July 2014 Newsletter

HAPPY NEW FINANCIAL YEAR from all of us at GJB - wishing you a very successful financial year ahead! It's a time when you get to start over. And the chance to wipe the slate clean and make good all the things you'd wished you'd done in last financial year, with GJB's help #yourbusiness #yourway.

AUDIT INSURANCE REMINDER to either accept or decline your policy renewal so we can make sure you're fully covered in FY2015. Contact GJB for more details and be sure to ask about our industry Benchmark MINDER service as an extra precaution.

Make the most of tax time with GJB's tax deduction maximiser service called Deduction FINDER, which walks you through every deduction available for your occupation. Contact us to find out more.

Many have at least heard of Bitcoin, and may have even used the new digital currency. Bitcoin looks set to revolutionise monetary transactions, and perhaps sooner than many imagine. The virtual currency even has the attention of the Tax Office. We examine the ramifications, and the pros and cons, of Bitcoin prior to the release of official guidance from the Tax Office, due out soon.

It's an unfortunate but likely reality that many of us will have some sort of dealings with a deceased estate. Having an idea of what to expect from a tax perspective can go a long way to easing this heavy burden and ensuring your loved one passes on their assets in accordance with their wishes in fairly and equitably.

Draft legislation was introduced in the 2013 budget to phase out the net medical expense tax offset (NMETO), which has finally been passed into law. It means that the offset will disappear by the end of the 2018-19 income year, with some interim transitional arrangements put in place between now and July 1, 2019.

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From 1 July 2014 the ATO will be transitioning electronically lodged activity statements to be sent through your tax agent's elected channel. Make sure you know when the paper will stop and how activity statements will be made available. This only applies to clients who process BAS through a tax agent who won't receive paper reminder about quarterly BAS deadline. Rather than a paper-based reminder, click here to download the ATO's Calendar.

                                                   Learn more about this...

Get better ATO benchmarking protection for your business with GJB's Benchmark MINDER service - specially developed to compare figures in tax returns against ATO's industry benchmarks so you can determine an immediate 'pass' or 'fail' before the taxman does. Contact us to find out more.

Businesses in the building and construction industry, take note – the deadline is July 21, 2014 to report the total payments you made to each contractor you enlisted the services of in 2013-14. You will need to report these payments to the Tax Office on the Taxable payments annual report.

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We reported about the changes to the penalties able to be handed down to self-managed superannuation fund (SMSF) trustees some months ago, but just as a timely reminder – a new penalty regime for SMSFs is now in effect and pertains to the activities of all SMSF trustees.

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Embracing cloud accounting your way is part of GJB's vision to help our clients streamline their data processing and save time on generating paperwork to collaborate and explore the other possibilities of their businesses, and address the issues that matter in a more timely, meaningful manner. With the release of MYOB Essentials, making the transition is even easier.

                                                   Learn more about this...

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Should you require more information regarding any topic covered in our newsletter, please contact GJB on 02 9686 3130 for advice on #yourself, #yourbusiness or #yoursuper.

Drop in for a coffee and a chat?

Kind regards,             


Disclaimer: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. 

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Missed anything? Connect with GJB to receive our regular updates:

DEBT TAX What flow-on for business?
AGED-CARE Accommodation to get more expensive from 1 July 2014
SMSF REGIME More changes from 1 July 2014
EOFY PLANNING 8 tactical business deductions
Asset tax write-off and vehicle depreciation reduction
EOFY TAX AND SUPER Planning tips for individuals
$25k concessional contributions cap increase to $30k on 1 July 2014
INCREASED DEDUCTIONS for simply doing your tax?
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#yourDATES - July 2014

14 JULY Payers must issue PAYG withholding payment summaries to payees. Payment summaries must include details of reportable fringe benefits.

28 JULY Final date to lodge quarter 4 (April - June 2013) business activity statements (BAS).

28 JULY Superannuation guarantee contributions for quarter 4 2012-13 (1 April - 30 June) are to be made to the fund by this date.