End of financial year is just around the corner. We posted some blogs a few weeks ago for tax planning for the year-end, so hopefully you found those useful. If you haven’t read them yet, you can check them out at accomplished.net.au/blog/ Another quarter has gone by, and as always we have lots of info to pass onto you, so please scroll through the headings to find what may apply to you. The new venture and our new staff!! Well we have been settled in to our new premises in Ringwood, but naturally there are the inevitable transition issues to deal with. We are looking forward to our clients coming to see us in our new environment. Wade started as our new accountant on the 16th June and we have to say our expectations have been blown away! Nicole started as our Administration Officer on the 23rd June, and is also doing great. We’re sure she’ll enjoy the variety of the role and dealing with our fantastic clients. We are so happy to have Wade and Nicole as part of the AAS team. Please do make them feel welcome. Administration & lodgment matters: We’ve got quite a few late lodgers this year, so if you’re yet to lodge your tax return, please provide us with your information urgently to minimize penalties and interest charges from the ATO. We are happy to announce that we are going to offer the fee-from-refund service from 1st July, 2014. If you are expected to receive a tax refund, you may opt to have our fee deducted from your refund. This ensures an efficient lodgment and payment process. However, if you are in a nil or tax payable tax position, please ensure you settle our account within the payment terms stated on your invoice. Important due dates: Businesses should know that the due date for Business Activity Statements for the June quarter is July 28th. For taxpayers who are required to make quarterly Pay As You Go Instalments, the due date for lodgment and payment is July 28th. For employers, the due date for superannuation contributions to be paid for the June quarter is July 28th. Trust resolutions – urgently required before June 30: Thank you to all who have returned their Trust resolutions to us. If you haven’t yet done so, could you please tend to this urgently? If resolutions as to how the Trustee intends to distribute Trust profits are not evidenced prior to 30th June, the Trustee may be taxed at the top rate of tax, that’s 46.5%! That’s a big reason to spend a little time on making and documenting this decision. Some last-minute planning issues: •Company loans – be sure to repay any loans you have taken from your company through the year by June 30, otherwise the amount may be treated as income to you in your 2014 personal tax return. •Super caps – review your concessional contributions for the 2014 year (ie. the contributions for which you, or your employer/business, have claimed a tax deduction, to ensure you won’t exceed the contributions caps. Please refer to our recent blog for further details. •Directors’ fees - don’t forget to ensure a resolution is documented for any directors fees that you wish to claim this financial year, but won’t be paid until next financial year. Please refer to our recent ‘business’ blog for further info. •Super contributions on director fees – if your company/trust has paid you director fees through the year, the business will need to pay and report superannuation guarantee at the minimum 9.25%, so check that this is all in order. •SMSF’s – it is good practice to review your fund investment strategy to ensure that the fund’s investments still reflect the documented strategy. If you’ve deviated from the document, then the written strategy will need to be updated. As trustee of your fund, you’re also required to review the insurances of each member, ideally each year. Building industry annual contractor reports – due 21st July 2014: This affects builders, carpenters, plumbers, electricians, architects, heating/cooling, design, roadworks, excavation, landscape construction, but also many, many more, so we urge you to check the ATO website to see if you are affected, or contact us to discuss. For those affected, you need to report to the ATO the total payments that you make to each contractor for building and construction services. The details you need to report will generally be contained in the invoices that you receive from your contractors, including ABN, (if known), name, address, gross amount you paid for the financial year (this is the total paid including GST), total GST included in the gross amount you paid. The ‘Taxable Payment Annual Report’ will be due to be lodged with the ATO by 21st July 2014, for payments to contractors made in the 2014 financial year. FBT rate for 2014/2015 year: The FBT rate for the April 2014 to March 2015 year is 47%. Website, Facebook and On-The-Money newsletter: Dont forget to check out our website at accomplished.net.au It outlines the many areas that we may be able to help you, after all we are not just about tax, but we are your Partners in Success! There are also helpful blogs posted to our site on a regular basis, so please check those out at /blog/ Some blogs posted include: •Year-end planning – superannuation – 16/5/14 •Year-end planning – property investors – 16/5/14 •Year-end planning – business – 16/5/14 •The benefits of using a small business accountant - 14/3/14 •Free property investment seminar hosted by AAS (Tuesday 18th March - seats still available) - 4/3/14 •5 basic quick tips for small business - 29/1/14 •What is negative gearing? 1/11/13 •Renovating your investment property for profit - 19/10/13 Please also like our Facebook page so you will stay abreast of all our tid-bits. You can like us at https://facebook/pages/Accomplished-Accounting-Services/305724866236921?ref=hl We have also uploaded our quarterly On-The-Money newsletter to the website. This is always loaded with valuable information for small businesses. This can be found at accomplished.net.au/newsletters/ Take care and see you soon! Sharni and the team
Posted on: Thu, 26 Jun 2014 07:10:18 +0000
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