The Latest ATO Tax Policies and Guidelines

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The Australian Taxation Office (ATO), true to its mandate, continues to issue policies and guidelines for a fairer and more efficient and administration of Australia’s federal taxation and superannuation system. Our PJS Accountants November 2015 Newsletter discusses the latest ATO tax laws and policies that are of interest to individual taxpayers, small business owners, and accountants and other tax practitioners:

  • Immediate deductibility of capital start-up expenses
  • Small business protections from unfair contract terms
  • The ATO and its regulations of SMSFs

The ATO has also taken certain actions designed to further improve tax system and collection:

  • Data matching program – on eBay online sales
  • ATO moves on cafes and restaurants
  • ATO and United States IRS share bank information
  • New multi-agency approach to fight serious financial crimes

Download our November Newsletter here to read the full stories

If you have any concerns about the latest policy and guidelines updates from the ATO, talk to a tax specialist about them. PJS Accountants offers a full range of tax consultation and planning services. For enquiries, call us on (07) 3245 5726 or contact us here.

2015 Budget Reforms for Families, Superannuation, Pension and Businesses

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The upcoming 2015/2016 Federal Budget is believed to be filled with incentives for families and small businesses, but it is a different story for high income earners, people who earn income abroad, and own a huge asset base. Our PJS Accountants May 2015 Newsletter discusses the budget reforms / changes for:

  • Families
  • Superannuation
  • Pension
  • Businesses

There will also be new taxes as well as reforms on existing taxes, all intended to lower the budget deficit. Read up on:

  • GST on Online Purchases and Services
  • “Googletax” (Multinational Tax Crackdown)
  • Bank Deposit Tax

Download our May Newsletter here

Access the Budget 2015 Summary here

If you are one of those who will be heavily impacted in the new federal budget, talk to an expert about your concerns. PJS Accountants have specialist advisors who you can consult with regarding tax planning and compliance, accounting and other bookkeeping services, superannuation, and more. Call us on (07) 3245 5726 or visit us here.

In’s and Out’s of Employee Shared Schemes

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Employers dream of high employee productivity and retention, and many employers consider gifting employees a stake in the business to motivate them. But there is more to it than that. Our PJS Accountants Newsletter for April 2015 discusses the new Employee Share Schemes (ESS) reforms that Parliament had recently enacted and how these affect shares or options issued from 1 July 2015.

Some highlights:

  • The purpose of ESS
  • How the new rules apply
  • When a company should consider an ESS
  • How a company can create an ESS

Download the April Newsletter here

There are many things to consider before implementing an employee share scheme. Contact PSJ Accountants to discuss whether an ESS is right for your company and how it should be set up to bring positive results. Dial (07) 3245 5726 or click here.

Should Your Business Bring in Investors?

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Many business owners want their vision realised sooner rather than later, and one of the ways they see this happening is raising new capital by taking in new investors. It seems the trendy thing to do. However, the question is: should you or shouldn’t you? Our PJS Accountants Newsletter for March 2015 tries to answer this question to guide you in your business decision.

Here are a few highlights:

  • Investment types
  • Investor types
  • Things to look out for when considering investors to bring in

Also, read up on how the Government’s newly introduced 2% “debt tax” on high income earners could impact you and what both employers and employees should do to deflect the potential drawbacks of this new tax reform.

Download our March Newsletter here:

If you want to talk business strategies with an expert, or simply have a question or need more information, please call PJS Accountants on (07) 3390 3177 or contact us here.

Status of Current Government Tax Reforms and How These Will Impact Business, Superannuation and Australian Individuals

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It’s the start of another year and the question that typically crops up at this time of year is: “What can we expect – economy and business wise – in 2015?” This month’s PJS Accountants Newsletter tackles the same question and provides some answers to help you navigate the rather uncertain economic climate in 2015.

This month’s newsletter gives an update on the status of current government tax reforms and how it will impact:

  • Businesses
  • Superannuation
  • Australian individuals

Download the February Newsletter here:

There’s not much to be happy about with the low interest environment, declining Australian dollar and slow economic growth. But there is still a ray of sunshine amid an uncertain economic future. What businesses and individuals can do is to have a sense of where opportunities can be found and what dangers lurk in 2015.

If you feel like you need support in making your way through the uncertainties and tough times ahead, or simply have a question or want more information, please contact PJS Accountants on (07) 33903177 or click here to contact us.

Newsletter for December 2014

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Christmas is a time for giving but don’t let this Christmas be your tax “Silly Season”.

In December, we highlight the tax implications that are relevant to this time of year and how to maximise the benefit to you with regards to the following:

  • Staff gifts
  • Christmas Parties
  • Client gifts
  • Donations to charities
  • Christmas bonuses

We recommend that expenditure during this period is budgeted given that traditionally cash flow slows in the New Year.

If you would like to discuss how to maximise the tax deductibility of your December then contact us.

The team a PJS Accountants would also like to take this opportunity to wish everyone a safe and Merry Christmas. We look forward to working with you again in 2015.

Download the December Newsletter here

Newsletter for November 2014

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Purchasing Property within an SMSF. Top Mistakes to Avoid!

There are plenty of spruikers out there at the moment targeting SMSFs for various investment schemes that may seem too good to be true.

The old saying “if it’s too good to be true, then it probably is” applies here just as importantly as anywhere else.

The team, at PJS Accountants all too often deal with the after effects of these decisions that have been made.

Ensuring that you get the right advice before committing your super savings to any investment opportunity, will ensure:

  • You understand your compliance requirements.
  • You understand what type of property can be purchased using a SMSF.
  • Ensuring the super funds capacity to maintain ongoing compliance costs.
  • The correct structure is set up from the establishment of the fund.
  • Ensuring that the investments are aligned with the funds Investment Strategy.
  • Contracts for the property purchases are in the correct name.

Download the November Newsletter here

If you need help with your SMSF, have any questions or want additional information please call PJS Accountants today on (07) 33903177 or Click Here to contact us.

Newsletter for October 2014

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Already a quarter of the way through the 2014/15 financial year and what a busy start it has already been. This month our PJS Accountants Newsletter explores company tax and “Are big companies getting a better tax deal” and how if at all can smaller companies and individuals get a better deal. We also explore the Budget Cutbacks and what has changed since the budget and what is still up for debate.

Download our October Newsletter here (PDF)

 A few important dates for October and November are:

  • 21 Oct 14 – Monthly activity statements due
  • 28 Oct 14 – July to Sept 14 – quarterly BAS is due for lodgment and payment
  • 28 Oct 14 – July to Sept 14 – Superannuation guarantee – payment cut-off date

If you wish to discuss any of these matters further or need advice around the information contained in the attached newsletter please do not hesitate to contact one of the team in the office.

June’s Did You Know

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  • The 2009/2010 Budget estimates were closest to the actual Budget figures than any future year.
  • The worst year for budget forecasts was the 2010/2011 Budget that predicted the deficit for 2011/2012 to be -$13 billion. Turned out this forecast was over $30 billion off at -$43.4 billion.
  • The budget deficit for the current financial year is expected to be $19.4 billion (or 1.3% of GDP, that is 1.3% of the economy). The deficit for the new financial year is expected to be $18 billion.

If you feel like you need support in making your way through the uncertainties and tough times ahead, or simply have a question or want more information, please contact PJS Accountants on (07) 33903177 or click here to contact us.

Quote of the month

“It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong.”

Thomas Sowell