Wednesday, 20 June 2018

THE ATO IS DATA MATCHING WITH VICROADS

The ATO is currently data matching registration records against companies and trusts to ensure that any motor Fringe Benefits are being correctly determined.

Wednesday, 13 June 2018

BE AWARE OF ILLEGAL PHOENIX ACTIVITY


The ATO is currently working with other government agencies to put a stop to illegal phoenix activity. Illegal phoenix activity occurs when a new company is created to continue the business of a company that has deliberately been liquidated to avoid payment of its debts such as taxes, creditors and employee entitlements. The warning signs can include:

  • Employees not receiving a payslip
  • The company ABN and name changes but the address and contact details remain the same
  • Employee entitlements such as superannuation are not being paid
  • Employee pays are late, less than they should be and are paid under the minimum wage
  • Employee payslips record a different employer to whom they believe they are working for

Please click on the link below to find out more:




Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.   
   

Wednesday, 6 June 2018

END OF FINANCIAL YEAR TAX PLANNING

With 30 June 2018 just one month away, small businesses should be giving some consideration to year-end tax planning:

Write off bad debts: if you have debtors, that have been previously recognised as income, that you now know are not collectible, writing them off will enable a deduction to be recognised.

Consider pre-paying some expenses: If cashflow allows, prepaying some expenses like rent, insurance and office supplies for a period of up to twelve months provides an immediate deduction.

Review inventory: a physical stocktake should be conducted to quantify and value inventory. Slow moving, damaged and obsolete stock must be written off prior to 30 June to claim a tax deduction.

Pay superannuation: SGC for employees must be paid before 30 June 2018 to receive a tax deduction for the business in the 2018 year.



Below is an ATO link regarding general tax planning and strategies to avoid getting in trouble with the ATO:



Please contact Fiona Cook, Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide
accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.
   
   
 

Tuesday, 29 May 2018

SUPER GUARANTEE AMNESTY


The ATO proposed on 24 May 2018 an amnesty for employers to come forward and notify the ATO of short or unpaid superannuation guarantee relating to the period 1 July 1992 to 31 March 2018. To qualify for the amnesty you must fill in the approved ATO form and pay the outstanding amount or otherwise enter into a payment plan. Benefits to the employers of self reporting under the amnesty include:

  • No penalties on late payment of super
  • Removal of the $20 per person per quarter administration charge
  • Late superannuation becomes tax deductible again

The ATO will work with superannuation funds to ensure amounts paid under the amnesty do not cause employees to breach their concessional contribution caps where appropriate.

For more information on this proposed legislation please see: