April 2014 Newsletter

Don't be an April Fool! It's now less than 100 days till the end of the financial year - no joke! Get your copy of GJB's General Year End Tax Planning Strategies to make the most of the lead time to optimise your tax position this FYE. This information is fairly generic but as we get closer we'll pinpoint the key issues, so watch this space.

Those lucky enough to earn in excess of $300k per annum may have already received a Division 293 tax bill from the ATO. Introduced in 2012's Federal Budget, little was said about Division 293 as the current government wasn't initially in favour of it, so any changes or the possibility of repealing it were in a grey area.

While most people know that the fees for preparing and lodging tax returns are deductible, far fewer are aware that the specific regulations operating in this area of tax law also allow for extra deductions to be claimed in certain circumstances.

The term "asset class" describes a set of investment options that are grouped into a similar area or type. The main asset classes are cash, fixed interest, property and shares. There is also a group of investment products that have tended to be labelled "alternative" as they don't readily fit into the parameters of the other asset classes.

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While the repeal of the mining tax is yet to pass the Senate, there are some perhaps surprising negative implications for small businesses regarding asset write-offs and depreciation. We run over the details.

Eligible businesses should be focusing on the preparation and registration of any research and development (R&D) tax incentive claims for the 2012-13 financial year, as the deadline for doing so (April 30, 2014) is fast approaching.

The Tax Office recently issued a tax determination to guide business owners on the value it expects will be allocated to goods taken from trading stock for private use for the 2013-14 income year. We outline how to work out these values.

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Managing your own retirement savings is a huge responsibility and one that should not be viewed lightly. We provide an overview of what it takes to set up your own SMSF.

If you are a SMSF trustee, the 2012-13 SMSF annual return deadline is fast approaching. If GJB is your appointed agent, the good news is that you have until May to get it done, if we haven't already done so. We'll be in touch to help get you organised.

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Where possible, GJB are moving to a subscription based service model. If we haven't yet approached you about a subscription solution, please visit Crawl, Walk or Run with GJB or contact us.

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Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact GJB on 02 9686 3130 for personal or business advice.

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 updates throughout the week:

New ATO app for small business
FBT fears, cheers & changes
A very popular deduction, but have you got it right?
Selling a property? Factored in GST?
Bookkeeping blunders
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