Tony's tax tinkering - the new government's plan for the tax system The new government is finally getting down to business, and the sad circus of parliament has resumed, meaning that tax rules are bound to change. Here are some of the changes that are expected. None of the changes…
The Australian Tax Office has warned it is about to get tough with SMSF trustees for failing to comply with the strict compliance rules. If your SMSF or DIY super fund has fallen behind, don’t panic. The most serious penalties are reserved for cases of fraud. But you need to…
If the ATO issues a document like a business activity statement (BAS) then they expect it to be lodged on time and any payment made in full. You cannot just ignore BAS statements because your business: Has ceased to operate No longer has a turnover over the GST threshold (currently…
Most small business owners hate paperwork and tax. What we do is help them reduce both. In fact, we recently met a small business owner who used to have to allocate a whole day each quarter to do his BAS. We showed him how to do it in five minutes…
By Jarrod Rogers CPA As with all public information on this website, the following article is for information only. If you want advice specific to your circumstances you need to be a client of Beyond Accountancy. We are currently taking on new clients. "Do I have to pay tax on…
By Jarrod Rogers CPA For most taxpayers in Australia, lodging a tax return means getting some money back from the government. In fact, according to statistics from 2009, 84% of taxpayers received refunds, and of the rest, 4% had no tax to pay. So it comes as a shock to…
The due date of the September 2013 BAS is 28 October 2013... BUT you may be entitled to an extension. Plus, the September BAS is the only BAS that gives you the chance to switch to the easiest possible GST method that can cut your paperwork by half. Extension for…
It wouldn't take Sherlock Holmes to conclude that people are worried about the global economy, and its effect on their superannuation. Between 2001 and 2007, the Australian Stock Exchange was booming, and super was growing with it. The so-called "balanced" investment options became decidedly unbalanced with allocations to shares pushing…
How to reduce your tax before June 30 Here are some simple strategies to gain a financial advantage before June 30. I've summarised these in a YouTube video. Make a personal super contribution Open a first home saver account Work out the tax implications of health insurance Pre-pay your tax…
Have you lost important tax paperwork? Finding a replacement is not as hard as your think. This article shows the quickest way to find lost tax records, including old PAYG Payment Summaries (aka lost group certificates). Key points The ATO has "pre-filling reports" which are available on-demand for the 2008-09…