News Directory

Employers be Aware

The superannuation guarantee (SG) rate will gradually increase from 9% to 12% between 1 July 2013 and 1 July 2019 (refer to table below).

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If you are having trouble viewing this newsletter, or it isn’t formatted correctly, please view online MAY 2013   The Federal Treasurer, Mr Wayne…

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The Federal Treasurer, Mr Wayne Swan, handed down his sixth budget at 7:30 pm (AEST) on 14 May 2013. The 2013/14 Federal Budget could be described as a moderate one in the context of the current budget deficit of $18b. It sets a pathway to return the budget to balance in 2015/16 and to surplus by 2016/17 but with continuing investment in the economy.

In terms of revenue measures, the budget largely aims to protect the corporate tax base from international profit-shifting and erosion, close loopholes and better target concessions, as well as targeting the medical tax offset and the Baby Bonus for individual taxpayers. Here are the tax and superannuation highlights.

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The Walker Wayland Australasia accounting community is continuing organic expansion as its member in the NSW regional city of Orange merges with a firm in Bathurst.

Yates Baker McLean has completed a merger with Bathurst firm Lesley Bull & Associates.

The move follows a merger in Western Australia when Walker Wayland Western Australia announced a heads of agreement Attalus. The merger will be completed in six months.

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Law Central, a leading provider of online legal documents

THURSDAY, DECEMBER 13, 2012 – Leading accounting network Walker Wayland Australasia Limited has introduced a new legal services product to help members streamline their service to clients.

Walker Wayland Australasia Chairman Grant Allsopp announced today that the network has signed an agreement with Law Central, a leading provider of online legal documents.

“Accountants need access to legal documents on a daily basis,” Allsopp said. “Without this new service we have to refer our clients to a lawyer for some day-to-day documentation.

“Law Central offers us online legal documents covering a range of services, including loan agreements, equity transactions, some business sale agreements and a number of ATO-related tax issues,” he said.

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Key Tax and Superannuation Changes in 2013

Several changes to tax and superannuation legislation have been put forward over the year, with many coming into effect at different dates over the 2013 calendar year. We run through the key changes to keep an eye on.

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Death Benefits: Tax Exemption win for Super Funds

In a win for SMSF members taking a pension from their fund, the government’s Mid-year Economic and Fiscal Outlook review announced that the tax exemption on investment earnings that support a pension can continue to apply even after the death of a member.

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Small Business CGT concessions explained

Small business plays a central role in Australia’s economic fortunes — so much so that the government has seen fit to give smaller enterprises a break on a range of tax considerations, including specific concessions for capital gains tax. Make sure you qualify — and if you do, make sure you don’t miss out.

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Tax and your Business’s Website Cost

Having an online presence can be essential for many businesses, especially as nowadays most consumers hit the keyboard first when looking for services or supplies. But the proper tax treatment of the expenditure in setting up and then running a website require careful consideration.
With the SMSF annual tax return deadline looming (it’s October 31), we run over all the information and requirements generally expected from trustees. As well, there are some new obligations SMSF trustees will need to cover.

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Tax Returns and the Taxman

More than 70% of individual taxpayers, and 95% of businesses, call on a tax professional to prepare their tax returns, making Australians among the world’s highest users of tax agent services. But to get the most out of a tax professional – to help them help you – some basic records and documents are essential. We run through the information required that may help your tax agent put you in a better tax position, and also look at the areas we know the Tax Office will be paying close attention to this tax time.

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