Spring 2014

As of 1 September spring is officially here and we here at Aitken Signor are already bursting into life and getting busy with the new financial year! More specifically we have been processing some early birds' income tax returns, and have been working closely with a number of our clients to assist with the management of their cash flow forecasting and budgeting for the 2015 financial year.

In this edition of The Full Account we explain the ATO's approach at using the small business benchmarks and to be mindful should your declared income fall short within your industry standard. For very high income earners we explain the new Division 293 tax and its implications. We examine the GST considerations when transferring real property, in order to minimise the risk of costly penalties.

We glance at the great 'Lost Super' issue - could you be entitled to a part of the $14 billion of unclaimed super? We also take a look at the unfortunate implications of being issued with a statutory demand and finally, a short reminder that when making investment choices that taxation is only one of a number of considerations.

I look forward to speaking with you soon.

Trent


Small business benchmarking and the ATO
There has been increased ATO audit activity in the small business sector particularly where the ATO has used small business benchmarking. Benchmarks are financial ratios developed from information provided to the ATO on tax returns and...read more


What is Division 293 tax?


The measure was originally announced in the 2012 federal Budget as a reduction of the higher tax concession for contributions of very high income earners. The very high income earner threshold is set at... read more


Is there a lost superannuation account in your family?



The tax office says $14 billion in lost super is waiting to be claimed. Does some of this relate to you or your family members...read more


Correctly reporting property transactions


For every property transaction that you make there may be a GST consequence you need to consider. If you are making transactions involving property you will need to report your...read more


Dealing with Statutory demands




Pursuant to the Corporations Act, a creditor that is owed more than $2,000 is eligible to issue a statutory demand against a company requiring it to either make payment, or come to a satisfactory arrangement for settlement of the debt within 21 days... read more.


Too good to be true tax savings


There are many wise sayings when it comes to managing money, such as 'If it looks too good to be true then it probably is'. In tax circles, we often look at investment opportunities identified by clients and ask...read more



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KEY DATES
Click here for the latest taxation due dates

SUPERANNUATION CONTRIBUTION CAPS 
The caps have been adjusted and if you are over 60 years of age the concessional cap is now $35,000 (up from $25,000)

REMINDER – SUPER GUARANTEE INCREASE
Just a reminder that as of 1 July 2014 the super guarantee is now 9.50% and the upper age limit has been removed 

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Level 1, 12 Waters Road,
Neutral Bay NSW 2089,
Australia

Phone: (02) 8969 8660
Fax: (02) 8969 8650
Email: info@signorca.com.au

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