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Tax Checklist - 11 Essentials to your Tax Return



Tax Time! That's right it's that time of year again – when everyone books in their annual trip to the accountant to get tax returns done!
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2016 Federal Budget - Review


Last night the government announced the 2016 Federal Budget - like the Abbott-Hockey budget last year, there have been some big changes to the taxation system and to small business in this years Turnbull-Morrison budget.
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Last night saw Joe Hockey deliver the 2015 Federal Budget with Small Business and Farming Tax savings on the agenda.

Starting from 7.30 pm last night (12th May 2015) small business with a turnover of less than $2 million annually can immediately deduct assets costing less than $20000. This increases the accelerated depreciation rules from the previous threshold of $1000.

In what Joe Hockey labeled as a 'game changer' for small business, these rules have been brought in to increase spending on infrastructure, which in turn will hopefully help to reduce the unemployment rate and grow the economy, both heavy focuses of this years budget.

With the downturn of the mining industry, it looks as though small business is what the government believes will be the driving force to grow our economy.

Another big plus for companies classified as small businesses is a 1.5% tax cut, meaning the tax rate will drop from 30% to 28.5%. A tax cut will also be extended to non-incorporated small business's such as sole traders and partnership, who will receive a 5% tax discount on the tax they pay on income from their business (capped at $1000 per year).

For farmers, along with the Small business tax breaks from 1 July 2016, they will be able to claim an immediate, total deduction for any spending on fencing and water infrastructure, the aim of which is to help encourage  farmers improve there productivity and environmental management of the land through water conservation and cell farming.

These tax breaks, particularly the $20000 write off for small business are going to have immediate benefits as we begin tax planning for 2015, it will become a useful tool to make sure your business is tax effective.

If you want to take full advantage of our Tax planning service before 30 June, call the office and book an appointment

Other notable points to come out of last nights budget

  • Backpackers to lose the $18000 tax-free  threshold
  • GST to be charged on digital services provided by foreign firms (the Netflix Tax)
  • Claim down on multi-national corporate to avoid tax in Australia (the Google Tax)
  • Simplified Childcare Subsidies, making working parents better off
  • Tightening of the Age care pension assets test from $1.15 million to $823,000

Taxable Payments Annual Reporting

Since 2012 the government has required that all businesses in the building and construction industry report the payments they make to each contractor for building and construction services.

The ATO uses this information as a cross matching services to ensure all contractors have lodged a tax return and included all their income on these returns.

What does this mean for you?

It means that if you operate in the building industry, including plumbers and electricians, you need to report all contractor payments for any work completed in the 2013-14 year to the ATO by 21st July, 2014.  

You will need to provide your details and the contractors details including their ABN, name, address, gross amount paid (only include amounts actually paid not any amounts still owing) and the GST.

Some accounting programs have a function that will allow you to create a report that can be lodged electronically to the ATO.

If you are using an accounting program, like Reckon, Xero or MYOB, make sure you have all the supplier information filled out for your contractors.

The ATO has made a fact sheet for the reporting which may help you to understand your obligations. 

If you would like any further information or help completing the report please feel free to give as a call anytime on (03) 5032 9422

From the 1st July 2012 the government requires that all business in the building and construction industry report the payments they make to each contractor for building and construction services.

The ATO will use this information as a cross matching services to ensure all contractors have lodged a tax return and included all their income on these returns.

What does this mean? It means than any one in the building industry, including plumbers and electricians, will need to report to the ATO payments made to any contractors for work completed.

The ATO has started sending business in this industry a letter outlining the reporting requirements and a form to be completed.

On the form you will need to provide your details and the contractors details including ABN, name, address, gross amount paid (only include amounts actually paid not any amounts still owing) and the GST. 

Some accounting programs will have a function that will allow you to create a report that we can lodge electronically to the ATO.

If you are using an accounting program, like QuickBooks or MYOB, make sure you have all the supplier information filled out for your contractors.

The report is due for lodgment by the 28th July 2013 and will be a yearly requirement.

If you would like any further information or help completing the report please contact us at GMG.

Banklink Notes Everywhere You Go!


If you follow us on Facebook or Twitter, you might have seen our recent post about BankLink Notes Online.  You can use it on your desktop, on the cloud and now from mobile devices.

BankLink Notes Mobile can be accessed from your Android or Apple devices making it easier for you to complete your coding for your favourite people – us!

To get started, we simply set your BankLink account to be used online.  If you have not used BankLink Notes Online before, you will receive a username and temporary password.  You will also receive an email with a link when you have data to code.  Simply open this second email on your mobile device, save the application to your homepage (there is an option to do this down the bottom of the screen) and sign in like you would normally with Notes Online.

You can access all of your uncoded data, type narrations and send it back to us all from your mobile phone or tablet.

This application does require an internet connection and it will let you know if your connection drops out.  This is because, like BankLink Notes Online, it uses the cloud to access and send data.

If your business is utilizing mobile technology, or you have a tablet instead of a computer, this is a fantastic option for you.

If you would like further information on using BankLink Notes Mobile, please contact our office.

ATO Are Cracking Down


Someone very wise once said something along the lines of "There are only two certainties in life. Death & Taxes!"  I think it was that Churchill fella.  He's absolutely right too.  No matter how long you try to put paying your taxes off,  they will always catch up with you.

Business owners are quite prone to procrastinate with preparing their BAS and some wage earners can be quite lax with lodging their individual tax returns too, particularly if you know there's a bill coming.  No one likes parting with their hard earned cash,  however,  we all get a sense of satisfaction when we get on top of our bills and those things on our "to do" list!

The Australian Tax Office has been cracking down on these businesses and individuals who have been sitting on their tasks lately.  Maybe the government does need some extra cash so they're chasing up their debtors, however this means one thing for you if you've been putting it off.

In the infamous words of that shoe brand - Just do it.  Its like ripping off a band aid,  the anticipation is probably worse than the event, so just make an appointment with one of our expert tax agents and we will hold your hand through the whole event!

With some of our technololgies like Banklink and Xero, we can even make it as quick and easy as ripping off a band aid too so you needn't worry about it in the future.

The ATO knows that you're procrastinating,  they're like big brother,  so just get it over and done with.

Call us and make an appointment today!
 

Plan for your Taxes and Reap the Rewards.

Some small business owners and employees neglect to plan for their taxes and end up missing tax planning opportunities. By having a thorough and tailored tax strategy and a commitment to its implementation you will notice a reduction in the tax you pay each year. The taxation system can be complex but it can be navigated to ensure you never pay more tax than necessary. 

Don't get caught out!!   Be proactive your accountant can help you with setting strategies which help keep your taxes under control and allow you to better grow your business and increase personal investments without having any unnecessary tax burdens. 

Some of the following strategies are often considered during the tax planning process. 

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The Carbon Tax - will you see any benefits?

The Gillard government's carbon tax is set to come in on July 1 2012 and indications are that it will lead to an increase in prices.

Reports suggest that prices will increase by only 0.7% and it is expected that most businesses will pass this increase in costs on to their customers. 

The government has brought in various solutions to help ease the pain on households and business. 

There will be an increase in payments to pensioners, families and those on government allowances. The Clean Energy assistance supplements may also be paid to those in this group. 

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