ATO now data matching all Motor Vehicles over $10,000

The ATO will acquire information from the eight State and Territory motor vehicle registry authorities on vehicles that have been transferred or newly registered where the purchase price or market value is equal to or greater than $10,000. The financial years impacted are 2016-17, 2017-18 and 2018-19.

The majority of transactions in the data matching process will involve a single seller and a single buyer. Examples of transactions matched are:

date of transaction
type of transaction
sale price of vehicle
market value of the vehicle
vehicle make a…

2018 Personal & Families Tax Planning Guide

Now’s the time to review what strategies you can use to minimise your tax before 30 June 2018.
 
Key Superannuation Changes
While you might not be flush with cash now and able to put large amounts into superannuation, it’s important that you are aware of what is possible to maximise your super balance and possibly reduce your tax at the same time.

 
CONCESSIONAL CONTRIBUTION CAP (CC) OF $25,000 FOR EVERYONE
The tax deductible super contribution limit (or “cap”) is $25,000 for all individuals under age 75. Individuals need to pass a work test if ove…

2018 Business Tax Planning Guide

Here’s a guide to the strategies you can use to minimise your business tax.
 1.  IS YOUR BUSINESS A “SMALL BUSINESS ENTITY”?
Small businesses can access a range of tax concessions from the ATO. To qualify as a “Small Business Entity”, the business must have an aggregated turnover (your annual turnover plus the annual turnover of any business connected / affiliated with you) of less than $10 million and be operating a business for all or part of the 2018 year.

 
2. REDUCTION IN COMPANY TAX RATES FOR SMALL BUSINESSES
The company tax rate for businesses…

Paying your employee’s superannuation – it’s super important!

Employers are required to pay superannuation on behalf of most of their employees.  It is calculated as 9.5% of the employee’s ordinary times earnings. It must be paid at least quarterly and by the 28th day after the end of the quarter.  So the April – June superannuation will be due on 28 July.

If employers pay the superannuation late or are behind in their payments, they may be required to pay the Superannuation Guarantee Charge (SGC) to the ATO. The SGC is the total of:

The super guarantee shortfall amount calculated on the employee’s salary and…

Can you claim a tax deduction for super contributions?

Changes made following the 2017 Federal Budget mean that employees who make personal superannuation contributions may now claim a tax deduction for those contributions. This is great news for people who’ve been topping up their super from their after-tax pay!

Until the rules changed, contributions made by people who are employees could not claim a tax deduction for any personal super contributions unless they passed a test known as the 10% earnings test. Most employees failed this test and therefore didn’t get a tax deduction. That has changed now so employ…

What the 2018 Federal Budget means for you

Treasurer Morrison brought down his third budget last night. The measures propose to bring the budget to surplus by 2019-20, a year earlier than predicted last year.
We are pleased to present you with some highlights that will impact you, our valued clients. 
 

Individuals 

A seven-year Personal Income Tax Plan will be implemented in three steps, to introduce a low and middle income tax offset, to provide relief from bracket creep and to remove the 37% personal income tax bracket.  
The 2017/18 Federal Budget measure to inc…

The Importance of Accounting Ratios Analysis

Accounting ratios analysis helps in the identification of the strengths and weaknesses of a business. Based on the financial reports it enables the business to measure its efficiency and profitability and provides a way of determining the relationship between one accounting variable to another on their financial statements. Over time a business can assess their performance and pick up on key indicators on whether improvements or changes are necessary.

The use of these ratios can assist a business to better understand:

how they are tracking – their day to d…

Federal Budget Update

We are delighted to invite our valued clients to join us on Wednesday 9 May 2018 for an update on the Federal Budget. Our presentation will include expert commentary with the chance to ask questions, followed by light refreshments.

Presented in collaboration with UNICA Wealth, this event will provide an overview of the Federal Budget, which is being handed down the evening before by The Hon Scott Morrison, Treasurer.

WLF Partner Marg Marshall will share her thoughts and commentary on the budget for the year ahead, in particular the impact on tax for individuals and…

Oak Possability, supporting Tasmanians with a disability for more than 50 years

The 2016 introduction of the National Disability Insurance Scheme (NDIS) brought significant changes to the disability sector right around Australia. Many organisations needed to revise operating structures and service offerings, as well as adapt to new administrative and compliance processes. And in a sector dominated by not for profit organisations, these sorts of changes can really put a drain on resources.

Two highly reputable Tasmanian providers used the introduction of the NDIS to position themselves for the future: the merger of Optia Limited (trading as Possabili…

The reasons for a corporate trustee for SMSFs

The trustee of a super fund may be either individuals or a company.

It is best practice for a self managed superannuation fund (SMSF) to have a corporate trustee (company) – in fact a sole purpose corporate trustee. Such a company only acts as trustee of the fund – it does not have any other function. It reduces the opportunities for mistakes and provides protection from business creditors.

 
The advantages of a corporate trustee are as follows:
 Breaches of Law:

A sole purpose corporate trustee also has the benefit of lower penaltie…