This is a friendly reminder to companies and Self-Managed Superannuation Funds (SMSF) that tax payable for the 2018 financial year is due by 15 May 2019.
We will send out payment slips for the SMSFs. Companies would have received payment slips with their Financial Statements. Please contact us if you need another copy emailed.
Guarantee contribution reminder If you haven’t already submitted your superannuation guarantee contributions for this quarter (January – March 2019), then it is time to get this chore done. Finalising your contributions should be done as soon as possible so that they are received by your fund on or before April 28. Keep in mind that there are…
DetailsIf only there was a rain app… There are always ongoing changes in the world of business, particularly where technology is concerned. According to a recent Xero report, “there is a strong relationship between connected app use and better business performance.” Extending the benefits of digital connectivity to all of Australia’s 2.23 million small and…
DetailsMany clients know I love technology that saves time. One of these technologies can read invoices, till receipts and all types of documents and automatically files them. It will automatically re-create the invoice in Xero for me to pay or match to a direct debit. Using this technology for the past four years in my…
DetailsFarm Household Allowance review The Farm Household Allowance is aimed at farmers experiencing financial hardship as a result of the drought. However, feedback suggests that application for the support program has not been a straight-forward process. In fact, many farmers have been saying just how difficult it has been as a daunting and frustrating experience.…
DetailsThis month, we are solely focused on drought relief offered through the Rural Assistance Authority along with Federal Government initiatives which can help to ease the burden of the ongoing tough conditions. If you are struggling with managing finances, please get in touch with us for assistance and advice. The Rural Financial Counselling Service…
DetailsFarm Household Allowance This is the topic on everyone’s lips at the moment but there seems to be some confusion about eligibility. The main change in assistance is that there will now be two lump sum supplementary payments worth up to $12,000 for eligible households. The government has also adjusted the assets threshold to allow…
DetailsCheck out the tax app! It’s a great time to start using the ATO app for a quick and easy way to keep records and stay organised. If you’re a sole trader and don’t earn personal services income or have any income from primary production, you can use the ATO app’s myDeductions tool to simplify…
DetailsAn additional $190 million in drought relief funding announced by the Federal Government is geared towards helping struggling farming families across the state. An extra $12,000 has been added to the Farm Household Allowance Scheme (FHA) while the net asset threshold cap for payments has increased to $5 million, allowing access for more farmers. An…
DetailsNew Financial Year One year has ended and a new one commenced. What a year it was – and will be! Happy new financial year! We are announcing some major changes on how we conduct our business and we hope you find these beneficial. Staff changes We are delighted to announce that Ritnesh Kumar is…
DetailsMany of our business clients like to review their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately reduce their tax. Traditionally, year-end tax planning for small businesses is based around two simple concepts: accelerating business deductions and deferring income. Small Business Entities (SBEs)…
DetailsFive times when it makes sense to buy used products If you are trying to save money, switching from brand new goods to used items can make a lot of sense. Buying used doesn’t always make sense, but exploring the pre-owned market is one of the best ways to save on many different classes…
DetailsIf you feel overwhelmed by the sheer volume of technological gadgets out there, never mind apps and other digital “solutions”, you’re not alone. Technology sprawl and the rabbit hole of more and more information, available all the time, is making productivity—and healthy downtime—a real challenge for many of us. Although we may be quicker…
DetailsMarketing program for rural producers For those interested in some niche marketing of their produce, this is the program for you. Primary producers within the areas of Dubbo Regional, Gilgandra, Mid-Western Regional, Narromine, Warren and Warrumbungle Regional Councils are invited to participate in the Regional Platters program organised by Dubbo Regional Council. With strategic marketing…
DetailsMany people who make their livelihood from farming are doing it tough at the moment, with little to no rainfall received for months on end. The NSW Government has extended a lifeline to farming families for assistance in the form of a Drought Transport Fund. Available immediately, the assistance includes low-interest loans of up to $20,000…
DetailsBMT Tax Depreciation has shared its top three tips for property investors looking to optimise their property portfolios this year in light of changing market conditions. BMT has worked with more than half a million Australian property investors to help them to uncover legitimate tax deductions for the wear, tear, and ageing of their investment…
DetailsThe ATO has published the key superannuation rates and thresholds for the 2018/19 income year. As such, the Non-Concessional Contributions cap will remain at $100,000 (although transitional arrangements may apply), and the Concessional Contributions cap will remain at $25,000. The CGT cap amount will be $1,480,000 and the Division 293 tax threshold will be $250,000.…
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