Lever Group accounting news and tax updates

Taxation Services

We regularly deal with a broad range of personal and corporate taxation issues and make a point of understanding the individual needs of every client. Whether you need advice on company tax, personal tax effectiveness or indirect taxation including payroll tax and GST, our team will identify the best solutions for you.

Our taxation services include:

  • Preparation and lodgement of taxation returns
  • Capital gains taxation planning
  • Fringe benefits tax returns
  • Land tax returns
  • Payroll tax returns compliance
  • Tax planning and minimisation
  • PAYG and superannuation compliance

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Category: Inspiration

  1. THE RESULTS MINDSET

    Posted on

    jumping lady, pink background

    Struggling to achieve results? The Results Mindset may help: Decisions x Actions x Accountability = Results. Need help making better decisions in your business? Unsure which actions to take?

    If you struggle to achieve the results you want, it’s likely you’re disregarding one of the key components of The Results Mindset formula. This formula helps to ensure our ideas are implemented, our goals are achieved, and we obtain our desired results.

    The formula for achieving results is:

    Decisions x Actions x Accountability = Results

    1. Decisions

    What are the decisions you need to make to achieve your results? Evaluate potential risks and opportunities and distil these into a maximum of four overarching goals for the year. These are clear decisions; what you are choosing to focus on.

    You’ll likely start with more than four goals, but some might become actions you take to achieve a bigger goal. Focus on the four goals/decisions that will have the biggest positive impact on your business.

    When you’ve chosen your goals, it’s essential that you record them in a plan. Depending on the results you want to achieve, this could be a Business Plan, Succession Plan, or a plan to improve your cashflow.

    So, step one is to document your decisions as goals in a plan.

    2. Actions

    The second part of making sure that we achieve our results is to break down our decisions, or goals, into actions. For each goal we record in the plan, we might have 4-5 actions that we need to take. Breaking the goals into actions clarifies the steps to take along the path to achieving our goals, making the path to success clear and less overwhelming.

    3. Accountability

    The final component is accountability. This is often the missing piece of the puzzle. If we don’t have someone holding us accountable for the goals and actions that we’ve set, they often won’t happen. If you know somebody will be checking in to see that you’ve completed your actions, you’re far more likely to do them.

    It’s important to decide on a person who is going to take responsibility for each action as well as establishing a review process to make sure the plan is being followed properly. Accountability helps us get the most important things done - remembering that the most important might not be the most urgent!

    Achieving the results

    If we want to get better results, it’s important to document our decisions in a plan, make sure that goals are followed up with clear actions, and hold ourselves to a system of accountability. Part of that accountability involves meetings and discussions to help determine the changes that need to be made toward achieving those goals.

    The Results Mindset is all about the power of an idea being in its implementation. Let’s use it and make sure we don’t fail to implement the things that will greatly impact our business.

    “I am not a product of my circumstances. I am a product of my decisions.” - Stephen Covey

  2. TOP 5 THINGS TO OUTSOURCE IN YOUR BUSINESS

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    Secret Plan To Rule The World

    If you’re looking to scale your business, you’ll need to spend more time working on it than in it.  Finding ways to leverage your time is critical, and outsourcing your least favourite tasks is a great way to do this.

    Things you should consider outsourcing in your business:

    Payroll

    This task is best left to the professionals. Outsourcing payroll will minimize the risk of inadvertently getting it wrong, while saving you time, and most likely, reducing the cost of the task. 

    Bookkeeping

    Do bookkeeping tasks often infiltrate your evenings or weekends? Does the stress of these tasks piling up occupy your mind? Outsourcing these tasks (and the stress) to someone else can be liberating and cost-effective.

     Digital Marketing

    From your content strategy to your social media accounts, if this is not a strength of yours, outsource it! There are many freelancers who have multiple clients at this level, who’ll likely be more knowledgeable regarding SEO and much more effective and efficient in general.

    Managing Your Wealth

    Managing your wealth is vital to ensure those hard earned dollars are best put to use.  Engaging a tax and financial planning expert allows your personal wealth to be managed as tax-efficiently as possible. Personal tax planning, extracting profit from your business and planning for comfortable retirement are all necessary to ensure your personal wealth is maximized.

    Company Secretarial Services

    Communication and effective administration are essential elements of a successful organisation. Regardless of the size of your business, highly qualified secretarial and support staff are essential.  When you’re busy with the day to day running of your business it would be worthwhile utilizing the help of a virtual assistant to help with the day to day administration tasks required.

    Why not give us a call to see how Lever Group can assist you in crossing off those financial To Do List tasks.