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Tax Year-End tips
With the end of the financial year approaching, you may want to consider the following if relevant to your situation:
- Make $1,000 non-concessional contribution to your superannuation fund to qualify for the government co-contribution of up to $1,000 - full matching is available for assessable income up to $31,920 with partial matching for incomes up to $61,920. Note that "assessable" income for this purpose is not necessarily the same as "taxable income"
- Maximise concessional contributions to superannuation - up to $25,000 for those under 50 and $50,000 for those 50 or above.
- If you have started an allocated pension from your Self Managed Superannuation Fund, make sure that you have drawn down at least the statutory minimum amount of pension required for the year.
- Consider pre-paying business expenses - for example, rent, interest, etc. or deferring income until after 30th June.
- If you have sold shares and made capital gains during the year, check your portfolio and consider selling shares that are showing a loss to offset the capital gains.
New Tax Scales
New income tax scales incorporating the "Flood Levy" apply from 1/7/2011. You can download weekly, fortnightly or monthly scales from our website at: Resources/Tax Scales
If you are using Cashbook Plus! for your payroll, the new tax scales file will be available for download from the Practical Systems website before 30th June.
Note that people affected by natural disasters are able to claim an exemption from the Flood Levy. The form for this purpose is available from our website - simply click here.
Self Managed Superannuation Fund Seminar
Our May seminar proved to be very popular and there has been some very positive feedback from clients who attended. For example, Doreen writes: "Thank you for the seminar...we found it extremely informative and well presented". Rod comments: "... the seminar exceeded my expectations and gave me much food for thought".
We are planning to run the seminar again in July so if you are interested, or know someone who might be, please let us know. We will make available more precise details early in July.
Taxwise Business News
The June 2011 issues of Taxwise Business News and Taxwise Individuals News are available on the Newsletters menu on our website - or simply click here
Primary Producer forms for RTA registrations
Note that registrations can now be renewed online at the RTA website but if you are paying at your local RTA office, you will need a form to prove your primary producer concessional status. Remember that you can download a form from the Documents
folder in your secure client login area on our website. The form has been signed by us and all you need do is change the date (using the drop-down date picker), print the form and sign it!
Due to 30th June pressures, we have a number of clients who are waiting for us to action their request for a secure client area account - we will get those set up in the first week in July and advise the people concerned.