Tuesday, 25 February 2020

REMINDER - FEBRUARY ACTIVITY STATEMENT





Don't forget to lodge your February Activity Statement (IAS) by 21 March 2020.

Please feel free to contact MY Books & Payroll on 5427 8118 or Langley McKimmie on 
5427 8100 if you would like our assistance.

“My Books & Payroll” experienced bookkeepers  Emma and Ebony offer a comprehensive bookkeeping service or tailored account services.

WHAT ARE PAY AS YOU GO (PAYG) TAX INSTALMENTS?




In general terms an individual or entity will enter in the Australian Taxation Offices (ATO’s) PAYG Tax Instalment system, if they have a tax payable position in their most recently lodged Income Tax Return that is the result of income other than salary.
The instalment amount is generally split over four quarters and is calculated by the ATO as the previous years tax payable plus an incremental adjustment upwards. Upon lodgement of your Income Tax Return, instalments paid in advance during that year are applied as a credit towards the tax payable in the current years Income Tax Return.
If you believe your instalment amount provided by the ATO is too high it is possible to alter your PAYG Instalments in line with a reduced earning position in the current year.
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.

LIFE INTERESTS - TESTAMENTARY TRUSTS



A dilemma that many people face is how to provide for their spouse in their will while still ensuring their children receive their inheritance.

For example Joe has three adult children. He separated from their mother 15 years ago. He wishes to leave his assets to his children however wants to provide a home for his second wife Jane. Joe creates a testamentary trust over the home he shares with Jane to hold it for his children whilst granting Jane a life interest allowing her to live in the home for the rest of her life. Followings Joe’s death Jane decides she wants to live closer to her sister and the trust sells the house and buys a new house. There are no Capital Gains Tax (CGT) consequences on this transaction. However on Jane’s death the new house passes to Joe’s children and the transfer will be subject to CGT even if the property is not sold. Had Jane remained in the original home, rollover relief would be available.

The disposal of assets within a testamentary trust should be approached with caution as there may be unintended taxation consequences upon eventual transfer to the beneficiaries. Such outcomes can apply to other assets such as shares and investments as well as physical property.

While there are advantages of creating life interests and testamentary trusts via wills such as the creation of flexibility for the primary beneficiary, protection of assets and potential tax planning benefits, such endeavours should be discussed with legal and tax experts to ensure that the ultimate outcome is understood and planned for.

If you have questions please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 for an initial consultation.

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

Sunday, 16 February 2020

REMINDER - DECEMBER BUSINESS ACTIVITY STATEMENT



Don't forget to lodge your Business Activity Statement (BAS) for the quarter ended 31 December 2019 by 28 February 2020.

Please feel free to contact our office on (03) 5427 8100 if you would like our assistance.

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

Wednesday, 12 February 2020

REMINDER - JANUARY ACTIVITY STATEMENTS





Don't forget to lodge your January Activity Statement (IAS) by 21 February 2020.

Please feel free to contact MY Books & Payroll on 5427 8118 or Langley McKimmie on 
5427 8100 if you would like our assistance.

“My Books & Payroll” experienced bookkeepers  Emma and Ebony offer a comprehensive bookkeeping service or tailored account services.

Tuesday, 4 February 2020

BOOKKEEPER POSITION




MY Books & Payroll (a division of Langley McKimmie Chartered Accountants) is seeking an experienced Bookkeeper to join our team.

Our business environment encourages input and ideas.  Candidates will need to possess an enthusiastic, self starting approach to their work, as well as a desire for continuous learning and skills development.  On-going training and professional development will be provided.

Ideally candidates will have experience in the following areas:

  • Expense account management – accounts payable and bank reconciliations
  • Debtor management, financial and statistical reporting
  • Full function payroll management – Superannuation, salary sacrifice, payroll tax and end of financial year reporting
  • BAS – preparation and lodgment
Candidates must be proficient in using a broad range of business accounting software including MYOB, Xero and Reckon.
 

If you would like to know more please forward your application to nicki@lmck.com.au

Wednesday, 29 January 2020

KEY TOPICS FOR SMALL BUSINESS


A problem area for many small businesses is in relation to meeting their various employer obligations.  

The ATO has a series of Webinars for small business to assist in meeting these responsibilities accurately and on time. 

Some of the topics covered include:
 

Single Touch Payroll
  • payroll procedures
  • reporting requirements

PAYG Withholding:
  • determining if a worker is an employee or contractor
  • knowing what payments and how much to withhold from
  • how and when to report and pay withholding to the ATO
  • how and when report withholding to employees
Superannuation
  • determining when superannuation is payable, and the amounts due
  • superannuation choice rights for employees
  • how to calculate superannuation
  • how to report and pay superannuation liabilities
Fringe Benefits Tax
  • introduction to Fringe Benefits Tax
  • FBT rates and requirements to lodge a FBT tax return
 
For more information please see the following from the ATO:
https://www.ato.gov.au/General/Webinars/Small-business-webinars/

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.