AFFECTED BY A NATURAL DISASTER?

Over the last few months our clients have seen a diverse range of weather events including fire, storms, high winds and minor flooding. We know this can cause delays in staying on top of your ATO obligations and luckily the ATO also shares this understanding. If you have or know you will be delayed in meeting your ATO obligations it is best to be proactive and contact your accountant who can discuss alternative arrangements with the ATO. It is always better to advise them rather than wait for penalty or reminder notices.

For more information please see the following from the ATO:

https://www.ato.gov.au/Newsroom/smallbusiness/General/Affected-by-a-recent-natural-disaster-/

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.

 

 

 

 

THINKING ABOUT SELLING YOUR INVESTMENT PROPERTY?

There are many different items to consider when you decide to sell your rental property including:

 

How long you have owned the property, whether at any time you lived in the property and any capital additions you made during the period of ownership.

 

For further information see the Australian Tax Office information page at:
https://www.ato.gov.au/General/Capital-gains-tax/Your-home-and-other-real-estate/Selling-your-rental-property/

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.

 

HOBBY OR BUSINESS?

Are you thinking of selling items online? Running a few cattle? Registering on Air B&B? There are so many ways of supplementing your income these days but you need to consider whether it’s a hobby or business. There can be many benefits of being a business but also tax and reporting requirements that you need to be aware of. Follow the link below to help you decide whether you are carrying on a business:

https://www.ato.gov.au/Business/Starting-your-own-business/Business-or-hobby-/

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.

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 Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

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.