LOW INCOME EARNERS MAY NEED TO LODGE A TAX RETURN

You may need to lodge a tax return even if your taxable income is under the tax free threshold.

 

Below are some common reasons why you may need to lodge:  

• Pay as you go (PAYG) was withheld from your wage during the year
• You had a reportable fringe benefit amount on your PAYG payment summary
• You had reportable employer superannuation contributions on your PAYG payment summary
• You have made a loss or can claim a loss in a previous year
• You received franked dividends  

Please click on the link below to find out whether you need to lodge a 2017 tax return:

 

https://www.ato.gov.au/Tax-professionals/Newsroom/Income-tax/Low-income-earners-may-need-to-lodge/

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 THE ATO INTEREST RATE?

Late payment of your taxation liabilities will generally incur ATO General Interest Charges.

The interest rate is currently 8.73% per annum and will change to 8.70% from 1 October.

For further information and historical rates see the below ATO link:

https://www.ato.gov.au/Rates/General-interest-charge-(GIC)-rates/

 

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.  

 

ARE YOUR EMPLOYEE SUPERANNUATION PAYMENTS UP TO DATE?

Employee superannuation payments are due 28 days after the end of each quarter, the next superannuation due date is 28 of October 2017 which covers the quarter 1 July 2017 to 30 September 2017. You are able to make superannuation payments to your employees superannuation funds more regularly if you would prefer.  

If the superannuation payment has not been made by the due date then a Superannuation Guarantee Charge statement will need to be lodged where you will have to pay the Superannuation Guarantee Charge. 

For further reading please visit the ATO website link below: 

https://www.ato.gov.au/Business/Super-for-employers/Paying-super-contributions/When-to-pay-super/

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.  

 

PROTECT YOUR PERSONAL INFORMATION

It is more important than ever to protect your personal information such as tax file numbers, your date of birth, current address and myGov and internet banking details to name a few.

With this information scammers have been organising loans from banks in other peoples names, and making calls purporting to be from the ATO in order to scare unsuspecting taxpayers into paying debts that do not exist. 

If you are unsure you are receiving a genuine call from a government authority and not a scam artist, state that you will call back, ensuring that you verify the contact number yourself.

If you have a registered tax agent they can deal with the ATO on your behalf. 

For more information click on the following link from the ATO:

https://www.ato.gov.au/General/Online-services/Identity-security/Protecting-your-information/

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.  

 

 

EMPLOYEES ON WORKING HOLIDAY VISAS

Consider Brent and Jane’s case Brent and Jane have recently purchased a winery in the Macedon Ranges. They are concerned about their obligations pertaining to new employees on working holiday Visas during picking season. After speaking with their accountant they are aware of the need to complete a Special Withholding Form for non-resident employees. This enables them to withhold tax at 15% for the first $37,000 of income earned by each employee. If any employees earn over $37,000 tax would need to be withheld at ordinary rates. Superannuation is required to be paid for all eligible employees, as such Brent and Jane need to ensure their new employees have superannuation paid at 9.5% on gross earnings. Foreign employees may apply to the ATO to release their superannuation (less tax) after departing Australia. Brent and Jane should also consider whether their current WorkCover insurance covers the new employees. 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.

DID YOU KNOW THERE ARE CHANGES TO STUDENT LOAN REPAYMENT RULES?

One of the key changes is that from 1 July 2017 an individuals repayments will be based on their worldwide income . This means that if you have a Higher Education Loan Program (HELP) or Trade Support Loan (TSL) and are working in Australia or overseas then repayments may be required. 

To read more please click on the link below:

https://www.ato.gov.au/Individuals/Study-and-training-support-loans/Overseas-repayments/

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.