28 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.
Hi,
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
A 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
Audio 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.
The 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
In addition to what may change as a result of the current debate in parliament one line in Tuersday’s Treasury Press Release should be highlighted.
It indicates that not every “Working Australian” under $100,000 is going to get something.
“The bonus will be available to Australian resident taxpayers who paid tax in the 2007-08 financial year after taking into account available tax offsets and credits.”
So this seems to be saying that, for example, if you gave a large donation and claimed it as a tax deduction and as a result you didn’t have tax to pay you may miss out on the bonus.
Anyway, all will be revealed when the legislation is finalised and published.
Any questions please feel free to contact me on 02 9585 9585 or make comments below.
Regards,
Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Australian Registered Tax Agent
Superannuation
The Government announced that they propose to give away a free tax bonus to aprroximately 8.7 million Australians.
Are you one of them and what do you need to do to get your share.
This so not law yet so it may change.
Are You Eligible To Receive the Tax Bonus?
There is a description of who will receive the tax bonus at
http://www.treasurer.gov.au/DisplayDocs.aspx?doc=pressreleases/2009/010.htm&pageID=003&min=wms&Year=&DocType=
Some highlights
==
Working Australians who have a taxable income in their 2007/2008 income tax return and paid tax after taking into account tax offsets and credits.
Up to $80,000 – $950 tax bonus
above $80,000 to $90,000 – $650 tax bonus
above $90,000 to $100,000 – $300 tax bonus
What You Need To Do
- Lodge your 2007/2008 income tax reurn by 30 June 2009.
- Check that the bank account you provided last year (or postal address if no bank account given) is still current or if you have already lodged your incone tax return for 2007/2008 ensure that the bank details given (if any) or postal address are still current. This is the account the money is to be paid into or teh postal address the cheque wil be sent to.
- The payments are planned to start in April 2008. If you want the tax bonus to go to a different bank account or postal address so that you actually receive the tax bonus you need to call the ATO on 1300 686 636. If you have already lodged your tax return you need to change the details by mid March.
==
Single Income Family Bonus
Families who are eligible for Family Tax Payment Part B on 3 February 2009 will receive the Single Income Family Bonus.
Payments made automatically by Centrelink on March 11 2009.
If you claim the Family Tax Benefit part B a s a lump sum payment you should receive it after your 2009 income tax return is processed.
==
Back To School Bonus
Families who are eleigible for Family Tax Payment Part A on 3 February 2009 may receive $950 tax bonus for for each eligible child of school age (aged 4 to 18 on 3 February 2009).
===
If you have any questions etc please feel free to call me on 02 9585 9585
Regards,
Glenn Wallace
New System slashes 20 Hours bookkeeping to 20 minutes
http://www.thebusinessautomator.com
Regards,
A tax appeal last November resulted in a self managed super fund become non complying. The trustee decided that to appoint an auditor was too expensive and the few transactions didnt warrant keeping of accounting records. The ATO issued a notice deemingt the fund to be a non-complying superannuation fund. A possible consequence of ths is that the assets of the fund can be taxed at the maximum personal marginal tax rate.
No matter how small the fund or few transactions you still need to keep accurate accounting records and produce financial statements and have them audited.
Regards,
Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Australian Registered Tax Agent
Superannuation
It doesnt matter what tax strategies you have implemented or how you have structured your business, if you don’t have an effective and efficient way of recording all your expenses you will end up paying more tax than you need.
Alot of small business owners hate, and I mean really detest, having to look after the financial side of their business whether they do it themselves or not. This could be you.
However in order to ensure you are claming the maximum amount of tax deductions and therefore paying the lowest amount of tax you need to record them. You also need to record them in a way that is acceptable for the Tax Office.
Regards,
Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Australian Registered Tax Agent
Superannuation
The Australian Tax Office has warned of an email scam where people send emails that look like they are from the Tax Office.
The email talks about a tax refund and you need to enter your credit card details. The Tax Office never asks you for your credit card details.
If you have entered your credit card details as a result of replying to one of these emails you should report it to your credit card provider.
It appears that the United States IRS had this same problem back in 2005.
Regards,
Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Australian Registered Tax Agent
Superannuation
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