March, 2015

The Australian Taxation Office has recently updated their ATO app, which we thought may be of use to some of our clients, since it puts tax and super help right into the palm of your hand making it easier for you to conduct your tax and super affairs on the go.

If you’re an individual taxpayer, small business owner or self-managed super fund trustee, you can access relevant tax and super information and tools all in one place.

Get it now

What you can do

The ATO app has many features. You can:

• log on to Online services for individuals, to:
  • lodge your income tax return if you have straightforward affairs
  • keep track of your income tax return and loan account balances
  • view and update your personal contact and financial institution details
  • view all your super accounts and transfer any of your super into one account.
• see how quickly you can pay off a tax debt with a payment plan
• search Small business assist to find information on a range of topics or book an after-hours call back
• find out if your employee is eligible for super guarantee (SG) and calculate SG contributions
• calculate fuel tax credit entitlements you can claim on your business activity statement
• determine whether your worker is an employee or contractor for tax and super purposes
• calculate the amount of tax to withhold from salary and wage payments, and
• watch videos, access checklists and visit SMSF assist for other helpful information for SMSF trustees.

What’s new

The ATO’s latest app update has a new look and even more features. You can now:

• look up an Australian Business Number (ABN)
• depending on your device, set important reminders and alerts
• personalise your screen and save favourites for easy access to features you use most, and
• save app tool results within the app and share it via PDF and email.

The FBT year is fast coming to a close, so a run-down on the basics seems warranted. And remember, the FBT rate goes up on April 1. Also looming on the horizon is the July 1 deadline for all businesses (not just those with more than 20 staff) to adapt their systems to be SuperStream compliant.

Undertaken some self-education courses to improve your outlook? Some of the expenses in doing so can count towards a handy tax break – if there is a connection between your studies and the income from your current employment.

We also take a practical overview of the steps taken to work out any CGT liabilities, and go over the proposed changes planned for employee share schemes.

2015-03 – 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)