YEAR END TAX STRATEGIES
|
|
- Stanley Moore
- 5 years ago
- Views:
Transcription
1 THE 30 June deadline is fast approaching. It is important that business owners, large and small, take the time now to focus on their tax planning strategies. This bulletin highlights the opportunities available to maximise your financial and taxation position, including superannuation contributions, deferral of income, accelerating deductions and other measures. In particular, an important area to note is that of Trust distribution minutes and the actions required before 30 June As in prior years, we will be communicating with our clients to address these matters in the coming weeks. Accelerate your deductions Bringing forward deductions and utilising them before June, will minimise your tax this year. These may include: Prepay interest on a deductible loan Write off bad debts Maintenance and repairs Ensure your super contributions are paid before 30 June Pay membership subscriptions in relation to trade or professional bodies Meet bonus and commission obligations - Commit to (by passing a resolution to approve the payment) paying any director s fees that may be accrued. You are generally able to claim a full deduction in the year of payment where the expense covers a period of no more than 12 months. These expenses could include: Rent on business premises or equipment. Lease payments on office equipment. Interest prepay up to 12 months interest in advance. Business trips even if taken after 1 July 2014 Training courses that run after 1 July 2014
2 Deferring income until after 30 June Subject to cash flow considerations, deferring income is a very effective tax planning strategy, especially if you expect lower income for 2014/15 compared to 2013/14. For businesses using a cash-accounting system, income will not be derived until it is received or credited on the taxpayer s behalf. Consequently, you may consider conducting large transactions in July rather than June. Claiming deductions for expenses not paid at year end Both SBE (Small Business Entities) and non-sbe taxpayers are entitled to an immediate deduction for certain expenses that have been incurred but not paid by 30 June including: Salary and Wages - a tax deduction can be claimed for the number of days that employees have worked up to 30 June 2014, but have not been paid until the new financial year. Directors Fees - a company can claim a tax deduction for directors fees it is definitely committed to as at 30 June 2014 and has passed an appropriate resolution to approve the payment. The director is not required to include the fees in their taxation return until the following year when the amount is actually received. Staff Bonuses and Commissions - a business can claim a tax deduction for staff bonuses and commissions that are owed and unpaid at 30 June 2014 where it is definitely committed to the expense. Increased Capital Allowance Concessions for small business reversed The House of Representatives has passed legislation to repeal the Minerals Resource Rent Tax (MRRT) and related measures. In March this year the Senate rejected the bill. The Abbott government will need to bide its time until the new Senate arrives in July before reintroducing the bill. Assuming the legislation is passed, small businesses that utilise capital allowance concessions will be affected. From 1 January 2014, immediate deductions will no longer be available for assets valued between $1,000 and $6,500. New assets must have been installed ready for use prior to 1 January 2014 in order to qualify for the higher thresholds.
3 From 1 January 2014, the relevant thresholds will be: Immediate deduction for assets purchased for less than $1,000 All assets purchased for more than $1,000 are allocated to the Small Business Pool, and depreciated at a rate of 30% diminishing (15% in the year purchased) A Small Business Pool with a value less than $1,000 may be written off in full Upfront deduction for motor vehicles no longer available, Tip: Review your depreciation schedule to be sure that there are no items on the schedule that should be removed, no longer exist or are no longer in use. The written down value of these obsolete capital items can be written off, which will increase the entity's deduction for that year. Writing off bad debts Where a taxpayer accounts for income on a non-cash basis and has previously included the amount in assessable income, a deduction for a bad debt can be claimed in 2013/2014 as long as the debt is declared bad before 30 June The business will need to show that it has made a genuine attempt to recover the debt by year end to prove that the debt is bad. Ideally this decision should be made in writing (e.g. a board minute). Tip: remember to also claim back the GST if you are registered for GST. Stock on hand You should conduct a detailed physical stock take of all stock on 30th June. Identify obsolete stock - if any of the stock is to be scrapped, physically scrap it prior to 30th June. Tip: Stock can be value using different methods for each item of stock. Examples: Cost; Sales Value; or Lower of Cost, Market Selling Value or Replacement Cost.
4 Capital Gains It is important to note that a Capital Gain is determined at the time a contract is entered into and not settlement date. If you are considering selling shares or property you may wish to delay signing the contract until the new financial year; Realising a capital gain after 30 June 2014 will defer tax on the gain by 12 months. This can also be an effective strategy to access the 50% general discount which requires the asset to be held for at least 12 months. (not available for companies) Consider realising capital losses if you have already realised capital gains on other assets for the year ending 30 June You should also consider the availability of other small business CGT concessions which have the effect of reducing or deferring a capital gain arising from the disposal of a business asset. Tip: The date of the contract is the realisation date for capital gains tax purposes and not settlement date. In a recent AAT case, it was held that the date of the contract for the sale of a business was when the parties signed the heads of agreement, and not when the formal contract for sale was executed. Superannuation guarantee Employee superannuation contributions for the June 2014 quarter should be paid to the superannuation fund by 30 June 2014, rather than the statutory due date of 28 July This will enable the entity to obtain a tax deduction for the contribution in this year. Payment means that the funds have cleared the account by the end of business on 30 June. Concessional contributions cap The concessional contributions cap is the limit on the amount of concessional contributions you can make each year. The general concessional (before tax) contributions cap for is $25,000. From 1 July 2013 if you are 59 years old or over on 30 June 2013, the cap increases from $25,000 to $35,000.
5 From 1 July 2014: the higher cap of $35,000 will also apply to people who are 50 years or over the general concessional contributions cap will rise to $30,000. Changing concessional caps General $25,000 $30,000 concessional cap Concessional cap - $25,000 $35,000 aged 50 to 59 Concessional cap - aged 60 or more $35,000 $35,000 We remind you that superannuation contributions must continue to be calculated at least on a quarterly basis and paid into the fund by the 28th day after the end of the quarter. If you miss this date in respect of any quarter you MUST lodge a Superannuation Guarantee (SG) Statement and pay the SG to the ATO rather than the employee's super fund. This amount will not be tax deductible and will include an administration fee of $20 per employee per quarter and an interest charge for late payment. Non Concessional contributions cap Non-concessional contributions include personal contributions for which you do not claim an income tax deduction. People aged under 65 years may be able to make non-concessional contributions of up to three times their non-concessional contributions cap over a three-year period. This is known as the bring-forward option. The bring-forward cap is three times the non-concessional contributions cap of the first year. e.g. If you brought forward your contributions in 2013/14, it would be 3 x $150,000 = $450,000. If you are aged between 65 and 74 you will also need to satisfy the work test before making a contribution and you cannot take advantage of the bring forward rules. The nonconcessional contributions cap will increase from $150,000 to $180,000 for the 2014/15 year. Tip: This may present a planning opportunity for those turning 65 after 30 June 2014, particularly if you wish to trigger the bring forward option.
6 Market Valuations of SMSF Assets While it has been common practice at our firm to value all assets within SMSF s at market value, for the year ended 30 June 2013 this has become mandatory. While this is simple enough for many assets, such as shares and trusts, it can be difficult for property and unlisted shares. Therefore, it will be incumbent on trustees to carefully consider the asset, its condition, potential market, and general economic conditions to determine a value themselves, or obtain an independent valuation. This change has received Royal Assent and a came into effect from 1 July Discretionary Family Trusts From 2011/12 financial year onwards, Trusts are now required to sign resolutions/minutes declaring the split of its profit to beneficiaries before 30 June. This can be simple for some family trusts, but more complex for more detailed business structures. A review is generally required in order to accurately forecast and allocate business profits and help minimise tax. If the resolution is not completed by 30 June 2014, the ATO has the ability to tax the income of the trust at the top marginal rate (46.5%). Private Company Loans -(Loans to shareholders Division 7A) Loans to shareholders (paid outside ordinary wages and dividends e.g. drawings ) made by private companies can be deemed to be dividends unless they meet strict legislative requirements. The ATO is currently focusing risk review and audit activity on loans to shareholders. Unpaid Present entitlements (UPEs) Unpaid Present Entitlements made after 16 December 2009 by a trust to a company will be treated as a loan by the company to the trust. The documentation and legislative requirements for Loans to Shareholders and Unpaid Present Entitlements are very strict. Tax planning provides an opportunity to review these issues prior to year end and also plan for dividends that you may need to declare to meet the minimum requirements.
7 Motor Vehicle Log Books The logbook is the most important document in substantiating the percentage of Business Use of your vehicle. Please ensure that, if you are claiming Motor Vehicle expenses on an actual cost method basis, you have an up to date and fully completed logbook. Logbooks are valid for five years and must be updated if there is a significant change in business use of the vehicle. Disclaimer: This publication is issued for the general information of our clients. The contents are not a substitute for specific advice and should not be relied upon as such. Accordingly, whilst every care has been taken in the presentation of the publication, no responsibility is accepted for persons acting on this information. Liability Limited by a scheme approved under Professional Standards Legislation.
WHITE PAPER. Top 30 Crucial Tax Minimisation Strategies for Businesses
WHITE PAPER Top 30 Crucial Tax Minimisation Strategies for Businesses 1 INTRODUCTION Are You Paying Too Much Tax? FACT: If you re a small business owner chances are you re paying too much tax. Imagine
More informationBudget Changes & Tax Planning Strategies
Budget Changes & Tax Planning Strategies The end of the financial year can be a busy time, with the budget announcement in early May as well as planning for 30 June. In this newsletter we will highlight
More informationYear End Planning Key Issues
Year End Planning Key Issues With the end of financial year fast approaching, now is a good time to think about opportunities and risks that should be addressed before 30 th June 2017. To help you with
More informationJUNE 2017 NEWSLETTER. The 2017 financial year has seen the raft of changes, first introduced in the 2016 budget, legislated into law.
JUNE 2017 NEWSLETTER The 2017 financial year has seen the raft of changes, first introduced in the 2016 budget, legislated into law. Fortunately the 2017 budget did not announce any further large reform
More informationSmall Business Entity Rules
End of Year Tax Planning Checklist 2012 Small Business Entity Rules Small Business Entities - the small business entity rules apply to a sole trader, partnership, company or trust which has a group turnover
More informationYEAR-END PLANNING KEY ISSUES
YEAR-END PLANNING KEY ISSUES With the end of financial year fast approaching, now is a good time to think about opportunities and risks that should be addressed before 30th June 2018. To help you with
More informationYear end tax planning 2016 primary producers
Tax planning for primary producers Year end tax planning 2016 primary producers Important in 2015/16 Reduction to company tax rate for small business companies from 1 July 2015 From 1 July 2015, the income
More informationcan do so and claim an immediate deduction. It is also possible to prepay and claim a deduction for your upcoming property insurance premiums.
YEAR END STRATEGIES 2017/18 TAX GUIDE FOR YOU AND YOUR BUSINESS Tax tips for investment property One of the greatest benefits of owning an investment property (besides the additional income) is your entitlement
More informationMaximise year end opportunities and minimise risks
Maximise year end opportunities and minimise risks Key dates Pre 30 June 2014 Actions Review shareholder loan accounts and make minimum loan repayments (may need to declare dividends) Pay all superannuation
More informationAUTOMOTIVE UPDATE AUTOMOTIVE TAX PLANNING 2014
AUTOMOTIVE UPDATE AUTOMOTIVE TAX PLANNING 2014 WITH THE END OF FINANCIAL YEAR JUST AROUND THE CORNER, BDO AUTOMOTIVE TAKE THIS OPPORTUNITY TO REMIND YOU ABOUT A NUMBER OF TAX MATTERS THAT MAY BE WORTH
More informationkeeping you informed spring 2016
DFK Australia New Zealand Business & Taxation bulletin IN THIS ISSUE Work Related Deductions TFN Declaration Forms GIC & SIC Rates The Sharing Economy Car Expense Rates Election time for PAYG & GST Instalments
More informationDFK AUSTRALIA NEW ZEALAND BUSINESS & TAXATION BULLETIN. keeping you informed spring 2016 IN THIS ISSUE WORK RELATED DEDUCTIONS TFN DECLARATION FORMS
DFK AUSTRALIA NEW ZEALAND BUSINESS & TAXATION BULLETIN IN THIS ISSUE Work Related Deductions TFN Declaration Forms GIC & SIC Rates The Sharing Economy Car Expense Rates Election time for PAYG & GST Instalments
More informationPartners' Message - September 2014 Page 1
Here are your Articles for October 7, 2014. Partners' Message - September 2014 Already three quarters of the way through 2014 and it seems thoughts will soon turn to vacations and resolutions. The Commonwealth
More information2015 Year-end tax planning & Obligations
2015 Year-end tax planning & Obligations Key dates Pre 30 June 2015 Actions Review shareholder loan accounts and make minimum loan repayments (may need to declare dividends) Pay all superannuation obligations
More information2013 Tax Planning Checklist
Phone: 02 8296 0000 Email: admin@taccountants.com.au Web: taccountants.com.au Suite 404, Level 4, 25 Lime Street, Sydney NSW 2000 GPO Box 280, Sydney NSW 2001 2013 Tax Planning Checklist Table of Contents
More informationImportant EOFY actions
Important EOFY actions Reducing your tax exposure, maximising the opportunities available to you, and reducing your risk of an audit by the regulators is in your best interests. With the end of the financial
More informationSouthern Accounting and Consulting Services Pty Ltd 2018 YEAR END TAX PLANNING
Southern Accounting and Consulting Services Pty Ltd 2018 YEAR END TAX PLANNING This paper outlines some of the basic tax planning strategies that may reduce the amount of tax otherwise payable by taxpayers
More informationXPRESS. There are some moments in life. One common tip around the end. Collins. Tax Planning: a year round affair. Changes to SMSF
Collins XPRESS ISSUE 05 2011 YEAR END TAX GUIDE FOR YOU AND YOUR BUSINESS Tax Planning: a year round affair There are some moments in life when it pays to leave things to the last minute, whether it is
More informationBWR Accountants & Advisers
BWR Accountants & Advisers June 2013 Newsletter Special points of interest: A large number of tax changes apply in the 2012/13 income year. A brief summary is provided in this newsletter. There may be
More informationSouthern Accounting and Consulting Services Pty Ltd 2017 YEAR END TAX PLANNING
Southern Accounting and Consulting Services Pty Ltd 2017 YEAR END TAX PLANNING This paper outlines some of the basic tax planning strategies that may reduce the amount of tax otherwise payable by taxpayers
More informationMogg Osborne Pty Ltd
Newsletter End of Financial Year 2017/2018 Mogg Osborne Pty Ltd 2018 Tax Planning Guide The end of another financial year is fast approaching. At Mogg Osborne, we believe part of our client brief is to
More informationAUTOMOTIVE UPDATE AUTOMOTIVE TAX PLANNING 2015
AUTOMOTIVE UPDATE AUTOMOTIVE TAX PLANNING 2015 WITH THE END OF FINANCIAL YEAR JUST AROUND THE CORNER, BDO AUTOMOTIVE TAKE THIS OPPORTUNITY TO REMIND YOU ABOUT A NUMBER OF TAX MATTERS THAT MAY BE WORTH
More informationSmall business: Decisions for your end-of-year planning
Client Information Newsletter - Tax & Super June 2015 Small business: Decisions for your end-of-year planning There are a variety of decisions that are required to be made at year end to manage your tax
More informationHow to Survive and Thrive under the new Super System
How to Survive and Thrive under the new Super System THE NEW SUPER SYSTEM. In my presentation I plan on covering What will the effect be of the 2018 budget Revisiting CGT relief for transfers back to accumulation
More informationSelf-employed? You could claim a deduction for saving for your retirement
Client Update Newsletter Tax & Super September 2018 Self-employed? You could claim a deduction for saving for your retirement Photo by RhondaK Native Florida Folk Artist on Unsplash A recent change to
More information2018/19 Federal Budget
2018/19 Federal Budget TECHNICAL UPDATE 08 MAY 2018 ADVISER USE ONLY Introduction On 8 May 2018, the Turnbull Government delivered the Federal Budget with a number of announcements impacting financial
More informationEnd of financial year guide for small businesses. A step-by-step checklist to help you wrap up the 2016 / 2017 financial year
End of financial year guide for small businesses A step-by-step checklist to help you wrap up the 2016 / 2017 financial year Tax time made easy The end of financial year is a busy and stressful time for
More informationBOURKE O BRIEN KENNEDY
2017 Tax Highlights BOURKE O BRIEN KENNEDY Year End Tax Highlights Summary June 2017 Please consult us at BOK to discuss your specific circumstances before acting on the information in this document. TAX
More informationGo-To Guide Concessional and non-concessional contributions caps
Go-To Guide Concessional and non-concessional contributions caps SMSF Association Technical Team Table of Contents Key Advice Issues... 1 Concessional contribution cap reduction... 1 Non-concessional contribution
More informationYear-end tax planning tips. Taxable payments reporting Building & Construction Industry. Super stream (for employee superannuation contributions)
Business Newsletter June 2017 Taxable payments reporting Building & Construction Industry Businesses in the building and construction industry need to report the total payments they make to each contractor
More informationThe Future of Superannuation. May 2015
The Future of Superannuation May 2015 Agenda What has changed in the 2015 Federal Budget? What changes are the major political parties planning to make to superannuation and retirement planning? How will
More informationPERSONAL DEDUCTIBLE CONTRIBUTIONS: TIPS AND TRAPS
www.fsadvice.com.au 1 Julie Fox, Colonial First State Julie is a senior technical manager with the Colonial First State FirstTech team. Prior to this, Julie was a senior manager for MAStech at Macquarie
More informationSBE CGT Concessions. SBE CGT & Ancillary Concessions Peter C Adams. Session 6. Small business CGT Concessions:
SBE CGT & Ancillary Concessions Peter C Adams Session 6 SBE CGT Concessions Small business CGT Concessions: CGT 15-year asset exemption CGT 50% active asset reduction CGT retirement exemption CGT roll-over
More informationSuperannuation contribution splitting
Superannuation contribution splitting 1 TB 09 TECHNICAL SERVICES ISSUED ON 1 JULY 2018 VERSION 1.6 ADVISER USE ONLY Summary Superannuation contribution splitting allows a member to transfer their employer
More informationFreelancers, the self-employed & super.
YOUR SUPER Freelancers, the self-employed & super. If you are self-employed or a freelance or contract worker Media Super can help you understand your super and tax options, and what you can do to maximise
More informationSUPERANNUATION CONTRIBUTION SPLITTING
SUPERANNUATION CONTRIBUTION SPLITTING TB 09 Technical Services Version 1.6 Issued On 1 July 2018 SUMMARY Superannuation contribution splitting allows a member to transfer their employer and/or personal
More informationEnd of Year Tax Planning Checklist 2016
www.moorestephens.com.au End of Year Tax Planning Checklist 2016 Contents A. INTRODUCTION... 6 1. Taxing of Trading Income... 6 2. Record Keeping... 6 3. Taxation Rates... 6 4. Temporary Budget Repair
More informationMeasures set to kick off on July 1, 2014
Client Information Newsletter Tax & Super June 2014 Measures set to kick off on July 1, 2014 The first section of this article outlines measures that are definitely going ahead come the new 2014-15 financial
More informationTax Hot Spots II 2009 WHAT S NEW IN 2009/ Division 7A expanded problems for clients using company assets...3
Contents Topic Page No. WHAT S NEW IN 2009/10...1 Division 7A expanded problems for clients using company assets...3 1. The use of company assets by shareholders...3 2. Proposed carve-outs under the new
More informationContributing to Superannuation
Contributing to Superannuation Edition #4 190 Through Road, Camberwell VIC 3124 T: (03) 9809 1221 F: (03) 9809 2055 enquiry@gfmwealth.com.au www.gfmwealth.com.au ABN 69 006 679 394 Contributing to Superannuation
More information` CHARTERED ACCOUNTANTS. Making Your Business Count
` CHARTERED ACCOUNTANTS Making Your Business Count 2016 Federal Budget Overview The Federal Budget for the coming year was handed down on Tuesday 3rd May 2016. With an election due to be held on 2 July
More informationSUPERANNUATION SUPERANNUATION CONTRIBUTIONS. Paper CONTENTS
SUPERANNUATION SUPERANNUATION CONTRIBUTIONS CONTENTS Page 1. Introduction To Superannuation Contributions... 2 2. Employees Include Directors... 2 3. Superannuation Minimum Contribution... 2 4. Superannuation
More informationTax Schools Day WHAT S NEW FOR BUSINESS IN 2013?... 1
WHAT S NEW FOR BUSINESS IN 2013?... 1 Introduction... 3 1. New rules allow companies to offset current year losses against prior year profits... 4 Introduction... 4 1.1 Which entities are eligible for
More informationSMALL BUSINESS. by Susan Young B.Com LLB Grad Dip Law
SMALL BUSINESS by Susan Young B.Com LLB Grad Dip Law Topics we are covering The tax benefits available Immediate deductibility of start-up expenses Treatment of prepayments Small business restructure rollover
More informationSuperannuation. Overview. Superannuation Contributions
Superannuation Overview Superannuation is a concessionally taxed structure and long-term savings vehicle designed specifically to accumulate funds for retirement. Superannuation provides a tax effective
More informationA Guide to Self Managed Super Funds
A Guide to Self Managed Super Funds Introduction If you want greater control over your super and more flexibility than you would get with a conventional super fund, then a Self Managed Superannuation Fund
More informationTaxwise Individual News
Taxwise Individual News In this Issue... Medicare Levy Surcharge and Private Health Insurance Rebate Superannuation guarantee rate Super contributions caps Changes to superannuation excess concessional
More information2001 tax returns: companies and trusts
2001 tax returns: companies and trusts 28 November 2001 Western Australian Division Stuart Third, Winduss & Associates Presented by: Stuart Third Tax ation Institute of Australia 2001 The Tax ation Institute
More informationCompany Tax Return Preparation Checklist 2017
COMPANY TAX RETURN PREPARATION CHECKLIST 2017 This checklist should be completed in conjunction with the preparation of tax reconciliation return workpapers. The checklist provides a general list of major
More informationSMSF Pensions 1 Transition to Retirement Pensions. July 2015
SMSF Pensions 1 Transition to Retirement Pensions July 2015 Agenda What is Transition to Retirement? Benefits of TTR pension Reduce work hours and maintain income Boost retirement savings whilst working
More informationOne-off Super Guarantee Amnesty
June 2018 Inside ONE-OFF SUPER GUARANTEE AMNESTY Qualifying for the amnesty What do employers pay under the amnesty? Where to from here? WHAT S CHANGING ON 1 JULY 2018 Individuals Business Superannuation
More informationTaxable payments reporting Building & Construction Industry. Incentive to employ mature aged workers. Year-end tax planning tips
Business Newsletter June 2015 Taxable payments reporting Building & Construction Industry Businesses in the building and construction industry need to report the total payments they make to each contractor
More informationDFK Better Business Webinar Series
DFK Better Business Webinar Series #1 - Dynamic Tax Planning Maximising concessions & opportunities Wednesday 7 June, 11.00am (AEST) Guest Speakers: DFK Business Specialists, Steve Heller & Gavin Johns
More informationBUSINESS NEWS. Welcome to the June 2018 Edition Of our PBD Business Newsletter. I trust the following items are informative and interesting.
BUSINESS NEWS Welcome to the June 2018 Edition Of our PBD Business Newsletter I trust the following items are informative and interesting Regards, Pio De Corso ABN 26 645 374 624 15 Gorge Road, Paradise
More informationLEGISLATIVE AND REGULATORY SMSF CHANGES
YEAR 2018 Superannuation Guarantee Work Test and Contributions Limited Recourse Borrowing Exempt Current Pension Income & Actuarial Certificates CHANGE Government announced it will permit individuals with
More informationEND OF YEAR TAX PLANNING CHECKLIST
END OF YEAR TAX PLANNING CHECKLIST FOR THE YEAR ENDING 30 JUNE 2014 Cornwall Stodart Level 10 114 William Street DX 636 Melbourne VIC 3000, Australia Phone +61 3 9608 2000 Fax +61 3 9608 2222 cornwallstodart
More informationDFK AUSTRALIA NEW ZEALAND BUSINESS & TAXATION BULLETIN. keeping you informed winter 2017 IN THIS ISSUE FAMILY ASSISTANCE & CHILD CARE REBATE PAYMENTS
DFK AUSTRALIA NEW ZEALAND BUSINESS & TAXATION BULLETIN keeping you informed winter 2017 IN THIS ISSUE Family Assistance & Child Care Rebate Payments GIC & SIC Rates Private Health Insurance Rebate & Medicare
More informationSuper Tax A Complete Guide To Making The Most Of Your Money
Super Tax A Complete Guide To Making The Most Of Your Money If you re considering a self-managed superfund (SMSF), you re probably keen to know a little more on the supposed tax benefits. In this article,
More informationkeeping you informed winter 2016 W
CIB Accountants & advisers Business & Taxation bulletin IN THIS ISSUE Small Business Benchmarks GIC & SIC Rates Foreign Residents Real Property Withholding Rules Family Assistance Payments Jobactive Subsidies
More information2018 Individual Tax Return Checklist
2018 Individual Tax Return Checklist Name of taxpayer: Address: Preferred contact no.: Income PAYG payment summaries (eg from employers) Lump sum payments (eg employment termination payment) Partnership
More informationRecontributions and other super interest(ing) pension strategies. Craig Day Executive Manager, FirstTech Colonial First State 97618: _4
Recontributions Craig Day Executive Manager, FirstTech Colonial First State 97618:4413748_4 CONTENTS Introduction... 3 Superannuation interests, proportioning and tax components... 3 Meaning of a superannuation
More informationSuper 2013 The next 12 months
Super 2013 The next 12 months Content Super 2013... 4 1 July 2012 Confirmed changes... 4 Minimum pension payments... 4 Reduction to concessional contributions cap... 5 Low income superannuation contribution
More informationNever ending story more tax change from 1 January 14
More tax changes from 1 January 2014 Contents More tax changes from 1 January 2014... 1 Never ending story more tax change from 1 January 14... 1 Immediate deductions reduced for small business entities
More informationBUSINESS TAX TIPS SUPERSTREAM PAYG PAYMENT SUMMARIES. June 2016 AUDIT INSURANCE
June 2016 AUDIT INSURANCE Did you know that you can get insurance to cover you for a range of audits, including income tax, GST, payroll tax and worker s compensation? We can arrange a quote for you. The
More informationTaxWise Individual News April 2018
TaxWise Individual News April 2018 Investing in Bitcoin? Know the tax implications A bit confused about Bitcoin? What is it and what does tax have to do with it? Here, we share a few key facts and the
More informationTypes of contributions concessional, non-concessional, capital gains tax (CGT) cap contributions and personal injury contributions.
TB 59 Contributions Issued on 1 July 2013. Summary A superannuation fund has strict rules set by law for the acceptance of. The client s age, the type of contribution and work status are some of the factors
More informationInfoConnect Newsletter from the Aspiron Consulting Group Federal Budget Edition 2017/18
Management & Taxation Consultants InfoConnect Newsletter from the Federal Budget Edition 2017/18 Welcome to this special 2017/18 Federal Budget edition of InfoConnect, the newsletter from the. In this
More informationSuperannuation Superannuation
Superannuation Superannuation Using superannuation as a savings vehicle is a tax-effective way to increase your savings to meet your retirement goals. Types of superannuation funds There are many types
More informationSMSFS AND RETIREMENT PLANNING
SMSFS AND RETIREMENT PLANNING in the latest policy environment Nerida Cole Managing Director, Head of Advice Mimi Gomez Executive Wealth Advisor, Family Wealth Management July 2018 IMPORTANT INFORMATION
More informationDECEMBER 2015 BUSINESS NEWSLETTER
DECEMBER 2015 BUSINESS NEWSLETTER Example industries include; Exploration and Mining; Manufacturing; Education; Building and Construction; Offshore Oil and Gas Support Services; Retail and Hospitality;
More informationWe would like to TAX TIME 2018 CORNERSTONE
TAX TIME 2018 We would like to thank you for your continued custom and support over the past year. This has been a particularly difficult year firstly with Marian s radiation treatment over September and
More informationGovernment response to the Henry Report
Government response to the Henry Report 1 The Government s response to the Henry Report: Stronger-Fairer-Simpler - A tax plan for our future Contents Government Announcements Superannuation 1. Increasing
More informationSuperannuation First Home Super Saver Scheme
Superannuation First Home Super Saver Scheme The First Home Super Saver (FHSS) scheme is aimed at assisting you to purchase your first home. This is achieved through allowing voluntary contributions to
More informationJanuary 2015 Newsletter
January 2015 Newsletter OUR SERVICES Did you know we can assist you in the following ways: Income Tax Income Tax Preparation Tax Planning Advice GST Business Activity Statements Superannuation Land Tax
More informationMake your super count Smart strategies for
Make your super count Smart strategies for 2014 2015 Superannuation is one of the best places to accumulate wealth and save for your retirement. The main reason, of course, is the favourable tax treatment.
More information2013/2014 BUDGET & ATO ITEMS
pics 21 June 2013, Volume 3, Page 1 INDIVIDUALS AND FAMILIES Taxable Income Threshold and Marginal Tax Rates The following rates for 2013/14 apply from 1 July 2013: Resident thresholds $ Marginal rates
More informationSwim between the flags SMSF Trustee Program. Module 6 of 7. TAXATION OF SMSF s. Financial education for all Australians
Swim between the flags SMSF Trustee Program Module 6 of 7 TAXATION OF SMSF s Financial education for all Australians This page is left blank intentionally. Financial education for all Australians 1 No
More informationTravel allowances and the proper use of the exception to substantiate claims
Here for the future August 2017 Travel allowances and the proper use of the exception to substantiate claims A travel allowance is a payment made to employees to cover accommodation, food, drink or incidental
More informationSmart strategies for your super 2012/13
Smart strategies for your super 2012/13 Make your super count Superannuation is still one of the best places to accumulate wealth and save for your retirement. The main reason, of course, is the favourable
More information$1.6m Pension Cap (Transfer Balance Cap)
$1.6m Pension Cap (Transfer Balance Cap) There will be a $1.6m cap (the transfer balance cap) on the amount of capital that can be transferred into retirement products such as superannuation pensions and
More informationGo-To Guide CGT relief
Go-To Guide CGT relief SMSF Association Technical Team Table of Contents Key Advice Issues... 2 Prohibition of the use of the segregated method and member investment choice... 3 Segregated assets method...
More informationChanges to Investment property deductions in 2018 for individuals
NEWS Tribe News Changes to Investment property deductions in 2018 for individuals Do you own an investment property? For the 2018 income tax year and beyond travel to inspect an investment property is
More informationStrategy Paper: Pre Retirement Pensions. SMSF Specialists Investment Management Financial Planning Accounting
Strategy Paper: Pre Retirement Pensions 190 Through Road Camberwell VIC 3124 T: (03) 9809 1221 F: (03) 9809 2055 enquiry@gfmwealth.com.au www.gfmwealth.com.au ABN 69 006 679 394 SMSF Specialists Investment
More informationTaxation Aspects on Existing a Business
Taxation Aspects on Existing a Business 1 Overview of key considerations 1. SALE OF SHARES / UNITS OR BUSINESS ASSETS 2. COSTS ASSOCIATED WITH SALE 3. COMPONENTS OF THE PRICE 4. LAND, STOCK AND EQUIPMENT
More informationTaxation is a key component of the overall skills base of today's professional accountant.
ADVANCED TAXATION CPA PROGRAM SUBJECT OUTLINE Study guide: Third edition Taxation is a key component of the overall skills base of today's professional accountant. Business leaders appreciate that there
More informationMAXIMISING NON-CONCESSIONAL CONTRIBUTIONS TECH UPDATE
MAXIMISING NON-CONCESSIONAL CONTRIBUTIONS TECH UPDATE Release Date l February 2017 CHANGES TO NON-CONCESSIONAL CONTRIBUTIONS By: Peter Kelly, Superannuation, SMSF, and Retirement Specialist, Centrepoint
More informationCertified Practising Accountant 120 D New Windsor Rd, Avondale, Auckland 0600 T: ,
YEAR END TAX PLANNING 2018 Certified Practising Accountant 120 D New Windsor Rd, Avondale, Auckland 0600 T: 022 408 8933, Email: fareed@accountingitconsultants.com, Web: www.accountingitconsultants.com
More informationINDIVIDUAL TAX NEWS IN THIS ISSUE April 2015
INDIVIDUAL TAX NEWS IN THIS ISSUE April 2015 Medicare Levy Surcharge and Private Health Insurance Rebate Net Medical Expenses Tax Offset Superannuation guarantee rate Super contributions caps Changes to
More informationbottom line the the newsletter newsletter Please Remember Contents >> Small Business Restructure Roll-Over Relief Winter Issue No.
the the bottom bottom line line newsletter newsletter Winter 2016 - Issue No. 70 Contents >> Small Business Restructure Roll-Over Relief... 1 ATO Small Business Benchmarks... 2 Changes to fuel tax credit
More informationFor BT Panorama Investments (SMSF account holders)
Panorama Tax Policy Guide For the year ended 30 June 2017 Tax Guide For BT Panorama Investments (SMSF account holders) Part 1 General Information and Panorama Tax Policy Guide Part 2 Completing the Fund
More informationGUIDE TO THE SUPER REFORMS What they could mean for you in 2017 and beyond
GUIDE TO THE SUPER REFORMS What they could mean for you in 2017 and beyond FROM 1 JULY 2017, A RANGE OF SUPER REFORMS ANNOUNCED IN THE 2016 FEDERAL BUDGET WILL TAKE EFFECT. IT IS IMPORTANT YOU DISCUSS
More information15 MORE tax tips from the experts
15 MORE tax tips from the experts Tuesday 23 June 2009 00:00 SmartCompany Patrick Stafford Last week SmartCompany brought you 15 tax tips from the experts, but with the end of the financial year in sight
More informationTaxwise Business News
Taxwise Business News In this Issue... More small business tax measures are now law Small business tax measures regulatory costs GST determinations GST treatment of cross-border transactions Individual
More informationAct now to secure these business deductions
Client Information Newsletter - Tax & Super: December 2013 Act now to secure these business deductions Small businesses may want to act now and bring forward their capital purchases if they still wish
More information$20,000 write off is only available for small business, unless...
Chartered Accountants Client Newsletter - Tax, Super & Business Ideas September 2016 $20,000 write off is only available for small business, unless... There is an under-used gem hidden within the small
More informationThe NTAA s Guide to a Partnership
The NTAA s Guide to a Partnership National Tax & Accountants Association Ltd Disclaimer These notes are intended to be a guide only. You should not act solely on the basis of the information contained
More informationContributions your strategy roadmap. Meg Heffron Head of Customer, Heffron SMSF Solutions
Contributions your strategy roadmap Meg Heffron Head of Customer, Heffron SMSF Solutions Contributions roadmap The three phases: Early years : 25-45 Key saving time : 45-65 Getting the final strategies
More informationSMSF and borrowing. Background. What can the borrowing be used for? Superannuation
Superannuation Aon Hewitt Financial Education Series The main benefit of borrowing through your Self-Managed Super Fund (SMSF) is that an asset can be bought, which the SMSF could not otherwise afford
More informationBan on SMSF in-specie contributions dropped
Client Information Newsletter - Tax & Super: July 2013 Ban on SMSF in-specie contributions dropped After the fuss generated by the government s decision last year to ban related party off-market asset
More informationFBT exemptions under the radar
Client Update Newsletter Tax & Super May 2016 FBT exemptions under the radar Providing fringe benefits goes hand-in-hand with the task of retaining good and loyal employees as well as attracting new talent
More information