Eclipse Accounting News - MAY 2009 

Welcome to our new Newsletter. We will be working on improving it over future months, any feedback would be greatly appreciated.

Fringe Benefits Tax Time!

The deadline to lodge the 2009 Fringe Benefits Tax (FBT) Returns is this Thursday, 21 May 2009. However, if we notify the Tax Office before then, we get an extra week to lodge the FBT Return. If you have any doubts or concerns over whether you should be having a FBT return lodged for your business, please call Linda or Matt.

Vehicles Exempt from Fringe Benefits Tax

An employee's use of a taxi, panel van, utility or other commercial vehicle (that is, one not designed principally to carry passengers) is exempt if the employee's private vehicle is limited to:

• Travel between home and work

• travel that is incidental to travel in the course of duties of employment; and

• non-work related use that is minor, infrequent and irregular (for example, occasional use of the vehicle to remove domestic rubbish)

For a list of Eligible vehicles, Click Here. For a list of Ineligible vans and 4wd vehicles, Click Here. 

Business Development Week (9-13 June 2009)

Business Development Week is an annual event wholly funded by Sutherland Shire Council and involves a week of free information workshops and seminars, business training and networking opportunities to promote a new businesses creation and growth and development for existing businesses in the Sutherland Shire.

All seminars and workshops will be presented at the Loftus Campus of the University of Wollongong (Pitt St, Loftus) and include "Starting a  New Business", "Government Support to Grow your Business", "Women in Business", "Tourism Conference", "Economic Outlook & Controlling Cash Flow", "BEC Business Sales & Marketing Forum", "Getting your message in the Media", and the "Young Entrepreneurs Workshop".

For additional information, call 9710 0109 or refer http://www.shirebusiness.com.au

Eclipse Accounting Group Referral Network

Quite a few of our trusted and recommended service providers have recently joined our new website Business Referral Network. This involves cross-promoting businesses through our respective website using links and including basic details. We intend developing this over coming months but limiting it to only 2 or 3 high-quality businesses from each industry category. This is not only a cost effective way of promoting businesses but also useful reference for our clients. Refer to http://www.wscaccountants.com.au/resources/referral_network

If you are interested in becoming part of this network and adding our firm's details to your website, please contact Matt Bell.

Business Networking Breakfast Presentation

On 6 May, Matt Bell presented to around 30 attendees at BEC's May networking Breakfast at Miranda RSL. The topic presented was "How to Create a Financial Reporting System that takes the Guesswork out of Success" and the feedback has been great. The presentation included examples of how business owners can start to drive their business rather than letting it drive them. If you would like to attend the 2nd Networking Breakfast at Gusto Cafe, Penshurst this Thursday May 21, please refer to http://www.becsmallbiz.com.au/business/st-george-breakfast.html

BEC Small Business Survey

In April 2009, the St George & Sutherland Shire Business Enterprise Centre (BEC) conducted a survey of local small businesses which attracted 374 responses. This compared well with the 440 responses received in a recent NSW Business Chamber survey.

Business respondents were spread across all industry sectors including personal services (19%), property & business services (14%), retail (13%) and construction (10%). 34 % of respondents have operated for more than 10 years while 30% have operated for less that 3 years.

Overall, half of SMEs are experiencing a moderate or slightly negative effect with one quarter feeling a significant impact with the remaining one quarter of businesses experiencing either no impact or a positive impact.

In relation to the future outlook, over 58% of SMEs have a positive attitude about the future, 20% are feeling pessimistic, while 22% had neutral feelings about the future. It appears not everyone is feeling as pessimistic as what is being reported in the media.

If you would like more information on BEC's survey results, refer to http://www.becsmallbiz.com.au/documentation/Surveyexecsummary.pdf

Attention: Home Based Businesses Wanting to Move Out of Home

One of our 'friends in business', Ascendancy Recruitment Consulting, is looking for a tenant to share some office space at their business premises which is located at Level 2, 19-21 Central Road, Miranda. The particular office space is 10 square metres, is fully self contained within a larger office environment and will easily accommodate two people as it includes large built-in work stations. There are two dedicated phone lines and a fax line already installed with great views of the city skyline. The space also comes with use of boardroom, kitchen and bathroom facilities. For more information, call Tony Greaves on 02 9589 5511 or 0418 405 566.

Debtor Finance & Bad Debt Protection

Allianz Finance has recently released a range of products to assist businesses with cash flow and debtor issues. Finance and bad debt protection are offered in one package without the need for property or personal guarantees. To be eligible for this finance, businesses must be a company; have minimum turnover of $1 million; operate a computerised Debtor Ledger; and be in Wholesale, Manufacturing, Business Services (eg. recruitment, labour hire, publishing & advertising), Transport, or Printing industries.

If you would like to know more about these products, please do not hesitate to contact Stewart Maher of WSC Insurance Brokers on 9525 6877.

Client Corner

Menusonly is a new business venture operated by Steve & Vicki Routh. Their driving forces behind the creation of Menusonly included not being able to retrieve a menu order to a take away meal because it was lost or discarded, unable to find the phone number or a restaurant to reserve a table and difficulty in locating a dine-in menu.

There are websites that provide some restaurant details, others that provide some menus online, however on the whole it was difficult to locate any website that provided a comprehensive listing of both. All listings on Menusonly will provide both restaurant menus and details. Ratings and reviews will not be included as feedback has indicated they are too subjective and unreliable.

The Menusonly website was purposely designed to be 'user friendly' for Diners to locate information quickly and easily, and to showcase restaurants.

Commencing in the Sutherland Shire, Steve & Vicki intend to launch in new regions over time but want to ensure that the integrity of Menusonly is maintained.

If there are any restaurants that you would like to see listed contact Steve through the website at www.menusonly.com.au

Thinking of Buying or Selling a Business?

If you own a business and could be looking to sell it in the next 5 years, you need to talk to us as soon as possible. Most, although not all, business's value is based on a multiple of its future maintainable earnings. The multiple or "capitalisation rate" will depend on various factors including the operating systems, policies & procedures, staff and client or customer loyalty, the nature of the industry or profession, consistency of earnings, the economy, changes in legislation, future developments in the industry or area, and location of the business. There is a lot to consider and there are things that can be done to increase the value of the business even before looking at increasing sales or profit. Some of the improvements can take several years to implement or show results, so it is important to act as early as possible.

If you are interested in selling your business or buying a business, we have some very knowledgeable and experienced business brokers that may be able to assist you.

Bob Greenup from BCI Business Brokers has around 40 years experience in managing businesses including his own. Bob is comfortable at all levels of business sales, but prefers to operate in the $2m to $20m price range. Refer to http://www.bc.com.au/buybiz.html 

Scott Bismire of Bismire Property possesses extensive brokering and business experience. Bismire Property is a progressive business and commercial real estate brokering firm, which specialises mainly in the sale of franchise, retail & service businesses. For more information, refer to http://www.bismireproperty.com.au or call Scott on 0414 286 555.

An Important Message
While every effort has been made to provide valuable, useful information in this publication, this firm and any related suppliers or associated companies accept no responsibility or any form of liability from reliance upon or use of its contents. Any suggestions should be considered carefully within your own particular circumstances, as they are intended as general information only.