Xerocon 2017

Last month we travelled to Melbourne to attend Xerocon, the annual conference held by Xero accounting software. It was a great opportunity for the team to learn more about what Xero has planned in the future, to spend quality time bonding over ramen, and to hear from inspiring speakers. Here’s what our team had to say about their experience:  Keegan I really enjoyed travelling to Melbourne with the team for…  Read more

How to get to our new office

As you will no doubt be aware, last month the team moved into our new premises in North Sydney. We’ve finally settled in and are beyond pleased with the location and refreshing chance of space. We look forward to showing you around! Our new address is: Level 4 1 James Place North Sydney Our new office is really easy to get to by car or by public transport. There is plenty…  Read more

Deductible super contributions are now for everyone!

For many salary and wage earners, the super guarantee that is deducted from each pay is something most of us don’t notice. Some people choose to contribute extra funds to super to further build retirement savings. Concessional super contributions are taxed at 15%* as opposed to marginal tax rates of up to 49% providing significant tax savings. With the recent superannuation reforms, one simple change has provided an excellent tax…  Read more

How Prime Partners automates its accounts

At Prime Partners we’re big fans of using the latest technology to make business as easy as possible. We started using Xero back in 2012 and have always practiced what we preach. A product we’ve been using in our business to great effect is Receipt Bank. This is a receipt and expense processing system that is linked up to Xero. What’s so great about Receipt Bank, is that it can automatically…  Read more

How long do I need to keep records for?

There is no such thing as a silly question, especially when it comes to record-keeping. Records are vital for both individuals and small businesses in ensuring their tax returns are prepared accurately, their figures can be backed, and the ATO won’t come chasing after them. Our clients ask us time and time again ‘How long do I need to keep records for?‘ so below we have compiled some information to…  Read more

Prime Partners Chartered Accountants is moving

Our home for the last 11 years at 230 Victoria Road Gladesville is scheduled to be demolished to make way for new apartments at the end of this year. After a long search, we have found a new home at Level 4, 1 James Place North Sydney. We will be moving in September 2017. All client appointments booked for 15 September onwards will be held at our new office. Why…  Read more

ATO to Clamp Down on Tax Deductions

Thinking of claiming that $300 decanter for your future career as a sommelier? Think again. With tax time fast approaching, the ATO have put ITR deductions in their line of fire, clamping down on individuals making excessive and incorrect claims for work-related expenses. ATO Commissioner Chris Jordan is making these investigations a priority in an effort to minimise the ‘tax gap’ – that is, the difference between how much the…  Read more

Client Alert: Email Scams containing Malware, Virus & Ransomware

We have recently seen a spike in the number and quality of fake emails being sent to our clients. These emails are sent with malicious intent, purporting to be from a government agency, where you are led to click on a link that will install malware, ransomware or viruses. We have had clients lose days and weeks of productivity due to falling for these traps. One email we have seen…  Read more

What you need to know about FBT for 2017

We know that no one likes to pay tax and certainly no more tax than they should.  But very few people want to be on the wrong side of an Australian Tax Office (ATO) audit where fees and penalties are paid for neglecting your obligations. The Fringe Benefits Tax (FBT) year ended on 31 March which means the ATO will be looking closely at whether or not every employer who…  Read more

Getting your business finance ready

The time arrives in most small businesses when you’re required to go borrow some money. It’s in your best interest to make your business as attractive as possible before presenting yourself to the lender. The good news is that if you know what the lender is looking for you’ll be able to take appropriate steps to get your business in the best possible shape. 1. Ensure your financials are up…  Read more

Merry Christmas & Happy New Year

Dear Clients & Friends, As the Christmas season approaches, there is always so much happening, that it’s easy to forget to thank our valued clients & friends for their support throughout the year. Our office will be closed from 1pm Wednesday 21st December. The Financial Planning team will return on the 3rd January, and the Accounting and Lending will be back on 9th January. The Team at Prime Partners want to…  Read more

Take Control of Your Operations: Properly Classify Your Business Risks

A lesson some business leaders learn the hard way is that in today’s global operating environment risks appear to be increasing exponentially. It takes only one trial by fire for a leader to recognize the importance of basing each decision in part on its risk versus its reward. It’s important that a leader maintain a steady focus on business risk, lest his business suffers a loss that can drastically brunt…  Read more

Avoid These 5 Costly Accounting Mistakes

A Canadian bank recently surveyed over 500 small business owners about what they love and hate most about owning their own business. Unsurprisingly, flexibility and feeling in control ranked first in the “love” category. Meanwhile, almost 60% said bookkeeping was hands-down their most hated task. Most business owners understand that effective financial management is key to their success. But lack of knowledge, frustration, and even avoidance can add up to…  Read more

Preparing an exit strategy

Research has repeatedly shown that businesses that have been prepared for the owner’s exit are significantly more likely to endure than unprepared businesses. These guidelines around an exit strategy can help your business legacy live on – and get you a satisfactory result. Preparation delivers the best results The key message to take away is this: start your exit strategy now – don’t wait until that ‘later time’. Life is…  Read more

Why Keep Your Data in the Cloud?

Cloud computing is quickly moving from an obscure concept to an everyday reality for small businesses all over the world. A 2015 survey of small business owners found that 52% had already adopted some form of cloud-based data storage; however, a general lack of awareness regarding the logistics and advantages of cloud computing has made others a bit more resistant. The truth is, there are several very practical benefits to…  Read more

Three Ways an Accountant Can Save You Money

Many small business owners think they’re saving money by handling their financials themselves. While it’s a real asset to learn bookkeeping basics, cash flow management and your tax obligations, hiring an accountant to oversee your finances has many benefits. Leaving your books to a pro will free up time so you can focus on serving your clients and implementing plans for growth. Here are a few ways an accounting professional…  Read more

Tips for keeping your business data secure

It’s no secret that data loss can be a costly nightmare for a small business, with recent estimates citing the total cost of data breaches exceeding $2.1 trillion by 2019. Unfortunately, cyber attackers increasingly target small businesses because they are less likely to have security protection in place. Accidental loss or loss due to a natural disaster can be just as harmful to a business, with recovery efforts and delays…  Read more

Is Now the Right Time to Buy a Home?

If you’ve frequently been asking yourself if it’s the right time to buy a home, there are several things to first consider. Three things to think about are the current market conditions, the interest rates, and the amount of available housing. Current Market The current market conditions may help you determine if it is the right time to buy a home. If prices are starting to increase, you may want…  Read more