Another Financial Year has come and gone and we would like to take this opportunity to wish everyone a prosperous 2015/16 Financial Year.
Its time to start considering your 2014/15 Tax Returns and it’s a good time to start getting your information gathered while it’s fresh in your mind. We are ready to get cracking when you are. Contact Reception to book in a time to get your Tax Returns done or just email us the information if it is more convenient.
In the last few weeks we’ve had some excellent presentations in the Boardroom, the first was part of ‘The Round Table Series’ where Ross Hunter presented to business owners on leadership and improving their management skills. The second was a presentation by Optima Partners & Pryority Office Management Services (in conjunction with MYOB) on the new features and benefits of MYOB Live and their updated suite of products. If you are interested in attending future events please let Chantelle know. (email@example.com)
In this month’s edition of ‘One 2 One’ we look at the new aggressive stance the ATO and the Foreign Investment Review Board are taking on Foreigners owning Aussie property.
In the Super area we consider the benefits for high income earners topping up their Super while the budget repair levy is in place. We review SMSF borrowing following the Budget silence on the issue.
We also look at the ATO’s new hard approach on debt collection and the benefits of having a Will.
Do you have outstanding tax returns that need lodging? Do you have ATO debt that needs to be paid? Are you missing receipts that you wanted to claim? Below are some simple solutions to help make your tax dealings easier
Lodging on time
Many Individuals fail to lodge their individual tax returns by the due date. What they don’t realise is that a penalty may arise from late lodgement and interest may be charged from the due date to the date of lodgement. A penalty from the ATO can range from one unit ($170) for each 28 days that a return is overdue to a maximum of five units ($850). If you have outstanding returns and aren’t too sure what paperwork you need, Optima Partner provides a CHECKLIST to help you get organised!
Many find tax payable inconvenient and troublesome. Individuals can easily enter into payments arrangement to pay off the debt within a 12 month period, depending on your circumstances. This can simply be arranged with the ATO over the phone and a direct debit can be set up to allow easier payment.
Keeping tax invoices and receipts are something we all struggle with. What’s worse is keeping a receipt for a year to find it has faded by the time you prepare your tax return. There are many apps and programs that allow easy processing of your expenses such as Receipt Bank, Shoeboxed and Invoice Smash. Other easy solutions include: taking a photo with your smart phone, paying expenses by EFT, debit or credit card to ensure proof of purchase can be obtained or even give suppliers an email address to electronically send you a copy of a tax invoice. Ensure to keep all records and copies of your returns for a 5 year period (from the date of lodgement of your tax return). Keep it in a file, a cabinet, a shoe box, scan it into your computer, take photos or anything convenient that allows safe storage for 5 years.
If you have outstanding tax returns contact Optima Partners and make an appointment with one of our accountants today. -
Andrea Allen - OP Accountant
OPTIMA PARTNERS FAREWELLS RAJ DESAI
After 17 years with the Optima partners and 35+ years of accounting/audit experience under his belt, our much loved Snr Auditor Raj Desai is leaving to take some time to slow down and relax!!.
Raj is well known for his love of cricket and tearing around our office at an OH & S threatening speed, amongst other things. His impressive work ethic, kind heart, infectious laugh and his wife's delicious samosas will be missed by all of us!!
ATO Lodgements for July/August 2015
SIGNIFICANT CHANGES FOR FOREIGN INVESTORS
Changes to Australia’s foreign investment framework will make it much more difficult for foreign investors to acquire residential real estate and agricultural investments in our country.
If you have breached the rules you have until 30 November to come forward and fess up...MORE
THE BUDGET LEVY MAKES TOPPING UP SUPERANNUATION MORE ATTRACTIVE
The three year “temporary” repair levy kicks in for the 2014/15 year and will continue on for two financial years after that. The budget repair levy affects anyone on a taxable income over $180,000.00 making the effective marginal tax rate 49% (including Medicare Levy).... MORE
SMSF BORROWING NOT AXED IN THE BUDGET
The fact that SMSF borrowing (LRBA’s) did not get axed in the budget should instil some confidence in the future of the strategy for trustees. Now more than ever perhaps some trustees that have already invested in one LRBA might feel bold enough to venture into a further LRBA. However, it seems that there is some confusion ...MORE
THE ATO IS COLLECTING THE DEBT
No doubt you’ve heard in the headlines that Australia has a large deficit and our current Government blames the former Labor Government. Over the last few months, we’ve noticed a more hard ball approach by the Australian Taxation Office (ATO) to enforce lodgement of tax returns and BAS and collect outstanding tax debts...MORE
Preparing a Will is not Tempting Fate
Death and taxes are a certainty, so make a Will.
Preparing a Will is not an open invitation for a Grim Reaper to pay you a visit in the next few weeks!
There are more then a few if us who have put off preparing our final instructions simply because there’s a sense that in doing so we’re tempting fate.