SOLE TRADERS 2015 year end information and checklist In brief

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "SOLE TRADERS 2015 year end information and checklist In brief"

Transcription

1 Vision, understanding and results SOLE TRADERS 2015 year end information and checklist In brief Date 7:30pm AEST 12 May 2015 Pre 30 June 2015 Changes and actions Small businesses with a turnover below $2m: Immediate tax deduction for any assets purchased and used, or installed and ready to use, by 30 June 2017 that cost less than $20,000. Primary producers: Immediate deduction for capital expenditure on fencing and water facilities. Plus all capital expenditure on fodder storage assets deductible over 3 years. Pay superannuation to deduct contributions in the current financial year. Complete a stocktake where required (see Do you need to do a stocktake?). Write off bad debts and scrap any obsolete stock. Ensure any inter-entity management fees have been raised. 1 July 2015 Small businesses with a turnover below $2m: a 5% tax discount applies to income tax payable on business income received. The discount is capped at $1,000 per individual for each income year, and delivered as a tax offset.* SuperStream - electronic reporting and payment of employee super contributions: o Mandatory for employers with 20 or more employees from 31 October 2015 (extended from 1 July 2015). o Employers with 19 employees or fewer can start using SuperStream from 1 July SuperStream will be mandatory from 1 July Start up businesses: Immediate tax deduction for professional expenses - cost of lawyers and accountants - to get a business up and running.* Change to the way work related expenses for cars are calculated. The '12% of original value method' and 'one-third of actual expenses method' removed. 'Cents per kilometre method' simplified to one 66 cents per km rate.* 14 July 2015 (on or before) PAYG Payment Summaries provided to any employees. 28 July 2015 Quarterly super guarantee payment due (1 April 30 June). 14 August 2015 Annual PAYG Payment Summary lodged with the ATO. Penalties apply for late lodgement. 28 August 2015 Taxable payments annual report for the building & construction industry due. 1 January 2016 ASIC to release new crowd-funding guidelines * Change pending legislation and not currently law. Liability Limited by a scheme under Professional Standards Legislation

2 What s new Small business entities (SBEs) with an aggregated turnover below $2 million have access to a number of special concessions and benefits. Aggregated turnover is the annual turnover of the business plus the annual turnover of any affiliates or connected entities. Another entity is connected with you if: you control or are controlled by that entity; or, both you and that entity are controlled by the same third entity. The aggregation rules prevent businesses splitting their activities to access the concessions. Access to the concessions is based on the income generated by the business in the previous and/or current year. In general, if the aggregated turnover of the business in and/or is under $2 million, the business can access the concessions in Some special rules exist so please check with us if you are uncertain. New concessions for SBEs announced in the Budget include: 5% tax reduction for small business For taxpayers operating through an unincorporated business structure (sole trader, partnerships, trusts, etc.), they will receive a 5% tax discount on the income tax payable on business income received. The discount is capped at $1,000 per individual for each income year, and delivered as a tax offset. $20k immediate deduction On Budget night, the Treasurer announced that the threshold to claim an immediate deduction for assets purchased by SBEs will increase from $1,000 to $20,000. The increased threshold is intended to apply until 30 June There are no limits to the number of times you can use the immediate deduction assuming your cashflow supports the purchases. If your business is registered for GST, the cost of the asset needs to be less than $20,000 after the GST credits that can be claimed by the business have been subtracted from the purchase price. If your business is not registered for GST, it is the GST inclusive amount. Second hand goods are ok. However, there are a number of assets that don t qualify for the instant asset write-off as they have their own set of rules. These include horticultural plants, capital works (building construction costs etc.), assets leased to another party on a depreciating asset lease, etc. If you purchase assets costing $20,000 or more, the immediate deduction does not apply but small businesses have the ability to allocate the purchase to a pool and depreciate the pool at a rate of 15% in the first year and 30% for each year thereafter. These new concessions are on top of the existing concessions for SBEs including the simplified trading stock rules that might mean you don t need to do a stocktake, an immediate deduction for certain prepaid expenses, a series of CGT concessions, an FBT car parking exemption, and relief from GST and PAYG reporting requirements. Liability Limited by a scheme under Professional Standards Legislation Page 2 of 7

3 SuperStream - electronic reporting and payment of employee super contributions Under SuperStream, employers must electronically report and pay super contributions for employees through a system that conforms to the SuperStream requirements or an external provider. While this will mean a change for some employers who currently manage superannuation payments manually, generally the change should reduce compliance as all super payments can be managed though one channel. From 1 July 2015, employers with 19 employees or fewer have access to SuperStream but it is not mandatory until 1 July The ATO s free Superannuation Clearing House, Xero premium plans, MYOB s PaySuper, Quickbooks Online Payroll, all offer SuperStream compliant services. Even if the move to SuperStream is not compulsory for your business now, you need to start investigating your options as you may need to collect some additional information from employees. Start-up businesses can immediately deduct professional fees From 1 July 2015, start-up businesses will be able to immediately deduct a range of professional expenses required to start up a business such as professional, legal and accounting advice. Changes to how work related car expenses are calculated The way work related deductions for car expenses claimed by individuals are calculated is changing from 1 July The '12% of original value method' and the 'one-third of actual expenses method' will be removed. The 'cents per kilometre method' will be modernised, replacing the three current engine size rates with one rate set at 66 cents per kilometre to apply for all cars. The Commissioner of Taxation will update the rate each year. Your business may want to consider updating the rate it pays car allowances to employees to match the 66 cents per kilometre rate that will apply to individuals when they claim deductions. Fly in and fly out employees excluded from Zone Tax Offset If you have employees who fly in fly out (FIFO) or drive in drive out to work locations, whose normal residence is not within a zone, they will be excluded from the zone tax offset from 1 July This means that some employees who currently qualify for the offset will miss out from the 2016 income year onwards if they do not actually live full-time in a zone. The ZTO is a concessional tax offset available to individuals in recognition of the isolation, uncongenial climate and high cost of living associated with living in identified locations. Eligibility is based on defined geographic zones. Currently, to be eligible for the ZTO, a taxpayer must reside or work in a specified remote area for more than 183 days in an income year. The Government estimated that around 20% of those claiming the concession do not actually live fulltime in the zones and have moved to restrict the concession. Liability Limited by a scheme under Professional Standards Legislation Page 3 of 7

4 Financial house-keeping Before you roll-over your software Before rolling over your accounting software for the new financial year, make sure you: Prepare your financial year-end accounts. This way, any problems can be rectified and you have a clean slate for the year. Once rolled over, the software cannot be amended. Do not perform a Payroll Year End function until you are sure that your payment summaries are correct and printed. Always perform a payroll back-up before you roll over the year. Employee reporting PAYG payment summaries You need to provide all of your staff with their PAYG Payment Summary on or before 14 July This includes any staff that left your employment during the financial year. If we prepare your Payment Summaries for you, please provide us with the data file from your accounting software. The ATO imposes penalties for the late lodgement of PAYG Payment Summary Statements. The annual PAYG Payment Summary Statement for the year ending 30 June 2015 needs to be lodged with the ATO on or before 14 August However, if we are preparing your Payment Summary for you and you only employ family members in your business (closely held employees), you may be eligible for an extension. Reportable Fringe Benefits on PAYG Payment Summaries Where you have provided fringe benefits to your employees in excess of $2,000, you need to report the FBT grossed-up amount on their PAYG Payment Summary. This is referred to as a `Reportable Fringe Benefit (RFB) amount and a label is included on the PAYG Payment Summary for this purpose. Do you need to do a stocktake? Businesses that buy and sell stock generally need to do a stocktake at the end of each financial year as the increase or decrease in the value of stock is included when calculating the taxable income of your business. If your business has an aggregated turnover below $2 million you can use the simplified trading stock rules. Under these rules, you can choose not to conduct a stocktake for tax purposes if the difference in value between the opening value of your trading stock and a reasonable estimate of the closing Liability Limited by a scheme under Professional Standards Legislation Page 4 of 7

5 value of trading stock at the end of the income year is less than $5,000. You will need to record how you determined the value of trading stock on hand. If you do need to complete a stocktake, you can choose one of three methods to value trading stock: Cost price - all costs connected with the stock including freight, customs duty, and if manufacturing, labour and materials, plus a portion of fixed and variable factory overheads, etc. Market selling value - the current value of the stock you sell in the normal course of business (but not at a reduced value when you are forced to sell it). Replacement value - the price of a substantially similar replacement item in a normal market on the last day of the income year. A different basis can be chosen for each class of stock or for individual items within a particular class of stock. This provides an opportunity to minimise the trading stock adjustment at year-end. There is no need to use the same method every year; you can choose the most tax effective option each year. The most obvious example is where the stock can be valued below its purchase price because of market conditions or damage that has occurred to the stock. This should give rise to a deduction even though the loss has not yet been incurred. Tax traps Is your contractor really a contractor? The implications of misclassifying contractors are enormous. Not only will employers be obliged to meet the required superannuation, payroll tax and workers compensation liabilities for the period the person was employed, but harsh penalties and interest charges are likely to apply. What your business decides to call the relationship with a contractor is irrelevant - it is the characteristics of that relationship that determine liability. As a general rule of thumb, businesses that hire independent contractors are not responsible for PAYG withholding, superannuation guarantee, payroll tax and workers compensation obligations. However, the ATO s strict position on what is an employee for tax purposes has been upheld in a number of court cases to the detriment of the employer involved. Every business that employs contractors should have a process in place to ensure the correct classification of employment arrangements and review those arrangements over time. Earning income from your personal skills and effort If your business relies on your personal effort and skill to generate income, then you need to be aware of the rules applying to personal services income. If your business earns income from your personal services, you may not be entitled to a range of tax deduction that would normally be available to businesses unless certain tests can be satisfied. Liability Limited by a scheme under Professional Standards Legislation Page 5 of 7

6 Even if the rules haven t affected you in the past, this is an annual test and you might be caught if your circumstances have changed. If you are concerned about your position, talk to us today for clarification. Reduce your risks & minimise your tax Top tax tips 1. Write-off bad debts To be a bad debt, you need to have brought the income to account as assessable income, and given up all attempts to recover the debt. It needs to be written off your debtors ledger by 30 June. If you don t maintain a debtors ledger, a resolution confirming the write-off is a good idea. 2. Review your asset register and scrap any obsolete plant Check to see if obsolete plant and equipment is sitting on your depreciation schedule. Rather than depreciating a small amount each year, if the plant has become obsolete, scrap it and write it off before 30 June. Small Business Entities can choose to pool their assets and claim one deduction for each pool. This means you only have to do one calculation for the pool rather than for each asset. 3. Bring forward repairs, consumables, trade gifts or donations To claim a deduction for the financial year, consider paying for any required repairs, replenishing consumable supplies, trade gifts or donations before 30 June. 4. Pay June quarter employee super contributions now Pay June quarter super contributions this financial year if you want to claim a tax deduction in the current year. The next quarterly superannuation guarantee payment is due on 28 July However, some employers choose to make the payment early to bring forward the tax deduction instead of waiting another 12 months. Don t forget yourself. Superannuation can be a great way to get tax relief and still build your personal wealth. Your personal contributions need to be received by the fund before 30 June to be deductible. 5. Realise any capital losses and reduce gains Neutralise the tax effect of any capital gains you have made during the year by realising any capital losses that is, sell the asset and lock in the capital loss. These need to be genuine transactions to be effective for tax purposes. It may be possible to contribute assets with unrealised losses to superannuation in order to do this. 6. Raise management fees between entities by June 30 Where management fees are charged between related entities, make sure that the charges have been raised by 30 June. Where management charges are made, make sure they are commercially reasonable and documentation is in place to support the transactions. If any transactions are undertaken with international related parties then the transfer pricing rules need to be considered and the ATO s documentation expectations will be much greater. This is an area under increased scrutiny. Liability Limited by a scheme under Professional Standards Legislation Page 6 of 7

7 What we need from you This is a general list of what to have ready when we next meet with you: Accounts data file (MYOB, Quickbooks, access to Xero) Debtors & creditors reconciliation Stock take if applicable (or if your business is a Small Business Entity, use the simplified trading stock rules mentioned above) 30 June bank statements on all relevant loan documents Documents on new assets bought or sold, including the date you entered the contract and the date the asset was first used or installed ready for use Payroll reconciliation Superannuation reconciliation Bank statements on operating accounts Cash book (if applicable) 30 June statements on any investment or operating accounts Liability Limited by a scheme under Professional Standards Legislation Page 7 of 7

Year end tax planning 2016 For businesses and investors

Year end tax planning 2016 For businesses and investors Year end tax planning 2016 For businesses and investors What s important in 2015/16? Reduction to company tax rate for small business companies from 1 July 2015. From 1 July 2015, the income tax rate of

More information

NEWS FROM ADAM HUNTER PTY LTD WHAT S HAPPENING IN OUR PRACTICE. Client Portal

NEWS FROM ADAM HUNTER PTY LTD WHAT S HAPPENING IN OUR PRACTICE. Client Portal CONTACT US 31-33 Hosken Street Bluff Point WA 5630 PH: (08) 9923 1174 F: (08) 9923 1660 www.adamhunter.com.au Image Source: SnapAction NEWS FROM ADAM HUNTER PTY LTD WHAT S HAPPENING IN OUR PRACTICE Client

More information

2015 Changes / Key Announcements

2015 Changes / Key Announcements 2015 Changes / Key Announcements Below is a summary of the changes to be aware of and announcements that will potentially affect you for the year ending 30 th June 2015 or will come into effect as of 1

More information

2015 YEAR END TAX & SUPERANNUATION PLANNING GUIDE

2015 YEAR END TAX & SUPERANNUATION PLANNING GUIDE 2015 YEAR END TAX & SUPERANNUATION PLANNING GUIDE We are pleased to provide our year end tax planning guide for 2015. Tax Planning should be done on a regular basis throughout the year. However, these

More information

Tax and Small Business: Navigating the ATO minefield as June 30 draws closer

Tax and Small Business: Navigating the ATO minefield as June 30 draws closer June 23, 2015 Tax and Small Business: Navigating the ATO minefield as June 30 draws closer The small business sector has variously been described as the engine room of the economy, as well as the biggest

More information

2014 Year End Reminders and Obligations

2014 Year End Reminders and Obligations Mogg Osborne Pty Ltd 2014 Year End Reminders and Obligations Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action over the next

More information

Year-end Tax Planning Guide - 30 June 2013 BUSINESSES

Year-end Tax Planning Guide - 30 June 2013 BUSINESSES Year-end Tax Planning Guide - 30 The end of the financial year is fast approaching. In the lead up to 30 June, this newsletter covers some of the year-end tax planning matters for your consideration. BUSINESSES

More information

INDEX: WWW.FIRSTBOOKKEEPING.COM.AU

INDEX: WWW.FIRSTBOOKKEEPING.COM.AU INDEX: ü Step 1 Getting started in business registrations Page 3-4 ü Step 2 What you need to know about business income tax Page 5 6 ü Step 3 Business Expenses what to claim Page 7 ü Step 4 Working from

More information

Private health insurance rebate and Medicare levy surcharge changes. June 2012

Private health insurance rebate and Medicare levy surcharge changes. June 2012 June 2012 IN THIS ISSUE Private health insurance rebate and Medicare Levy surcharge changes 30 June is around the corner Tax Changes affecting Small businesses Changes to the timing of Trust resolutions

More information

Year-end Tax Planning Guide - 30 June 2014 BUSINESSES

Year-end Tax Planning Guide - 30 June 2014 BUSINESSES Year-end Tax Planning Guide - 30 The end of the financial year is fast approaching. In the lead up to 30 June, this newsletter covers some of the year-end tax planning matters for your consideration. BUSINESSES

More information

Small Business Tax Interview Checklist - 2011 Tax Return

Small Business Tax Interview Checklist - 2011 Tax Return The interview checklist is a series of questions to assist clients and tax practitioners complete tax returns efficiently and consistently and to help identify relevant tax issues for special consideration.

More information

SMALL BUSINESS TAX INTERVIEW CHECKLIST 2012 INCOME TAX RETURN

SMALL BUSINESS TAX INTERVIEW CHECKLIST 2012 INCOME TAX RETURN The interview checklist is a series of questions to assist clients and tax practitioners complete tax returns efficiently and consistently and to help identify relevant tax issues for special consideration.

More information

SUPERANNUATION FUND RETURN PREPARATION CHECKLIST 2013

SUPERANNUATION FUND RETURN PREPARATION CHECKLIST 2013 SUPERANNUATION FUND RETURN PREPARATION CHECKLIST 2013 The following checklist for super funds, prepared by Moore Stephens on behalf of CPA Australia, should be completed in conjunction with the preparation

More information

Notes on the Small Business Tax Interview Checklist

Notes on the Small Business Tax Interview Checklist Notes on the Small Business Tax Interview Checklist The interview checklist are a series of questions to assist client sand tax practitioners complete tax returns efficiently and consistently and help

More information

Client Newsletter Year End Tax Planning Checklist For the year ending 30 June 2016

Client Newsletter Year End Tax Planning Checklist For the year ending 30 June 2016 Client Newsletter Year End Tax Planning Checklist For the year ending 30 June 2016 For the information of clients we enclose this checklist which you may find helpful in planning your year end tax strategies.

More information

Tax Planning Checklist

Tax Planning Checklist Tax Planning Checklist For the year ended 31 March 2014 Contents Year end tax planning checklist 1 General tips on minimising tax 4 Help us to process your records efficiently and quickly 5 Help yourself

More information

End of Year Income and Tax Planning Individuals - June 2013

End of Year Income and Tax Planning Individuals - June 2013 The tips below will assist you in your end of year income and tax planning strategies. These tips are not meant to be exhaustive nor applicable to each and every individual taxpayer. Further you should

More information

Individual & Family Tax Measures

Individual & Family Tax Measures Budget Budget Highlights Highlights CHANGES & OTHER IMPORTANT INFORMATION Individual & Family Tax Measures Individual Tax Rates The individual tax rates remain unchanged for 2013/2014 and are listed below.

More information

Superannuation. your obligation as an employer

Superannuation. your obligation as an employer Superannuation your obligation as an employer By Chris Campbell September 2014 Overview Superannuation is a significant cost of employing staff. This expense should be factored into your business plan

More information

AUTOMOTIVE UPDATE. Trust distribution. Division 7A loan and unpaid present entitlement. Partner, Brisbane Tel: +61 7 3237 5744 mark.ward@bdo.com.

AUTOMOTIVE UPDATE. Trust distribution. Division 7A loan and unpaid present entitlement. Partner, Brisbane Tel: +61 7 3237 5744 mark.ward@bdo.com. AUTOMOTIVE UPDATE AUTOMOTIVE tax planning 2013 With another financial year end fast approaching, BDO s automotive team provides some guidance on practical measures to minimise your dealership s tax position

More information

Understanding Tax Version 1.0 Preparation Date: 1st July 2013

Understanding Tax Version 1.0 Preparation Date: 1st July 2013 Understanding Tax Version 1.0 Preparation Date: 1st July 2013 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation

More information

HCG Fact Sheet 30 June 2014 End of Financial Year Tax planning strategies

HCG Fact Sheet 30 June 2014 End of Financial Year Tax planning strategies HCG Fact Sheet 30 June 2014 End of Financial Year Tax planning strategies If you are an employee, consider Sacrificing your pre-tax salary or bonus into super rather than receiving it as cash so you can

More information

Understanding tax Version 5.0

Understanding tax Version 5.0 Understanding tax Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to tax. This document has been published

More information

Small Business Tax Interview Checklist - 2010 Income Tax Return

Small Business Tax Interview Checklist - 2010 Income Tax Return Please answer the following and supply supporting information where applicable. This will guide the completion of the business and professional items schedule. 2009/2010 refers to the period from 1 July

More information

INDIVIDUALS 2015 year end information and checklist Tax changes

INDIVIDUALS 2015 year end information and checklist Tax changes Vision, understanding and results INDIVIDUALS 2015 year end information and checklist Tax changes Are you an Uber driver or rent out your home on AirBNB? If you earn income from the sharing economy, that

More information

Small business: Decisions for your end-of-year planning

Small business: Decisions for your end-of-year planning Monthly Tax Newsletter 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 bill. Your choice will

More information

RECENT INCOME TAX CHANGES

RECENT INCOME TAX CHANGES RECENT INCOME TAX CHANGES Financial Institution Details Required From 1 July 2013, when preparing your income tax returns we will need to include your nominated Australian bank account details when a refund

More information

2016 Federal Budget Update

2016 Federal Budget Update Page 1 of 6 Subscribe Share Past Issues Translate 2016 Federal Budget Update On Tuesday, 3 May 2016, Treasurer Scott Morrison handed down the 2016-17 Federal Budget. Below is a summary of the key taxation

More information

February 2014. Announced un-enacted Measures

February 2014. Announced un-enacted Measures February 2014 IN THIS ISSUE Announced un-enacted Measures MRRT and Carbon Tax repeals and associated changes Getting the company loss carryback tax offset right ATO contacting businesses about taxable

More information

Company Tax Return Preparation Checklist 2010

Company Tax Return Preparation Checklist 2010 Company Tax Return Preparation Checklist 2010 The following income tax return checklist should be completed in conjunction with the preparation of tax reconciliation return workpapers. The checklist provides

More information

Newsletter. Tax Planning 2014 Edition

Newsletter. Tax Planning 2014 Edition Newsletter Tax Planning 2014 Edition FEATURED IN THIS ISSUE Employee Superannuation Payments Concessional Contributions Cap Non-Concessional Contributions Cap Small Business Concessions Reversed Write

More information

However, this week s announcement particularly in regards to big business audits includes a growing focus on the following areas:

However, this week s announcement particularly in regards to big business audits includes a growing focus on the following areas: Issue 5, August 2003 Briefly in Tax Taxation Specialists - Business Advisors THIS ISSUE ATO Spotlight is Bigger and Brighter for 2003-04 Areas under the spotlight with the ATO are expanding once again,

More information

Company tax return 2015

Company tax return 2015 Company tax return 2015 Day Month Year Day Month Year to Or specify period if part year or approved substitute period tes to help you prepare this tax return are in the Company tax return instructions

More information

4.1 General 4.2 Draft taxation determination TD2004/D1

4.1 General 4.2 Draft taxation determination TD2004/D1 4.1 General The following comments: are a general guide to the Australian taxation implications of selling your Shares in the Buy-back; may not apply to you if you buy and sell Shares in the ordinary course

More information

Tax Strategies: What you need to know before June 30

Tax Strategies: What you need to know before June 30 Business Spectator special issue Tax Strategies: What you need to know before June 30 3 Your business tax check list before June 30 4 What your accountant can do for you 5 Is it time to take stock in your

More information

Record keeping for small business

Record keeping for small business Guide for small business operators Record keeping for small business Explains what business records you need to keep and outlines a basic record keeping system. For more information visit www.ato.gov.au

More information

DOING BUSINESS IN AUSTRALIA

DOING BUSINESS IN AUSTRALIA DOING BUSINESS IN AUSTRALIA DEMOGRAPHICS The population of Australia is approximately 22 million. There are six states and two territories. The capital city is Canberra which is located in the Australian

More information

2016/17 Budget. 1. Effective Budget Night 7.30pm (AEST) 3 May 2016. 1.1 New lifetime cap for non-concessional superannuation contributions

2016/17 Budget. 1. Effective Budget Night 7.30pm (AEST) 3 May 2016. 1.1 New lifetime cap for non-concessional superannuation contributions 2016/17 Budget Superannuation reform changes 1. Effective Budget Night 7.30pm (AEST) 3 May 2016 1.1 New lifetime cap for non-concessional superannuation contributions The government will introduce a $500,000

More information

113 Year-end Tax Planning Tips

113 Year-end Tax Planning Tips 113 Year-end Tax Planning Tips From the Prosperity Advisers team 113 YEAR-END PLANNING IDEAS Introduction With less than three weeks until the end of the financial year and after a budget that is designed

More information

April 2014. Various issues affecting 2013 income tax returns IN THIS ISSUE. Do you still need to do your tax return for 2013?

April 2014. Various issues affecting 2013 income tax returns IN THIS ISSUE. Do you still need to do your tax return for 2013? April 2014 IN THIS ISSUE Do you still need to do your tax return? Various issues affecting 2013 returns Ensure the IT5 and IT6 income tests labels are completed correctly Think about what you might need

More information

The end of the financial year is coming! June 2013. Are there any bad debts to write off out of your receivables?

The end of the financial year is coming! June 2013. Are there any bad debts to write off out of your receivables? GR GURNEY CA JJPECZKA CA G L LAPSLEY CA NK FARRELL CA CHARTEREDACCOUNTANTS June 2013 IN THIS ISSUE The end of the financial year is coming! Small business tax concessions and scrip for scrip roll-over

More information

Company Income Tax and Other Taxes

Company Income Tax and Other Taxes Company Income Tax and Other Taxes Company Taxation Arrangements The company tax rate (also known as the corporate) is 30%. The treatment of business expenditure for the mining and petroleum industries

More information

Introduction for Indigenous small business. Record keeping. keeping your business paperwork in order

Introduction for Indigenous small business. Record keeping. keeping your business paperwork in order Introduction for Indigenous small business Record keeping keeping your business paperwork in order GETTING STARTED If you are running a small business, it is important to keep track of your business paperwork.

More information

Bardi Management Group Pty Limited

Bardi Management Group Pty Limited Bardi Management Group Pty Limited Suite 5, 57 Bells Line of Road (Cnr Grose Vale Road) North Richmond, NSW 2754 PO Box 129 North Richmond, NSW 2754 Telephone (02) 4571 3599 Fax (02) 4571 2548 Index The

More information

ATO Imposes Changes to Deemed Dividend Rules for Trust Distributions TAXPAYER ALERT

ATO Imposes Changes to Deemed Dividend Rules for Trust Distributions TAXPAYER ALERT As the end of financial year quickly draws to a close, we have had one of our senior accountants, Tim Hase, put together a newsletter with the various tax planning tools available for businesses, self-employed

More information

Taxation Considerations in the Purchase and Sale of a Business. Greg Vale

Taxation Considerations in the Purchase and Sale of a Business. Greg Vale Taxation Considerations in the Purchase and Sale of a Business Presented by Level 12, 111 Elizabeth Street SYDNEY NSW 2000 T: +61 2 9993 3833 F: +61 2 9993 3830 W: www.bvtaxlaw.com.au E: info@bvtaxlaw.com.au

More information

Tax tips and tax return checklist

Tax tips and tax return checklist Tax tips and tax return checklist To help you complete your tax return, the following lists outlines the payments that are classified as income and those that are classified as expenses across a range

More information

Tax deductible superannuation contributions

Tax deductible superannuation contributions Tax deductible superannuation contributions TB 35 TECHNICAL SERVICES ISSUED ON 29 OCTOBER 2014 ADVISER USE ONLY VERSION 1.1 Summary Employers and certain individuals can claim a tax deduction for contributions

More information

YEAR END TAX TIPS SMALL BUSINESS FRIDAY 12 JUNE 2015. Check eligibility for small business tax regime. Maximise depreciation deductions now

YEAR END TAX TIPS SMALL BUSINESS FRIDAY 12 JUNE 2015. Check eligibility for small business tax regime. Maximise depreciation deductions now YEAR END TAX TIPS FRIDAY 12 JUNE 2015 SMALL BUSINESS Check eligibility for small business tax regime Small business entities (SBEs) that is individuals, partnerships, companies and trusts with a turnover

More information

For the year ended 31 March 2015. Guide to year end tax planning

For the year ended 31 March 2015. Guide to year end tax planning For the year ended 31 March 2015 Guide to year end tax planning Contents Introduction Year end tax planning checklist 5 Current income tax rates 9 Provisional tax overview 11 Penalties regime 13 Record

More information

End of financial year planning tips May 2014

End of financial year planning tips May 2014 End of financial year planning tips May 2014 With the end of the financial year fast approaching, it is a good time to review financial planning strategies with a view to optimising your outcomes. This

More information

The 2015/16 Federal Budget key Tax announcements for business 14 May 2015

The 2015/16 Federal Budget key Tax announcements for business 14 May 2015 The 2015/16 Federal Budget key Tax announcements for business 14 May 2015 Executive summary On 12 May 2015, the Treasurer Joe Hockey delivered the 2015/16 Federal Budget. The Budget includes a number of

More information

Tax basics for small business

Tax basics for small business BUSINESS SMALL BUSINESS GUIDE NAT 1908-06.2004 SEGMENT AUDIENCE FORMAT PRODUCT ID Tax basics for small business A guide to your tax obligations and entitlements when running a small business Visit www.ato.gov.au

More information

140 Greenhill Road, Unley South Australia 5061 // T: +61 8 8373 5588 // F: +61 8 8373 5933 // E: kennedy@kennedy.com.au.

140 Greenhill Road, Unley South Australia 5061 // T: +61 8 8373 5588 // F: +61 8 8373 5933 // E: kennedy@kennedy.com.au. 140 Greenhill Road, Unley South Australia 5061 // T: +61 8 8373 5588 // F: +61 8 8373 5933 // E: kennedy@kennedy.com.au Spring 2014 PAYG Income Tax Instalments Dividend Washing Project Do It Rental Property

More information

Kinghan & Associates Limited Business Questionnaire/2014

Kinghan & Associates Limited Business Questionnaire/2014 Kinghan & Associates Limited Business Questionnaire/2014 Your name and address: IRD Numbers Company and individuals please.... I/We hereby instruct you to prepare my/our Financial Statements and Taxation

More information

BUSINESS SEMINAR SECURE YOUR BUSINESS AND FUTURE. www.idealtax.com.au

BUSINESS SEMINAR SECURE YOUR BUSINESS AND FUTURE. www.idealtax.com.au BUSINESS SEMINAR SECURE YOUR BUSINESS AND FUTURE www.idealtax.com.au SEMINAR OUTLINE 1. Federal Budget 2011 2. Small Business Benchmarks 3. Small Business Concessions 4. Tax Return Tips 5. Superannuation

More information

Super taxes, caps, payments, thresholds and rebates

Super taxes, caps, payments, thresholds and rebates Fact Sheet Super taxes, caps, payments, thresholds and rebates This fact sheet provides a useful one-stop reference guide to the tax rates, caps, thresholds and rebates that apply or are related to superannuation

More information

Salary Packaging. Information Kit. Catholic Schools Office Diocese of Lismore

Salary Packaging. Information Kit. Catholic Schools Office Diocese of Lismore Salary Packaging Information Kit Catholic Schools Office Diocese of Lismore 13 TABLE OF CONTENTS SALARY PACKAGING... 1 HOW IT WORKS... 1 SALARY PACKAGING AND THE OPERATION OF INCOME TAX LEGISLATION...

More information

Year-end tax planning toolkit. Year-ending 30 June 2014

Year-end tax planning toolkit. Year-ending 30 June 2014 Year-end tax planning toolkit Year-ending 30 June 2014 June 2014 The contents of this document are for general information only and do not consider your personal circumstances or situation. Furthermore,

More information

2015 Individual Tax Return Checklist

2015 Individual Tax Return Checklist 2015 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 information

Small business: Decisions for your end-of-year planning

Small 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 information

2012 Annual Financial Statements Questionnaire

2012 Annual Financial Statements Questionnaire Nair & Chen Chartered Accountants Limited 280 Great South Rd PO BOX 74-322 Greenlane Auckland 1051, New Zealand 2012 Annual Financial Statements Questionnaire Business Name: Financial Year ended: 2012

More information

Studying Paper F6 Performance objectives 19 and 20 are relevant to this exam

Studying Paper F6 Performance objectives 19 and 20 are relevant to this exam RELEVANT TO ACCA QUALIFICATION PAPER F6 (UK) Studying Paper F6 Performance objectives 19 and 20 are relevant to this exam Capital gains: Part 2 This article is relevant to those of you taking Paper F6

More information

Freelancers, the self-employed & super.

Freelancers, 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 information

LOCK ACCOUNTANTS Accountants & Taxation Consultants. KEY 2 SUPERANNUATION Self Managed Superannuation Fund Services

LOCK ACCOUNTANTS Accountants & Taxation Consultants. KEY 2 SUPERANNUATION Self Managed Superannuation Fund Services LOCK ACCOUNTANTS Accountants & Taxation Consultants KEY 2 SUPERANNUATION Self Managed Superannuation Fund Services End of financial year newsletter June 2014 1/147 Queen Street, CLEVELAND QLD 4163 Phone

More information

Tax basics for small business

Tax basics for small business Guide for small business operators Tax basics for small business Information about your tax obligations and entitlements. For more information visit www.ato.gov.au NAT 1908-07.2011 OUR COMMITMENT TO YOU

More information

the original accounting office for small business 2016/2017 Company, Trust or Partnership Tax Return Checklist

the original accounting office for small business 2016/2017 Company, Trust or Partnership Tax Return Checklist 2016/2017 Company, Trust or Partnership Tax Return Checklist Page 1 Name of taxpayer: : Address: Preferred Contact No: Income Accounting information, including trial balance, profit & loss and balance

More information

Pay as you go withholding

Pay as you go withholding Introduction for employers Pay as you go withholding What you need to know Our commitment to you We are committed to providing you with accurate, consistent and clear information to help you understand

More information

Perriam & Partners Ltd Chartered Accountants & Business Advisors

Perriam & Partners Ltd Chartered Accountants & Business Advisors Perriam & Partners Ltd Chartered Accountants & Business Advisors 2014 BUSINESS QUESTIONNAIRE BUSINESS NAME: E-MAIL ADDRESS: CONTACT PERSON: HOME PHONE NUMBER: CELLPHONE NUMBER: ADDRESS: AUTHORITY AND TERMS

More information

Guide for notice of intent to claim a tax deduction for personal super contributions 2014/2015

Guide for notice of intent to claim a tax deduction for personal super contributions 2014/2015 Guide for notice of intent to claim a tax deduction for personal super contributions 2014/2015 Under section 290-170 of the Income Tax Assessment Act 1997 Need Help? For more information about your eligibility

More information

New Business Start-up & Business Purchase Package

New Business Start-up & Business Purchase Package Ph. (07) 5592 3644 Fax: (07) 5527 6739 Unit 10, The Pegasus Centre, 42 Bundall Road, Bundall QLD 4217 PO Box 7826 GCMC, Bundall QLD 4217 www.walshaccountants.com info@walshaccountants.com New Business

More information

NB: receipt of an allowance does not automatically entitle an employee to a deduction. Compare to ATO Portal report.

NB: receipt of an allowance does not automatically entitle an employee to a deduction. Compare to ATO Portal report. INCOME (PLEASE OBTAIN EVIDENCE WHERE APPLICABLE) 1. Salary and wages NB: have you received all your payment summaries from all your employers? Obtain and attach PAYG summaries. Non cash benefits received

More information

ANNUAL BUSINESS CHECKLIST. 2011 Financial Year

ANNUAL BUSINESS CHECKLIST. 2011 Financial Year ANNUAL BUSINESS CHECKLIST 2011 Financial Year Please take the time to complete this checklist as it is a very important part of the accounting process. It helps you: Identify and provide the information

More information

Check List Tax Planning 2012

Check List Tax Planning 2012 Check List Tax Planning 2012 Deferring Assessable Income Yes No N/A Application of Arthur Murray Principle to receipts Review contracts for the provision of services to determine whether income from such

More information

Alienation of personal services income

Alienation of personal services income Special e-bulletin Welcome to our Middleton Partners e Bulletin covering items that may be of interest. Please read and contact our office if further information or clarification is required. Alienation

More information

Allied Health Care Professionals: Issues in Tax Planning

Allied Health Care Professionals: Issues in Tax Planning Allied Health Care Professionals: Issues in Tax Planning Prafula Fernandez School of Business Law Curtin University of Technology Abstract A health care professional can provide personal services or conduct

More information

LWK. Chartered Accountants. Individual Tax Return Checklist

LWK. Chartered Accountants. Individual Tax Return Checklist LWK Pty. Limited ACN 121 288 373 Chartered Accountants Business Advisers and Consultants Business Advisers an Individual Tax Return Checklist This checklist has been prepared by LWK Pty Limited Chartered

More information

September 2013 IN THIS ISSUE. in, apart from Election promises made, we are unlikely to see much activity in the tax space.

September 2013 IN THIS ISSUE. in, apart from Election promises made, we are unlikely to see much activity in the tax space. G R GURNEY CA J J PECZKA CA G L LAPSLEY CA N K FARRELL CA CHARTERED ACCOUNTANTS September 2013 IN THIS ISSUE Election 2013 ATO Compliance Focus Low income earners may still need lodge a return Medicare

More information

Tax basics for small business

Tax basics for small business Guide for small business operators Tax basics for small business Information about your tax obligations and entitlements. For more information visit www.ato.gov.au NAT 1908-07.2011 OUR COMMITMENT TO YOU

More information

End of Year Superannuation Fund Circular To all Super Fund Trustees

End of Year Superannuation Fund Circular To all Super Fund Trustees 21 June 2013 End of Year Superannuation Fund Circular To all Super Fund Trustees Maximise year end opportunities and minimise risks The end of the financial year will be here before you know it. In this

More information

NOTES TO ASSIST COMPLETION OF BUSINESS QUESTIONNAIRE

NOTES TO ASSIST COMPLETION OF BUSINESS QUESTIONNAIRE NOTES TO ASSIST COMPLETION OF BUSINESS QUESTIONNAIRE Never change company shareholding without conferring with us because there are tax implications. Please note the following comments 1. Cars If you sell

More information

Smart strategies for your super

Smart strategies for your super Smart strategies for your super 2010 Make your super count Superannuation is still one of the best ways to accumulate wealth and save for your retirement. The main reason, of course, is the favourable

More information

DEDUCTIONS FOR PREPAID EXPENSES INDIVIDUALS

DEDUCTIONS FOR PREPAID EXPENSES INDIVIDUALS DEDUCTIONS FOR PREPAID EXPENSES INDIVIDUALS NAT 4170 6. TAXPACK REFERRED PUBLICATION AUSTRALIAN TAXATION OFFICE w ww.ato.gov.au 2000 01 How self-assessment affects most individuals Self-assessment means

More information

GST Legislative amendments

GST Legislative amendments GST & FBT update for the public sector - Overview Recent legislative amendments Update on ATO public rulings GST: - Update on Australian Business Register (ABR) - Notional GST - GST and Appropriations

More information

Advanced guide to capital gains tax concessions for small business 2013 14

Advanced guide to capital gains tax concessions for small business 2013 14 Guide for small business operators Advanced guide to capital gains tax concessions for small business 2013 14 For more information visit ato.gov.au NAT 3359 06.2014 OUR COMMITMENT TO YOU We are committed

More information

Locum guide for optometrists

Locum guide for optometrists Locum guide for optometrists 1. Introduction A locum is a person who provides professional optometric services, on an irregular basis, to other optometrists. The period of the locum might be a few hours,

More information

Personal deductible superannuation contributions

Personal deductible superannuation contributions Last updated: 1 January 2011 Personal deductible superannuation contributions People who are entirely self employed, such as those operating their business as a sole trader or through a partnership, are

More information

Introduction to Property Development

Introduction to Property Development Introduction to Property Development Taxation, accounting and structuring issues impact on every stage of a development. While these issues are often pushed to the side or considered a boring aspect of

More information

RECENT INCOME TAX CHANGES

RECENT INCOME TAX CHANGES RECENT INCOME TAX CHANGES Increased Medicare Levy Low Income Thresholds The Medicare Levy low-income thresholds for families and dependent child-student component of the threshold have been changed to

More information

Good practice checklist for small business

Good practice checklist for small business Good practice checklist for small business CPA Australia Ltd ( CPA Australia ) is one of the world s largest accounting bodies with more than 132,000 members of the financial, accounting and business profession

More information

Crispin and Jeffery Chartered Accountants

Crispin and Jeffery Chartered Accountants Crispin and Jeffery Chartered Accountants Individual Tax Return Checklist PLEASE MAKE SURE YOU ATTACH DETAILS OF ALL ITEMS THAT APPLY TO YOU NAME: DATE OF BIRTH: TELEPHONE: (H) (M) OCCUPATION: (W) (F)

More information

April 2015 IN THIS ISSUE

April 2015 IN THIS ISSUE April 2015 IN THIS ISSUE Medicare Levy Surcharge and Private Health Insurance Rebate Net Medical Expenses Tax Offset Superannuation guarantee rate Super contributions caps Changes to superannuation excess

More information

Summary - Table for Appropriate Structure

Summary - Table for Appropriate Structure Summary - Table for Appropriate Structure Sole Investor Partnership Private Company Unit Trust Discretionary Trust Superannuation Fund Administered by Individual Partners Directors Trustee Trustee Trustee

More information

DOING BUSINESS IN AUSTRALIA. Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com.

DOING BUSINESS IN AUSTRALIA. Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com. DOING BUSINESS IN AUSTRALIA Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com.au DISCLAIMER The material contained in this publication is in the nature

More information

Estate planning: Taxation of deceased estates

Estate planning: Taxation of deceased estates TB 20 Estate planning: Taxation of deceased estates Issued on 15 November 2010. Summary Under Australian law there are no duties, however, income and some capital transactions may be taxed as a consequence

More information

APPENDIX C: GST REVENUE POLICY DECISIONS

APPENDIX C: GST REVENUE POLICY DECISIONS APPENDIX C: GST REVENUE POLICY DECISIONS Compulsory third party schemes alternative global decreasing adjustment methodology Australian Taxation Office 6.7 6.7 6.7 6.7 The Government will not proceed with

More information

tax corrs Editors: september 2012

tax corrs Editors: september 2012 corrs tax Editors: Welcome to the September 2012 edition of the Corrs Tax newsletter. We bring you brief summaries of topical taxation issues, as well as their implications for your business. In this issue:

More information

140 Greenhill Road, Unley South Australia 5061 // T: +61 8 8373 5588 // F: +61 8 8373 5933 // E: kennedy@kennedy.com.au. Tax Planning 2014/15

140 Greenhill Road, Unley South Australia 5061 // T: +61 8 8373 5588 // F: +61 8 8373 5933 // E: kennedy@kennedy.com.au. Tax Planning 2014/15 140 Greenhill Road, Unley South Australia 5061 // T: +61 8 8373 5588 // F: +61 8 8373 5933 // E: kennedy@kennedy.com.au Tax Planning 2014/15 30 June 2014 Trust Distributiion Resolutions Tax Rates and Impact

More information

Monash University. Novated Lease Vehicle Policy

Monash University. Novated Lease Vehicle Policy Novated Lease Vehicle Policy Please note: changes and modifications to this policy and its attachments may occur from time to time without prior notice. It is encouraged that you review the policy on the

More information

April update focusses on matters affecting individuals

April update focusses on matters affecting individuals April update focusses on matters affecting individuals UPDATE SNAPSHOT Medicare Levy Surcharge and Private Health Insurance Rebate Net Medical Expenses Tax Offset Superannuation guarantee rate Super contributions

More information