ARW Report - Edition 32 - Winter 2010We are pleased to bring you our Winter edition of the ARW Report for 2010. With the end of the financial year just around the corner, time is almost over with your tax planning. This edition has alot of excellent tax tips for you action before 30 June. If you want to make an appointment for some tax planning then contact us today. Yes we are still accepting new clients and would gratefully appreciate any referrals that you provide us - so make sure you let your family & friends know that you have a great award-winning accountant. Visit our website for more information about the various services which we can provide. With the year end fast approaching, now is the time to make an appointment for some tax planning with your ARW consultant by emailing Jess here.
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MR TAXMAN’S TOP TEN BUSINESS TAX TIPS FOR 2010by Stature ARW Accounting
MR TAXMAN’s TOP TEN INDIVIDUAL TAX TIPS FOR 2010by Stature ARW Accounting
Accumulating wealth the Warren Buffett wayby Stature ARW Accounting
Fraud – Have you employed a thief?by Stature ARW Accounting
Strategies to optimise your businessby Stature ARW Accounting
Cost cuttingby Ian Hounslow
Members’ Voluntary Liquidationsby Ian HounslowShould you be facing the prospect of winding down your company, there are several factors to consider. A company which is no longer required and has assets of less than $1,000 and no liabilities may simply be deregistered by making the appropriate application to the Australian Securities and Investments Commission. Personal services incomeby Stature ARW AccountingA recent case involving Personal Services Income (Taneja and Commissioner of Taxation [2009]) highlights the importance of ensuring that you comply with the personal services income legislation. In this case the focus was on the ‘results test’. 2010/11 fee scheduleby Stature ARW AccountingPlease be advised that our schedule of fees, effective from 1 July 2010, will be as follows: Superannuation funds and borrowingby Stature ARW AccountingWith an amendment to the Superannuation Industry (Supervision) Act 1993 (Cwlth), superannuation funds are now able to borrow money. The rules regarding the circumstances of borrowing are specific and are an instalment warrant. 2010/11 personal tax rate changesby Jon McArthurThe individual tax rates are changing from 1 July 2010. They are detailed here – the changes are highlighted in yellow. Social networking sites – Pros and consby Stature ARW AccountingIn this day and age you can hardly get through a full conversation without someone mentioning the likes of Facebook, Twitter or My Space. The report, ‘Friend…or Foe?’, by Jane Lindhe of BRW magazine, states that in Australia: Protecting your business logoby Stature ARW AccountingYour business logo is a representation of your business. It provides an insight into your business which if compelling enough, can attract new clients. Making the most of Government grants to employ apprenticesby Ian HounslowThe Treasurer announced, in the 2010 Federal Budget, an extension to the ‘Apprentice Kickstart’ program with the aim to help 22,500 youths find employment. Commercialisation Australia – Assistance for Australian businessby Ian HounslowCommercialisation Australia is an initiative that was announced as part of the 2009-10 Federal Budget. It was designed to overhaul the way the Australian Government assists innovative ideas in getting to market with a focus on business. Immediate deductionsby Ian HounslowWhen depreciating your assets it is worth considering whether they cost $300 or less. If the asset is $300 or less, and the asset purchased was for a taxable purpose, you may get an immediate deduction for the cost of that asset. Business travel ratesby Stature ARW AccountingThe Tax Office is soon to release its 2010/11travel, accommodation and meal allowance rates. When claiming travel allowance expenses and overtime meal allowance expenses the following key points must be remembered: Tax concessions – Small businessby Ian HounslowA business that meets the $2m small business entity (SBE) turnover test, $6m market net asset value (MNAV) test and is in compliance with the active asset test is eligible for small business tax concessions. Tax rules do not treat all income equallyby Jon McArthur
Superannuation contributionsby Stature ARW AccountingIt is time to remind clients that Superannuation Contributions have been reduced. The concessional contributions for clients under the age of 50, is now $25,000. Arrangements for clients over the age of 50 continue, but at a reduced level. |
