We have had a number of clients ask us recently whether they have to register for SuperStream (i.e. set up an electronic service address) for their SMSF in order to make Employer contributions to themselves from their own companies.
Xmas & New Year 2015 Shut Down
Please be aware that our offices will be closed between 24th December 2015 and 19th January 2016. Our accounting and administration staff will not be available, so please do not call or drop in to our offices during this time. Joel will not be back in the office until 25th January 2016. Dorin will not be in the office until 15th February 2016.
New Bondi Junction Location
Adding a digital signature
Working out your Workers Compensation
Do you need to lodge a tax return?
If you were a resident for tax purposes in Australia during the 2015 financial year, then you might be thinking about your tax return as we approach the end of the financial year. Most of our clients will have to lodge a return, but for some of you, your circumstances might have changed and you might not be required to lodge anymore.
Budget2015 - Small Business Tax Cuts
This week, the Senate passed the Government's small business tax cuts including the accelerated depreciation and the 1.5% cut to company tax rate for companies with turnover of less than $2 million. It is unclear whether the 5% tax cut for un-incorporated small business entities was also passed in the Senate.
Internal Accounting Systems
All businesses use an internal accounting system to record their income and expenses.
The most basic of systems would involve keeping a box full of receipts and invoices and listing them on a piece of paper at the end of the year and then sending this to the accountant, together with other documents such as bank statements and contracts.
Division 293 Tax
The Division 293 Tax is not widely discussed. In fact, most taxpayers do not even realise it exists.
The tax only affects high income earners with an adjusted taxable income of $300,000 or more, and who have taxable contributions made to their superfunds (e.g. employer superannuation guarantee contributions, salary sacrificing into superannuation etc).
Budget2015 - Accelerated Depreciation
Do you have a 2015 diary?
Sage Point & Claim
Taxable Payments Annual Report
Every year businesses in the construction industry that have made payments to contractors for building and construction services will need to lodge a "Taxable payments annual report" listing the details of each building/construction contractor that has been paid during the year.