An app a day...

Wayne Groznik - Tuesday, September 15, 2015




At any moment, we can put our hand in our pocket and check the weather forecast, the news and even the share market.

But with so much information out there, what are some good apps to help you get the right information?

We use a few of these here at Set4Life.


Why not start with the ATO app (

The ATO is a great app, with calculators, work out dates that your business lodgements are due or even search for lost super.


Another great app, is the ASX app (

The ASX app has a heap of good features, but it just makes it easy to see what the local stock market is doing, but with the ease of having a few favourite stocks for quick reference is the icing on the cake.


Last one today, is the Yahoo Finance app (

The Yahoo app, has a lot of information readily available at your fingertips, including up to date market news, worldwide sharemarket information, including graphs. It’s just a great app to be able to check news and worldwide sharemarket information very quickly.



Ways to streamline your business

Wayne Groznik - Monday, September 07, 2015


Your business is growing.... You have put on an employee... You need to be able to communicate and keep a track of everything that is going on...

It's expensive, time consuming and just too hard... Right? Well, it doesn't have to be.

There are some great solutions out there that you can use, FOR FREE, that should suit most businesses, small, or even large, that can help to cut down on all of that unknown. Plus they are free.... Amazing.

Google has a heap of products out there where you can collaborate on jobs or documents, where two or more staff members might not even be in the same state. Check out there video for some great ideas. And if you want to work with an accountant who understands exactly how to help you to work through these problems, just contact us and we can work together to make your business even better than ever!


Xero Me - An app for employees

Wayne Groznik - Thursday, August 27, 2015








Xero Me – For Employees

Do you run a business and have employees asking you to approve leave?

What about being asked for copies of payslips as they are losing them or don’t have the most recent one?

What if there was a simple way that you could have employees do this from their phone without having you to get that information from them?

That’s where Xero is making your life easy (yet again)

Your employees can request leave and find all their old payslips right in the one app.

You can also approve any leave requested right there from the app, talk about making life easy.

This is one of the many ways that having Xero in your business can streamline the process that extra bit. We always here about the boss not having enough time in the day to get everything done. Xero is looking at a whole heap of ways to save you time every day.

Check out their video and let us know if you have any questions and we can run through how Xero can save you a whole heap of time running your business.


What does a Shark Tank judge do for end of financial year?

Wayne Groznik - Thursday, June 04, 2015

If you are anything like the team at Set4Life, you love the show Shark Tank, it’s great look at people’s businesses and how others really perceive them at the roots.


A great ‘shark’ on that show is Naomi Simson, she knows her stuff, there is a reason that Red Balloon has grown to be one of Australia’s great business stories over the past decade.


So, what does a shark recommend coming up to the end of financial year? Well, funny enough, it’s all the similar things that we have been saying to clients year after year.


Let’s have a look at them, from the story at




It’s not too late to top up your retirement savings through salary sacrifice.

You can make pre-tax payments into your super fund of up to $30,000 a year (or $35,000 if you are over 50) at a tax rate of just 15 per cent rather than your marginal tax rate.



The end of the financial year is a great time to get a car deal as salesmen have incentives from manufacturers to clear stock before June 30.



A lot of people start thinking about tax deductions too late but there is a way to be smart about the end of financial year if you work from home or incur business-related expenses.

Plan ahead and buy all the stationary, printer cartridges even pay for broadband and phone plans in advance of June 30 to use them as deductions this financial year,



Hanging onto shares may be a good idea.

‘‘If you hold shares for 12 months you only have to pay half the capital gains tax on any profit you make when you sell them,”





The whole story can be read at


Remember to like us on Facebook to get regular updates from us.

Corporate or Individual Trustee in your SMSF?

Wayne Groznik - Wednesday, May 06, 2015

Corporate or Individual Trustee in your SMSF?

There is always great debate on the benefits and disadvantages of the type of trustee you should have in your SMSF.

Staggeringly, 92% of funds setup in the 2014 year were setup as individual trustees.

This is quite alarming, as even the Australian Taxation Office has recommended recently that a corporate trustee is the better way to run your fund.

The ATO website, states a few very good comparisons between the two and what you should be consider either way.

A few reasons that we, at Set4Life, will always recommend a corporate trustee for all our SMSFs are:

- Costs
- Separation of assets
- Penalties
- Succession

All, or any of these reasons, makes in our opinion the choice a no brainer. The main reason that we get asked about though, is the addition costs associated with a corporate trustee, but honestly, the costs of the annual ASIC fee (currently $45pa), is quite insignificant in the scheme of the expenses of the fund, especially where the average fund balance is half a million dollars.

Another reason we see that a corporate trustee is an extremely important consideration, is where you are looking at doing some borrowing in your SMSF, via a limited recourse loan, most lenders that we have dealt with in our time, have a prerequisite to have a corporate trustee before any lending is to happen.

The ATO website also has an excellent video on choosing individual or corporate trustees.

If you currently have a SMSF with an individual trustee and are looking to get that amended give Set4Life a call, we have completed many of these over the last few years, and by the looks of it, with the most recent statistics, we will have many more to do over the next few years.

Why Xero?

Wayne Groznik - Wednesday, May 06, 2015

Why Xero? We’re glad you asked.

From baking to bricklaying, consulting to crafting – whatever keeps you busy, Xero makes your business life easier. Xero is online accounting software that connects you with your numbers, your business and us, your advisors. Anytime, anywhere from any device.

Bringing more heads to your b ooks is easy with Xero. Just give us access and we’ll log in, look at your numbers and give you advice. Perfect for spotting opportunities and nipping problems in the bud.

On the move? Access accounts, check balances, upload receipts and invoice customers from your smartphone or tablet (while kicking back at your favourite cafe) with Xero’s iPhone or Android app.

Xero receives your bank statements automatical via a secure connection, making it a breeze to reconcile and gain a complete and up-to-date snapshot of your business from the breakfast table to your favourite coffee shop. And if something doesn’t look right, leave a comment. We’ll log in and give you a quick health check.

Being an accounting and payroll solution in one, Xero turns the old days of manual entry on its head. Super payments and tax updates are automatic, plus a special portal gives you a complete snapshot of your payroll and leave.


Login and send an invoice the minute a job is done. You get notified when your customer opens the invoice, and he or she can pay you online right away. And we know that staying on top of your old invoices is hard work. So we’ll check in from time to time and make sure you’re getting paid as much and as fast as you deserve.                                                                                                                                                                                                                                                                                                                                                                                                                                                                 The team at Set4Life live and breath Xero everyday. We have clients that run large national businesses with tens of employees, right through to the weekend hobby business. We help everyone of them in their own way to make sure that you feel like you are in control of the numbers and can see at anytime how your business is travelling. Contact us right away if you feel like you need to get in control of your numbers. Set4Life can help you out!

ATO SMSF Statistics December 2014

Wayne Groznik - Tuesday, April 14, 2015

The ATO has released recent figures, showing some interesting statistics from Self Managed Superfund in existance as at June 2014.

Some of the most interesting being:

- The total number of SMSF's continue to rise, totalling 529,396, an increase of 11.72% a few years back.
- Listed shares is the largest portion, totalling $1,760 million, but cash is close behind at $1,560 million.
- Only 0.4% of funds have over $10 million.
- All the talk of SMSF's being for the older generation, 41.7% of funds setup, were of people aged 44 or younger!

Some great reading can be found at

A Guide to Self-Managed Super Funds(SMSF) and property

Wayne Groznik - Tuesday, April 14, 2015

Australian’s love of property is well documented. To a lesser extent, so too is the increasing number of people who think they can do a better job investing their superannuation than the professionals.
Its therefore not surprising that the number of people using Self-Managed Super Funds (SMSF) to invest in direct property is growing steadily

But before deciding to do this, there are a number of issues that need to be considered.

The Issues With Self-Managed Super Funds.
1. Self-Managed Super Funds Restrictions
SMSFs are not allowed to buy residential property from a member or related party, only from the open market.
Super Fund members or relatives generally can’t rent a residential property from an SMSF because of the in-house assets test. This test imposes a limit on the extent to which SMSFs can enter into lease arrangements and certain other transactions with related parties.

2. Benefit Payments
SMSFs intending to invest primarily in direct property should also consider how they would deal with having to pay out a sizeable portion of the fund’s value. This could occur if a member decides to exit the fund and wants to rollover their benefit.

3. Repairs, Improvements and Replacements.
Before using an LRBA to acquire a property in an SMSF, it’s important to be aware that while the property can be repaired or maintained using some of the borrowed money, improvements can only be funded using cashflow, other fund assets or additional contributions.