Tax Strategies: What you need to know before June 30

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Tax Strategies: What you need to know before June 30"

Transcription

1 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 business? 6 Are you eligible for SME tax breaks? 7 Some SME tax moves that are definitely worth deferring 8 Is your business on the ATO s hit list? 9 Is this a super time for SMEs? 10 Why SMEs are losing the trust factor 11 Maximising your deductions before June Don t get caught in the SME loan trap Proudly brought to you by

2

3 3 Your business tax check list before June 30 With just over a month left until the end of the financial year 30 business days to be precise time is very quickly running out for small business owners needing to get their affairs in order before June 30. A good starting point, if you haven t done so already, is to make an appointment with your accountant for as soon as possible. That s because your accountant should be able to advise you of steps you can take before the end of the financial year to legally minimise the amount of business and personal tax you will need to pay to the Australian Tax Office. As a small business owner, it almost goes without saying that getting your financial house in order before June 30 is imperative. Here s a few of the things you should either already have done, or have in train. Get your accounts in order If you re a fairly organised business manager, then it s likely that you will have kept your financial accounts and records up to date throughout the financial year. That will make the job a whole lot easier when you get to meet up with your accountant before June 30. Unfortunately, if you haven t kept up to date and tend to leave the hard work until the last minute, it s definitely time to move into high gear. Step one is to track down an experienced bookkeeper who has the time to go through all your records, including invoices, bank statements and payment receipts, so you can get a clear picture of exactly where your business sits financially for the tax year. It s a much cheaper option than going to your accountant with a shoebox full of receipts. Send out invoices promptly If you re keen to lock in as much business income as possible this financial year, then it s important to prepare all invoices promptly and send them out for payment as soon as possible. Don t wait until the end of the month if the work has already been completed, as the June 30 countdown clock is ticking and, unless your clients are good payers, every payment day counts. Make sure your invoices clearly stipulate a payment due date, and that you contact the client immediately if they fail to meet that payment deadline. Chase up bad debts The odds are, especially in the current depressed business environment, that you have a few bad debts out there that may be 60 or 90 days, or even longer, overdue. Unfortunately, some of these bad debts may need to be written off if there s little or no prospect of recovery. On the other hand, if the client has every intention of paying what s owing and is just running behind, then it s important to impress on them that you need the funds to be paid before June 30 if you want the income to be declared from this financial year. If you don t mind letting it slide into the new financial year so you can defer income, then that s another story.

4 4 What your accountant can do for you With the tax countdown clock well and truly ticking, it s definitely time to see your accountant. Many business owners often only contact their accountant after the end of the financial year, when it s too late to make any adjustments that can save them tax. Best practice is to have ongoing dialogue with your accountant through the financial year, so that any needed strategies can be implemented well before the June 30 deadline. A good business accountant should be highly skilled in all aspects of corporate accounting to ensure you have the most appropriate structures in place for your business and personal needs, and should be able to help you identify business goals and the most sensible strategies for achieving them. What to ask before June 30 When meeting with your accountant, it s important to bring them fully up to speed on the state of your business so they can make an informed judgement on steps you can take over the next few weeks to not only get you in the best tax position for the financial year, but also plan ahead for the next financial year and beyond. flexibility in income distribution from your business. Financial analysis Ask your accountant to provide advice and assistance on areas such as stock taking; creditors; debtors; finance; expenses; stock cost and pricing analysis; cash flow management; staff recruitment and business support services; and in investigating proposed business acquisition and asset purchases such as acquiring or replacing plant and property. Changes Advise your accountant of any changes ahead, both on a business and personal level, which may impact on future activities and tax payments. These could include plans for expansion, for purchasing new plant and equipment, plans to move locations, or even changes in personal circumstances. Your accountant will be able to assess all these factors and provide an independent assessment of the measures you should take, both now and in the future. Legislation Ask your accountant about any changes to legislation in the last financial year that may require you to take steps in the next few weeks, and also ask about impending changes that need to be considered for both this financial year and next, such as recent changes announced in the May federal budget. Taxes Check with your accountant about any capital gains tax liabilities that may have arisen in the latest financial year, as well as any fringe benefits tax liabilities you should consider for this financial year, such as any benefits provided relating to motor vehicles, car parking, meals and entertainment, expense payments and other employee allowances. Business structures Ask your accountant whether you have the optimal structure for your business, and whether it s prudent to make any changes. For example, your accountant may recommend the creation of a corporate trust structure to provide more

5 5 Is it time to take stock in your business? If you re a wholesaler or retailer, and your business buys or sells stock, you usually need to do a stocktake at the end of each income year. You may not need to do an annual stocktake if, for income tax purposes, your business turnover is less than $2 million and the difference between the value of your opening stock and a reasonable estimate of your closing stock is $5000 or less. But if your turnover is $2 million or more, the Australian Tax Office requires you to do a stock take at the end of each income year. According to the ATO, where you do a stocktake, your records should include the following: a list describing each article of stock on hand and its value; who did the stocktake; how and when it was done; and who valued the stock and the basis of the valuation. The ATO points out that when you start a business, you may be entitled to GST credits and an income tax deduction for any goods you already own and bring into your new business as trading stock. This means you need records of the market value or cost of these goods at the time your business starts. Time to move old stock If you re like most businesses that buy and sell stock, then it s highly likely you have product on your shelves that just won t move. a tax deduction for stock that has lost value over the past financial year. Under the Tax Act, businesses are allowed to hold stock at lower than its commercial value. Where stock has lost a considerable amount of value, even if it still has some residual worth, businesses are also able to writedown the value and book a loss on that stock. Businesses need to prove the stock is obsolete, and that there is a possibility of paying more tax in the next financial year, but the process will allow you to gain some savings on this financial year s tax bill. It could be stock that s been superseded, or some product clangers that just aren t in demand. The end of the financial year is a great opportunity to move unwanted stock, and sometimes that means selling it at cost or a loss. This is very likely to be the case in the current climate, where product values have depreciated due to factors such as the higher Australian dollar and intensified competition, particularly from the online retail space. Claiming a tax deduction The good news is that the ATO allows businesses to claim

6 6 Are you eligible for SME tax breaks? An important, but often overlooked, opportunity for small to medium businesses is that if your business has an annual turnover of less than $2 million, you may be eligible for a range of tax concessions. Eligible businesses can choose to use the concessions that best suit their business, although they may have to satisfy additional conditions. You will need to check whether your business qualifies for the concessions each tax year, and your business accountant should be able to provide more information on these. The small business tax concessions apply whether you operate your business as a sole trader, partnership, company or trust. Small business tax break You can claim an additional tax deduction when your business bought eligible assets, and when you spent money to improve eligible assets, subject to certain time limits and thresholds. You can claim a tax deduction of 50 per cent of the cost of new investment in eligible assets. The tax break is in addition to deductions available under the simplified depreciation rules or the normal depreciation rules (uniform capital allowances). Simplified trading stock rules You can choose whether or not to do an end-of-year stock take and account for changes in the value of trading stock, if the value of your trading stock has not increased or decreased by more than $5,000 over the year. Capital Gains Tax concessions If you ve owned an asset to conduct your business (an active asset ), you will only pay tax on 50 per cent of the capital gain when you sell the asset. There is a CGT exemption on the sale of a business asset, up to a lifetime limit of $500,000. If you are under 55, money from the sale of the asset must be paid into a complying superannuation fund or a retirement savings account. If you are aged 55 or older and retiring, and your business has owned an asset for at least 15 years, you won t pay CGT when you sell the asset. Also, if you sell a small business asset and buy a replacement, you can roll over your CGT liability to the value of the replacement asset. This means you won t pay any CGT owing until you sell the replacement asset. Simplified depreciation rules You can generally pool your assets to make depreciation calculations easier and also claim an immediate deduction for most assets costing less than $1,000 each. Immediate deductions for prepaid expenses You can claim an immediate deduction for prepaid expenses where the payment covers a period of 12 months or less that ends in the next income year. Paying GST on a cash basis You can account for the GST you must pay on sales you make in the same tax period you receive payment for them. Accordingly, you would claim GST credits for the GST you pay in the price of your business purchases within the same tax period that you pay for them. Annual apportionment of GST tax credits If you purchase items that you use partly for private purposes, you can choose to claim full GST credits for these items on your activity statements and then make a single adjustment to account for the private use percentage after the end of your income year.

7 7 Some SME tax moves that are definitely worth deferring If you were thinking about rushing out before June 30 to purchase some assets so you can claim a deduction this financial year, don t. This is one of those times when it s definitely worth putting that off, because the federal government has announced a number of small business tax incentives that kick in from the start of July. From , businesses with a turnover of less than $2 million will be able to immediately write-off any business asset purchase they make that costs them less than $6500. So if you re looking to update your office computers, printers, telephones or other small business assets such as plant and equipment that fall within the $6500 threshold, it s prudent to wait another month or so to get the higher tax break, unless you really need to make a purchase now. value will rise to $9344. That s a $4250 tax incentive to hold off buying that vehicle for a little while longer. As the old saying goes, good things come to those that wait. How does the immediate deduction work? In the past, when a small business purchased low-cost assets, these needed to be depreciated over a number of years. The simplified depreciation pooling arrangements will allow small businesses to depreciate some assets more quickly (at a rate of 30 per cent instead of 5 per cent), and will help to reduce compliance costs. In effect, the budget measure just announced means a full tax deduction will be claimable at the end of the tax year for assets purchased after July 1 that fall within the $6500 limit. Vehicle purchases get more traction If you were thinking of buying a new car before June 30, it s also worth parking that decision until the new financial year. That s because the federal government has also announced some attractive depreciation changes for the purchase of motor vehicles. From July 1, small businesses will be able to claim up to $5000 as an immediate deduction for motor vehicles acquired from The remaining cost is depreciated at 30 per cent (15 per cent in the purchase year), which was the previous treatment for the entire cost of the motor vehicle. This new small business write-off of $5000 for motor vehicles will replace the Entrepreneurs Tax Offset. Cars and vans are often a small business s main asset, so an immediate write-off on motor vehicle purchases will assist with this significant cost. As an example, if you purchase a vehicle before June 30 that is worth $33,960, under the existing small business depreciation rules you can receive a deduction of $5094 in the first year. Under the new rules that come into effect on July 1, that first year deduction on a vehicle of the same

8 8 Is your business on the ATO s hit list? The Australian Taxation Office is continuing to increase its surveillance of small businesses involved in cash transactions as part of a major effort to clamp down on undeclared income. It is now using a suite of benchmarks to identify and deter activities in the cash economy by determining the average proportion of cash sales a business should be making and which businesses are not reporting as much cash income as others in the same industry. Those businesses that fall under the benchmark are likely to be audited at some stage. The benchmarks have been initially developed for a range of industries including; restaurants and takeaways, hairdressing and beauty, clothing retailing, grocery retailing and hardware and building supplies. Coffee shops are a key ATO target, with information received from suppliers about coffee shops receiving more than 15 kilograms of coffee a week being checked by the ATO to ensure they are reporting all their business income. enquiry, examination, investigation, review or audit undertaken by a government agency with which you lodge returns or declarations. The ATO is amassing data from state government agencies (stamp duty records of car, boat and property sales over the last one to five years), banks (interest paid and monetary transactions over $10,000), stock brokers (share transactions), Centrelink (undeclared benefits), credit card companies, foreign banks and many other sources. It is cross checking this information against activities and figures being reported by businesses and taxpayers. Going offshore could land you in hot water In the past it may have been easy to get away with not declaring income earned offshore, especially when that income was diverted to a bank account in a so-called secrecy haven. But the ATO is likely to be on your trail. It has successfully recouped almost $1.3 billion in tax liabilities from illegal offshore accounts, and more than $600 million in unpaid taxes. Around 3,000 business audits have been completed, and another 290 are in currently in progress, with 65 people charged to date and 22 convictions. Do you have audit insurance? If you ve always done the right thing in your business affairs, you definitely have nothing to worry about even if the ATO comes knocking on your door. But it s a good investment as a business owner to have audit insurance in place, because the costs of getting your professional accountant to manage a tax office audit can be quite high. There has been a sharp increase in audit and compliance activity by the ATO and other government agencies to ensure individuals, trusts, self-managed super funds, the self-employed, business entities, associations and organisations are compliant and paying their proper levels of taxes, duties, levies, workers compensation and superannuation. Audit insurance generally covers fees incurred to engage professional assistance to respond to a questionnaire,

9 9 Is this a super time for SMEs? With only a short time left before the end of the financial year, business owners need to make sure they have all their superannuation affairs in order to maximise their deductions. Your contributions As a business owner, there is a good opportunity to divert income into superannuation before June 30 to reduce the amount of income you will need to pay at the full company tax rate. The benefits are obvious as by doing so you will have to pay less corporate tax and will simultaneously achieve a generous personal tax benefit. If you re a sole trader or partner in a partnership, you don t have to pay super for yourself, but you can make super contributions as a way of saving for your retirement. As an individual, you are able to contribute up to $25,000 as a concessional payment into your superannuation at the current 15 per cent contributions tax rate. What are the budget super changes? Changes in the latest federal budget that come into effect from July 1 make it imperative that business owners earning above a certain level, and those who are aged over 50, maximise their contributions before June 30. One of the big changes coming into effect from July 1 is that anyone earning more than $300,000 will face a rise from 15 to 30 per cent in their tax rates on super contributions. This is likely to affect many small to medium business owners, and those with the opportunity to contribute their full entitlement in this financial year will be able to get in before the latest superannuation tax hike comes into effect. Also, keep in mind that is the last financial year before the standard cap for concession contributions by members over 50 is halved from $50,000 to the indexed $25,000 that applies to other fund members. financial year is also prudent as it will allow you to achieve a tax deduction in the current year. Making a contribution from a business sale If you have sold your business in the last financial year, there is an opportunity to make extra large super contributions by contributing proceeds from the sale of your small business. Non-concessional contributions using proceeds from the disposal of small business assets that qualify for certain capital gains tax exemptions (the 15-year ownership or the retirement exemptions) do not count towards the standard contribution caps if within a lifetime limit. The indexed limit for is $1.205 million. Offset capital gains tax with super contributions Another strategy to consider is that if you are selling an investment for a capital profit this financial year, you should consider maximising your concessional super contributions before July 1. Employee contributions As well as making sure you are up to date with your employee superannuation contributions by June 30, prepaying your employee entitlements before the end of the

10 10 Why SMEs are losing the trust factor If your small to medium enterprise is operating under a trust structure, it s important to be aware that changes came into effect from the start of the current financial year that limits the amount of income that can be distributed to minors (children under 18 years of age). The measures were introduced in the federal budget and effectively mean that, as a business owner, you should be seeking advice from your accountant now on what steps you can take (if any) before June 30 to offset the impact on this legislative change on your tax liability. Under the tax system in operation until the start of this financial year, up to $3,300 of business and investment could be distributed tax free from a family trust to trust beneficiaries under the age of 18. Children were eligible for the low-income tax offset income to reduce tax payable on their unearned income, such as distributions from discretionary trusts, interest, dividends, rent and royalties. The new distribution rules The rules have now changed and the Australian Tax Office will now only allow a maximum of $416 to be distributed to minors tax free. Any trust income distributed over this will be taxed at the highest marginal tax rate of 45 per cent. Income that is earned by a minor through work, such as salary and wages, will still be eligible for the low income tax offset. Also, unearned income of minors who are disabled or orphans, as well as compensation payments and inheritances received by minors will not be affected by the changes. The ATO uses an example of a minor who has earned $10,000 of part-time income in the current financial year, and who also receives $2,000 in trust distributes. The minor s part-time income will be subject to normal tax rates, and will incur an unchanged tax liability of $600. This $600 will be offset by the low income tax offset and netted down to $0. However, the additional $2,000 in trust income, taxed at 45 per cent, is not eligible for any tax offset and will therefore attract a tax liability of $900. What should you do? While the opportunity to split income with minors has been reduced, consider minimising tax by earning as much investment income in the name of a lower-earning, lowertaxed spouse. Also, the tax-free threshold will more than triple to $18,200 from , which may provide an excellent incomesplitting opportunity if your spouse earns a low-income or has no income.

11 11 Maximising your deductions before June 30 Small to medium business owners can claim a wide range of tax deductions as part of their normal course of operations, from general office expenses all the way through to vehicle expenses and many other legitimate deductions in-between. Work-related deductions Businesses can claim work-related deductions for up to $300 in business expenses without receipts, though you must be able to account for these expenses if asked. Some additional small deductions for businesses worth considering include: Eligible laundry claims. These can include cleaning expenses incurred for work-related protective clothing, uniforms, occupation-specific clothing, shoes, stockings, and socks. Repair costs for work-related clothing can also be claimed. Costs for purchasing or cleaning plain uniforms and clothes are not deductible. Education expenses. If you re studying in a field directly related to your present job, you may be able to claim for the costs of study. Home-based workers. In some cases, you may be able to claim a deduction for heating, cooling, or lighting office equipment. You may also be able to claim depreciation. Beyond purchasing deductible items before June keeping in mind that there are incentives to defer some asset purchases until the new financial year as a result of changes announced in the latest federal budget below are some areas to consider when it comes to maximising deductions before June 30. Rental property deductions If your business has an opportunity to make payments in advance, there may be an opportunity to maximise deductions in the current financial year. For example, there may be an opportunity for your SME to pay rent six months in advance. This will help reduce the company s tax position before June 30. Repairs and maintenance If you own your own commercial property, there may be an opportunity to spend funds on repairs and maintenance before the end of the financial year. The work being undertaken will need to be paid inside this financial year, and if time is running very tight there is always the option to prepay for work this financial year that will be completed after, but if you are confident it will actually be done. Building depreciation A major deduction item that can often be overlooked is building depreciation. If the building is constructed after 1982, when this depreciation rule came in, there is a 2.5 per cent straight line deduction for things like structural improvements. Certainly these structural improvements would extend to things like driveways and car parks. Also keep in mind that deductions travel from owner to owner as the property is sold, so new owners can also claim the depreciation benefits. Should you gear up? In the current trading environment, gearing up your business to claim a tax deduction can be a double-edged sword. On the one hand, low interest rates make it an attractive option to borrow additional funds to finance business growth. But on the other, with business conditions generally being very tough for many SMEs, it s important to be mindful of cash flow and to ensure your profitability is not impacted as a result of increased borrowings.

12 12 Don t get caught in the SME loan trap The Australian Taxation Office has very specific legislation regarding loans from private companies to shareholders or their associates, and it s important to be aware of the tax consequences of this. Under Division 7A of the Income Tax Assessment Act, advances, loans and other payments or credits to shareholders (or their associates) are, unless they fall within specified exclusions, treated as assessable dividends to the extent that the private company has a distributable surplus. The dividend is taken to be paid out of the private company s profits to the recipient as a shareholder in the private company, and therefore the recipient must declare this as part of their assessable income unless loan agreements are in place, with interest and capital payments meeting minimum standards. What you need to do To prevent shareholders of a small business or their associates from facing the deemed dividends provisions of the Tax Act, there are a few options which should be addressed before June 30. Option one is to repay any amounts that have been borrowed from the business before June 30 so this can be reconciled in the financial accounts for this year. Alternatively the money borrowed from the business can be treated as a dividend distribution, and therefore will be treated as taxable income. The final option is to enter into a complying loan agreement before June 30. If the funds borrowed from the business date back to one or more previous financial years, a loan agreement should be put in place now, and interest and capital payments brought up to date. Your accountant will then need to seek dispensation from the Tax Office to ensure you are not caught in the deemed dividend provisions under Division 7A of the Act. Use of business assets Another aspect of the deemed dividends legislation is the use of business assets by shareholders or their associates for less than market value. Under the law, the deemed dividend component is equal to the price that would have been paid for the use of the assets by an unrelated party, less any amount paid for the use. One solution is to transfer the asset involved out of the company, such as to a shareholder in lieu of a dividend. However, even if the asset is transferred out of the company before June, there could still be deemed dividends for previous private use.

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

SOLE TRADERS 2015 year end information and checklist In brief

SOLE TRADERS 2015 year end information and checklist In brief 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

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

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

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

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

Tax saving strategies prior to 1 July 2016

Tax saving strategies prior to 1 July 2016 2015/16 Individual Tax Return Checklist Your Checklist Claims for deductions Receipts for deductions Car claims and log books Please review the information below and contact our office if you need assistance.

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

1. SUPERANNUATION 2. PRE-PAY INTEREST AND SMALL ASSET WRITE-OFFS

1. SUPERANNUATION 2. PRE-PAY INTEREST AND SMALL ASSET WRITE-OFFS 1. SUPERANNUATION Superannuation still represents a wonderful tax planning opportunity for most investors. Whether you are self-employed or an employee, the tax benefits of investing surplus funds into

More information

Advanced guide to capital gains tax concessions for small business 2012 13

Advanced guide to capital gains tax concessions for small business 2012 13 Guide for small business operators Advanced guide to capital gains tax concessions for small business 2012 13 For more information visit ato.gov.au NAT 3359 06.2013 OUR COMMITMENT TO YOU We are committed

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

2014 Tax Questionnaire

2014 Tax Questionnaire Heffernan Crawford Accountants 2014 Tax Questionnaire Make your 2014 Tax Return easy For just 250* Completing Heffernan Crawford Accountants "2014 Tax Questionnaire" can save you time and money in preparing

More information

2014 Tax Questionnaire

2014 Tax Questionnaire CLIENT: CBS Accountants CONTACT: Scott Burchfield PROJECT: CBS / Brand DATE: 15 June 2011 REF: Final ART 2014 Tax Questionnaire Make your 2014 Tax Return easy for just $275* Completing CBS Accountants

More information

2016/17 Year End Tax Planning Guide

2016/17 Year End Tax Planning Guide 2016/17 Year End Tax Planning Guide We are pleased to provide our year end tax planning guide for 2016. Tax Planning should be done on a regular basis throughout the year. However, these tips are especially

More information

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

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

Issue Number 78 End Of Year Tax Planning - 30th June 2012

Issue Number 78 End Of Year Tax Planning - 30th June 2012 INDEX The 2012 Financial Year Is Coming To An End... 1 End Of Year Tips... 1 Taxing Of Trading Income... 2 End Of Year Tax Planning Checklist 2012... 2 Small Business Entity Rules... 2 Deductions... 3

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

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

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

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

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

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

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

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

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

Tax planning reminders for 30 June 2012

Tax planning reminders for 30 June 2012 Tax planning reminders for 30 June 2012 Keep your receipts!... 1 Government Co-contributions... 1 Personal deductible contributions... 3 Split super with your spouse... 3 Employer Superannuation Contributions...

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

21 st CENTURY US ACCOUNTING Q&A TRUST

21 st CENTURY US ACCOUNTING Q&A TRUST 21 st CENTURY US ACCOUNTING Q&A TRUST Q. WHAT IS A TRUST? A. A trust is a business structure that requires a trustee, a trust and beneficiaries. The trustee holds property and earns and distributes income

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

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

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

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

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

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

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

Understanding tax. Version 4.2

Understanding tax. Version 4.2 Version 4.2 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to. Important information This document has been published

More information

Managing the tax affairs of someone who has died

Managing the tax affairs of someone who has died Page 1 of 13 Managing the tax affairs of someone who has died Introduction This guide will help you finalise the tax affairs of a deceased person. It tells you what tax returns you may need to lodge and

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

Topics. AMA Private Health Insurance Comparison 2016 Budget Breakdown Top Ten Tax Tips for 2016. AMA Private Health Insurance Comparison

Topics. AMA Private Health Insurance Comparison 2016 Budget Breakdown Top Ten Tax Tips for 2016. AMA Private Health Insurance Comparison Prime Time Advisory News Update May 2016 Newsletter Topics AMA Private Health Insurance Comparison 2016 Budget Breakdown Top Ten Tax Tips for 2016 AMA Private Health Insurance Comparison Recent price increases

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

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

2007 ANNUAL ACCOUNTS QUESTIONNAIRE Financial year ended 1 April 2006 to 31 March 2007

2007 ANNUAL ACCOUNTS QUESTIONNAIRE Financial year ended 1 April 2006 to 31 March 2007 Business Name Main Contact Email Mobile Phone Please check the list below to ensure you have provided all the applicable information and return this completed questionnaire with your records. Incomplete

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

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

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

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

Fundamentals of Australian Taxation. Snehal Shah Director GMK Partners Pty Ltd

Fundamentals of Australian Taxation. Snehal Shah Director GMK Partners Pty Ltd Fundamentals of Australian Taxation Snehal Shah Director GMK Partners Pty Ltd Disclaimer This presentation is of a general nature only and is not intended to be relied upon as, nor to be a substitute for,

More information

Personal Income Tax Return - Year End Questionnaire 2015

Personal Income Tax Return - Year End Questionnaire 2015 Personal Income Tax Return - Year End Questionnaire 2015 To assist us in preparing your income tax return, please use this questionnaire as a checklist when you compile your information. With respect to

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

TAX TUTOR INSIDE IS YOUR TAX GUIDE FOR 2013-2014

TAX TUTOR INSIDE IS YOUR TAX GUIDE FOR 2013-2014 TAX TUTOR INSIDE IS YOUR TAX GUIDE FOR 2013-2014 PERSONAL TAX PERSONAL INCOME TAX RATES 2013-2014 & 2012-2013 Taxable Income $0 - $18,200 Nil Tax Payable $18,201 - $37,000 19% of excess over $18,200 $37,001

More information

You will need to conduct a stocktake and account for the difference in value of opening and closing trading stock.

You will need to conduct a stocktake and account for the difference in value of opening and closing trading stock. T.SBE 10.10.10 Summary of small business entity tax concessions Taxpayers that meet the definition of a small business entity have access to a range of small business tax concessions (refer to F.SBE 20.10.10

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

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

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

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

6.3 PROFIT AND LOSS AND BALANCE SHEETS. Simple Financial Calculations. Analysing Performance - The Balance Sheet. Analysing Performance

6.3 PROFIT AND LOSS AND BALANCE SHEETS. Simple Financial Calculations. Analysing Performance - The Balance Sheet. Analysing Performance 63 COSTS AND COSTING 6 PROFIT AND LOSS AND BALANCE SHEETS Simple Financial Calculations Analysing Performance - The Balance Sheet Analysing Performance Analysing Financial Performance Profit And Loss Forecast

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

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

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

The Expatriate Financial Guide to

The Expatriate Financial Guide to The Expatriate Financial Guide to Australian Tax Facts Australia Introduction Tax Year Assessment Basis Income Tax Taxation in Australia is mostly at a national/federal level with property taxes (council

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

Guidelines for Self-Employed Persons

Guidelines for Self-Employed Persons INLAND REVENUE DEPARTMENT Saint Lucia Guidelines for Self-Employed Persons Our Mission The Inland Revenue Department stands committed in its impartial treatment of its customers. We aim to provide efficient,

More information

Top 15 Business Tax Deductions by Daniel Vasin

Top 15 Business Tax Deductions by Daniel Vasin Top 15 Business Tax Deductions by Daniel Vasin Tax planning is an effective way to legally reduce tax before the end of the financial year. It s what Vasin accountants are mainly doing for its clients

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

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

CHECKLIST TAX RETURN ATHANS&TAYLOR. Chartered Accountants

CHECKLIST TAX RETURN ATHANS&TAYLOR. Chartered Accountants ATHANS&TAYLOR Chartered Accountants 2015 TAX RETURN CHECKLIST With the end of financial year fast approaching, we have compiled a checklist regarding income expenses that need to be on hand for the preparation

More information

Buying and selling an unincorporated business

Buying and selling an unincorporated business Introduction This section covers the main tax issues that arise when buying or selling a business owned by a sole trader, a partnership or a company. The tax consequences differ, depending on whether the

More information

YEAR END TAX TIPS SMALL BUSINESS JUNE 2016. Check eligibility for small business tax regime. Maximise depreciation deductions

YEAR END TAX TIPS SMALL BUSINESS JUNE 2016. Check eligibility for small business tax regime. Maximise depreciation deductions YEAR END TAX TIPS JUNE 2016 SMALL BUSINESS Check eligibility for small business tax regime Small businesses (sole traders, partnerships, companies and/ or trusts with a turnover of less than $2 million)

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

Selecting the legal structure of your business

Selecting the legal structure of your business Selecting the legal structure of your business INTRODUCTION What form of legal entity should I use? How should I organise my business? The entities most commonly used by small businesses are: (1) Sole

More information

TAX GUIDE FOR THE TAXI AND SHUTTLE INDUSTRIES

TAX GUIDE FOR THE TAXI AND SHUTTLE INDUSTRIES TAX GUIDE FOR THE TAXI AND SHUTTLE INDUSTRIES Information to help your business IR 135 October 2010 Help is at hand This tax guide gives you, as a self-employed person, an overview of your tax entitlements

More information

CLIENT FACT SHEET. If you are under age 65 you may make personal contributions to superannuation on your own behalf.

CLIENT FACT SHEET. If you are under age 65 you may make personal contributions to superannuation on your own behalf. CLIENT FACT SHEET July 2010 Understanding superannuation and superannuation contributions Superannuation is an investment vehicle designed to assist Australians in saving for their retirement. The Government

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

2014/15. Year End. Tax Planning. With careful tax planning, it may be possible to mitigate taxes or make them much more manageable

2014/15. Year End. Tax Planning. With careful tax planning, it may be possible to mitigate taxes or make them much more manageable FINANCIAL GUIDE A GUIDE TO 2014/15 Year End Tax Planning With careful tax planning, it may be possible to mitigate taxes or make them much more manageable A GUIDE TO 2014/15 YEAR END TAX PLANNING With

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

Personal Income Tax Return Year End Questionnaire 2013

Personal Income Tax Return Year End Questionnaire 2013 Personal Income Tax Return ear End Questionnaire 2013 To assist us in preparing your income tax return, please use this questionnaire as a checklist when you compile your information. With respect to your

More information

Understanding Superannuation

Understanding Superannuation Understanding Superannuation Client Fact Sheet July 2012 Superannuation is an investment vehicle designed to assist Australians save for retirement. The Federal Government encourages saving through superannuation

More information

Contributions. Things you should know about making contributions to your SMSF BROUGHT TO YOU BY

Contributions. Things you should know about making contributions to your SMSF BROUGHT TO YOU BY Contributions Things you should know about making contributions to your SMSF BROUGHT TO YOU BY CONTENTS Non Concessional Contributions: Aged Under 65... 2 Non Concessional Contributions: Aged 65 to 74...

More information

Tax Minimisation Strategies. by Daniel Vasin Senior Accountant Maurice Vasin & Associates Sydney, Australia

Tax Minimisation Strategies. by Daniel Vasin Senior Accountant Maurice Vasin & Associates Sydney, Australia Tax Minimisation Strategies by Daniel Vasin Senior Accountant Maurice Vasin & Associates Sydney, Australia Preface Although tax laws are complex and constantly changing, there are always opportunities

More information

Salary Packaging Issues

Salary Packaging Issues Salary Packaging Issues Murray Nicholls Saward Dawson Session overview 1. Terminology & basics 2. Specific issues for pastors 3. Options for other church staff 4. How salary packaging affects government

More information

Building and protecting your wealth the tax effective way

Building and protecting your wealth the tax effective way Building and protecting your wealth the tax effective way Strategies guide 2014/2015 The lead up to End of Financial Year (EOFY) provides a good opportunity to review your wealth creation plans. At this

More information

Smart strategies for maximising retirement income

Smart strategies for maximising retirement income Smart strategies for maximising retirement income 2010 Why you need to create a life-long income Australia has one of the highest life expectancies in the world and the average retirement length has increased

More information

TAXATION UNIT TRUSTS - TAXATION TREATMENT. Paper CONTENTS

TAXATION UNIT TRUSTS - TAXATION TREATMENT. Paper CONTENTS TAXATION UNIT TRUSTS - TAXATION TREATMENT CONTENTS Page 1. Introduction To Unit Trusts... 3 2. Determination Of Unit Trust Profit... 3 3. Unit Trust Taxable Income... 3 4. Comparison To Partnerships...

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

Employment status: employee in terms of employment law. generally taxed as employees. Tax on profits:

Employment status: employee in terms of employment law. generally taxed as employees. Tax on profits: Sole trader Vs Limited company The comparison is for a trading business. Many of the points summarised here are not relevant if you want to compare individuals or companies that manage investment business.

More information

IR 261 August 2014. Direct selling. Tax facts for people who distribute for direct selling organisations

IR 261 August 2014. Direct selling. Tax facts for people who distribute for direct selling organisations IR 261 August 2014 Direct selling Tax facts for people who distribute for direct selling organisations www.ird.govt.nz 3 Contents Introduction 4 www.ird.govt.nz 4 How to get our forms and guides 4 Part

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

2014/15. Year End. Tax Planning A GUIDE TO WITH CAREFUL TAX PLANNING, IT MAY BE POSSIBLE TO MITIGATE TAXES OR MAKE THEM MUCH MORE MANAGEABLE

2014/15. Year End. Tax Planning A GUIDE TO WITH CAREFUL TAX PLANNING, IT MAY BE POSSIBLE TO MITIGATE TAXES OR MAKE THEM MUCH MORE MANAGEABLE FINANCIAL GUIDE A GUIDE TO 2014/15 Year End Tax Planning WITH CAREFUL TAX PLANNING, IT MAY BE POSSIBLE TO MITIGATE TAXES OR MAKE THEM MUCH MORE MANAGEABLE Atkinson White Partnership Regency House, 51 Coniscliffe

More information

ASPECTS OF FINANCIAL PLANNING. Taxation implications of overseas residency. July 2012

ASPECTS OF FINANCIAL PLANNING. Taxation implications of overseas residency. July 2012 ASPECTS OF FINANCIAL PLANNING Taxation implications of More and more of our clients are being given the opportunity to live and work overseas. Before you make the move, it is worthwhile considering the

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

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

Cash basis for small business

Cash basis for small business Cash basis for small business Introduction From April 2013, it is proposed that sole traders with a low turnover may use the cash basis for determining their taxable profits. Traders here include vocations

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

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

Glossary of Accounting Terms Peter Baskerville

Glossary of Accounting Terms Peter Baskerville Glossary of Accounting Terms Peter Baskerville Account for or 'bring to account': An accounting phrase used to describe the recording of a financial transaction that is required under the generally accepted

More information

Buy-to-let guide about tax

Buy-to-let guide about tax Perrys Chartered Accountants Buy-to-let guide about tax Introduction As a buy-to-let landlord it is important you know about tax and how it affects you and your investment. This is why Perrys Chartered

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

Personal Income Tax Return Questionnaire

Personal Income Tax Return Questionnaire Personal Income Tax Return Questionnaire INCOME SUMMARY 1. Preparing tax return for the first time. 2. Income 3. Eligible Termination Payments 4. Australian Annuity or Superannuation Pension 5. Allowances,

More information

SAMA CONFERENCE Tax and the Doctor Presented By Hassen Kajie

SAMA CONFERENCE Tax and the Doctor Presented By Hassen Kajie SAMA CONFERENCE Tax and the Doctor Presented By Hassen Kajie 2 Contents Introduction Income Tax Pay as you earn Value added Tax Capital Gains Tax Donations Tax Estate Duty To incorporate or not Examples

More information