13 Nov 2017

Do you pay your employee superannuation guarantee on time?

Consider Martins’ case Martin runs a building company in the Macedon Ranges and employs several staff. Recently Martin fell behind on payments of his employees superannuation guarantee obligations. A disgruntled employee who recently left the business checked his super fund statements to find that Martin had not paid his superannuation. The former employee notified the ATO who conducted an audit of all of the company’s...

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11 Oct 2017

Do you salary sacrifice into superannuation?

Consider Mavis’ case Mavis is a 56 year old employee of BHP Billiton and has been salary sacrificing to superannuation for the last few years to build her retirement nest egg. Mavis is concerned that due to the changes in superannuation contribution limits that she may need to revise the amount that she salary sacrifices into superannuation. Mavis currently earns $253,000 gross earnings per year...

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05 Sep 2017

Employees on Working Holiday Visas

Consider Brent and Jane’s case Brent and Jane have recently purchased a winery in the Macedon Ranges. They are concerned about their obligations pertaining to new employees on working holiday Visas during picking season. After speaking with their accountant they are aware of the need to complete a Special Withholding Form for non-resident employees. This enables them to withhold tax at 15% for the first...

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07 Aug 2017

Online Accounting and Bookkeeping Solutions

Consider Roy’s case Roy operates a courier business in the Macedon Ranges. His bookkeeping system is extremely outdated – receipts in shoeboxes and problematic spreadsheeting systems. Roy approached our office to get an understanding of the new generation of online or cloud based bookkeeping systems available. His current system is extremely time consuming and inefficient. Benefits of using an online system: – Ability to receive...

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19 Jul 2017

Does Payroll Tax apply to my business?

Consider Jenny’s case Jenny runs the payroll department for a medium sized business that specialises in manufacturing widgets. The business is rapidly expanding. The business has a workforce of 30 employees in Victoria. Up until now the monthly wage cost in Victoria was $40,000, however with the hiring of new employees they have exceeded the monthly threshold of $52,083. Jenny now needs to register for...

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08 May 2017

Defined Benefit Pensions & $1.6m superannuation transfer balance cap

With all of the talk around the $1.6m superannuation transfer balance cap, something that hasn’t been discussed a great deal in the media is around the treatment of defined benefit pensions in relation to the cap. The application of the cap differs depending on whether the pension is sourced from taxed funds (generally private sector funds and some public sector ones) or from untaxed sources...

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04 Apr 2017

Does the $1.6 million super pension cap affect you?

From 1 July 2017 members with superannuation in pension phase are subject to a $1.6 million transfer balance cap. This means that: • The maximum amount a member can have in pension phase is $1.6 million (across all super accounts). • Amounts above $1.6 million need to be withdrawn from the fund or commuted back to accumulation phase. • If funds greater than $1.6 million...

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27 Feb 2017

Are you aware of your Fringe Benefits Tax obligations?

Consider Joseph’s case Joseph runs a retail company and five of his sales staff receive motor vehicles as part of their employment agreement, which are accounted for using the operating cost method. Outside of work Joseph’s passion is the Western Bulldogs and he loves to give his employees football tickets. Joseph would like to understand his Fringe Benefits Tax (FBT) obligations. Recreation Recreation fringe benefits...

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06 Feb 2017

Farm Management Deposit and Offset Accounts

Primary producers often have years of high income and low income caused by factors such as drought, flood, fluctuating livestock and grain prices etc. Farm management deposits (FMD) are a system by which Primary Producers can manage the risks associated with inconsistent cash flows. The FMD system is in place to smooth out taxable income from year to year. If in a year of high...

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08 Nov 2016

Small Business Tax Concessions

Consider Rachel’s Case Rachel, 54, has been operating a primary production small business in the Macedon Ranges for 12 years. Rachel has decided to downsize and sell her farm. The real estate agent has estimated it will be able to be sold for $1,000,000. She is wondering what the Capital Gains Tax (CGT) implications will be in her case. As Rachel qualifies as a Small...

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