BUSINESS SEMINAR SECURE YOUR BUSINESS AND FUTURE.

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

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

Transcription

1 BUSINESS SEMINAR SECURE YOUR BUSINESS AND FUTURE

2 SEMINAR OUTLINE 1. Federal Budget Small Business Benchmarks 3. Small Business Concessions 4. Tax Return Tips 5. Superannuation 6. Estate Planning

3 Federal Budget 2011 Not many important changes Generally disadvantageous to taxpayers Flood Levy $50,000-$100, % tax 100,001 and more 1% tax $70,000 wages ($70,000-$50,000) x 0.5% = $100 $130,000 wages ($100,000-$50,000)x0.5% + ($130,000-$100,000)x1%= $550 Dependant Spouse Rebate will be abolished if under 40

4 Federal Budget 2011 Motor Vehicle Immediate Deduction for first $5000 Immediate write off for assets valued under $5000 Others at 30% E.g: Vehicle $24,000, Machinery $4000 Now: Annually $3000 for MV and $400 for machinery New: First year $5000 for MV and $4000 for machinery Tax Saving: $5600 x 30% = $ % company tax rate FTB Part A for year olds will be increased

5 Small Business Benchmarks To detect businesses in cash economy The most important checks Small Business Benchmarks Living Expenses 1. Small Business Benchmarks ATO uses to identify businesses for audit Regular check is important Compare your business with the market

6 Small Business Benchmarks Ratio Kebab Shops Annual turnover range Low $75,000 - $150,000 Medium $150,000 - $600,000 High $600,000 - $2,000,000 Cost of goods sold / Turnover 38% - 48% 40% - 48% 38% - 42% Labour* / Turnover 0% - 7% 5% - 13% 12% - 20% Rent** / Turnover 20% - 28% 16% - 26% 13% - 21% E.g: Turnover $400,000; Purchases $176,000 / Wages $36,000 / Rent $84,000 Other (Electricity, Gas, Insurance ) 5%-15% = $40,000 Profit 16% : $64,000

7 Small Business Benchmarks Living Expenses Profit of business - $50,000 Depreciation - $5,000 Net Rent - $10,000 Spouse s Wages - $10,000 Total Income: $75,000 Mortgage Payment - $50,000 Other Living Expenses - $50,000 $25,000 more expenses where does it come from?

8 Small Business Concessions When you sell your business or assets There are concessions that you can use E.g: Your setup costs for your business was $100, years ago; Sold for $600,000 - $500,000 capital gain After 50% deduction, $250,000 will be taxed 15 year exemption No CG if over 55 and retired

9 Small Business Concessions If the business was established less than 15 years ago; Retirement Exemption Over 55 - $500,000 exempt Under 55 $500,000 exempt within super 50% Reduction Additional 50% Deduction Rollover Exemption 2 years exempt and then roll over to new business

10 Tax Return Tips For Businesses Structures Sole Trader Partnership Company Trust Company & Trust Write-off assets if under $1000 Car Lease Chattel Mortgage Upfront GST in next BAS

11 Tax Return Tips Director Fees E.g: Company profit $30,000 Company pays 30% tax : $9,000 Transfer to Director : $2,550 tax Time Management for Tax E.g: Company profit $30,000 Other income in this year is $100,000 - $30,000 dividend will be taxed at 38,5% - $11,550 tax Other income in next year is $6,000 - $30,000 dividend will be taxed at 16.5% - $4,950 Home Office Expenses

12 Tax Return Tips For Individuals Education Tax Offset (up to $390 and/or $780) Medical Expenses Offset (20% over $2,000) Travel Expenses Seminar, Conference, Business Meeting Total Days ($190 for Turkey per day, excluding accommodation) Work Related Expenses Car, Home Office, Self Education, Membership Donations Income Protection Insurance Private Health Insurance If individual income is over $77,000 or family income is over 154,000 additional 1% medicare levy

13 Tax Return Tips Time Management for Tax If less income is projected next year Upfront payment for mortgage, repairs Utilise capital gain in the year with least income Depreciation Schedule for Properties E.g: Purchased for $400, years ago and sold for $800, $400,000 capital gain, after 50% deduction $200,000 will be taxed Tax rate 30% - $60,000 tax 2. Depreciation rate 2.5% - Deduction per year for 10 years $10,000 Tax Rate 30% - $3,000 less tax every year, $30,000 in 10 years Current value of property is $300,000 after depreciation, $500,000 capital gain. After 50% deduction $250,000 will be taxed - Tax Rate 30% - $75,000 tax - $30,000 tax deduction for depreciation so $45,000 tax $15,000 less tax payable with depreciation schedule

14 Tax Return Tips Salary Sacrificing E.g: $100,000 wages 1. Tax $26, $30,000 salary sacrifice: Taxable wages $70,000 : $15,600 tax $30,000 will be taxed within super : $4,500 tax Total Tax : $20,100 Tax Saving $6,350 Co-contribution Voluntary Super Contribution $1,000 Government also contributes $1,000 Spouse Super Offset $3,000 voluntary contribution to spouse s super provides $540 offset

15 Superannuation Case 1: Business Property $3,900,000 No loan on it No rent deduction Setup a Self Managed Superannuation Fund for you (67), your wife(61) and two children (25,35)

16 Superannuation 2011 Undeductable Deductable You $ 150,000 $ 50,000 Wife $ 450,000 $ 50,000 Kid 1 $ 450,000 $ 25,000 Kid 2 $ 450,000 $ 25,000 Total $ 1,500,000 $ 150,000 $ 1,650,000 (42%) 2012 Undeductable Deductable You $ 150,000 $ 50,000 Wife $ 50,000 Kid 1 $ 25,000 Kid 2 $ 25,000 Total $ 150,000 $ 150,000 $ 300,000 (8%) 2013 Undeductable Deductable You $ 150,000 $ 50,000 Wife $ 50,000 Kid 1 $ 25,000 Kid 2 $ 25,000 Total $ 150,000 $ 150,000 $ 300,000 (8%) 2014 Undeductable Deductable You $ 150,000 $ 50, Wife $ 450,000 $ 50, Kid 1 $ 450,000 $ 25, Kid 2 $ 450,000 $ 25, Total $ 1,500,000 $ 150, $ 1,650,000 (42%)

17 Superannuation Tax Rate of the directors are 38.5% and market rent value is $400,000 Deductable Payment Tax Deduction Tax by Super Tax Saving 2011 $ 150,000 $ 57,750 $ 22,500 $ 35, $ 150,000 $ 57,750 $ 22,500 $ 35, $ 150,000 $ 57,750 $ 22,500 $ 35, $ 150,000 $ 57,750 $ 22,500 $ 35,250 $ 600,000 $ 231,000 $ 90,000 $ 141,000 Rent Tax Deduction Tax by Super Tax Saving 2011 $ 168,000 $ 64,680 $ 25,200 $ 39, $ 200,000 $ 77,000 $ 30,000 $ 47, $ 232,000 $ 89,320 $ 34,800 $ 54, $ 400,000 $ 154,000 $ 60,000 $ 94,000 $ 1,000,000 $ 385,000 $ 150,000 $ 235,000 Tax Saving in 4 years: $235,000 + $141,000 = $376,000

18 Superannuation Other advantages $1,155,000 capital gain exemption No tax for over 60 if retired No tax for over 65 All income is tax free including rent Asset protection for liquidation and bankruptcy Tax Free transfer to dependants after death Can include grandchildren

19 Superannuation Case 2: Need a warehouse and found a place for $600,000 Not enough cash for deposit Asset protection and less tax in the future Have $300,000 balance in Super

20 Superannuation What to do: 1. Setup SMSF and transfer super balance to SMSF 2. Apply for a loan within super for the rest 3. Rent the warehouse to the business Advantages: 1. Rent is deductible to the business 2. SMSF pays only 15% tax for the income 3. Protection against liquidation or bankruptcy 4. No tax after retirement or 65 and no Capital Gain 5. Transfer to dependants without tax consequences

21 Superannuation Figures: (Tax Rate of the Business 30%) $50,000 rent is deductible - $15,000 tax saving for the business SMSF pays the loan with rental income SMSF rental income is $30,000 after deducting expenses - $4,500 tax by SMSF Total Tax Saving - $10,500 per year No tax after retirement or 65 - $15,000 tax saving per year

22 Estate Planning Issues to Consider Transfer the wealth to beneficiaries smoothly Tax Effective Transfer Protection of assets against creditors and bankruptcy of beneficiaries Protection against a relationship breakdown Flexibility of distribution So it is important to prepare it professionally

23 Estate Planning Discretionary Testamentary Trust Trust created by will Should be included in the will Protected under Law Normally creditors or divorced partner can claim the assets It provides protection against them

24 Estate Planning Discretionary Testamentary Trust Tax Effective Structure E.g: Left a rental property to your wife - $100,000 rent per year Without Trust: $26,450 tax payable by the wife With Trust: Distribute to the wife and three children $25,000 income and $1,725 tax per person Total tax $6,900 Can be distributed differently every year

25 Questions Thanks

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

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

Superannuation Co-Contributions

Superannuation Co-Contributions Superannuation Co-Contributions The superannuation co-contribution is a government measure to boost superannuation savings. If you earn less than $61,920 a year, make personal superannuation contributions

More information

Fact Sheet Tax on Super 2009/10

Fact Sheet Tax on Super 2009/10 It pays to belong TM Key Focus A tax of 15% applies to concessional (i.e. before tax) contributions. All employer and salary sacrifice contributions will be taxed at the top marginal rate if your super

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

Are you ready to become part of Australia s largest superannuation pool?

Are you ready to become part of Australia s largest superannuation pool? Are you ready to become part of Australia s largest superannuation pool? This information is a summary based on Hayes Knight's understanding of the relevant legislation. It is general in nature and may

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

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

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

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

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

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

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

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

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

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

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

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

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 - 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

baggetta & co accountants financial planners self managed super funds 2013 Individual Tax Return Checklist

baggetta & co accountants financial planners self managed super funds 2013 Individual Tax Return Checklist baggetta & co accountants financial planners self managed super funds 2013 Individual Tax Return Checklist Provide all supporting documentation to substantiate your claims Such as copies of receipts, tax

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

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

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

Dover Individual Income Tax Return Checklist

Dover Individual Income Tax Return Checklist Dover Individual Income Tax Return Checklist For the year ending (insert income year) 1. Advisor/Accountant Details Company/Firm name: Contact name: Contact email: Contact phone: 2. Client Details Full

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

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

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

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

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

Individual Tax Interview Checklist - 2010 Income Tax Return

Individual Tax Interview Checklist - 2010 Income Tax Return Where reply is Yes, supply supporting information 2009/2010 refers to the period from 1 July 2009 to 30 June 2010 Unless otherwise stated, this checklist refers to events occurring in 2009/2010 Client

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

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

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

Mapping a Financial Path for Doctors (GPRA) Brendan Campbell Associate Director Prosperity Health

Mapping a Financial Path for Doctors (GPRA) Brendan Campbell Associate Director Prosperity Health Mapping a Financial Path for Doctors (GPRA) Brendan Campbell Associate Director Prosperity Health STRUCTURES Asset Protection Structure Matrix Income Tax Rate Flexibility of Distributions Capital Gains

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

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

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

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

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

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

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

INDIVIDUAL TAX INTERVIEW CHECKLIST 2013 INCOME TAX RETURN

INDIVIDUAL TAX INTERVIEW CHECKLIST 2013 INCOME TAX RETURN INDIVIDUAL TAX INTERVIEW CHECKLIST 2013 INCOME TAX RETURN CLIENT DETAILS Tax File Number: ABN: Surname or family name: First given name: Other given names: Postal address: Suburb/town/locality: State/territory:

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

My SMSF Property Services Guide

My SMSF Property Services Guide My SMSF Property Services Guide This guide is an important document which we recommend you read, when choosing any services provided by My SMSF Property. In it we highlight some important considerations,

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

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

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

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

Tax on contributions. Non-concessional (after tax) contribution caps. Age at 1 July 2015 Annual cap Tax rate Under 65 $180,000* Nil 65-74 $180,000 Nil

Tax on contributions. Non-concessional (after tax) contribution caps. Age at 1 July 2015 Annual cap Tax rate Under 65 $180,000* Nil 65-74 $180,000 Nil This section summarises the main Federal Government taxes that apply to superannuation at the time of preparation. For more information, contact MyLife MySuper on 1300 MYLIFE (695 433) or the Australian

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

PERSONAL INCOME TAX RETURN CHECKLIST 30 JUNE 2015

PERSONAL INCOME TAX RETURN CHECKLIST 30 JUNE 2015 MRL Group Pty Ltd Chartered Accountants. Business Solutions. PERSONAL INCOME TAX RETURN CHECKLIST 30 JUNE 2015 This checklist is designed as a guide for the preparation of your personal income tax return.

More information

INFORMATION FOR 2014 TAX RETURN CHECKLIST INDIVIDUAL

INFORMATION FOR 2014 TAX RETURN CHECKLIST INDIVIDUAL For year ended 30 th June 2014 Page 1 of 9 INFORMATION FOR 2014 TAX RETURN CHECKLIST INDIVIDUAL IMPORTANT NOTE WORKFLOW MANAGEMENT We shall endeavour to ensure that your Individual tax return is lodged

More information

Paying your way. Tax issues for the self employed

Paying your way. Tax issues for the self employed Paying your way Tax issues for the self employed May 2012 Tax issues for the self employed This is a brief overview of tax issues that affect the self employed. Understanding your tax responsibilities

More information

Lina's Tax Team Business Income and Expenses

Lina's Tax Team Business Income and Expenses Lina's Tax Team Business Income and Expenses General Information Taxpayer name Ownership (place X next to the applicable option below) Taxpayer Spouse Joint Business name Business address (including unit

More information

TAX RETURN CHECKLIST 2011 INDIVIDUAL INFORMATION. INCOME Group Certificates (including pensions) Other Salary income. Termination Payments.

TAX RETURN CHECKLIST 2011 INDIVIDUAL INFORMATION. INCOME Group Certificates (including pensions) Other Salary income. Termination Payments. INDIVIDUAL INFORMATION INCOME Group Certificates (including pensions) Other Salary income Termination Payments Interest Dividends Trust and Partnership Distributions Capital Gains Rental Income Expenses

More information

2015 Individual Income Tax return submission to H & R BLOCK DARWIN

2015 Individual Income Tax return submission to H & R BLOCK DARWIN Tax File Number Are you an Australian resident? YES/NO/UNSURE VISA Name: Mr/Mrs/Ms/Miss Has your name changed since last return? NO/YES (Previous name ) Date of birth / / Postal address: Residential address

More information

Financial Planning 101

Financial Planning 101 Hughes Forbes Financial Services AFSL 323719 Financial Planning 101 P R E S E N T E D BY F A B I A N P O S T I G L I O N I M a y 2 0 1 2 Disclaimer 2 This material is not intended to constitute personal

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

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

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

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

Insurance and estate planning. A Financial Planning Technical Guide

Insurance and estate planning. A Financial Planning Technical Guide Insurance and estate planning A Financial Planning Technical Guide 2 Insurance and estate planning Introduction 4 General insurance 4 Private health insurance 4 Personal insurance 5 Business insurance

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

2015 Personal Income Tax Return Checklist

2015 Personal Income Tax Return Checklist 2015 Personal Income Tax Return Checklist Name: Phone Number: Email : ASSESSABLE INCOME Indicate the type of income you received during the 2014/15 financial year and attach any supporting documents. Salary

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

A Financial Planning Technical Guide

A Financial Planning Technical Guide Insurance and Estate Planning A Financial Planning Technical Guide Securitor Financial Group Limited ABN 48 009 189 495 AFSL 240687 Contents Introduction 1 General insurance 1 Private health insurance

More information

Self Managed Superannuation Funds

Self Managed Superannuation Funds Self Managed Superannuation Funds You have as much choice and control over an investment property using your superannuation funds as you would by investing personally Self Managed Superannuation Funds

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

2015 PERSONAL INCOME TAX WORKSHEET

2015 PERSONAL INCOME TAX WORKSHEET 2015 PERSONAL INCOME TAX WORKSHEET TAXPAYER DETAILS Title Tax File Number Surname of Birth First Name Best Contact Number ( ) Other Name/s Or Mobile Telephone Occupation (not Title) Residential Address

More information

Lump Sum My Retirement

Lump Sum My Retirement Lump Sum My Retirement General advice warning The schemes administered by Super SA are exempt public sector schemes and therefore we are not required to hold an Australian Financial Services licence to

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

Is your business your retirement plan? Timothy Fredericks

Is your business your retirement plan? Timothy Fredericks Is your business your retirement plan? Timothy Fredericks Important information The information contained in this presentation is intended to provide a brief outline of legislation applicable to superannuation

More information

Self Managed Super Funds

Self Managed Super Funds Self Managed Super Funds www.powersmsf.com.au BRISBANE 10/ 8 Metroplex Ave Murarrie QLD 4172 PO Box 518 Cannon Hill QLD 4170 P 07 3906 2888 F 07 3906 2889 BILOELA 54 Callide Street Biloela QLD 4715 PO

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

The 10% test strategies, tips and traps!

The 10% test strategies, tips and traps! The 10% test strategies, tips and traps! Overview Making personal superannuation contributions continues to be a tax effective way for some individuals to save for their retirement. In order to benefit,

More information

THE TAX INSTITUTE. Tax Rates Table 2013-14

THE TAX INSTITUTE. Tax Rates Table 2013-14 THE TAX INSTITUTE Tax Rates Table 2013-14 taxinstitute.com.au Individual income tax rates Residents 2012-13 2013-14 Taxable income Marginal rate Tax on this income $0 $18,200 Nil Nil $18,201 $37,000 19%

More information

How Can You Reduce Your Taxes?

How Can You Reduce Your Taxes? RON GRAHAM AND ASSOCIATES LTD. 10585 111 Street NW, Edmonton, Alberta, T5M 0L7 Telephone (780) 429-6775 Facsimile (780) 424-0004 Email rgraham@rgafinancial.com How Can You Reduce Your Taxes? Tax Brackets.

More information

Income Tax Return Checklist Please attach all relevant documents (e.g. Payment summary, etc.)

Income Tax Return Checklist Please attach all relevant documents (e.g. Payment summary, etc.) Income Tax Return Checklist Please attach all relevant documents (e.g. Payment summary, etc.) YEAR ENDED: 30 June 227 Hutt Street, Adelaide SA 5000 Telephone 08 8272 6833 Facsimile 08 8227 2608 www.efcgroup.com.au

More information

2015 General Return Preparation

2015 General Return Preparation Client name ABN Tax File Date of Birth Mobile Telephone Email Spouse s name Address Occupation Change in Marital Status / Referral Source Bank Account Details for EFT BSB OR Trust Account? A/C / Account

More information

SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES

SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES Superannuation Introducing Salary Packaging Salary packaging has been made available to all staff of the University through the Enterprise Agreement process.

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

SMSF strategy paper TB 95. Summary. In-specie transfers. Contents SMSF STRATEGY

SMSF strategy paper TB 95. Summary. In-specie transfers. Contents SMSF STRATEGY TB 95 SMSF strategy paper Issued on 26 September 2012. Summary Self managed superannuation funds (SMSFs) have enjoyed a rapid rise in popularity in recent years. Much of the excitement can be attributed

More information

Chart of Accounts - Sole Trader

Chart of Accounts - Sole Trader Chart of Accounts - Sole Trader The basic road map into any accounting system is the chart of accounts. It is this chart that helps establish the information that will be captured by your accounting system,

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

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

Tax and your CSS benefit

Tax and your CSS benefit CSF27 04/12 Tax and your CSS benefit Who should read this? All contributing CSS members. What is in this fact sheet? > > What should I know up front? > > My benefits in the CSS > > How are contributions

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

Smart strategies for maximising retirement income 2012/13

Smart strategies for maximising retirement income 2012/13 Smart strategies for maximising retirement income 2012/13 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

More information

ESS BIZTOOLS Small Business Advisors Services Package

ESS BIZTOOLS Small Business Advisors Services Package ESS BIZTOOLS Small Business Advisors Services Package This is the material to be included in the Small Business Advisors Services Package. Sections and Papers Section Paper No 001 Beginning in Business

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

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

SMSF Audit Self Managed Super Funds

SMSF Audit Self Managed Super Funds SMSF Audit Self Managed Super Funds Control Why set up a Self Managed Super Fund (SMSF)? SMSF assets are totally under the control of the Trustees. The Trustees are responsible for taking all decisions

More information

What Is A "Self-Managed Superannuation Fund"? Introduction. What is a SMSF?

What Is A Self-Managed Superannuation Fund? Introduction. What is a SMSF? What Is A "Self-Managed Superannuation Fund"? Introduction This memorandum explains what self-managed superannuation funds are, how they are regulated, what laws apply, who sets them up and what their

More information

2015 Personal Tax Return Instructions

2015 Personal Tax Return Instructions Page 1 of 6 2015 Personal Tax Return Instructions Your Last Name Your Given Names Postal Address Residential Address (if different to postal address) Your Occupation Work Phone No Mobile Phone No Home

More information

Individual Income Tax Return Checklist

Individual Income Tax Return Checklist Individual Income Tax Return Checklist Income PAYG Summary Statement Deductions Motor Vehicle & Travel Expenses Appendix A Lump Sum Payments Receipts of work related expenses (eg. Employment Termination

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

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

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