140 Greenhill Road, Unley South Australia 5061 // T: // F: // E: Tax Planning 2014/15

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "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"

Transcription

1 140 Greenhill Road, Unley South Australia 5061 // T: // F: // E: Tax Planning 2014/15 30 June 2014 Trust Distributiion Resolutions Tax Rates and Impact on Rate Changes PAYG Income Tax Instalments Small Business Asset Write Off Australian Residency Annual PAYG Withholding Reports Record Keeping Private Health Insurance Superannuation Mortgage Broker Services Kennedy & Co Foundation Update TAX PLANNING 2014/15 It s that time of the year once again as we close in on another end of financial year. This tax planning newsletter will highlight areas to concentrate on leading up to 30 June 2014 including superannuation contributions, discussions regarding the deferring of taxable income and accelerating deductions in light of the proposed budget deficit tax levy and other tax planning measures. We also take a look at record keeping requirements and in addition, the important area of Trust distribution minutes and the actions required before year end. Please do not hesitate to contact any of the directors or staff at Kennedy & Co so we can discuss your individual needs and make the tax season a lot less stressful for you. We hope you all have a successful end to the financial year. 30 JUNE 2014 TRUST DISTRIBUTION RESOLUTIONS All trustees of discretionary trusts who elect beneficiaries to be entitled to trust income by way of a resolution must do so by the end of the income year (being 30 June). This resolution will determine who is assessed on the trust s distributable income for income tax purposes. Trustees need to review their 2013/14 expected distributable income and determine which beneficiaries will be receiving a distribution from the trust and what portion of the trust s income each beneficiary will be presently entitled to by 30 June It is important to note that the tax free threshold for minors (including offsets) is only $416 so there is limited scope to include minors in distributions. The risks of including a minor in your trust distribution may outweigh the tax savings. Please contact Kennedy & Co should this be relevant to your circumstances.

2 TAX RATES Individuals As reported in our budget newsletter individual tax rates will remain unchanged for the year ending 30 June 2015 however a budget deficit levy of 2% will be added. Coupled with the increase in Medicare levy to cover the National Disability Insurance Scheme the top marginal tax rate will now be 49% as opposed to 46.5% for Companies As reported in our budget newsletter the corporate tax rate will reduce from 30% to 28.5% from 1 July 2014 for all companies with a taxable income of less than $5m. Companies with taxable income over $5m may pay an additional 1.5% on income over $5m, depending on whether the Paid Parental Leave Levy is passed, as it would only be introduced to fund this measure. FBT As reported in our budget newsletter, the FBT rate will increase from 47% to 49% from 1 April 2015, which is in line with the increase to the top marginal rate. Strategies for reducing your taxable income include: Consider postponing invoicing until after 30 June. Please note that the ATO will generally require you to pay tax on income that you have either received or become entitled to due to the completion of work; Capital Gains are determined by the date on which a contract is entered into. If you are considering selling shares or property you may wish to delay signing the contract until the new financial year; If you have a capital gain, it is worth considering realising the loss position on any capital assets. Maximise your deductions - this may include: A review of debtors and writing off any that are not recoverable; Making superannuation contributions, if you are under contributions limits and eligible to claim a deduction (see our section on superannuation); Review inventory and asset schedules for disposals, obsolete items and broken items; and Pay professional fees or other employment or business related deductions prior to 30 June. It is important to consider there may be reasons why you would not want to reduce your taxable income this year, but instead have the reduction in the following tax year. These may include having had low levels of income this year and therefore low or no tax will be applicable for the year and also the impact of the change in company tax rate (see below). 2 // KEN*NOTES // TAX PLANNING

3 IMPACT ON TAX RATE CHANGES Companies For companies, the decrease in the company tax rate can result if potential tax savings by deferring company income from the current financial year to the year ending 30 June 2016 financial year. For every $1,000 of income deferred to the 2015/16 financial year, the tax savings would be $15. The tax saving may ultimately be recovered at a shareholder level when a dividend is paid as there has been no corresponding decrease to the individual rates. Individuals The increase of the Temporary Budget Deficit Levy will see taxpayers in the top marginal bracket temporarily paying 49% as opposed to 46.5%. It may be prudent to consider not deferring income to the year ending 30 June 2015 and instead collecting it in this financial year to save the additional 2.5%. Tax planning may be beneficial in deferring income past the planned 3 year debt levy proposed timeframe. However the time value of money to the deferral of the income and the early payment of tax should be considered, as this exercise may eliminate any potential tax savings. Salary sacrifice It may also be prudent for taxpayers on the top marginal rate to consider salary sacrificing whilst the FBT rate is only 47%. The FBT rate increased to 49% from 1 April 2015 and the tax rate from 1 July 2014 giving nine month differential tax treatment. Please contact our office should you wish to discuss this further. Dividends The change in company tax rate will impact on the franking credits available to individuals when they receive a dividend. As such, there are potential tax savings in bringing forward the declaration and subsequent payment of dividends to shareholders. Set out below is an example of how paying an additional dividend in the 2013/14 financial year can save tax compared to if the same dividend was paid in the 2014/15 financial year: 2013/ / /16 Dividend 70,000 70,000 71,500 Franking Credit 30,000 30,000 28,500 Taxable Income $100,000 $100,000 $100,000 Catch Up Tax 16,500 19,000 20,500 Net Cash position for Individual $53,500 $51,000 $51,000 It is important to consider the time value of money and the impact on your PAYG instalments in any decision to bring forward tax liabilities and deferring income. PAYG INCOME TAX INSTALMENTS If you make PAYG Instalments using the instalment amount method (as opposed to the rate method) you may have a substantial PAYG Instalment for the quarter ending 30 June 2014 which is due for payment on 28 July This can be caused by an increase in your income tax payable for the year ended 30 June 2013 compared to the year ended 30 June You may vary the amount of the PAYG instalment if you believe the instalments will be too high and will exceed your tax liability at the end of the year. Please contact any of the directors or staff at Kennedy & Co should you wish to discuss this further. 3 // KEN*NOTES // TAX PLANNING

4 SMALL BUSINESS IMMEDIATE ASSET WRITE OFF OF LOW VALUE ASSETS For the year ended 30 June 2013, small business could: immediately write off most depreciating assets costing less than $6,500 each; and claim an accelerated initial deduction for motor vehicles. At the moment there is uncertainty around what value small business will be able to claim an immediate write off for assets being purchased after 1 January The government has announced its intention to reduce the instant asset write-off threshold to $1,000 and remove the special depreciation rules for motor vehicles from 1 January 2014, but was unable to pass this legislation through the senate in March There was no update regarding the draft taxation legislation in the recent budget Under the proposed changes, depreciating assets that are first used or installed ready for use prior to 1 January 2014 would be subject to the $6,500 threshold. The $1,000 threshold would then apply to assets that are first used or installed ready for use from 1 January Depreciating assets costing $1,000 or more would be allocated to the small business entity's general small business pool and depreciated at a rate of 15% in the income year in which they are first used or installed ready for use, and then depreciated as part of that pool at an ongoing rate of 30% in later income years. Under the existing law, a small business entity can claim a special deduction for a motor vehicle in the income year in which the vehicle was first used or installed ready for use. That deduction is equal to the taxable purpose proportion of the first $5,000 value of the motor vehicle plus 15% of any additional value. The remaining value of the motor vehicle is then allocated to the small business entity's general small business pool and depreciated as part of that pool at an ongoing rate of 30% in later income years. Prior to 1 January 2014, these rules would only apply where the motor vehicle cost $6,500 or more (as motor vehicles that cost less than $6,500 would be written-off under the general instant asset write-off rule). It is proposed these concessions also be removed from 1 January The question remains whether the instant asset write-off and motor vehicle rule changes will still apply from 1 January 2014, if it happens to be passed by the incoming Senate sometime after 1 July The conservative approach is to assume the legislation will be passed and the immediate deduction for assets from 1 January 2014 will be limited to $1,000. If you are planning on acquiring a low value asset in the coming months it might be worth considering acquiring it before 30 June 2014 to take advantage of the 15% depreciation in this financial year and potentially be eligible to claim the whole amount outright if the legislation is not backdated. 4 // KEN*NOTES // TAX PLANNING

5 AUSTRALIAN RESIDENCY There has been several recent tax law cases regarding Australian tax residency status where individuals who thought they were non-resident individuals have been found to be Australian residents for tax purposes. Your residency status can have a significant effect on your taxable position and as such it is of high importance that your personal situation is considered and reassessed each year. The ATO generally considers you an Australian Resident for tax purposes if you have always lived in Australia, have lived in Australia for more than half of the income year in question or if you are an overseas student enrolled in a course with a longer than 6 month duration. In addition, for past Australian residents moving overseas residency status requires careful consideration. Simply being outside of Australia for 6 months does not in itself make you a non resident and several other tests need to be applied. In light of these cases it may be prudent to review your Australian tax residency status. Please contact any of the directors or staff at Kennedy & Co if you would like to discuss this matter further. ANNUAL PAYG WITHHOLDING REPORTS In the past annual PAYG reports have been lodged by Employers either by using CD s, disks or flash drives. The ATO now requires information reports to be lodged online for the year ending 30 June You will be able to use your existing AUSkey when lodging your annual reports online by: 1. lodging directly from your accounting or payroll software if it is Standard Business Reporting (SBR) enabled.; or 2. Using the file transfer facility on the ATO business portal. If you do not have an Auskey please contact our office to discuss alternate lodgment options. You will need to provide payment summaries to your employees by 14 July 2014.and send your payment summary annual report to the ATO by 14 August Please note most book keeping software packages require you to start a new payroll year before you run the first payroll of the new year. You will be required to update the new tax tables onto your payroll system before processing this first pay run. If you require any assistance with the lodgment of your PAYG reports please contact Kennedy & Co. RECORD KEEPING ESSENTIALS PRIOR TO 30 JUNE 2014 Now is the perfect time to start your motor vehicle logbook prior to 30 June 2014; If you use the logbook method for your vehicle please remember to record your vehicles closing kilometers at 30 June 2014; If you use a home office please start a diary of your home office usage prior to 30 June 2014 to enable us to claim a cents per hour deduction; Reminder you must keep your records for five years from the date you lodge your tax return; If you have any queries about substantiation or record keeping requirements please do not hesitate to contact any of the directors or staff at Kennedy & Co. 5 // KEN*NOTES // TAX PLANNING

6 PRIVATE HEALTH INSURANCE UPDATE Private health insurance continues to evolve and further complicate tax planning. To assist you with understanding all the consequences and highlight potential tax planning matters, we have summarised key components for the 2014 financial year. 2013/2014 Rebate Thresholds Since 1 April 2014 the private health insurance rebate is income tested and the rebate will be progressively reduced as your income level increases. Set out below is a table detailing the thresholds and rebate amounts: Singles Families <$88,000 <$176,000 $88, ,000 $176, ,000 $102, ,000 $204, ,000 >$136,001 >$272,001 Rebate Standard Tier 1 Tier 2 Tier 3 <Age % 19.36% 9.68% 0% Age % 24.20% 14.52% 0% Age % 29.04% 19.36% 0% If your income is above $88,001 (Single) or $176,001 (families) your private health insurance rebate will start to be reduced according to the above table. Please note the rebate receivable is adjusted based on the oldest person covered by private health cover policy. Potential benefit of prepaying your premium if your income will exceed the family limit next year but not this year It may be beneficial to pre pay your 2013/2014 private health insurance premium before 30 June 2014 to allow you to access the applicable government rebate if in the 2015 financial year, your taxable income will exceed a higher threshold. Private health cover to avoid Medicare Levy Surcharge If you and your dependants do not have an appropriate level of private health cover for the full year and your income is more than the relevant income threshold, a higher rate of Medicare Levy Surcharge may apply. The surcharge is calculated at the rate of 1% to 1.5% of your taxable income and is in addition to the Medicare Levy of 1.5% which is paid by most taxpayers. To avoid the Medicare Levy Surcharge for incomes over $88,001 (single) or $176,001 (Family), it may be beneficial to obtain private health insurance. Private health cover to stop lifetime limit increases. It may be beneficial to obtain private health insurance before 1 July if you are turning 31 years of age. You will be levied an additional 2% loading on top of your premium per year for every year you are aged over 30 and do not have private hospital cover. The maximum loading that can be applied is limited to 70% of your premium. To avoid paying the additional loading, taxpayers must ensure that they hold an appropriate level of private hospital cover. Should you have any queries with regards to private health insurance please do not hesitate to contact any of the directors or staff at Kennedy & Co. 6 // KEN*NOTES // TAX PLANNING

7 SUPERANNUATION SUPER GUARANTEE INCREASE Super Guarantee Increase The super guarantee rate has now increased to 9.5% effective from 1 July 2014 and will keep increasing at 0.5% per annum until it reaches 12% as set out in the table below: Year Commencing Current Rate Proposed Rate 1 July % 9.25% 1 July % 9.50% 1 July % 9.50% We note that the federal government currently plans to freeze the rate at 9.50% for four years before resuming a 0.5% increase per year until it reaches 12%. SUPER CONTRIBUTIONS LIMITS Superannuation Contribution Limits For your information we have detailed in the below table the superannuation contribution thresholds for the years ending 30 June 2014 and 30 June Should you be unsure of what your limits are or wish to discuss strategies for maximising your superannuation contributions please do not hesitate to contact our office. Age Group Year Ending 30 June 2014 Concessional Contributions Non-Concessional Contributions Bring Forward Maximum 49 and Under $25,000 $150,000 $450, to 59 $25,000 $150,000 $450, to 64 $35,000 $150,000 $450, to 74 $35,000^ $150,000^ $0 Over 75 $35,000* Age Group Year Ending 30 June 2015 Concessional Contributions Non-Concessional Contributions Bring Forward Maximum 49 and Under $30,000 $180,000 $540, to 59 $35,000 $180,000 $540, to 64 $35,000 $180,000 $540, to 74 $35,000^ $180,000^ $0 Over 75 $35,000* *Once aged 75 or over the only contributions able to be accepted by a superannuation fund are employer mandated superannuation guarantee amounts. ^ When aged between 65 and 74 you must meet the work test in order to make any contribution. The work test requires that you are gainfully employed, that is, you must work for at least 40 hours during a consecutive 30-day period in the financial year. We note that unpaid work does not constitute being gainfully employed. 7 // KEN*NOTES // TAX PLANNING

8 SUPERANNUATION IS TRANSITION TO RETIREMENT AN OPTION TO CONSIDER? Is Transition to retirement an option to consider? For individuals who are currently between 55 and 60 years of age there exists the opportunity to begin a TRAP. A TRAP is generally where a member begins a pension while still working and contributes an additional amount of their earnings to superannuation such that their take home pay remains the same but their overall tax liability may be reduced. It is also designed to assist those scaling back working hours and to supplement their salaries. A tax saving may be generated because once a member account within the superannuation fund is switched from accumulation mode to pension mode there is no income tax payable on the earnings of the superannuation fund. However, bear in mind those members who are under 60 a proportion of the amount that you withdraw as a pension will be taxable individually. As everybody s circumstances are different and the tax savings (if any) will vary depending on a wide range of factors (such as the members balance, the makeup of that balance, your personal income tax rate etc.) we would recommend, should you wish to investigate the possibility of commencing a TRAP, that you contact any of the directors or staff at Kennedy & Co to discuss it further. MORTGAGE BROKING SERVICES When was the last time you reviewed your loans? With the end of the financial year just around the corner there is no better time to get your loans in order. Do you have residential or investment loans? If the answers is yes, then now is the perfect time to be reviewing them. Please contact Kennedy & Co now to make an appointment with our Mortgage Broker, Esteban Mesa. The consultation is complimentary and you may be missing out on savings! JARGON BOX MAKING SENSE OF YOUR ABC S IN BUSINESS ATO Australian Taxation Office CGT Capital Gains Tax FBT Fringe Benefit Tax PAYG Pay As You Go TRAP Transition to Retirement Pension 8 // KEN*NOTES // TAX PLANNING

9 140 Greenhill Road, Unley South Australia 5061 T: // F: // E: KENNEDY & CO FOUNDATION UPDATE What an incredibly busy year the Kennedy & Co Foundation has had! I take this opportunity to thank all our clients, associates and supporters as we enter our fourth year of supporting families and making a difference to the community. In the past 12 months we have raised over $16,900 and donated more than $21,000 to organisations with a family focus. We also continue to provide pro bono accounting and auditing services to many Not for Profit organisations. In November 2013 we were delighted to host a special evening with renowned Artist Emma hack at her pop up gallery on King William Road. An intimate gathering was treated to Emma's amazing story and details behind her incredible art work. Emma generously donated 50% of the proceeds from sales that evening and we raised over $7,500. We thank Emma for generously donating her time and sharing with us her story. These funds were put towards Grant Applications we call for annually. In lieu of sending traditional Christmas Cards in 2013, our Foundation directed a $1,000 donation to KickStart for Kids to go towards their breakfast and lunch programs. During the past year we have also provided support the Hutt Street Centre, the Australian Paralympic Committee, the Australian Melanoma Research Foundation and the Peter Couche Foundation. We are delighted to announce that the Foundation has also established a partnership with the Childhood Cancer Association for the next two years. Kennedy & Co will be involved with providing accounting and consulting services and the Foundation will provide financial support, to be directed to the Super Important Brothers and Sisters (SIBS) program. In addition to this partnership we are also delighted to be supporting Families- 4Families, a Not For Profit organisation that was established by people with Acquired Brain Injury and their families and supporters. As with the Childhood Cancer Association, Kennedy & Co will provide assistance through accounting and audit services. In addition, Tara Adams of Kennedy & Co will join the Advisory Committee on a voluntary basis. As the end of the financial year approaches, if you are considering making a tax deductible donation, we welcome your donation to assist us with our endeavours to support families and give back to the community. Any donation above $2 will be tax deductible and we will provide you with the necessary receipt for income tax deduction purposes. If you would like any further details about our Foundation please do not hesitate to call me. Again, I thank all who have supported the Kennedy & Co Foundation. Without your support we would not be able to provide assistance, financially or otherwise to such important organisations. Antoinette Tatarelli CA Chairperson Kennedy & Co Foundation PLEASE NOTE This newsletter is for the general information and exclusive benefit of clients and associates of Kennedy & Co. It contains brief comments not intended to be the basis for decision making nor to be taken as a substitute for specific advice. Please contact Kennedy & Co to discuss any matters that may be relevant to your individual situation. 9 // KEN*NOTES // TAX PLANNING All Rights Reserved. E&OE Kennedy & Co 2014

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

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

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

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

Superannuation What you can do before & after 30 June 2014. SuperStream

Superannuation What you can do before & after 30 June 2014. SuperStream NEWS Winter 2014 P (03) 9585 1988 F (03) 9585 1437 E info@griffithsacc.com W griffithsacc.com Page 2 Federal Budget Emerging tax & superannuation issues Page 3 Superannuation What you can do before & after

More information

CORPORATE NEWSLETTER

CORPORATE NEWSLETTER CORPORATE NEWSLETTER Summer 2014 Page 2 Corporate Newsletter - Summer 2014 CORPORATE NEWSLETTER - SUMMER 2014 Dear Reader, Welcome to our quarterly newsletter which will provide updates and reminders of

More information

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

140 Greenhill Road, Unley South Australia 5061 // T: +61 8 8373 5588 // F: +61 8 8373 5933 // E: kennedy@kennedy.com.au. 140 Greenhill Road, Unley South Australia 5061 // T: +61 8 8373 5588 // F: +61 8 8373 5933 // E: kennedy@kennedy.com.au Autumn 2014 Top Ten Tax Tips Are Your CGT Records Up to Date? Finding and Claiming

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

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

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

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

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

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

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

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

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

More information

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

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

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

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

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

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

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

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

More information

Understanding tax Version 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

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

April 2015 IN THIS ISSUE

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

More information

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

April update focusses on matters affecting individuals

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

More information

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

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

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

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

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

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

Smart End of Financial Year Strategies

Smart End of Financial Year Strategies Level 7,34 Charles St Parramatta Parramatt NSW 2150 PO Box 103 Parramatta NSW 2124 Phone: 02 9687 1966 Fax: 02 9635 3564 Web: www.carnegie.com.au Build Guide Protect Manage Wealth Smart End of Financial

More information

WOODSIDE PETROLEUM LTD. EMPLOYEE SHARE PLAN OFFER

WOODSIDE PETROLEUM LTD. EMPLOYEE SHARE PLAN OFFER WOODSIDE PETROLEUM LTD. EMPLOYEE SHARE PLAN OFFER Guidance Notes Offer period 1 July 2008 to 30 June 2009 These guidance notes are for information only and in the event of any conflict between this document

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

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

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

General reference guide

General reference guide General reference guide (TPS.01) Issued: 1 July 2015 The Portfolio Service Super Essentials The Portfolio Service Superannuation Plan The Portfolio Service Retirement Income Plan This guide contains important

More information

FEDERAL BUDGET 2009 SUMMARY

FEDERAL BUDGET 2009 SUMMARY FEDERAL BUDGET 2009 SUMMARY 13 May 2009 As widely expected, last nightʼs Federal Budget contained a number of proposals that will affect clients. Importantly, the proposals will require passage of legislation

More information

AustChoice Super general reference guide (ACH.02)

AustChoice Super general reference guide (ACH.02) AustChoice Super general reference guide (ACH.02) Issued: 28 May 2015 This guide contains important information not included in the AustChoice Super PDS. We recommend you read this entire guide. The information

More information

The Benefits of Simplified Superannuation Reform

The Benefits of Simplified Superannuation Reform The Benefits of Simplified Superannuation Reform Prafula Fernandez School of Business Law Curtin University of Technology Abstract This paper considers the recent Superannuation tax reforms in the Tax

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

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

2013-14 Tax and superannuation planning checklist

2013-14 Tax and superannuation planning checklist 2013-14 Tax and superannuation planning checklist The tax year is almost over so it s time for taxpayers and tax practitioners to consider year-end tax planning. This checklist outlines some salient year-end

More information

Contributions are taxed differently depending on whether you are making contributions to a taxed or untaxed fund.

Contributions are taxed differently depending on whether you are making contributions to a taxed or untaxed fund. Tax and super Issue Date: 1 July 2015 SUP E R ANNUATION The information in this document forms part of the Product Information Booklets for GESB Super and West State Super, each dated 1 July 2015. You

More information

Making the Most of Your Super

Making the Most of Your Super Making the Most of Your Super For many people, super is one of the best ways to accumulate wealth. The Government provides tax benefits to encourage people to fund their own retirement. With more Australians

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

FEDERAL BUDGET 2014 Member factsheet

FEDERAL BUDGET 2014 Member factsheet FEDERAL BUDGET 2014 Member factsheet KEY HIGHLIGHTS - Introduction of Temporary Budget Repair Levy - Refund of excess non-concessional contributions without penalty - Age pension age increasing to age

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

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

4.1 General 4.2 Draft taxation determination TD2004/D1

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

More information

SMSF Facts Sheet. July 2015

SMSF Facts Sheet. July 2015 SMSF Facts Sheet July 2015 Key Superannuation Rates and Thresholds - 2015/16 Contributions The tables below contain the amounts of concessional and non-concessional contributions you may make to your superannuation

More information

2014/15 Budget. 1. Changes effective 1 July 2013 (i.e., 2013/14 income year)

2014/15 Budget. 1. Changes effective 1 July 2013 (i.e., 2013/14 income year) 2014/15 Budget 1. Changes effective 1 July 2013 (i.e., 2013/14 income year) 1.1 Medicare levy low income thresholds For 2013/14, the Medicare Levy low income thresholds will be as follows: Individuals

More information

Additional Information Booklet

Additional Information Booklet SuperWrap Additional Information Booklet Dated 20 November 2015 This Additional Information Booklet ( Booklet ) has been prepared by the issuer of SuperWrap: BT Funds Management Limited ABN 63 002 916

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 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

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

NEWSLETTER MAY 2014 2 0 1 4 T A X P L A N N I N G 2 0 1 4 F E D E R A L B U D G E T U P D A T E. www.mgh.com.au 1

NEWSLETTER MAY 2014 2 0 1 4 T A X P L A N N I N G 2 0 1 4 F E D E R A L B U D G E T U P D A T E. www.mgh.com.au 1 NEWSLETTER MAY 2014 2 0 1 4 T A X P L A N N I N G The end of the financial year is fast approaching. We encourage you to make an appointment with our office so we can formulate personalised tax strategies

More information

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

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

More information

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

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

1 P a g e. Federal Budget

1 P a g e. Federal Budget Personal Info Saved Articles Refer Colleague Our Firm Our Expertise International Connections Resources Contact Us Here are your Articles for June 6, 2014. Partners' Message With the end of financial year

More information

2014 FEDERAL BUDGET SUMMARY

2014 FEDERAL BUDGET SUMMARY 2014 FEDERAL BUDGET SUMMARY Corner Lime & Cuthbert Streets King Street Wharf Sydney NSW Phone: (02) 9249 7600 email@bellpartners.com www.bellpartners.com CEO Message The words promise and commitment have

More information

Contents. Introduction. Introduction 1. Top five Budget proposals 2. Taxation 7. Social security and aged care 10.

Contents. Introduction. Introduction 1. Top five Budget proposals 2. Taxation 7. Social security and aged care 10. Contents Introduction 1 Top five Budget proposals 2 Taxation 7 Social security and aged care 10 Other measures 15 Introduction After weeks of speculation, the Federal Treasurer Joe Hockey handed down the

More information

Superannuation. A Financial Planning Technical Guide

Superannuation. A Financial Planning Technical Guide Superannuation A Financial Planning Technical Guide 2 Superannuation Contents Superannuation overview 4 Superannuation contributions 4 Superannuation taxation 7 Preservation 9 Beneficiary nomination 9

More information

A Financial Planning Technical Guide

A Financial Planning Technical Guide Self Managed Superannuation Funds A Financial Planning Technical Guide Securitor Financial Group Limited ABN 48 009 189 495 AFSL 240687 Contents What is a self managed superannuation fund (SMSF)? 1 What

More information

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

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

More information

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

Self managed superannuation funds. A Financial Planning Technical Guide

Self managed superannuation funds. A Financial Planning Technical Guide Self managed superannuation funds A Financial Planning Technical Guide 2 Self managed superannuation funds What is a self managed 4 superannuation fund (SMSF)? What are the benefits? 4 What are the risks?

More information

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

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

More information

How super is taxed. About this document. Tax on concessional contributions. Concessional contribution tax rates from 1 July 2015:

How super is taxed. About this document. Tax on concessional contributions. Concessional contribution tax rates from 1 July 2015: How super is taxed Date of issue: 1 July 2015 mtaasuper.com.audate Phone: 1300December 362 415 2014 Fax: 1300 365 142 of issue: The information in this document forms part of the Product Disclosure Statement

More information

FEDERAL BUDGET 2009 UPDATE BRIEF SUMMARY

FEDERAL BUDGET 2009 UPDATE BRIEF SUMMARY Wealth Management Federal Budget 2009 FEDERAL BUDGET 2009 UPDATE BRIEF SUMMARY The Government has delivered what it says is one of the most difficult Budgets since the great depression, with many winners

More information

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

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

More information

Product Disclosure Statement

Product Disclosure Statement AMP Retirement Savings Account Product Disclosure Statement Contents 1. About AMP Retirement Savings Account 2. How super works 3. Benefits of investing with AMP Retirement Savings Account 4. Risks of

More information

2014 Federal Budget Analysis

2014 Federal Budget Analysis For adviser use only. Not for public distribution. 2014 Federal Budget Analysis In one of the more highly anticipated Federal Budgets, the Government announced major changes that should be discussed with

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

Taxation measures. Medicare low income thresholds. Changes to tax rates for non-residents. Changes to the net medical expenses tax offset

Taxation measures. Medicare low income thresholds. Changes to tax rates for non-residents. Changes to the net medical expenses tax offset 2012-2013 Federal Budget Report May 2012 This year s Federal Budget was returned to surplus while ensuring families and small business share in the benefits of the resource boom. Cor sae por restiam adis

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

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

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

MLC MasterKey Super & Pension Fundamentals MLC MasterKey Super & Pension How to Guide

MLC MasterKey Super & Pension Fundamentals MLC MasterKey Super & Pension How to Guide MLC MasterKey Super & Pension Fundamentals MLC MasterKey Super & Pension How to Guide Preparation date 1 July 2015 Issued by The Trustee, MLC Nominees Pty Limited (MLC) ABN 93 002 814 959 AFSL 230702 The

More information

Individual Tax Return Checklist 2015

Individual Tax Return Checklist 2015 Individual Tax Return Checklist 2015 This checklist has been prepared by Rose Guerin Chartered Accountants to assist clients to prepare for their 2015 individual tax return. Personal Details Client One

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

Understanding superannuation Version 5.0

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

More information

State Super retirement FuND

State Super retirement FuND State Super retirement FuND Additional Information Booklet Date of Issue 20 January 2015 State Super Financial Services Australia Limited ABN 86 003 742 756 Australian Financial Services Licence No. 238430

More information

How super works. MySuper. Member Booklet Supplement. 1 July 2015

How super works. MySuper. Member Booklet Supplement. 1 July 2015 Member Booklet Supplement How super works July 205 The information in this document forms part of the First State Super Member Booklets (Product Disclosure Statements) for: Employer Sponsored members dated

More information

Tax Strategies: What you need to know before June 30

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

More information

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

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

SUMMARY OF RATES AND THRESHOLDS 2015/16

SUMMARY OF RATES AND THRESHOLDS 2015/16 SUMMARY OF RATES AND THRESHOLDS 2015/16 CONTENTS Superannuation rates and thresholds Concessional contributions Non-concessional contributions Capital Gains Tax (CGT) cap amount Untaxed plan cap amount

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

represents 70 percent of the Federal Government

represents 70 percent of the Federal Government GENERAL TAX ISSUES Income tax represents approximately 70 percent of the total tax revenue of the Australian Federal Government Income tax represents approximately 70 percent of the total tax revenue of

More information

Reliance Super. Taxation Supplement. 14 March 2014. a membership category of Maritime Super

Reliance Super. Taxation Supplement. 14 March 2014. a membership category of Maritime Super Taxation Supplement 14 March 2014 Contents Tax on contributions 2 Tax on rollovers 3 Tax on investment earnings 3 Tax on super benefits 3 Spouse tax offset 7 Tax deductions for the self-employed 7 Low

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

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

ADVANCE RETIREMENT SAVINGS ACCOUNT Annual Report for year ended 30 June 2014. Issued by BT Funds Management Limited ABN 63 002 916 458 AFSL 233724

ADVANCE RETIREMENT SAVINGS ACCOUNT Annual Report for year ended 30 June 2014. Issued by BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 ADVANCE RETIREMENT SAVINGS ACCOUNT Annual Report for year ended 30 June 2014 Issued by BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 CONTENTS Introduction... 1 Recent developments in superannuation...

More information

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

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

More information

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