April 2017 Newsletter

Contents:

 

What you need to know about the new Company Tax Rate

 

 

 

7 Point Deceased Estate Checklist

 

 

 

Single Touch Payroll – What does it mean?

 

 

 

Stamp Duty changes to impact property developers & investors

 

 


Recent Facebook posts you may have missed:

Visit our Facebook page for these articles and more.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Announcements:

 

Drought Concessional Loans Scheme

A reminder that the Rural Finance managed Drought Concessional Loan Scheme is still available. For more details follow this link.

 

TAX PLANNING

Is your wealth diminishing at the hands of the Tax Office?

The 30th of June only comes around once a year and it’s the last chance you will have this year to ensure you are paying the least amount of tax you are legally obliged to.

Should I attend a tax planning appointment?

Each case is different but if you answer yes to any of the following you should seriously consider attending a tax planning session with us:

  You have a Trust

  You have Farm Management Deposits (FMDs)

  You are a high income earner or you are expecting to have a profittable year

  You are nearing retirement and thinking about Transition to Retirement Income Stream (TRIS), pensions or selling a small business to fund your retirement

  You are a trustee of a Self Managed Superannuation Fund (SMSF)

  You have investment property

  You have capital losses that could offset capital gains e.g. poor performing investments such as shares

  If there is potential to write off significant debtors (bad debts) or stock on hand (obsolete, stolen, damaged etc)

  You are an employer that is not 100% sure about your superannuation obligations e.g. superannuation guarantee, salary sacrifice arrangements & new SuperStream regulations

  You have assets of significant value that you need to purchase soon e.g. farm plant & equipment, computers & software etc

  You have exposure to Fringe Benefit Tax (FBT)

  There has been a significant abnormal event occur during the year e.g. purchase or sale of land, a restructure

  You have an extensive share portfolio

  You have significant expenses you are able to bring forward

  Would like to know from a tax perspective, the effectiveness of your current Will or risk mitigation strategies (insurances)

  Would like to know more about the benefits of salary sacrificing

  If you are a farmer that could qualify for the Farm Household Allowance (FHA) or other drought assistance

 

This list is a guide only. For peace of mind you may wish to phone our office to clarify any concerns you may have.

To make an appointment phone or email our office today!


Most asked question of the Month:

Is Microsoft really ceasing support of Windows Vista?

Each Windows Operating system will at some point reach End of Support which essentially means Microsoft will no longer provide online assistance or provide updates (including security updates). Windows Vista support will cease from April 11, 2017.

For those using computers running on Windows Vista after this date it is advisable to upgrade, use up-to-date virus protection software or ensure your computer remains off-line.

Client operating systems  Latest update or service pack  End of mainstream support  End of extended support
  Windows XP  Service Pack 3  April 14, 2009  April 8, 2014
  Windows Vista  Service Pack 2  April 10, 2012  April 11, 2017
  Windows 7*  Service Pack 1  January 13, 2015  January 14, 2020
  Windows 8  Windows 8.1  January 9, 2018  January 10, 2023
Windows 10, released in July 2015**  N/A  October 13, 2020  October 14, 2025

 


Upcoming Events

Superannuation changes presentation!

The event is yet to be finalised but we are working towards running this presentation one last time. It will probably be Wednesday 10th May around 5.30pm in St Arnaud (TBC)!

How Will the Recent Superannuation Changes Affect Your Retirement?

For those that missed the first presentation we are running it again!

If you are interested to hear how the recent legislative changes will affect your superannuation then we will be running an information evening in conjunction with Financial Planner, Paul Block of Grampians Investment Services on Wednesday 10 May 2017 (TBC).

This session is a must attend event for anyone either with a self managed super fund (SMSF) or thinking about retirement strategies.

Topics to be covered in this session:

  • Recent Superannuation Changes (incl. case studies)
  • How much do I need to retire on?
  • Market update from Paul Block (Financial Planner)
  • Estate Planning Tips & Traps
  • Corporate or Individual Trustee – which is better?
  • And other essential superannuation information

Details will be confirmed closer to the date!