May 2014 Newsletter

Are we the only ones to get excited about this month's Federal Budget? With Budget night on 13 May, we'll be popping the corn and settling in for some informative viewing. We look forward to providing our summary once the Treasurer's announcements have been proclaimed.*

We explain the recent changes made to some social service, family benefit and other entitlements.

Did you know that the basis to determine the costs of aged care accommodation is being shaken-up? Read our summary of the impending transition from income tested cost determination to one that includes asset holdings, and what this change entails going forward.

We touch upon the tax implications of marriage (incl the implications of the main residence exemption for CGT and treatment of interest income from joint bank accounts).

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For those in the building and construction industry who pay subcontractors, the ATO once again has not reversed their extra compliance and reporting requirements, so prepare your reporting processes and systems early, and call us if you need a hand. The ATO want your report in by 21 July 2014.

If GJB prepares your BAS returns, from 1 July 2014 ATO will no longer send you a blank paper copy BAS, so diarise your BAS quarters and touch BASe with us. Click here to download ATO's Small Business Tax Calendar to keep on top of the deadlines.

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There are changes looming for superannuation contribution caps (the good news is they are increasing).

If you are considering winding up your SMSF, we spell out the steps necessary to make that happen.

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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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#yourDATES - May 2014

15 MAY If you're not eligible for 5 June concession, then 15 May is your final 'off ramp' for getting your tax done.

21 MAY Final date for appointing a tax agent for a fringe benefits tax (FBT) role.

26 MAY Eligible quarterly BAS statement Q3 2013/14 due to lodge and pay if you lodge via ECI, ELS, SBR or GJB/tax agent portal.

28 MAY Due date to lodge and pay (if required) the fringe benefits tax (FBT) annual return.

* Comments are made at the time of writing and are subject to changes in the forthcoming Federal Budget.