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Client Information Newsletter - Tax & Super - Dec 2012

Key Tax and Superannuation Changes in 2013

Several changes to tax and superannuation legislation have been put forward over the year, with many coming into effect at different dates over the 2013 calendar year. We run through the key changes to keep an eye on.

Planning for when you’re no longer around may be confronting, but so is the prospect of having your worldly possessions fall into the wrong hands or being taxed away simply because your affairs were not in order. Estate planning is not just a good idea; it’s essential.

Breaking up is hard to do, but it can be made all the more difficult when superannuation savings are involved. There are however some practical steps to ease the pain. Also on the topic of disputes, where SMSF trustees have a falling out, there are essential considerations to ensure the fund remains compliant.

Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact our office for personal advice.

Client Information Newsletter - Tax & Super - Nov 2012

Death Benefits: Tax Exemption win for Super Funds

In a win for SMSF members taking a pension from their fund, the government's Mid-year Economic and Fiscal Outlook review announced that the tax exemption on investment earnings that support a pension can continue to apply even after the death of a member.

With Christmas time fast approaching, planning for your end-of-year celebrations has probably started in earnest - but with your party plan, don't forget to factor in the fringe benefits tax implications.

We also examine the option of your SMSF owning your business premises. There can be several advantages in doing so, and not just the tax savings that can result. We also look at some new liabilities for company directors, the tax consequences of insolvency, how to boost retirement savings with some tactical planning, and a reminder about a GST exemption available when selling your business

Client Information Newsletter - Tax & Super - Oct 2012

Small Business CGT concessions explained

Small business plays a central role in Australia’s economic fortunes — so much so that the government has seen fit to give smaller enterprises a break on a range of tax considerations, including specific concessions for capital gains tax. Make sure you qualify — and if you do, make sure you don’t miss out.

Thousands of Australians head overseas each year to work, but there is often confusion about one’s residency status while doing so, and the tax implications that can arise. We run through the variables and clarify the issues.

There are self-managed superannuation funds (SMSFs), but another option for your retirement savings are small APRA funds (SAFs). We look at the differences, and the similarities, to see which one suits your circumstances. Also covered this month; the R&D Tax Incentive, the ATO’s small business compliance “hit list”, and how self-funded retirees can still get a concession card.

Client Information Newsletter - Tax & Super - Sept 2012

Tax and your Business's Website Cost

Having an online presence can be essential for many businesses, especially as nowadays most consumers hit the keyboard first when looking for services or supplies. But the proper tax treatment of the expenditure in setting up and then running a website require careful consideration.
With the SMSF annual tax return deadline looming (it’s October 31), we run over all the information and requirements generally expected from trustees. As well, there are some new obligations SMSF trustees will need to cover.

You may have heard of the Tax Office’s performance benchmarks, so it could be helpful to get to know how the Tax Office uses industry benchmarks - and how to stay under the benchmark radar. We run through the mechanics. There has also been a delay, again, of reform to the taxation of trusts income.

Client Information Newsletter - Tax & Super - Aug 2012

Tax Returns and the Taxman

More than 70% of individual taxpayers, and 95% of businesses, call on a tax professional to prepare their tax returns, making Australians among the world's highest users of tax agent services. But to get the most out of a tax professional - to help them help you - some basic records and documents are essential. We run through the information required that may help your tax agent put you in a better tax position, and also look at the areas we know the Tax Office will be paying close attention to this tax time.

Are you a resident or non-resident for tax purposes? It may seem like a simple conclusion to draw, but for the taxman the answer may not always be so clear-cut. We look at the differences, and the advantages and disadvantages of each tax status.

SMSF trustees will be aware that the fund's tax return deadline is on the horizon, and therefore the need to have a fund audit completed also looms large - an essential requisite to stay compliant, to which the Tax Office is maintaining vigilant attention. And did you know that under dire emergency, it is possible to access some of your superannuation savings; but strict rules apply.

Client Information Newsletter - Tax & Super - July 2012

Medical Expenses: What you can claim?

With bricks and mortar continuing to be the investment of choice for a great many Australians, we run through the claims you can and can't make for rental property this tax time. But if you are investing via an SMSF, borrowing for an investment must follow certain strict rules. We explain the regulations, which have recently been updated and clarified.

Another area of recent regulatory reform is the Living Away From Home Allowance, which now has both new rules and changed existing rules. We also look at the revised Net Medical Expenses Offset, and summarise all the post-July 1 tax and super changes to keep in mind for the 2012-13 income year.

Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact our office for personal advice.

Client Information Newsletter - Tax and Super - June 2012

New contractor tax reporting requirements

A Change to the reporting requirements for businesses in the building and construction sector is about to become a reality from June 1, 2012. The new 'Taxable Payments Report' will require operators to report on certain payments made to contractors. The Tax Office says data from the Taxable Payments Report will improve compliance and detect contractors who have either not lodged returns or not included all of their income.

Who is affected?

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