In the event that you are super organised and already preparing your 2012 tax gear, we’ve updated our tax checklists for you to download them as a reminder as to what we need you to provide after year end. Make sure to give them a solid read, as some items have changed in line with the budget announcements that have been rolled through.
Also note that if you would like you tax work completed early, make sure to have your work in as soon as possible after the tax new year, as we tend to schedule and do work in the order that it comes in to be fair to all concerned.
Drop us an email or a phone call if you have any queries at all.
Download Link
The Federal Budget handed down on Tuesday evening of May 8 contained a lot of ‘give’ and also a lot of ‘take’, and depending on your circumstances these may not appear to have been exercised with equanimity.
While families may welcome an increase in Family Tax Benefits, this comes with further limitations in that age 18 will see benefits cease. Similarly, the bonus for school age children comes at the cost of the Education Tax Refund.
For businesses, we see a similar giving with one hand while taking with the other. The welcome ‘loss carry-back’ initiative will assist many smaller enterprises with their cash flows, but the loss of a 1% tax cut also has to be considered. And limiting the loss carry-back to incorporated companies (it’s not available to sole traders, partnerships or trusts) severely limits its benefits — the statistics tell us that only a third of all small businesses are structured as companies.
There are many other Budget initiatives that will have relevance to a wide variety of our clients, depending on your circumstances. As always, please feel free to talk to our office for further details and information.
2012-05 – MBS Monthly Update – Budget Edition.pdf
Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact MBS to discuss the details.
Disclaimer & Copyright: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284)
Paying off the home mortgage sooner is an understandable aspiration, but the Tax Office warns that ‘mortgage management’ or ‘split loan’ arrangements are likely to be considered tax avoidance schemes as their dominant purpose is to claim tax deductions that would not otherwise be available.
Although the best tax planning is undertaken in July, not with the end of the financial year on the horizon, we look at a few tax planning tactics that could not only help with your tax return this year, but can set your affairs in better order for next tax year.
In a similar vein, we also run through what are commonly assumed to be allowable tax deductions that are actually routinely disallowed by the Tax Office. In next month’s issue, we will look at specific end-of-year strategies for small business owners.
Did you know that your SMSF can claim tax deductions for some insurance premiums? We also take a quick look at some quirky FBT facts, and summarise important developments or announcements made over the month.
Next week will see the 2012-13 Federal Budget handed down, widely expected to fundamentally change the taxation landscape. We will be issuing a special report summarising all the changes as soon as is practical after Budget night on Tuesday, May 8.
2012-05 – MBS Monthly Update.pdf
Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact MBS to discuss the details.
Disclaimer & Copyright: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284)
