For small businesses, tax time is always fun! If you’re at the stage of getting ready to lodge your quarterly BAS then you likely have a lot of different questions; What are the due dates for GST? What penalties are there if I'm late with my BAS? How often do I have to pay PAYG?
For the first time, business ATO debts may be reported to the credit agencies (Dun & Bradstreet, Veda, Experian etc) as soon as July 2017.
Topics: TAX
2017 Tax Tip #16 - Seek Independent Advice on End of Year Tax-Effective Investment Products
When the end of the financial year comes around an emergence of what claim to be tax-effective investment products can be seen. If you are considering such an investment, seek independent advice from your CPA Australia-registered tax agent before making any kind of major decision.
Topics: TAX
2017 Tax Tip #15 - Review Salary Sacrifice Arrangements
Salary sacrifice arrangements can be considered by employees, under which their gross salary may be surrendered to obtain either a packaged car for fringe benefits tax (FBT) purposes, or they can make additional contributions to their superannuation.
Topics: TAX
2017 Tax Tip #14 - Review Your Superannuation Income Stream
A $1.6 million transfer balance cap will be introduced on the total amount that can be transferred into the tax-free retirement pension phase from accumulation, starting from 1 July 2017. Superannuation balances can remain in the accumulation phase if they are in excess of the transfer balance cap.
Topics: TAX
For most employees having your entire super in one place makes a lot of sense to. It will allows you to reduce the amount of fees you're paying, receive one lot of paperwork and only have to keep track of one fund.
Topics: TAX
2017 Tax Tip #12 - Consider the Superannuation Co-Contribution
Individuals should consider making after-tax contributions to their superannuation if they are likely to earn less than $51,021 in the 2016-17 tax year, so as to qualify for the superannuation co-contribution, if their circumstances permit.The government will match after-tax contributions 50 cents for each dollar contributed up to a maximum of $500 for an individual earning up to $36,021. The maximum will then gradually decrease for every dollar of total income over $36,021, and to nil at $51,021.
Topics: TAX
2017 Tax Tip #11 - Self-Employed Tax-Effective Superannuation Contributions
If an individual is self-employed they will be able to claim contributions to a complying superannuation fund as fully tax deductible up to the age of 75 in the 2016-17 tax year. However, such contributions will only be deductible if less than 10 per cent of their total assessable income, reportable fringe benefits or reportable employer superannuation contributions is attributable to their status as an employee. Therefore, a deduction cannot increase or create a tax loss that will be carried forward. Employers can also claim these deductions for superannuation contributions made on behalf of their employees.
Topics: TAX
In the last 12 months significant changes have been made to superannuation and require extra care. You may wish to consider making the maximum allowed concessional contribution before the newly decreased concessional contribution cap of $25,000 per annum commences from 1 July 2017.
Topics: TAX