A Grade Tax News Business Newsletter

Are you struggling with an outstanding ATO Debt?

Whether you are a Business, Superannuation Fund, Trust, Partnership, Sole Trader or just an individual and you have an outstanding ATO debt but are finding it hard to make ends meet, we may be able to assist you with establishing an ATO Payment Plan.

 

We are happy to help where we can. Contact us on: (02) 4731 1405 to discuss your options.

Are you withholding the right amount of Tax from your Employees or other Payees?

The ATO have produced a range of tax tables to assist you with your calculations on how much you need to withhold from payments you make to your employees or other payees.

For the most up to date Tax Tables, visit the ATO at: https://www.ato.gov.au/Rates/Tax-tables/

Here you will also find a link to a tax withheld calculator that does the work for you by calculate the correct amount of tax to withhold.

If you would like more information or would like to organise an appointment for Tax Advice with one of our business specialists, please call us on (02) 4731 1405.

 

 

Tax Concessions for Small Business

Small Business Tax Concessions

Small business taxpayers have access to a range of tax concessions. Some of the recent concessions available are:

•instant write-off for assets costing less than $20,000 each
•immediate deduction of professional expenses for small business start-ups
•tax discount of 5% up to $1,000 for unincorporated small businesses
•1.5% small business company tax cut
•no fringe benefits tax for providing multiple electronic devices to employees
•no income tax liability for asset roll-overs when a small business is restructured
•accelerated depreciation for primary producers.

To qualify for the first six concessions businesses must have a total turnover of less than $2 million for the year they use the concession or the year before that. However, all primary producers can access accelerated depreciation regardless of turnover.

Click here for additional information.

 

As usual if you require any clarification on any tax issues, please contact A Grade Tax Penrith.

Australian Tax Office Industry Benchmarks

ATO Industry Benchmarks

The Australian Tax Office use industry benchmarks and other risk indicators to identify businesses that may be avoiding their tax obligations by not reporting some or all of their income.

Businesses that report expense and profit figures outside of the Tax Office benchmarks are at increased risk of audit. For more information click here.

 

Australian Tax Office benchmarks can be located here.

 

As usual, contact us at A Grade Tax Penrith for any advice in this area.

2015 Federal Budget assistance to Small Businesses

Small Business Assistance

Accelerated Depreciation
All small businesses will get an immediate tax deduction for any individual assets they buy costing less than $20,000. (Previously, the threshold was at $1,000).
This $20,000 limit applies to each individual item. Small businesses can apply this $20,000 rule to as many individual items as they wish. These arrangements start from Budget night 12th May 2015 and continue until the end of June 2017.
Further information on accelerated depreciation is available on the ATO website.
Tax cuts
The Government is reducing the tax rate for the more than 90 per cent of incorporated businesses with annual turnover less than $2 million. The company tax rate for these businesses will be reduced by 1.5 percentage points to 28.5 per cent.
To help all Australian small businesses grow, the Government will also provide a 5 per cent tax discount to unincorporated businesses with annual turnover less than $2 million from 1 July 2015. This delivers a tax cut of $1.8 billion over the next four years.
Further information on tax cuts for Small Business is available on the ATO website.

 

Contact A Grade Tax Accountants Penrith on 4731 1405 for support on all tax matters.

Super guarantee rate to rise

Superannuation
  • In the May 2014 Federal Budget, the government announced the super guarantee rate will increase from 9.25% to 9.5% from 1 July 2014.
  • The rate will remain at 9.5% until 30 June 2018 and then increase by 0.5 percentage points each year until it reaches 12%.

For more information click here or call us at A Grade Tax Accountants Penrith on 4731 1405.

Businesses with overdue 2012-13 Taxable Payments Annual Reports

Taxable Payments Annual Reports



The Australian Tax Office (ATO) are contacting businesses in the building and construction industry who have not yet lodged their 2012-13 Taxable payments annual reports. Businesses will be contacted by phone or letter.

If construction industry clients have not yet lodged a 2012-13 Taxable payments annual report, they should do so immediately. Penalties for not lodging may be applied.

If you are not required to report, you can advise the ATO by sending an email to NilReportTPAR@ato.gov.au with the following information for each client:

  • ABN
  • Name
  • The reason for not lodging the 2012-13 annual report, either: the business is not in the building and construction industry, or the business did not pay contractors for providing building and construction services.

For more information go to: Building and Construction Industry . If you require any assistance please contact us at A Grade Tax Accountants Penrith on 4731 1405.

Tax and superannuation implications of getting business property into a SMSF.

Business Property in SMSF
   
Owning business premises inside a Self Managed Super Fund (SMSF) can provide a tax effective outcome and also business continuity security. With certain Capital Gains Tax concessions available, moving premises that are already owned outside of super into a SMSF can be quite attractive.
But, there a number of rules and requirements that must be met before the business real property exemptions can be applied. It is important to also understand the key risks and opportunities from a Capital Gains Tax point of view both on the transfer of the property into the SMSF and on the eventual sale of the asset by the SMSF.
At A Grade Tax Penrith, we can take you through the fundamental issues around business real property and how to minimise the risks and maximise the outcomes under the Capital Gains Tax and superannuation systems.

Small Business Asset Write Off

Small Business Asset Write Off
Take advantage of current small business asset write off now

The Institute of Public Accountants (IPA) has reminded small businesses that the current small business instant asset write off threshold of $6,500 will go back to $1,000 from 1 January 2014 as part of the Government's repeal of the mining tax. Accordingly, the Institute says eligible small businesses should consider taking advantage of the current threshold before it plummets as of 1 January 2014. "It is understandable that the Government needs to find ways to plug the hole left by the MRRT repeal but we would encourage small businesses to do some asset Christmas shopping if they are in a position to do so," said IPA CEO, Andrew Conway. Mr Conway noted the extra accelerated depreciation claim of $5,000 for motor vehicles will also be scrapped.

Contact A Grade Tax Accountants Penrith if you require any clarification or tax advice.
Source: IPA media release, 22 November 2013

ASIC Accredited SMSF Auditor

Maximise your Refund - Minimise your Tax

Max Connelly from A Grade Tax Accountants Penrith has been accredited by ASIC as a Self Managed Super Fund (SMSF) auditor.

Contact A Grade Tax to arrange a quotation for your SMSF audit requirements.

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