Super caps increased for 2014/15
The ATO has announced the following changes to the superannuation contributions caps. Concessional contributions cap These include: Employer contributions (including those under a salary sacrifice arrangement); and Personal contributions claimed as a tax...
2014 Tax Planning Strategies for Individuals & Families
Tax planning shouldn’t be left until the last few weeks and days of the financial year. Forward planning is the best way to ensure an optimal outcome. Below are some handy tax strategies for individuals and families that apply for the 2014 tax year. Maximise...
Third Party Reporting to the Australian Taxation Office
The Australian Taxation Office (ATO) now receives information from third parties, for each taxpayer, in relation to: Wage and salary data; Government welfare payments; Interest income; Dividend income; and Private health insurance details. Tax Compliance – Improving...
Ten 2014 Business & Wealth Strategies
With the 2014 year now in full swing we look at some important business and wealth strategies that business owners should implement to improve their overall financial health. Strategy 1 - Profit and loss & cash flow budgeting Business owners should...
Reducing Debtors’ Days Outstanding
In Dun & Bradstreet’s latest report on indebtedness to Australian businesses, it is indicated that the average debtors’ days outstanding in Australia is 54 days. This does not compare well with the normal trading terms of 30 days. This means that, for a business...
When Insurance should be held through Super
Most people understand the importance of personal insurances to protect their families. In some cases, insuring through a superannuation fund can maximise the effectiveness of your policies. Holding personal insurance cover through a superannuation fund has a...
Super Update from the ATO
Some SMSF statistics As at 30 September 2013, there were over 516,000 SMSFs holding around $531 billion in assets. Although SMSFs are nearing one million SMSF members (980,000), or 8% of the 11.6 million members of Australian super funds, they account for 31%...
Personal Property Securities Act – Creating systems to protect your assets
The biggest change the Personal Property Securities Act (PPSA) has introduced is that ‘title is no longer king’. If businesses fail to register their security interest, created under the PPSA legislation and if there’s an insolvency event of the business’ customer,...
What Services Can Accountants Offer?
As your Accountants, we are happy to supply you with a range of services beyond the traditional annual accounts and income tax service. The additional services can include: In-depth review of your monthly financial accounts. Preparation of budgets on an annual...
The ATO, TFNs and Australia Post
The ATO has announced that red tape affecting Tax File Number (TFN) applications has been removed thanks to a partnership between the ATO and Australia Post. TFN applications are now simpler and easier, as they can now be applied for online at...