REPLACING A DECEASED TRUSTEE OF A SELF MANAGED SUPERNNUATION FUND

The article on page 3 in our newsletter –Wealth Matters Issue 33 2015 on our website explores a number of options available to the surviving trustee.  Trustees should seek professional advice that is appropriate for their circumstances.

Please click on the link below to access our newsletter:

http://www.langleymckimmie.com.au/2015/12/03/issue-33-december-2015/

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 Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

 

myDeductions Tool

One of the biggest problems for our clients in submitting their annual tax records is record keeping around their deductions. Many do not keep proper records during the year and therefore spend too much time at year end putting it all together.

The ATO has created a new ‘app’ called myDeductions to assist with the collection of all your personal income tax deductions. The app will record information relating to your work related car, travel, uniform, donations and self-education deductions as well general work related expenses like union fees and the like. The app allows you to store photos to supply to your accountant when its time to prepare your tax return.

myDeductions works with Apple, Android and Windows operating systems.

See the following from the ATO for more reading:

 

https://www.ato.gov.au/General/Online-services/In-detail/Transact-Online/myDeductions/myDeductions/

 

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 Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

 

MOTOR VEHICLE DEDUCTIONS FOR INDIVIDUALS

From 1 July 2015 work related motor vehicle expense deductions for individuals are now limited to either

1)     $0.66 per kilometre up to a maximum of 5,000 kilometres; or

2)     A log book derived percentage of work related travel applied to eligible motor  

       vehicle expenses

If you believe this change will impact you, consider you may need to record a twelve week log book of work related and private travel between now and 30 June 2016 to gain the best available deduction.

 

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 Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

 

SEASON'S GREETINGS

The Langley McKimmie team wishes everyone a Merry Christmas and a safe and prosperous new year 

Our office will be closed from Wednesday 23 December 2015 and
re-opens on Monday 11 January 2016 

We look forward to assisting you with your Business Services, Taxation, Superannuation and Audit needs in the New Year

 

CHRISTMAS PARTIES & PRESENTS : WHAT ARE THE TAX IMPLICATIONS?

 

This time of year employers often give presents and throw parties for their hard working staff. Two questions that often pop up is whether these costs are deductible in the business and if they are subject to Fringe Benefit Tax.

 

The following link from the ATO explains the tax implications of the festive season:

https://www.ato.gov.au/General/Fringe-benefits-tax-(FBT)/In-detail/Fact-sheets/FBT-and-Christmas-parties/?page=2#Implications_for_taxpaying_body

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 Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

DO YOU NEED TO REGISTER FOR GST?

 

If your business has grown you may need to register for Goods and Services Tax (GST).  You will need to register for GST if your GST turnover is more than $75,000 per annum.  Your turnover should be continuously monitored as you must register for GST within 21 days of exceeding the threshold.

Click on this link to find out more:

https://www.ato.gov.au/Newsroom/smallbusiness/GST-and-excise/Should-you-register-for-GST-/

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 Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

DO YOU KNOW YOUR SUPERANNUATION OBLIGATIONS?

Case Study Sole trader Chris failed to pay $2,500 superannuation guarantee for his employee Ron for the June 2015 quarter. Ron is 21 and a full time employee who has been working for Chris for two months. Chris is legally required to pay 9.5% of Ron’s ordinary times earnings to an eligible superannuation fund by the 28th day past the quarter. However Chris is new in business and was not aware of his superannuation obligations.    The ATO became aware of the non-payment of superannuation and issued an audit notice. Chris then realised he hadn’t made any payment and went to his accountant for help. Chris’s accountant told him to obtain Ron’s nominated superannuation fund details and then prepared a Superannuation Guarantee Charge Statement that calculated the following: ·        Superannuation guarantee shortfall $2,500 ·        Administration fee $20 ·        Interest on shortfall owed to Ron $134.25. Interest is payable from the          beginning of the applicable quarter rather than the end of the quarter    When payments are late employers risk the following: ·        Large penalties and interest charges ·        Risk of staff loss ·        Legal action ·        Continued audits from the ATO

Should you wish to discuss your superannuation obligations further please feel free to 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 Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.