christmas and best New Year wishes to yourself and your family from all the team at HAS.

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If you went to University, then there is a very good chance that you are one of the many who are now "blessed" with a rather large HELP (higher education loan program) debt.

What you may not have known is that a bonus is available when you make a voluntary repayment to your debt above $500 or more. What you may also not know, is that come 1 Jan 2012, the voluntary repayment bonus will change from 10% to 5%.

So, what's the message? If you are able to and want to take advantage of the existing 10% bonus you will need to make sure the ATO receives your voluntary repayment by 31 December this year.

Keeping in mind that the ATO will be closed from midday 23 December, you may want to put your skates on to take advantage of this increased bonus before it shrinks. 

If you're unsure what steps to take or have any questions about this, call your accountant on 08 8951 0100.

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