June 2014 Newsletter

With the imminent arrival of the new financial year, there are usually a few small changes in the tax system to get used to, but this year is an exception. We sketch out the post-July 1 tax and super landscape, but also list the government announcements from the Federal Budget that may also prompt a strategic re-think, should the proposals make it through Parliament.

With the 2013-14 financial year quickly drawing to a close, it's the ideal time for individuals to undertake some tax planning for the year. See Page 7 for our tax tips.

The "debt tax" (Temporary Budget Deficit Levy) which was announced in the recent Federal Budget is not just a concern for anyone earning more than $180,000. There are also some flow-on effects for businesses due to the resulting increase in the top marginal tax rate, which is used to calculate a number of other taxes.

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With increased ATO scrutiny, private businesses are in danger of triggering an ATO audit, regardless of whether or not they have done anything wrong. While ATO audits are now a well-recognised part of our tax system, they are still expensive and disruptive, and there are a number of ways in which a private business may trigger one. Click here to read more. Whether you're an individual, business or super fund, look out for our audit insurance renewals next month.

We cover some tactical end-of-year deductions for businesses, and have (relatively) good news for business owners who have been left in limbo over the possible changes to the instant asset write-off provisions. We provide guidance on how to deal with instant asset write-off uncertainty.

With the likelihood of the mining tax being repealed there's existing depreciation and loss carry back tax concessions that businesses will no longer have access to. When we're preparing the 2014 end-of-year accounts for businesses we'll be assuming the repeals are passed when, in fact, they may not be.

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With the 2013-14 financial year quickly drawing to a close, it's also an ideal time for individuals to undertake some superannuation planning. From 1 July there are three things guaranteed:

1. the rise in the concessional contribution caps
2. the new SMSF penalty regime
3. the rise in the superannuation guarantee from 9.25% to 9.5% (for those with payroll systems be sure to make this update)

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Business owners who have adopted cloud accounting are getting a head start on the often punishing task of end of financial year (EOFY) reporting. Preparing for the EOFY early means you can start the next financial year on the front foot. When you look ahead now to the new financial year, you'll have a much better idea of what activity will drive your success so it pays to get organised now.

                                                   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:

FYE on the horizon. What services can GJB offer?
Taken goods for private use? Here's the latest values
5 pre-Budget cloud accounting tips for the FYE
Paid Parental Leave, Family Tax Benefit and other entitlements changes affect you?
Across new obligations for SMSF Trustees?
ATO AUDITS In danger of triggering one?
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#yourDATES - June 2014

5 JUNE Income tax return lodgement due date for all entities with lodgement end date of 15 May.

5 JUNE Income tax returns due for individuals and trusts with lodgement end date of 15 May.

21 JUNE Final date to lodge and pay May 2014 monthly activity statements.

25 JUNE 2014 Fringe benefits tax annual return due.

30 JUNE Last day for appointing a registered agent for an activity statement role.

30 JUNE Super guarantee contributions must be paid to qualify for tax deduction in 2013-14 financial year.