Tax and finance checkup time Future Business Taxation
5 steps to buff up your finances
Katrina, Amy and Bob from Range Accounting
It’s time to get fiscal, and pump up your financial wellbeing. The new financial year is a great opportunity to boost financial fitness – and it doesn’t involve working up a sweat. The money experts at industry super fund−owned bank, ME recommend the following 5-point fitness regime to get your money matters looking trim, taut and terrific for the 12 months ahead. Check your financial pulse Let’s start with a quick check of your vital signs. Is your credit card debt under control; are you growing regular savings; do you have a pool of emergency funds to fall back on? What about your home loan – are you sure it’s competitively priced, and are you making additional payments to get ahead with the loan? Are you juicing your finances too much? Overspending is seriously bad for your financial health, and an early warning sign can be a bloated credit card balance. To get cash under control, you need to know exactly what your spending habits look like. The government’s free TrackMySpend app is useful for recording daily spending or simply maintain a handwritten spending diary for a month. When you know where your money is going, draw up a budget. ME’s online budget planner lets you compare total outgoings to household income. Visit www.mebank.com.au and click on ‘Calculators’. Your budget will also highlight areas where you can cut back spending to free up cash for saving or investing.
Contributed by the team at Range Accounting With a new financial year upon us, there are many things you need to consider, including: Business Portal The ATO is changing the way we meet our lodgement obligations and communicate with them. They are encouraging businesses to set up a business portal which allows businesses to electronically lodge BAS Statements and many other forms. It will also enable businesses to view balances and statements of accounts. SuperStream This is intended to simplify the lodgement and payment of staff superannuation. All staff super will be reported on the one form and paid to the one place despite having staff with different super funds. If your default fund does not offer this service you may be eligible for the free small business superannuation clearing house. Visit www.ato.gov.au for more information or to register. For further information and tips please follow us on Facebook or give us a call to arrange an appointment.
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Detox your finances - whittle away debt Your overall debt is important but some types of debt are worse for your financial health than others. In particular, relying on high interest debt to pay for items of no lasting value is the fiscal equivalent of carrying unwanted kilos. Detox your finances by aiming to clear high interest debt – like credit card or store card balances, with extra repayments. Or consider switching to a low rate card. Savings on interest charges make it easier to clear the debt sooner. Tone your savings Personal savings is one muscle group none of us can afford to overlook. Savings are the foundation of wealth and can provide a financial lifeline when unexpected expenses crop up. Your budget will show how much you can set aside in regular savings. Now make it happen by organising an automatic funds transfer from your everyday bank account to a high interest savings account. Time the transfer to coincide with pay days to be sure you give savings (rather than spending) top priority. Aim for a personal best Debt under control? Check. Action taken to grow savings? Check. All that remains is to set some financial goals to work towards. Make your goals realistic and achievable, and share them with your other half so you encourage one another to stay on track. No matter whether you’re aiming to buy a first home, give your kids a quality education or build funds for retirement, the goals you set today could set you up for your best financial year ever.
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JULY 8 2015
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Phone: 5439 0188
New business beginnings for W.D. Hall Jens Staermose from W.D. Hall Accountants in Mooloolah is pleased to announce a new business venture that they have taken on in Mooloolah. As of July 1, clients of Debbie Gillingham from ‘Accounting for You’ in Mooloolah have been offered the option of transferring their business to W.D. Hall Accountants. Debbie and her family are moving overseas to the United States and so she is finalising her accounting business in preparation for the move. In order to offer clients a continuity of care in the local area, Debbie has recommended the transfer of her clients to W.D. Hall Accountants. In other news with the accounting firm; Jens’ wife Madeleine – who has previously worked for the company for a number of years in the Northern Territory, has come on board as office and administration manager. With Madeleine back as part of the team, W.D. Hall can now also proudly promote themselves as a family owned and operated business.
W.D. Hall has had offices in Mooloolah for the last two years to compliment their office in Glass House Mountains. Principal Accountant, Jens Staermose has over 35 years of experience and brings a wealth of expertise and knowledge to his practice. He is both a certified practicing accountant (CPA) and chartered tax advisor (CTA), the peak designation available to tax professionals in Australia. One of the key strengths of the business is the comprehensive knowledge of accounting practices that Jens has. This is summed up cleverly with the eye catching image of a smiling baby that features prominently on the outside of the Mooloolah office with the quote … 'when it comes to your taxes and financial advice, seek experience and wisdom over youthful exuberance'. Although Jens is very experienced, another one of his strengths is his ability to look beyond the numbers and always take the bigger picture into account. He doesn’t rely on assumptions and always takes the time to consider and actively seek out the best possible financial outcome for his clients. Jens has a natural affinity for numbers which dates back to his childhood and he has an extensive professional history in the financial industry both here and overseas. He studied his M.B.A. at Aarhus University in Denmark followed by international work as an economist and financial manager in Denmark, Egypt, Singapore and Vanuatu, where he met Madeleine. Jens came to Australia in 1983 and went on to study a Graduate Diploma of Financial
Management from the University of New England. Since 2010, Jens and his family have settled in Glass House where he maintains an office. W.D. Hall offers clients both the latest cloud based accounting technology (XERO) as well as more traditional accounting software. While happy to seek ways to minimise clients tax and provide financial advice; Jens and his team also offer a number of financial services from auditing and taxation, to property and investment advice, establishment of Self Managed Super Funds (SMSF), and asset protection. Other areas of expertise involve business or company advice and compliance, budgeting and bookkeeping, wealth and security creation. W.D. Hall Accountants are open from Monday to Friday from 9.00am until 5.00pm with other times available by appointment. For more information please contact them on 5494 7727, or call into their office at 12 Jones Street Mooloolah.
Let us maximise your tax refund! Call 5494 7727 7 Jordana Place Glass House Mountains Telephone 5438 7899 www.gcnews.com.au
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12 Jones Street Mooloolah Valley Telephone 5494 7727 JULY 8 2015 |
Tax and finance checkup time Finance - it’s Elemental Elemental Wealth Management is a Financial Planning business based in Beerwah, on the Sunshine Coast. We service both individuals and businesses seeking quality advice with a transparent fee structure. The business is fee-for-service only and does not accept any commissions or kick-backs. Darren Eising is the Director and Senior Financial Planner for Elemental Wealth Management who specialises in providing strategic financial planning advice using common sense and plain English to demystify the complex areas of Superannuation, Investment, Financial, Retirement and Estate Planning. Darren has more than 15 years’ experience in financial markets and investment management. This allows him to complement his financial planning advice with the construction and management of investment portfolios to suit his client’s individual needs. Utilising Darren’s experience in stockbroking, Elemental Wealth Management can offer an integrated service, including: • Self-Managed Super Fund (SMSF) setup and ongoing management • Direct Share Market investments • Exchange Traded Funds, Bonds and Term Deposits Darren is a SPAA accredited Self-Managed Super Fund Specialist and holds a Bachelor of Commerce (Accounting and Finance) and a Graduate Diploma in Applied Finance and Investment. He is also a member of the Financial Planning Association. Call us to make an appointment for your complementary, initial consultation.
It’s tax time again Contributed by Hinterland Accounting and Tax It’s often a very exciting time for people to receive their tax refunds as quickly as possible. To help us to prepare your tax return on the same day, you will need to bring in the following items to your appointment: • All of your PAYG Payment Summaries for the period 1 July 2014 to 30 June 2015; • Advise us on any Centrelink payments received • The amount of Interest earned from banks on any savings during the year; • Dividend Statements • Any receipts/invoices for work related expenses (such as union fee’s, stationery costs, mobile phone bills, internet costs, laptop costs, uniforms purchased, sun protection, boots, tools, courses etc) • Fees for the preparation of last year’s return • Motor vehicle claims (such as the number of km for work related travel or a log book) • Rental Property income and expenses incurred during the year (Agent statements, loan statements, rates, insurance, unity water, repairs and maintenance, body corporate etc) • Donations made to charities (this does not include ticket purchases) or school building funds • Income Protection Insurance amounts paid during the year • Capital Gains (sale of shares, property etc)
TAX RETURNS from
Darren Eising Senior Financial Planner Elemental Wealth Management 8 Bridget Court Beerwah Qld 4519 Ph: 07 5494 0650 Email: firstname.lastname@example.org Website: www.elementalwealth.com.au Business Feature
• Private health fund statements • Bank account details to transfer your tax refund into Remember it is better to have more information than not and we can go through the receipts to ensure correct claims will be made. As it’s only early in the financial year the Centrelink, interest and dividend information is not available on the tax agent portal. So it’s important that you have all of this information together for your appointment to save your tax return being amended in the future by the ATO once they data match your tax return to the various institutions. Don’t forget that we are now in our new office at 1/13 Turner Street, between the vet and the doctor’s surgery. If you have any queries or are ready book an appointment contact Leisa or Michelle at Hinterland Accounting Services, phone 5439 0188.
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www.abcottfinance.com.au in association with David Jones Accounting
3 things to claim as tax deductible
You won’t be able to claim all of these expenses in the year after you incur them, but these are excellent tax can claim expenses on slightly older court case and defending claims when benefits if you’re investing in the long When you decide to take out a loan term. Incentives like these help soften buildings if they are only used for your property suffers damages. Just for an investment property, it’s short-term accommodation, or are not make sure to keep records of rent you the costs that come alongside a home important to be clean and clear in loan, and allow you to save or spend receive, bond lodgment forms and how you operate to avoid any surprise residential at all. You can claim on more of your money. surrounding fences, retaining walls other papers showing how a dispute taxes. What’s more, keeping your and similar works if the building was occurred. papers in order can allow you to commenced after 26 February 1992. claim expenses on some items you Inspections may have overlooked - here are a few Teresa Harrison Legal expenses Obviously, it would be perfect if you may not know about. Phone 5422 9458 It is never an enjoyable experience, you could make a claim on a trip to or 0410 648 098 but sometimes you have to evict smartline.com.au/tharrison visit a property that is further away, Capital works email@example.com getting a holiday while you inspect When you renovate your house, build tenants. This can turn into a dispute, and result in high legal fees. the home. While you can’t do this, a new home or have works done you can make a claim for the costs to the surrounding area, you may However, these costs can be tax directly involved with conducting an be eligible for tax deductions. This deductible. This includes court costs, inspection. doesn’t apply to residential homes lost rent due to time spent settling the built before 17 July 1985, and you Australian Credit Licence Number 385325
JULY 8 2015
Tax update for local businesses
Rosemarie ~ Accountant
ND D RS
Sonja ~ Receptionist
One of the big taxation pluses for small business has been the immediate deduction for assets costing less than $20,000. This means that for those registered for GST, the cost of the item must be not more than $21,999.99. For those not registered for GST, the cost must not be more than $19,999.99. Of course, there is always a grey area. The asset must be for your business. It can be new or second hand and you do need to be in the Simplified Depreciation Regime to access this deduction. Dates are also relevant. This came into effect at 7.30pm on May 12, 2015. So, if the payment came out of your bank account before May 13, 2015 you do not get the deduction. How do you know if you are in the Simplified System? When this system first started it was simple, the election to enter the Simplified System was a selection on the Tax Return. Actually, it was supposed to be simple, however, this was all very new to accountants. So many accountants didn’t trust the new way and stuck to what they knew, the old way. Today, there is no election box to tick on the tax return, it all comes down to how your Financial Reports are produced by your accountant. But – and there’s always a but – there is a lock out law for the simplified depreciation rules. If a small business chooses to opt out of this system, it will not be allowed back in for five years. These lock out laws have now been suspended until June 30, 2017. Another big plus is for primary producers, with immediate deductions for capital expenditure on fencing and water facilities. Silos and tanks used for
Business feature storage of fodder will have a three year write off allowance. Now for the biggest PLUS of all, this is how we know that our Government understands the hard work put in by the small business … the company tax cuts! Starting from July 1, 2015 the tax rate for companies with an aggregated turnover of less than $2 million will be 28.5%. You are not smiling – why not? There has always been an incentive for a company to have a profit, it allows for all non-cash deductions to be taken full advantage of. Let’s face it, why be in business if you are not making more than a normal wage. There used to be a very pessimistic view regarding companies paying tax. The general business owner would cringe at the very idea. But company tax is not lost, it’s only held as a credit by the ATO waiting for the dividends to be paid and then that company tax becomes a franking credit. Now, the small business company is being gifted 1.5% of its profit back from the Government, because, the franking credit is still going to retain its value of 30%. So, the bigger the profit, the bigger the gift from the Government. All other small business entities will receive a discount on their tax, but this is capped at $1,000 per individual each year. All business owners need to plan, and the best way to plan is to get the best out of your accountant. At Fiducian Accountants & Business Advisers we have the experts. Our favourite saying is “You make the profits, we’ll help you spend it” … the right way.
Peter ~Financial Advisor
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Fiducian Accountants & Business Advisers is a division of Fiducian Business Services Pty Ltd. ABN 16 063 433 367 Tax Agents Registration 39935025. 22/11/2012 12:11:34 PM
JULY 8 2015 |