Remember To Pay Super By 30 June
June 29th, 2010 adviceYou need to pay super into a super fund by 30 June in order to claim it as an expense this year.
Professional Advice for Business Owners, Entrepreneurs, Investors, Employees, Retirees.
Tax Planning 30 June 2010
June 5th, 2010 adviceHere are some simple steps to implement before 30 J une to reduce tax
Tax Refund Delays
April 30th, 2010 adviceSome people have been experiencing delays in gettingtheir refunds due to the backlog caused by The Tax Office updatingtheir computer systems earlier this year and everything didn’t go to plan.
Due Now – Employer Super Contributions
January 27th, 2010 advice28 Jan 10 is the last day to pay for an employer to pay the employees super guartntee obligations for the quarter ended 31 December 2009.
If an employer does not make the minimum superannuation guarantee contributions for quarter 2 by this date, they must pay the SGC and lodge a Superannuation guarantee charge statement – with the Tax Office by 28 February 2010.
The SGC is not tax deductible.
Pay The Tax Office Using Your Credit Card
September 29th, 2009 adviceHi,
The Australian Tax Office is trialling a system make payments using your credit card.
Looks like they are entering the 21st century .
This is also good for paying off your credit card, it buys you some time and also for earning extra points on your credit card.
The downside is that you have to use their interface which means you cant put in specific references for different payments. This ability may come later after the trial.
Read more about the trial here:
http://www.ato.gov.au/businesses/content.asp?doc=/content/33696.htm&page=3&pc=&mnu=43139&mfp=001/003&st=&cy
Regards,
Glenn Wallace
CPA
Chartered Accountant
Registered Tax Agent
Home Business Tax Tips
August 26th, 2009 adviceA question I often get asked is what tax deductions a home business can claim.
Yes you can claim a portion of your home expenses.
Youi can claim expenses that are directly related to your business such as electricity, heating, telephone and specific furniture and equipment, repairs, cleaning etc.
If you satisfy some tests you may also be able to claim some fixed home expenses like interest or rent and insurance and rates.
If you have any questions you may ask in the comment section below.
Regards,
Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Registered Tax Agent
Superannuation
Year End Tax Planning 2009 Save Money Now
June 24th, 2009 adviceAudio describing some major ways you can do some last minute tax savings.
http://businessadviser.com.au/TaxPlan/tsr.html
Why you should lodge your income tax return for the year ended 30 June 2008 by 30 June 2009.
Why superannuation is a great tax shelter
If you are over 50 what you should do today, after 30 June the benefit will reduce by half.
Looking at the new tax benefits of making child education expenses.
Some traps to avoid in regard to the New Investment Allowance (Small Business Tax Break)
And some other ways to minimise your tax.
First Home Owners Grant Fading Away
May 18th, 2009 adviceThe first home owners grant was to finish on 30 June 2009 but has been extended for six months to 31 December 2009.
Up until 30 September 2009 the grants are $14,000 for existing homes and $21,000 for new homes. For the last three months October, November and December 2009 the rate will be halved to $7,000 for existing homes and $10,500 for new homes.
If you aren’t eligible for the grant it will be interesting to see what the property prices will do if the grant is abolished as planned after December 2009.
Regards,
Glenn Wallace
Ph 612 9585 9585
2009 Year End Tax Planning Strategies
May 17th, 2009 adviceYou should be tax planning now for 30 June so that you can save money so that your children can have a great education or you can invest in super or splurge on that thing you have been longing for or whatever your particular desire is.
Two people can be in the exact same situation but one does something a little different and the tax savings made by that person can be significant.
There is no better time than now to work out what to do. The budget has been delivered so we know with fairly good certainty (assuming the legislation gets passed) what will be allowed and disallowed.
Essentially the strategey is to maximise deductions and rebates and minimise income.
I will be updating the blog with year end strategies and also holding seminars that you can ask questions.
To be kept up to date you can get the RSS feed or put your name and email address in the free resources and update box in the top left hand corner.
Regards,
Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Australian Registered Tax Agent
Superannuation
Budget Rumour Partly True
May 17th, 2009 adviceBefore the budget it was rumoured that the Transition to Retirement Income Streams would be axed.
In fact they werent axed and are still a valid form of investing for the future in a tax effective way.
The rumour was partly true in that the amount of tax benefit has been reduced if you wanted to contribute the maximum amount of super and claim a deduction.
If you are over 55 and working and not contributing extra money to super you are costing yourself money. If you are over 60 this strategy is almost mandatory.
Shortly I will be announcing some information seminars outlining what you should be doing before 30 June 2009 to legally keep the biggest amount of your money. If you would like to be notified put your name and email address in the free resources and updates boxes on the top left.
Regards,
Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Australian Registered Tax Agent
Superannuation
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