• Revecorp Pty Ltd t/a Power2 ABN 27 090 740 579
  • Call Us Today: (07) 4957 7574
Financial calculators

Calculators

Mortgages / Debt

  • Reverse Mortgage
  • Basic Loan Repayments
  • Extra Repayments
  • Lump Sum Repayments
  • How Long to Repay?
  • P&I / Interest Only
  • Split Loan
  • Complete Loan Comparison
  • How Much Can I Borrow?
  • What Can I Afford to Borrow?
  • Remaining Balance
  • Bi Monthly Calculator

Other

  • Millionaire Calculator
  • Income Tax Calculator
  • GST Calculator
  • Car Lease
  • Savings
  • Achieve My Savings Target
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Tax Facts

Tax Facts

We thought the following information on various tax issues would be useful to you. Personal circumstances always vary, so please ensure you contact us for specific advice.

(OK… so it looks like the links are broken! we will get them back up and running as soon as possible!)

  • Activity Statement
  • Australian Business Number
  • Capital Allowances
  • Capital Gains Tax
  • Excise
  • First Home Saver Accounts
  • Fringe Benefits Tax
  • Fuel Schemes
  • General Value Shifting
  • Goods and Services Tax
  • Imputation
  • Income Tax
  • Medicare Levy
  • Paid Parental Leave
  • PAYG Instalments
  • PAYG Withholding
  • Rates and Calculators
  • Rental Properties
  • Small Business Entity Concessions
  • State Taxes
  • Superannuation Guarantee
  • Tax Payer Penalties
  • Wine Equalisation Tax
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Accounting and financial software

Accounting Software

At Power2 we’ve been offering accounting services to businesses in Mackay over many years. Our expert team of accountants work with clients across a diverse range of industries and organisations using many offline and online accounting software packages and systems. The main software packages we use include:


Xero

For many businesses we recommend using Xero.

Designed from the ground up with business owners in mind, Xero is an easy to use online accounting system that gives you access to your financial information anytime and anywhere, whether it be at your desk, on your tablet, or on your phone.

As a Xero Silver Partner and Certified Advisor we can introduce you to Xero. Our in-house Xero Certified Trainers can have you up and running in no time.

Click here for more on Xero including videos and examples.


BankLink

When you’re running your own business, it’s important to keep your mind on the job. You don’t want to waste time crunching the numbers and completing your bookwork when you could be spending that time on your business.

BankLink automates and simplifies your accounting by virtually eliminating manual data entry and the collection of receipts and bank statements. You’ll no longer have to spend hours doing your books with software that is often complex and expensive to use.

BankLink makes it easy for you (and us) to stay up to date with your financial information so you can make well-informed business decisions.

Click here to find out more about Banklink software.


MYOB

Power2 is a supporter of MYOB software. We have MYOB trained staff members who are happy to explain the benefits of MYOB and examine if it is the right software for you.

MYOB is a tried, trusted and well known name both to business owners and accountants alike, in fact they have over 1.2 Million businesses using their software right now.

It provides a real time view of your finances which helps you boost profitability and make better decisions.

MYOB takes care of much of the book keeping for you, letting you focus on what is important to you.

It helps you stay up to date with your ATO compliance obligations and enables you to work with us online.

Click here to find out more about MYOB software and which MYOB is right for you.


Reckon (QuickBooks)

Power2 has many clients using the ever popular QuickBooks software, and our experienced staff are happy to work with you to be sure this software is fulfilling all your business needs.

Reckon is a leading provider of software solutions, providing business solutions for accountants and bookkeepers; and accounting solutions for small to medium businesses.

We know that every business is different, and Reckon agrees. They attempt to provide clients with a choice of software solutions to meet individual needs. Whether it is mobility, reporting, simplicity or integration that drives your decision, no matter how big or small your business is, Reckon has a solution to meet your business goals.

Please click here to find out more about Reckon accounting software.

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Superannuation savings

What Is Superannuation

Superannuation is a way to save for your retirement. The money comes from contributions made into your super fund by

your employer and, ideally, topped up by your own money. Sometimes the government will add to it through co-contributions and the low income super contribution.

Your employer must pay 9.5% of your salary into a super fund. This is called the Super Guarantee and it’s the law. The Super Guarantee will gradually increase to 12% in coming years.

Over the course of your working life, these contributions from your employer add up, or ‘accumulate’. Your super money is also invested by your super fund so it grows over time.

When you retire, you will have money to live off – a nest egg. Super is a lifetime investment that has many benefits.


How can Power2 help?

Just like you go to a mechanic to get your car tuned up, Power2 can do the same with your Super. It is important to check how your Super is doing every now and then to make sure you are on track to achieve your retirement goals.

Power2’s up to date knowledge in this area can also help you to make the most of any possible tax savings, government bonuses and cheaper personal insurance that may be on offer.


Save for your retirement

Start saving for your retirement early. The longer you have to save, the more

chance your savings have to grow. Power2 can help you to determine what you will need in order to retire with an income to suit your lifestyle. You can read more about Retirement Planning here.

Understanding how super works can bring great benefits whether you are just starting out, are close to retirement or have already retired.

For more information contact Power2 or request an appointment for your Super Tune Up here.

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Work Life Balance

What is the true value of financial advice?

It’s widely accepted that good financial advice offers clients a greater retirement lifestyle, improved personal security through effective insurance, better cash flow, the peace of mind of avoiding bad investments and greater discipline in sticking with good investments and budgets. Successful financial advice doesn’t just influence financial decisions though, it also influences client happiness, and it’s this underlying benefit which presents the true value of financial advice.

IOOF, in partnership with ‘effortless engagement’, took a closer look at these subtler benefits of financial advice in their white paper “The True Value Of Financial Advice” and uncovered….

Happier at home!
Respondents suggested that with ongoing financial advice there was greater harmony at home (one 2012 study found arguments about money were the strongest pointer to divorce of all disagreement types1) and lower levels of stress associated with purchasing decisions.

A perfect life?
One of the most compelling findings was that 22 per cent of people are more likely to feel they are living their ‘ideal life’ when they are backed by a successful financial plan and without the pressure or concerns surrounding money.

Get fit with financial advice!
The study also found that financial advice benefits extended beyond emotional happiness to clients’ physical health. The results were telling, with around 1 in 5 people who don’t receive financial advice reporting anxiety or disrupted sleep due to money concerns.

What else did the research show?
“The true value of Advice” paper showed that clients who receive ongoing financial planning advice experience:
• 13% greater levels of overall personal happiness.
• 21% overall increase in peace of mind.
• 17% increased level in confidence that their core goals will be achieved.
• 20% increased feeling of financial security.

One last point, Families come first
The research also found that family wellbeing was the top ranked priority, ahead of career, wealth and even personal health. In fact an overwhelming 83 per cent of clients consider it important for family members and close personal relationships to receive professional, ongoing advice.

If you would like a copy of IOOF White Paper ‘The true value of advice’ with the full results of their financial planning survey please contact our office.

1 Dew, J., Britt, S. and Huston, S. (2012), Examining the Relationship between Financial Issues and Divorce.

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Business advice

Business Accounting Services

At Power2 we provide accounting services for many leading businesses in the Mackay Region.  As business people ourselves, we also advise and consult on growing your business for the future.

Our Business Service team offers…

  • Preparation and Lodgement of tax returns
  • Self managed superannuation fund accounting and advice
  • Preparation and Lodgement of Business Activity Statements
  • Review of BAS’s prepared by clients
  • Accounting and Tax advice for businesses, large and small
  • Advice on Business Acquisitions & Disposals
  • Cashflow & Budget Reporting
  • Succession & Retirement Planning
  • Key Person Insurance for People in Business

Getting information ready for your business tax return?  Here’s a checklist!

The attached list is only a guide so if you don’t have everything at your fingertips, talk to us. We will help advise you on your particular circumstances.

So is Power2 right for you?

We like to think we offer much more than just being a place to do your tax.

To discuss the needs of you, and your business and to decide if we are the right partner for you, call our office for an obligation free appointment.

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