Wednesday 29 August 2018

WHY AM I MAKING A PROFIT BUT HAVE NO CASH?


We assist our clients by providing direction in the management of their cash flow - a key factor in the success of a small business.
 


Please contact our office to speak to one of our accountants if you would like to discuss further. Langley McKimmie Chartered Accountants (03) 5427 8100. 

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

Wednesday 22 August 2018

ARE YOU LOOKING TO RETIRE BEFORE THE AGE OF 60?


Retirement benefits from superannuation should be accessed in the most tax effective manner.


Consider Lyn’s case:

Lyn, who has reached preservation age, is retiring. Lyn requires $80,000 (pre-tax) per annum to maintain her lifestyle. Her current superannuation balance of $1,000,000 comprises 50% taxable component and 50% tax free component.


Transitional Pension

Lyn may commence a transitional pension up until the age of 60 and withdraw the required $80,000 per annum. The taxable component of $40,000 would be taxed at her marginal tax rates with a 15% tax offset.


Lump Sum Withdrawal

Alternatively, Lyn may elect to withdraw $80,000 per year up until age of 60 as a lump sum. Lyn has a taxable lump sum low rate lifetime limit of $205,000. As 50% of Lyn’s balance is tax free, her taxable lifetime limit would reduce by $40,000 p.a.


The tax effective option for Lyn would be lump sum withdrawal as it is entirely tax free.*

Consideration needs to be given to the taxation of income in the Self Managed Superannuation Fund (SMSF).  Previously when commencing a transitional pension in a SMSF the income in the fund was partly or fully tax free, this is no longer the case.  Recent rule changes mean income from assets supporting a Transition to Retirement Income Stream (TRIS) in a SMSF still attract the usual rates of tax.

*This is a taxation perspective only, financial advice should be sought prior to accessing superannuation.

Please contact Daley Smith, 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 14 August 2018

REMINDER - JULY ACTIVITY STATEMENTS


Don't forget to lodge your July Activity Statement by 21 August 2018.  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.  

REMINDER - BUSINESS ACTIVITY STATEMENTS


Don't forget to lodge your Business Activity Statement (BAS) for the quarter ended 30 June 2018 by 27 August 2018.  This date only applies if you are lodging the BAS through a Registered Tax Agent.  

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 8 August 2018

WATCH OUT FOR SCAMS


The ATO is aware of an increasing number of people reporting attempted scams by people stating they are calling from the ATO. These calls are threatening in nature and involve a demand to pay a fictitious debt immediately over the phone.

The ATO has a direct number (1800 008 540) you can call in the event you are contacted by someone and are unsure if they are from the tax office.  


Please also be aware that scammers can also claim to be from other government agencies.

For further information please see:


Please contact Daley Smith, 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 1 August 2018

ARE YOU AFFECTED BY THE CHANGE TO RENTAL DEDUCTIONS?



If you own a residential investment property, you are no longer allowed to claim a deduction for travel for the 2018 financial year. This includes travel expenses incurred to maintain or inspect the property. Legislation also states that the travel expenses that would have been claimed cannot be included in the cost base of the property when calculating the capital gain or loss on sale of the property. These changes do not apply to commercial investment property.

For more information visit:

https://www.ato.gov.au/General/Property/In-detail/Rental-properties/Rental-properties---claiming-travel-expenses-deductions/


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.