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Now is the time to... Make a Budget
Posted
on 1 July 2013
Think of it as a snapshot of your present situation and your future.
A personal budget gives a realistic view of your potential.
It provides a benchmark of your progress.
It shows where you can save, and where you should trim your lifestyle to match your income.
Take the reality check.
Get Rich Slow. Start Now. Start Small. Achieve Real Wealth.
'Slow and steady wins the race' - Aesop| Posted in:Business StructuresCashCash flowProfitStrategyCompliancePlanning2013Admin | 0 Comments |
Net Medical Expenses Tax Offset Phase Out
Posted
on 26 June 2013
What does this mean for you?
As part of the 2013-14 Budget the Government announced that it will gradually phase out the Net Medical Expenses Tax Offset (NMETO) with a "use it or lose it" system.
This will mean if you do not claim the NMETO in your 2012-13 tax return, you will not be eligible for the offset in any future year.
If you received the NMETO in your 2012-13 tax return, you will be eligible to receive the offset for all eligible out-of-pocket medical expens...
| Posted in:ATOStrategyComplianceNMETOMedicalPlanning2013Tax ObligationsAdmin | 37 Comments |
Superannuation Binding Death Benefit Nominations
Posted
on 22 June 2013
Following the death of a member of a super fund the trustee is responsible for administering the members balance by way of payout to beneficiaries or by allocating to a reversionary pension.
To remove this uncertainty we recommend that members consider a Binding Death Benefit Nomination.
Many of our funds have non-binding nominations in place that can be used by the trustee as a guide when distributing death benefits. The problem is that ultimately with a non-binding nominatio...
| Posted in:SuperannuationNominationSMSFBDBNBinding Death Benefit NominationsPlanning2013TrusteeMemberBeneficiaryAdmin | 4 Comments |
Taxable Payments Annual Report - Building & Construction Industry
Posted
on 21 June 2013
The first annual Taxable Payments Report is due 28 July 2013 (or 21 July for those businesses who lodge monthly Business Activity Statements) for businesses primarily in the building and construction industry who have made payments to subcontractors during the year ending 30 June 2013.
The Government has designed this report to improve compliance with tax obligations by those contractors who are currently not doing the right thing. However, the reporting obligation falls ont...
| Posted in:ATOData MatchingCompliance2013Tax ObligationsAdminBASBusiness Activity StatementBuilding & ConstructionContractorsSub-ContractorsAccounting Software | 483 Comments |
End of Financial Year Reminder
Posted
on 20 June 2013
Do you need to make a super contribution, withdraw a pension or pay a business expense prior to 30 June 2013?
Don’t leave it too late – as 30 June falls on a Sunday this year the banks have recommended that payments are made no later than Tuesday 25 June to ensure that it is cleared and recorded on your bank statement prior to the last business day of the financial year – Friday 28 June.
| Posted in:CashCash flowStrategyCompliancePlanning2013Admin | 0 Comments |
