March 2014 Newsletter

Getting organised for the financial year end with interim financial statements and some strategic tax planning? We helped a client make some improvements to their payroll and dividend policies saving them a significant amount of tax and on-costs just by reviewing their recent trading performance and position. Call GJB on 02 9686 3130 to make sure you know how much tax you'll be paying at 30 June before the tax man does.

Selling a property will typically see things like stamp duty, land tax and other considerations ticked off the "to do" list, but there are some instances where GST will also have to be factored in. We run through the scenarios where this will arise.

Work-related deductions are the most common claimed, and the most popular of these are car expense claims. However as this is an area of tax law that is very regulated, good guidance is essential to stay on the right side of the taxman.

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We cast an eye over the changing FBT landscape, examine the outcome of a court case that could have far reaching implications for any business's GST position, and find that there are some instances where a partnership can claim the interest on a loan.

A recent decision by the Full Federal Court dealt with the GST treatment of four types of manufacturer incentive payments made to a car dealership. However the decision, and the Tax Office's response, is likely to have an impact in the wider market, not just in the motor vehicle dealership industry.

Partnerships are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the debts that business may incur.

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We run through the new penalty regime for SMSFs that's set to bite from July 1 this year.

One other thing to note is 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 beforehand to 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, then feel free to 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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