What's new?
Book in your 2009 tax return appointment now!
We recommend you get in early and book now so that you can see your ARW representative for this year's tax return. Email Kylie now
Rafters to run marathon as leprechaun!
He definitely isn't your boring accountant. Read all about it here. Also join his Facebook Group.
PAYG withholding (221D) variations for 2009/10
For those clients with income tax variations in place for their investments, we recommend that you get in contact with us to have the variation in place for 2009/10 tax year ASAP.
Tax effective opportunities closing in 2 weeks!
A reminder that most tax effective investment opportunities close very soon. To get a sizeable tax deduction this year then you must act swift & contact us now .
Get an extra $1,500 from the Government
Just a reminder that for those eligible to receive the Government Co-Contribution to make your $1,000 post-tax contribution into super before 30 June.
Get a rebate back on commissions
It only takes a few minutes for ARW to put money back in your pocket that is going into someone else's. Click here.
Granville & Campbelltown offices open Saturdays
Between July & November our Granville (1 Membrey St) & Campbelltown (6 King Street) offices will be open on Saturdays between 9am - 5pm.
30 June last date for super guarantee tax deductions
30 June is the last day for businesses to pay super guarantee and qualify for a tax deduction for this financial year.
Get your stimulus payment
Over 500,000 are yet to lodge their 2008 tax return. Are you one of them? Must act before 30 June so book an appointment via Kym now.
2008/09 superannuation age-based deduction limits
Under 50 $50,000; 50 & over $100,000
Cancellation fee
As our time is valuable, ARW is imposing a $55 cancellation fee for no shows & meetings cancelled within 24 hours of the appointment. Please take care when making a booking.
Free tickets to Souths home games
Clients interested in tickets to Souths home matches can register their interest here.
Beware ATO email scam
Please ignore any email from ATO about potential refund as it is a fake.
Contact details
- Phone(02) 8256 2100
- Fax(02) 9231 2199
- EmailEmail us
Listing by latest edition
Click on an article heading to view the synopsis and link to read more.
Edition 32 view edition
MR TAXMAN’s TOP TEN INDIVIDUAL TAX TIPS FOR 2010
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It is that time of the year when we all need to do some tax planning. June 30 is rapidly approaching so here are some excellent tips for you to get your house in order and increase your tax refund |
MR TAXMAN’S TOP TEN BUSINESS TAX TIPS FOR 2010
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Business owners always ask me for a tip or two around this time every year. Here are a few great strategies for your business to try to implement prior to 30 June 2010 to legitimately reduce tax. |
Accumulating wealth the Warren Buffett way
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Warren Buffett, one of the richest men in the world and a remarkable investor for over 50 years, has revealed his formula when making investment decisions and considering a potential company to invest in: |
Fraud – Have you employed a thief?
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As financial circumstances become tighter, some employees may be tempted to turn to committing fraud in your organisation. |
Strategies to optimise your business
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The following checklist offers strategies to optimise your business’ profitability: |
Cost cutting
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During the recent down turn, many businesses started reducing their expenses. It is easy to cut costs in areas of the business without giving much thought to the medium and long-term impact. |
Members’ Voluntary Liquidations
Should 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 income
A 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 schedule
Please be advised that our schedule of fees, effective from 1 July 2010, will be as follows:
Superannuation funds and borrowing
With 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 changes
The individual tax rates are changing from 1 July 2010. They are detailed here – the changes are highlighted in yellow.
Social networking sites – Pros and cons
In 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 logo
Your 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 apprentices
The 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 business
Commercialisation 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 deductions
When 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 rates
The 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 business
A 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.
Superannuation contributions
It 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.
Edition 31 view edition
Henry Tax Review – What it means to you
Two years in the making, the Henry Tax Review was finally made public this month.
The lead up to its release was huge. The claims were that the Henry Tax Review would be the biggest reform in Australia’s taxation history. Even bigger than Ben Hur.
Plan Ahead – Now
2010 is the start of a new decade and is an appropriate time to pause and consider what you need to do financially for personal and business reasons.
Sydney man sentenced on early access to super charges
For those that look after their own Self Managed Super Fund, here is a very good reason why you must not use the funds before retirement.
Building a bigger retirement nest egg
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Will your superannuation provide you with the retirement you want? |
Lessons from ‘The Last Lecture’ of Dr Randy Pausch
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Reflections on why it is important of planning for the future, while ensuring that you make the most of today. |
Investing in property 2010
The stars are aligning, heralding property as the place to be in 2010.
The Australian economy, after coming through the GFC and anticipated gloom of 2009, is now exhibiting several positive property indicators for a fruitful 2010-2011 period.
What happens to your super after you die?
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Death and taxes are often said to be the only things in life that are certain. But have you ever wondered how the two are connected in relation to your superannuation?.... |
The “R” word
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In uncertain economic times, job redundancy is an unfortunate reality for many. After you cope with the news and your redundancy entitlements are added up, the numbers can look..... |
Aged care options
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Aged care: what are the options, and how much does it cost? |
Declare your offshore income
On 13 November, two men from Sydney were sentenced to 18 months jail for charges arising from the Operation Wickenby tax evasion investigation.
What you need to know about Ponzi schemes
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‘A fool and his money are soon parted’ as the old saying goes. Right? Not necessarily. The financial scams being promoted these days – especially over the internet – have become ..... |
Keeping it in the family
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There are options to provide for future generations through tax effective structures........... |
Total & Permanent Disability Insurance - It’s a matter of definition
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With so many things, the details are often what counts in the end. This is no different when it comes to establishing appropriate Total and Permanent Disability insurance. |
Enforcement of judgement debts
When all alternative avenues for collecting long outstanding debts have failed, organisations will need to decide whether it is commercially viable to take legal recourse against a debtor to recover an outstanding amount. Legal action will ordinarily take the form of obtaining a judgement against the debtor.
Edition 30 view edition
One of the saddest stories that you will read in 2010
2010 started off tragically for the family of one of ARW’s clients. Find out what made their story even sadder & how you can learn from it before it is too late.
Is opening your doors costing you?
The goal in every business is to make a profit. If this cannot be done, we at least aim to break-even; but is opening up your doors for trade each morning actually costing you more than it’s worth?
Market your idea
To be successful in business, you need to have a great idea and then make that idea work for your potential customers. Your product should:
Looking for some New Year’s Resolutions?
The last few years have been horror ones financially for alot of people. Here are a few ideas from ARW’s Managing Director Adrian Raftery for creating your own list of New Year’s resolutions to help put your finances in better shape in 2010.
The costs of holding your stock
Did you know that while you have stock on your shelves you are incurring costs?
Gearing through a SMSF
Borrowing through a superannuation fund as a way of building wealth can be an attractive option for some trustees.
Small Business Fair Dismissal Code
Under the new national workplace system, there are new unfair dismissal laws for small businesses and their employees. Small businesses are defined as those with fewer than 15 full-time equivalent employees.
R&D tax offset
The Federal Government’s May 2009 Budget proposed replacing existing R&D tax concessions with a new R&D tax offset from the 1 July 2010.
Tax office limits use of offset rules
An ‘exposure draft’ released by the Tax Office in June may affect those that operate loss-making businesses, such as hobby farms, even if their taxable income is below $250,000.
FBT motor vehicle log book reminder
If you use the operating cost method for calculating your motor vehicle FBT and you have not completed a log book now is the time to start.
Edition 29 view edition
Should you consider fixing your home loan?
What are the pros and cons of fixing your home loan interest rate.
What will 2010 hold?
As the year draws to a close, many are wandering what the future has in store. No one can know for sure, but there are some clear signs that the year ahead will be better than the two just gone!
The original ‘little Aussie battler’
The rapidly rising Australian dollar is great news for those looking to travel overseas, especially to the US, UK and Europe, but the opinions of economists are divided when it comes to how resilient the domestic economy will remain under these conditions.
Super remains a super option for your financial future
While it’s never too late to start creating the financial future you dream of, it’s always better to start as early as possible because small amounts added to your superannuation when you are young can make a big difference to the size of your savings pool upon retirement.
A thank you from Larry Leprechaun - look what we achieved!
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The last few months have been hectic ... here is an update of Larry’s fundraising efforts. Funds raisedFirstly, on behalf of our family, I would like to thank you for your generous support of Larry Leprechaun’s fundraising. It is with great pleasure to announce that thanks to your generosity we were able to raise over $39,000 in donations for Bears of Hope Pregnancy & Infant Loss Inc. |
Is the "Santa Claus rally" a myth?
Every since I have been in the workforce I kept hearing about the famous "Santa Claus" rally where it seemed that the stockmarket rose around the same time that the jolly red giant was in town. But I never knew if this was really a myth or actually had some substance to it. So I decided this year to have a look at the numbers and found some very interesting statistics
ATO offer to declare offshore income
Tax Commissioner Michael D’Ascenzo has said the net is closing on tax havens, as he announced a new offer for people who may not have declared all income from offshore activities.
Investing in Australian Property Trusts
The last year and a half has been a tumultuous time for investors, especially those with assets in listed and unlisted property trusts. When the tightening in credit markets became apparent in early 2008, many investors were quick to offload their exposure and sell their investments. As a result, unit prices plummeted, as did overall investor confidence in the sector.
Edition 28 view edition
When is a company in trouble? The risk of insolvent trading
Directors of companies facing financial stress constantly find themselves in the difficult position of deciding whether to cease or continue operating. The decision to continue to operate may prove detrimental to the directors should the company subsequently fail.
Government funding for SMEs through Enterprise Connect
The Federal Government has introduced a number of initiatives to help businesses in today’s tough economic climate. One such initiative, tailored to small to medium size enterprises (SME), is the Enterprise Connect program.
Dealing with the ATO in difficult times
In the current economic environment, businesses struggling with their cash flow may find meeting their tax obligations increasingly difficult.
One option is to negotiate deferred payment arrangements with the ATO.
Same sex relationships and taxation implications
As from 1 July 2009, people living in same sex de facto, or registered relationships will be treated the same way for tax purposes regardless of gender.
The ATO's data matching projects
The ATO has released details of some specific data matching projects it will carry out.
Business travel rates 2009-10
The Tax Office has released the 2009-10 travel, accommodation and meal allowance rates.
When claiming travel allowance expenses and overtime meal allowance expenses the following key points must be remembered:
Super Guarantee OTE definition changes
Changes have been made to the Superannuation Guarantee (Administration) Act 1992 (Cwlth) (SGR 2009/2). Those changes took affect from 1 July 2009 and provide a slightly modified version of the ordinary time earnings (OTE).
Superannuation – Don’t exceed new limits
From 1 July 2009 the concessional contribution cap was halved to $25,000 per person per annum (or $50,000 per person if the member is over 50 years of age).
New salary sacrifice thresholds
We are pleased to be able to provide you with a review of how the Federal Budget changes in contribution threshold limits will affect salary sacrifice.
The importance of personal insurance
Reminder not to cut insurances if your budget is tight. Insurance premiums are money well spent.
Not all debt is created equal
Many people wait until their home loan is repaid before starting to invest. Unfortunately, this means they invest later in life, limiting the growth potential of their investments. There is, however, a strategy that lets you invest now and continue to pay off your home loan reasonably quickly.
Edition 27 view edition
Cashflow – The focus in 2009
Cashflow in a business must be seen by small businesses as the most important issue when managing finance this year.
New year, new beginnings
It’s a good time for clients to look at their goals and portfolio, and adjust them for the new financial year.
Some common mistakes made on income tax returns
The Australian Taxation Office reports that about 11.8 million individuals lodge tax returns a year; however, some make common errors.
Family tax benefit – Update on claiming
From 1 July 2009 claims for the Family Tax Benefit Part A and B can no longer be made on the annual income tax return (2009 and previous year claims).
‘Lifestyle assets’ owned by companies
Recent Government announcements bring under the spotlight the issue of private companies which own so-called ‘life-style’ assets, for example cars, boats and real estate.
Woman jailed for GST fraud
A Sydney woman was sentenced to seven years jail in the Sydney District Court for GST fraud of $506,511.
Retaining customers
Today businesses are recognising the importance of satisfying and retaining current customers. Here are some interesting facts on customer retention:
Edition 26 view edition
Mr Taxman's Top Ten Tax Tips for 2009
Times are tough so every dollar saved counts. Last month we ran a few seminars giving over 100 tax tips! Here are my Top Ten Tax Tips for 2009. Remember that tax planning should be 365 days per year not just one month. These strategies are just as useful on 1 July.
Are Self Managed Super Funds really that super?
This article looks at the the pros and cons of establishing a Self Managed Super Fund (SMSF)
50 per cent investment allowance
The Federal Government has recently passed the 50 per cent investment allowance and it is now law.
Educating children while paying a mortgage
Do you pay off the mortgage and draw down for fees or is it better to use managed funds?
Using trusts to manage family wealth
A trust can benefit the creation and preservation of family wealth
CGT: how to make the rules work for you
Helping ARW clients to understand the CGT rules in the lead up to the EOFY
Purchase of business – Protecting your goodwill
It is not unusual for a business purchaser to find themselves substantially down the path of an acquisition and then realise there are key issues
2009/10 personal tax rate changes
Individual tax rates are changing from 1 July 2009. If you have payroll software, you will need to ensure that you keep your software up to date so you can download the latest tax rates from your supplier.
Fixed interest – demystifying the jargon
With stock market volatility there has been an increased interest in fixed interest investing. Do you understand what terms like yield curve or coupon mean ?
2009/10 fee schedule
Please be advised that our schedule of fees, effective from 1 July 2009, will be as follows:
Edition 25 view edition
Reduce your fees
Get a rebate back on the commissions paid on your investments
Do you have managed funds, superannuation, pensions, annuities, master trust / wrap accounts, margin loans, CMT's or an insurance policy? Are you fed up of paying trail commissions on these investments? Find out how ARW can pay you a rebate on your fees each year. It takes just 2 minutes and will cost you absolutely nothing.
How to slash your credit card rate - Adrian Raftery on ACA
ARW’s Adrian Raftery was recently on A Current Affair with yet another of his innovative ideas which can save you thousands. ACA put him to the test with three Australian families and he came up trumps in all three. See how he did it and how you too can save some more money.
30% Investment Allowance FAQs
Here is a set of Frequently Asked Questions in relation to the 30% investment allowance for businesses which was recently introduced as part of the Federal Government's latest stimulus package.
Investment allowance, depreciation and capital allowances
The Government has issued a new $4.7bn economic package to stimulate business investment and encourage capital expenditure.
Tax bonus payment
Below is a brief guideline regarding the Government’s tax bonus payments:
Tips to survive the current global financial crisis
During deteriorating economic conditions, businesses often experience reduced revenue as customers strive to limit their discretionary spending. It is critical for business owners to take steps now to minimise the damage to their business.
Fuel tax credit rate change
There has been a change to the fuel tax credit rate for fuel used in heavy vehicles travelling on a public road. The rate to use when calculating claims will depend on when the fuel was acquired.
The green office
There are considerable advantages to introducing ‘green’ procedures into your office. Not only do you make a small mark in relieving the stress on the environment but there is also considerable opportunity to save money for your business.
Edition 24 view edition
Rental property deductions – common mistakes
The Tax Office lists the following as the most common mistakes made by owners of rental properties:
12 Great New Year's Money Resolutions
2008 was a horror one financially for most of us. Here are a few ideas from ARW’s Managing Director Adrian Raftery for creating your own list of New Year’s resolutions to help put your finances in better shape in 2009.
Summer tax deductions
Now that the weather has well & truly warmed up we thought it was a good time to remind you that a tax deduction is allowable for expenditure on sunscreen, sunglasses and hats for outdoor workers.
Home office expenses
Do you have an office at home? Do you use it for income producing purposes and incur additional running costs? If you answered ‘yes’ to these questions then you may be entitled to claim a deduction for ‘running expenses’.
ATO’s compliance program for 2008-09
The Commissioner of Taxation has released the ATO’s 2008-09 Compliance Program. Will the taxman be chasing you?
First Home Saver Accounts
The First Home Saver Accounts are open for those aged between 18 and 65. What are they and what are conditions attached to them?
Self education costs – BEWARE
It is a new year and you are about to do some study or TAFE. Can you make a claim in your tax return?
Is your business fraud proof?
Small businesses rely on loyal internal book keeping staff to process daily transactions and accounting functions.
Protecting your business in tough economic times
Economic conditions are deteriorating and a recession is predicted to occur in the major economies of the world.
Edition 23 view edition
ARW client named in BRW Fast 100
The directors of ARW would like to congratulate Allan Ferguson and his team at Omega Plumbing for recently being named in BRW's Fast 100 companies for 2008. The company has grown by over 60% per annum over the last 3 financial years.
Simple strategies to minimise tax on superannuation death benefits
The popularity of superannuation as a low-tax environment within which to grow wealth, coupled with longer life expectancies, will result in an increasing number of financially independent people receiving a superannuation death benefit from a parent.
Is the "Santa Claus rally" a myth?
Every since I have been in the workforce I kept hearing about the famous "Santa Claus" rally where it seemed that the stockmarket rose around the same time that the jolly red giant was in town. But I never knew if this was really a myth or actually had some substance to it. So I decided this year to have a look at the numbers and found some very interesting statistics
ARW freezes standard fees in light of current economy
As mentioned in a previous issue of the ARW Report, the directors of ARW have reviewed our standard service offerings this month and have agreed that in light of the tough economic climate that is currently facing our clientele, we have decided not to increase our fees for the remainder of this financial year.
Strategic management – Dell Computer Corporation
In 1984, at the age of 19, Michael Dell founded Dell Computer with a simple vision and business concept – that personal computers could be built to order and sold direct to customers.
Improving cash flow
The economic conditions of the past few years are changing.
Many small businesses are now noticing cash flow is harder to maintain as invoices are taking longer to be paid.
Corporate insolvency
Changes have been made to the Corporations Act 2001 (Cwlth) where employees of failed companies will have a better chance of getting their unpaid superannuation contribution entitlements back.
Superannuation – life insurance
This is a reminder to all employers that they have 14 days from when an employee completes the Australian Taxation Office Employment Declaration Form, to notify their choice of Superannuation Fund of the employee’s tax file number.
Edition 22 view edition
ARW CHARTERED ACCOUNTANTS WINS 2 CATEGORIES IN AUSTRALIAN BUSINESS AWARDS
It is with much pride and excitement that we announce that ARW Chartered Accountants last week won two categories in the prestigious Australian Business Awards. ARW were winners in the Service Excellence and Community Contribution categories and the firm was one of only a handful of organisations across Australia to be recognised in these highly contested awards.
BEAT THE RUSH ... GET YOUR TAX IN BEFORE 31 OCTOBER
Haven't completed your 2007 tax return yet? Perhaps your friends, family or work colleagues haven't submitted their return either? ARW is here to help.
With the 31 October deadline to lodge your tax return fast approaching, here is a reminder to come & see us. Book now to avoid the rush.
TOP 10 GOLDEN RULES FOR INVESTING IN THE STOCKMARKET
While it’s natural to be nervous when financial markets are uncertain, it's important to stick to some basic investment rules to help keep current market fluctuations in perspective.
RAFTERS TO TACKLE THE IRISH AGAIN
After debuting in 2006, ARW's managing director Adrian "Rafters" Raftery has again been named to play for the Australian Masters AFL against the Irish touring team later this year. Starting on October 25, the countries will be playing 2 test matches in Melbourne and on the Gold Coast and will co-incide with the reintroduction of the official International Rules series between the AFL and the GAA.
Leadership
Strong leadership is critical to the success of any company. For companies facing constant change due to internal and/or external influences, it becomes even more critical.
Company financial reporting obligations
Large Proprietary Companies must lodge Financial Statements. Set out below for Officeholders is the current criteria used to asses if a company is (or has become) a Large Proprietary Company.
Business travel rates 2008-09
The Tax Office has released the 2008-09 travel, accommodation and meal allowance rates.
Climate ready program launch
In a media release issued on 29 July, the Minister for Innovation, Science and Research, Senator Kim Carr, announced the Government’s $75m Climate Ready program was open for applications.
Research & development (R&D)
Are you involved in research & development to create new or improved materials, products, devices, processes or services?
Motor vehicle expenses - cents per km
The motor vehicle cents per kilometre rates for 2008-09 have been issued by the Tax Office and are listed below. Please note these rates remain unchanged from 2007-08.
Superannuation crackdown
The ATO has announced they will be cracking down on employers who fail to pay compulsory superannuation contributions on behalf of their workers.
Self Managed Superannuation Funds – Issues to consider
Self Managed Superannuation funds (SMSF) are growing in popularity as investors become more sophisticated and aim to have greater control over their retirement savings.
Coping with redundancy
The last decade has been good for job seekers. Unemployment has been low, and companies have been crying out for good staff. The resources boom continues to shield Australia from some of the problems being experienced in other countries, but parts of our economy are starting to show signs of weakness in the face of higher interest rates and petrol prices.
Edition 21 view edition
Adrian Raftery writes for Woman's Day!!
Yes that's right ... ARW's managing director Adrian Raftery is now writing a regular money column for Woman's Day. Last week's ...
2008/09 fee schedule
The directors of ARW have always appreciated the fact that our clients have helped grow our business (now in its 11th year) and we are also aware that times are tough at present in the economy. As a result, we have elected to put a freeze on our fees (ie same rates as 2007/08) & will review them in November instead. We have ...
A will isn’t always the way
Estate planning concerns the effective transfer of wealth from one generation to the next. An effective plan will ensure that assets pass to the intended beneficiaries in a way that will meet the desires of the deceased, the needs of the beneficiaries, and minimise any tax burden.
2008/09 budget highlights
The new Government was mindful on delivering on its election promises to working families. Mr Swan called this budget a “inflation fighting budget” but once you analyse the changes, the Government was very focussed in their approach to ensure the few tax saving opportunities that were available were drastically tightened.
Mr Taxman's top ten tax tips for 2008
Over the past few weeks, over 150 ARW clients listened to Mr Taxman give his Top Ten Tax Tips for 2008. These tips were published in this week's Woman's Day for 2.4 million readers but with one change as you already have a great accountant. For those that couldn't make our seminars, and with 30 June rapidly approaching, here are some excellent tips for you to increase your tax refund this financial year.
Would you like to be a TV or media star?
Interested in being on TV or in the press? With our various ...
Looking ahead to aged care
It is not just older Australians who need to understand how aged care works – anyone with aging parents may find themselves having to understand a complex system at very short notice.
ARW credit policy
Following the recent spate of interest rates rises, the directors of ARW have made a decision that from 1 July 2008 all accounts greater than 90 days will have an interest charge applied to them and place ARW in line with other credit providers.
Active or passive? Looking beyond headline returns
There are many different theories, philosophies and approaches to share investment. One of the most basic decisions is whether to take an active or a passive approach.
Small business succession planning
Many self-employed people overlook the value of the businesses they create, but with a bit of prior planning, some of this value can be released at retirement.
Edition 20 view edition
Will you live to 83?
I read today that the average life expectancy is currently 81 for males & 83 for females. Being a 36 year old that is some great news.
Tax planning tips – Before 30 June 2008
To minimise the tax payable on taxable income, implementation of the following is recommended prior to 30 June 2008:
Borrowing in a SMSF - ARW warns against it
Whilst there is currently alot of media & advertising promoting recent legislation that allows for SMSFs to borrow to purchase a house, ARW warns against it. From our experience we expect this loophole to close as soon as the first Federal Budget of the new Treasurer in May.
Part IV A and ‘wash sales’
The Australian Taxation Office (ATO) has issued a taxation ruling in relation to ‘wash sales’ which is used to describe the sale and purchase of the same or substantially the same asset within a short period of time.
Banks to get tough on finance
With the boom times seemingly over and the credit market generally tightening, it is prudent to prepare finance applications knowing the banks will be taking a tougher stance and lending only to the more blue chip borrower.
Loan fringe benefits
Loan Fringe Benefits arise where an employer recognises they have mistakenly paid their employee an amount to which the employee was not legally entitled.
Personal services income
The Australian Taxation Office (ATO) has recently identified the common mistakes businesses make with relation to Personal Services Income rules.
How to deal with staff wanting a pay rise
In the current economic environment where there is both low unemployment and increasing inflation it is inevitable that valued staff will seek a pay rise.
Business structures analysis
In considering the most appropriate business structure for a business it is important to identify the ‘must have requirements’ for that business and the ‘important requirements’.
Working offsite
Business can benefit from employees working remotely or from home however to ensure such arrangements are effective some safe guards should be put in place first.
Does your company’s registered office comply with ASIC requirements?
The Registered Office is the address which is registered with ASIC as the official address of a company, an association or any other legal entity. Generally it will form part of the public record.
Edition 19 view edition
Will this year be different?
The holidays are over but will 2008 be different financially for you? You can be sure that if you do what you did in 2007, this year will be much the same. Here are ten tips so that next Christmas you can look back with pride at your accomplishments.
Winners and Losers with Higher Interest Rates
Reading the newspapers, it seems that everyone hates higher interest rates. There’s good reason for that. Higher interest rates are supposed to reduce our spending power. But it’s a bit like medicine – a bitter taste now to make us feel better in the future.
Life under Labour
During last year’s election campaign, Labour strived to reassure the electorate that, in government, it would maintain the same general approach to economic policy that we’d experienced over the last 11 years. It was a key part in the new government’s electoral success.
Outlook for 2008
2008 could be one of those years when emotion overrules reason as the most powerful influence on the economy. The crisis in confidence owes its origins to the sub-prime crisis in the US. The resulting housing slump and lower consumer confidence sparked fears of a US recession, with many people worrying that this could spread beyond US shores.
Coping With Volatility
What a Year!
The Australian share market gave investors a bumpy ride last year. At the start of 2007 the All Ordinaries index was at 5,650. It climbed 14.3% by July, plummeted 12.2% over the following month, then put on a massive 20.9% to hit an all-time-high of 6,854 on November 1st. It closed the year at 6,421 before a miserable start to 2008.
Problems with car fringe benefit records
The Tax Office has warned that some employers are using inaccurate methods in dealing with the FBT obligations resulting from providing car benefits to their employees.
Tax tips for small business
The Tax Office has some useful tips and information to help businesses start the new year on the right foot.
There are some important things all small businesses need to remember, including good record keeping practices, meeting GST obligations, reporting, paying tax and superannuation.
CASH FLOW – THE KEY TO SUCCESS
In reality, cash flow is the key to survival.
Australian Securities & Investments Commission statistics tell us that in 2004 and 2005 there was an average of 18,000 businesses that entered into external administration or insolvency. Furthermore, the Small Business Development Corporation statistics tell us that 60% of small businesses fail in the first three years of operation.
Edition 18 view edition
Non commercial loss rules and commissioner's discretion
The Non Commercial Loss Rules of Division 35 limit the ability of taxpayers to offset business losses against other assessment income unless one or more of the following tests are met.
Drought assistance
With the ongoing drought continuing to affect primary producers throughout Australia Chartered Accountants are well placed to provide support and services to people in the rural community.
Christmas fringe benefits
With Christmas looming it is timely to note Christmas parties are exempt from FBT as minor benefits if the total value of the benefit to the employee, including any family member attending, is under $300. This increased from $100 on 1 April 2007.
Super tips when you change jobs
Starting a new job is an exciting, scary and busy time. The Australian workforce is more mobile than ever and the Australian Bureau of Statistics estimates that about 1.8 million people change jobs every year. Whilst doing so it is important not to neglect your superannuation.
Gear up your super
Self managed super funds are about to enter a revolution. New rules have legitimised a form of borrowing in superannuation – something generally not allowed in super funds.
When a will is not enough
Your last will and testament sets out how everything you own will be distributed when you die. Who will get the grandfather clock? Who will get grandma’s jewellery? Your will appoints an executor to administer your estate. They will hold your assets in trust on behalf of your beneficiaries. The executor will collect all your assets, pay any debts, lodge your final tax return and distribute the remaining assets according to the will.
Superannuation funds, death benefits & wills
Superannuation is held in Trust on your behalf by your nominated Superannuation Fund. Given that, it cannot be dealt with effectively through your will. As a result you must specifically advise your Superannuation Fund if you wish to nominate a person to receive any benefits upon your death.
Keeping records - employer obligations
Are you fulfilling your obligations as an employer regarding record keeping? The following is a short checklist of the Tax Office requirements relating to record keeping.
Transition to Retirement and Salary Sacrificing
A person can access their superannuation benefits as a non-commutable income stream provided they have reached preservation age (currently 55). This transition to retirement measure is an initiative by the government that allows people to supplement their perhaps part-time income with monies accumulated in their superannuation fund. It is aimed at attempting to retain experienced workers in the workforce at a time of skill shortage.
Motor Vehicle logbooks
If you need to complete a new logbook for a motor vehicle you need to start now so your 12 weeks is finished in time for the end of the FBT year on 31 March 2008.
The miracle of Santa Clause
Have you ever wondered why you never see Santa Claus leaving presents under your Christmas tree? When we were young the gifts appeared like magic and even now you are older it is still important to believe in this magic.
Fringe benefits tax
The Australian Taxation Office (ATO) has advised that they will undertake two major projects to ensure employers are meeting their fringe benefits tax (FBT) obligations in relation to employee car benefits. A letter will be forwarded to clients where it is applicable in this matter and a courtesy copy will also be given to their Tax Agent(s).
Edition 17 view edition
Do I need to get my tax in before the 31 October Deadline?
Haven't completed your 2007 tax return yet? Perhaps your friends, family or work colleagues haven't submitted their return either? ARW is here to help.
Heart Foundation New York Marathon Challenge - LAST CHANCE TO DONATE
On November 4, ARW managing partner Adrian Raftery is running the New York marathon (42.195km!!) to raise funds for the Heart Foundation. As one of 24 Australian runners, the target is to raise a total of $144,000.
ATO focus on 2007 Tax Returns
The Tax Office has advised that it will be paying particular attention to the following in 2006/07:
The Tax Office is your friend
In 2006-07, over 42,000 new self managed superannuation funds (SMSFs) were established and the attractiveness of the new superannuation rules means similar growth will continue for some time yet.
Where self-education expenses are not deductible
Self-education expenses are not deductible when there is no relevant connection between the self-education expenses and production of an assessable income.
Delegate or Die!
There is not a single management skill more critical to your personal and professional success as an entrepreneur than learning to delegate. But delegating successfully is much more than simply handing out assignments.
ATO crackdown on super contributions
Employers have been warned by the Australian Taxation Office Commissioner Michael D'Ascenzo to ensure they make compulsory superannuation contributions on behalf of their workers.
Employment termination payments
Eligible termination payments will change to new employment termination payments.
A quiz for small business owners
Try the quiz below and see how you compare to the results of a recent survey conducted by the Investment and Financial Services Association (IFSA).
Edition 16 view edition
ARW moving it's city office
We advise that effective from Monday 18 June, our city office will be located on level 2 in the same building that we currently occupy.
A charity close to our hearts
Each year, ARW raises funds for a particular charity. This year, ARW managing partner Adrian Raftery is running the New York marathon (42.195km!!) to raise funds for the Heart Foundation.
Upcoming super changes
The superannuation system is changing from 1 July 2007. Here is a very important update about what will be happening - A MUST READ!!
2007-08 Budget highlights
The 2007-08 Budget handed down by Treasurer Peter Costello has been widely supported by the business sector.
$1 million opportunity
As part of the Government’s plans to reform Australian superannuation all Australians have the opportunity to put $1m from after-tax contributions into their superannuation fund before 30 June 2007.
Super co-contributions
The Government’s superannuation co-contribution scheme was aimed to improve the retirement income of low to middle income earners.
2007/08 Fee Schedule
Please be advised that our schedule of fees, effective from 1 July 2007, will be as follows:
SME's and the Budget
From 1 July 2007, businesses with turnover below $75,000 need not register for the GST.
It's the money in your pocket that counts
Successful investing means making sure that what you earn comes back to you and doesn’t end up being paid to the taxman.
Edition 15 view edition
No deduction for abnormal clothing expenses
The Administrative Appeals Tribunal (AAT) has held that the CEO and director of a company was not entitled to a deduction of approximately $38,800 for abnormal work-related clothing expenses...
Introduction of the Independent Contractors Bill
Recently, Workplace Relations Minister Kevin Andrews introduced two Bills into parliament - the Independent Contractors Bill 2006 and the Workplace Relations Legislation Amendment (Independent Contractors) Bill 2006.
Child care tax rebate reminder
As part of the Government’s Tax Laws Amendment (2005 Measures No. 4) Act 2005 parents are reminded the 30 per cent child care tax rebate is available. It helps families reduce their costs for approved child care.
Backpackers to be allowed to work longer at one job
The Working Holiday Program provides opportunities for people aged between 18 and 30 to holiday in Australia and to supplement their travel funds through incidental employment.
SMSF trustee compliance checklist
If you are a trustee of a Self Managing Superannuation Fund (SMSF) you have a range of responsibilities that you must adhere to in the day-to-day operation of your fund. Below is a checklist outlined in the Government's Role and Responsibilities of Trustees paper which details what you must be aware of as a trustee of a SMSF.
How to cut your business fuel costs - the fuel tax credit
Fuel tax credits provide businesses with a credit for fuel tax (excise duty) that is included in the price of fuel. Fuel tax credits commenced on 1 July 2006.
Employer's guide to making an Australian Workplace Agreement
With the introduction of the government’s WorkChoices legislation the legal requirements for making an Australian Workplace Agreement have changed.
The simplified and streamlined superannuation plan - an outline
In the government’s 2006-07 budget the treasurer announced significant reforms to Australia’s superannuation system.
Implications of WorkChoices on employment contracts
As part of the Federal Government’s new Workplace Relations Amendment (WorkChoices) Act 2005 introduced on 27 March 2006 The Australian Fair Pay and Conditions Standard (also known as ‘the Standard’) was established and will apply to most employees.
New bankruptcy measures to target avoidance
Tougher anti-avoidance provisions in the Bankruptcy Act 1966 have been passed by the Federal Parliament to target people who dispose of assets in the lead up to bankruptcy.
Franchisor disclaimers - written contracts prevail
A ruling by the full Federal Court held that disclaimers did operate to protect franchisors from claims of misleading and deceptive conduct.
Super guarantee contribution penalties
If an employer is late in making their superannuation guarantee contributions on behalf of an employee they must lodge a Superannuation guarantee charge statement - quarterly form and pay a penalty.
Edition 14 view edition
Do I need to get my tax in before the 31 October deadline?
Haven't completed your 2006 tax return yet? Perhaps your friends, family or work colleagues haven't submitted their return either? ARW is here to help.
ARW says goodbye to Wazza!
In scenes reminiscent to a Hollywood love story, ARW said farewell to one of its partners last month.
Simplified Superannuation - Final Decisions
In this year’s Federal Budget, the Treasurer outlined plans to reform Australia’s superannuation system. On September 5th 2006, following considerable consultation, the Treasurer confirmed that the Government will proceed with its intention to reform the superannuation system as outlined in the Budget. We are pleased to be able to provide you with a summary of these changes.
Raftery selected in Australian Over 35's
Later this month, ARW's managing partner Adrian Raftery will be representing Australia in the over 35s International Rules series in Ireland.
Do You Know The Warning Signs Of Too Much Debt?
In recent years Australians have been on a debt binge. Personal debt is at record levels. With rising interest rates there is not much room to move.
What to look for in a Product Disclosure Statement?
A Product Disclosure Statement (PDS) describes the product features, together with a summary of the significant benefits, risks and the costs associated with that product.
Using Financial Ratios to Manage your Business
Your business’ balance sheet and income statement are essential, but they are only the starting point for successful financial management. Using ratio analysis on your financial statements you can analyse the success, failure, and progress of your business
Edition 13 view edition
How to Build Your Business Credit Profile
For most small businesses it can be difficult to source finance. It is a bit of ‘catch 22’. You can’t obtain finance without a good credit history but you can’t have a credit history without having borrowed in the past.
How would you like an extra $1,500 from the Government this year?
With the Government’s Superannuation Co-Contribution Scheme, they could pay up to $1,500 into your superannuation account or Retirement Savings Account.
End of Financial Year Tax Planning Tips
It’s that time of year again! The end of the financial year. Here are a few tips worth considering.
Things to consider as a result of the 2006 Federal Budget
With the federal budget now a few weeks old and after much discussion. What does it all mean? We would like to provide you with some things to consider regarding the key changes.
ATO audit targets for 2005-06
Did you know that almost seven million taxpayers claimed over $11 billion of deductions for work-related expenses in their tax returns for the 2005 tax year?
Do you want a pay rise?
Everyone is interested in getting a pay rise but how can ARW help you get one?
What's new in the 2006 tax return
With the end of this financial year quickly approaching, there have been a few changes made for the 2006 tax year. These modifications include the 30% child care tax rebate, the changes in superannuation contributions splitting, changes in capital gains tax and property, capital returns, share buybacks and the medical expenses offset, one of which may affect you.
Rental property deductions for 2005-06
Did you know that in the 2004 tax year almost 1.5 million taxpayers declared rental income with 250,000 of these claiming deductions for the first time?
Does your business need a review of its General and Business Insurance?
ARW has recently formed a strategic alliance with Mega Capital, a General and Business Insurance Specialist.
Are you 45 years or older?
In light of the recent Federal Budget changes there are some significant items that impact on the financial situation for those over 45.
What are the Pro's and Con's of Lease Finance
Leasing equipment does not have to be considered a direct liability on your financial statements. This is advantageous, as it does not limit your ability to borrow from lending sources.
Be Careful of End of Financial Year Tax Investment Schemes
It is that time of year when investment schemes are heavily promoted on their tax effectiveness. In the past, many people have been disappointed with the outcome of such investments. If you are ever approached by a promoter of investment schemes or are considering the merits of different schemes always seek professional advice.
Edition 12 view edition
Laptops and Notebook Accessories Exempt form FBT
The ATO has advised that the FBT exemption on laptops and notebooks provided by employers to employees has been expanded to cover certain accessories.
Smart Tax Planning within Rach of Most Australians
Most Australians would like to benefit more from the income they earn throughout the year. Many seek ways to maximise their annual taxation refund. Others take this a step further, and utilise tax planning strategies to help reduce their taxable income and provide a foundation for creating wealth, by increasing their disposable income.
Common GST Mistakes
The GST have now been operating for over 5 years yet despite a massive education campaign by the Australian Taxation Office (ATO) there are still many errors and omissions that are being made by small businesses on their GST returns.
2006 Fringe Benefits Tax
Do you pay your employees Fringe Benefits? The Fringe Benefits Tax Return deadline for the year ended 31 March 2006 is near. Correct record keeping is they key to reporting Fringe Benefit amounts. Here are some helpful tips on some of the most common benefits to get your paperwork into order.
Adrian Raftery FCA, doesn't think he's a high achiever, he likes to think he's just an Aussie Rules player in a suit.
An article which recently appeared in the ICAA's Charter Magazine last month about ARW's managing partner.
Investment Properties - Are you Keeping Adequate Records?
The ATO has advised that their recent reviews indicate that some investment property owners are not keeping adequate records to support the income returned or claims being made in regard to rental properties.
Making a Strategic Aquisition
Purchasing another business could expand your business overnight. It might enable you to take advantage of new economies of scale, or diversify into new areas. But an acquisition can also bring problems, draining financial and management resources from your original business.
Choosing the Right Business Structure
It is important to start in business with the correct operating structure as any subsequent restructure can be expensive due to income tax, stamp duty and legal costs.
The Tax Office Looks into Low Doc Loans
Low Documentation loans are a flexible solution for self-employed people who have income and assets, but are unable to provide the required financial statements or tax returns at the time of application. The Australian Tax Office is concerned that small businesses using low doc loans may have tax compliance issues.
Accessing Pensions Prior to Retirement
Since 1 July 2005, people who have reached “preservation age” can take some or all of their superannuation in the form of a non-commutable income stream without having to retire.
Legal Ownership of Super Fund Assets
The Australian Taxation Office (ATO) has stated in a recent Media Release that trustees of self managed superannuation funds (SMSFs) must ensure that the assets of the Fund are appropriately recorded to show ownership by the Fund.
Edition 11 view edition
Split your super from 1 January 2006
The government has drafted regulations allowing your super contributions to be split with your spouse. It hasn’t been passed through parliament yet, so the final version could vary from some of the statements made below, but if it does get passed, it will be something that a number of people can benefit from, especially if cashflow is an issue.
Can I talk to your Mum and Dad?
With the festive season upon us, many of ye will be spending some quality time with your parents. When you get the chance, let them know that I would like to talk to them. All they need to remember is our phone number 1800 TAXMAN.
Christmas Present for Taxpayers over 55 and still in the Workforce
For clients over 55 and still working, some good news.
10 Ways to Make your Employees More Productive
It's a simple equation. Improving staff productivity is likely to boost the profitability of your business. So, what straightforward steps can you take to get more out of your people ?
Struggling for Cash this Christmas?
It seems to be a common problem this year that households are struggling for cash. The main cause of the problem is the lack of a good budget and a good savings plan.
Some of the Myths about Starting Your Own Small Business
Many people decide to start their own business because they think it is a great alternative to having to work for someone else. There are many myths that exist, deceiving people into starting their business with unreasonable expectations.
Managing your Creditors
If you have established good relationships with your suppliers, most will allow you to delay payment for a while so your business can weather short-term cashflow problems. But ignoring your creditors could put your business at risk.
Christmas Parties & Fringe Benefits Tax
The Christmas Party season is in swing. There are many rules relating to what is exempt from FBT and what is not. This article contains a brief overview.
Bushfires and Primary Producers
With the bush fire season upon us it is worthwhile being alerted to the ATO’s treatment of different issues that may arise if a primary producer is effected by a bushfire.
Edition 10 view edition
Do I need to get my tax in before the 31 October deadline?
Haven't completed your 2005 tax return yet? Perhaps your friends, family or work colleagues haven't submitted theirs either? ARW is here to help.
30% Child Care Tax Rebate
For those that paid for child care at any time since 1 July 2004, here is some good news.
Raftery Masters the Class & into Australia's Top 50
ARW’s managing partner Adrian Raftery has made it into the financial planning elite after being named in Personal Investor magazine's Top 50 Masterclass.
The importance of protection in a financial plan
Have you ever bought a plot of land with a view to building a house on it? If so,what motivated you most about the exercise?
Choice of Superannuation fund update
So the Choice of Super legislation is now operational since 1 July 2005. But what does it mean? Have you acted on it or been too afraid? Perhaps ARW can assist.
Claiming Car Expenses - What Trips Are Work-Related?
This is a common question we encounter from ARW clients ... here is the definitive answer. Make sure you get those log books happening (& collect receipts) at this time of year before it is too late.
On the Loan Front
If it’s been more than 5 years since you’ve reviewed your home loan, you may be missing out. Loan options have greatly improved over the past few years, making it easier than ever to reduce the cost of your mortgage.
Meeting Superannuation Guarantee Obligations - 28 October
Superannuation guarantee contributions for the quarter ending 30 September are due by 28 October. Even if you contribute more frequently than quarterly, you must pay all contributions for the quarter ended 30 September by 28 October.
Free up your time ......... Let My P.A. take care of your household paperwork!
Personal paperwork can be an inconvenient yet necessary consequence of everyday life, here is a potential solution for you.
Better than Gily ... It's the Personal Tax Record Keeper
Ensure greater certainty with your tax records and save ARW valuable preparation time by using the ATO’s Personal Tax Record Keeper – a new online resource.
We Must Stop Meeting Like This!
Did you know that the average business professional spends 23 hours a week in meetings?
Edition 9 view edition
End of Financial Year Tax Planning Tips
It’s that time of year again! The end of the financial year. Here are a few tips worth considering.
How would you like an extra $1,500 from the Government this year?
With the Government’s Superannuation Co-Contribution Scheme, they could pay up to $1,500 into your superannuation account or Retirement Savings Account.
Smart Cashflow Management
Why is it that working harder and earning more money doesn’t always translate into wealth? Australians are some of the hardest working people in the world, but when it comes to managing the money we make we’ve got a lot to learn.
Alternative Investments - are they for me?
In recent times many clients have been asking for alternative investments to be added to their investment portfolio – investments that offer the opportunity of good returns while behaving very differently to other types of investments.
The low-down on Choice in Super
New ‘choice of fund’ legislation offers many employees the opportunity to choose the super fund for their Superannuation Guarantee contributions from 1 July 05.
Superannuation Tax Planning
Superannuation is a tax driven scheme. Superannuation investment is encouraged through the provision of a range of tax concessions or support from the government. The 2004/2005 financial year is coming to an end and why not take advantage of some of the tax concessions and support the government is offering to provide yourself with a wealthy retirement.
Fringe Benefits Tax
Do you pay your employees Fringe Benefits? The Fringe Benefits Tax Return deadline for the year ended 31 March 2005 is near - 21 May 2005. Correct record keeping is they key to reporting Fringe Benefit amounts. Here are some helpful tips on some of the most common benefits to get your paperwork into order.
Federal Budget changes - how does it affect you?
Peter Costello’s tenth (and final?) budget had quite a few things which will impact on most of us. Here is where we think it may affect our tax & financial planning clients and how you should go about maximising the benefits.
Beat The Wheelbarrow Trap By Systemising Your Business
A Special Report by guest contributor and business coach, Andrew Eadie of ProfiTune Business Systems
Life Insurance ... Will ... Anything else?
Like many Australians you probably already have Life Insurance and a Legal Will (if not, then contact ARW about that). So what else is there?
Reverse Mortgages - A New Income source for Retirees & Pensioners
Imagine being able to unlock or withdraw some of the equity or cash from your home to spend on whatever you like, without having to sell or leave your home and without the burden of having to make loan repayments.
Edition 8 view edition
Choice of Fund - Your obligations as an Employer
From 1 July 2005, ‘choice of fund’ legislation will give most employees the opportunity to choose the super fund where their Superannuation Guarantee (SG) contributions will be made. What do you need to know as an employer?
Choice of Fund - Checklist for Employees
While the new 'Choice of Fund' rules will give employees a greater say in where and how their super is managed, there are some pitfalls to be aware of. Here is a handy checklist to help you decipher the choice.
Are interest rates rising?
The Reserve Bank of Australia (RBA) decided in its recent February policy meeting to leave interest rates unchanged with the cash rate remaining at 5.25%. Interest rates have been extremely stable for well over a year, with the last rate increase of 0.25% back in December 2003.
Tax Planning Opportunity - superannuation contributions for spouses
For taxpayers operating a personal services business that employ their spouses a recent Administrative Appeals Tribunal (AAT) decision gives scope for increasing superannuation contributions for spouses up to the age based limits.
Reducing Fringe Benefit Tax
This article serves to remind you about some aspects associated with the Fringe Benefit Tax. This includes some ways you might want to consider to reduce FBT.
When is Travel and Accommodation Tax Deductible?
Travel expenses from home to work are generally not an allowable deduction. Travelling expenses incurred in the course of the taxpayer’s work or in travelling between one place of business and another will be deductible. For example motor vehicle expenses, air, bus, train or taxi fares, car rental costs. Accommodation and meals on business trips away from home will also be deductible. Special substantiation requirements exist in order to make a successful travel tax claim.
Changing your Main Residential Address for CGT Purposes?
We occasionally have clients who are thinking of acquiring or who have acquired a second residential property enquiring as to whether they should change their main residence for tax purposes.
Superannuation Guarantee Reporting Requirements for Employers
With changes to the reporting requirements the Australian Taxation Office has released answers to some frequently asked questions.
Edition 7 view edition
ATO Compliance Activities
The Australian Taxation Office (ATO) is actively conducting audits in a number of areas. Below is an outline of the main areas the ATO is currently focusing on.
Employers - are you aware of the changes to Superannuation to come into effect in 2005?
As of July 1, 2005 your employees, in most cases, will have the right to choose their own superannuation fund.
HECS Voluntary repayment changes - Act before the 31 December!
If you have a HECS debt and would like to take advantage of the existing 15 per cent bonus on voluntary repayments of $500 or more, you need to make a payment on or before 31 December 2004.
Are you a Retiring Small Business Owner?
If so, you may be entitled to disregard some or all of your capital gains.
Private Company Directors Beware!
Directors are personally liable if a company keeps trading when it is insolvent i.e.: when it cannot pay all its debts as and when they become due and payable.
Christmas Party Time Again - What Will It Cost Your Business?
Do you know that you can't can’t claim expenditure on functions such as your staff Christmas Party as a business deduction and that you may have to pay Fringe Benefits Tax (FBT).
The Pros and Cons of Purchasing Business Premises
We are often asked by clients on the merits of buying premises for their business. There is no straight forward answer and your decision will depend on a number of issues specific to your business.
Due Dilligence: What is all the fuss about?
Weak due diligence is rife in the corporate landscape. In a recent survey an amazing 33% of executives admitted they failed to walk away from a deal that they had nagging doubts about.
Edition 6 view edition
Do I need to get my Tax in before the 31 October Deadline?
We advise that all clients that had their 2003 tax returns done by ARW are already on our tax lodgment program and do not need to bother about the impending 31 October tax deadline. In most cases, we have until March 2005 to lodge without penalty.
Come visit the ARW stall at the SMH Small Business Show
ARW have a stall at the upcoming Sydney Morning Herald Small Business Show.
10 Good Reasons to start a Self Managed Super Fund
Self managed superannuation funds, or DIY funds as they are also known, have for some time now been the growth sector of the superannuation market. Nearly 290,000 funds, over 530,000 members and close to $140 billion in assets confirm the continuing popularity of self managed super.
Leaving the Workforce before your Official Retirement Age doesn't have to be a Pipedream
Follow the 5-step plan below as a guide to early retirement.
Rules on getting the Maternity Payment
Replacing the Baby Bonus, the Maternity Payment is a one off payment to help with the extra costs of a new baby. Babies must be born or adopted on or after 1 July 2004.
Financial Planning Advice for all ... not just the Wealthy
There is a common misperception that financial planning advice should only be available for the wealthy.
The Importance of Personal Insurances
Risk management and in particular personal insurances are a vital ingredient of any comprehensive financial plan. Just as you insure your house, car and other property against loss, so too you should ensure that you hold suitable personal insurances that may include life and income protection insurances.
How long will my retirement savings last?
Generally the first question most retirees ask when discussing their retirement is: "How long will my retirement savings last?" People naturally want to be confident that their income streams and investment portfolios will provide adequate income for their life expectancy.
Edition 5 view edition
What Comprises the Superannuation Guarantee?
‘Are you confident that you have provided enough superannuation to your employees?’
Changes to Federal Redundancy Entitlements
On 26 March 2004, the Australian Industrial Relations Commission (AIRC) handed down its decision on the Redundancy Test Case, the results are important for all employers.
Do you have a Capital Gains Tax Asset Register?
Who should keep and maintain the register?
Do you have a Capital Gains Tax Asset Register?
Who should keep and maintain the register?
Outlawing Spam
Do your emails and newsletters constitute a breach of new Commonwealth Legislation ?
Director's Duties - Insolvent Trading
There are serious legal ramifications for trading while a company is ‘insolvent’. Directors and company secretaries are obliged to prevent their company from taking on new debt if they suspect that their company will be unable to meet its existing debts.
Financial Management
What to look for and what to measure in order to ensure the financial health of your business.
2003/04 Tax Return Preparation Checklist
For those that wish for ARW to prepare your tax return this year, hopefully this newsletter will serve as a good reminder in your "Inbox" as well as give you guidance about what we require to complete your return.
Money Skills Seminar
Recently, a major new study of youth phone use revealed the average age for under-18s to begin using mobiles is 13 and many are spending more than half their income on bills.
Edition 4 view edition
End of Financial Year Tax Planning Tips
Its that time of year again! The end of the financial year. Here are a few tips worth considering.
So you want to Start a Self-Managed Super Fund!
With the choice of superannuation funds legislation almost through, it is worthwhile for you to understand what Self Managed Super Funds are. Self managed superannuation funds, or DIY funds as they are also known, have been the growth sector of the superannuation market. If you and your spouse have over $100,000 combined in super, perhaps you should consider the establishment of your own super fund.
Investment Property - Are you entitled to a Deduction on Initial Repairs
We have many clients who have invested in property in recent years. They are surprised to learn that their initial repairs are more than likely, not deductible.
Warning on GST Avoidance Schemes
The Tax Office has identified a number of schemes to manipulate the timing and payment of GST.
What is a Home Office or Place of Business
In recent years many people have begun to merge their work and lifestyle. More people are working from home and should be aware of what they can claim and cannot claim as a deduction.
Split Loans - Not deductible according to the High Court
A recent High Court ruling has deemed interest on split loans to be not deductible.
Changes to the Baby Bonus and Family Tax Benefit
Some important changes were announced in the recent budget.
Edition 3 view edition
A New Years Resolution that is Achievable
One of the goals set by people as their "New Year Resolution" is to have more money.
Key Performance Indicators (KPI)
Key performance indicators are used by businesses of all sizes to focus management and staff on performance.
ARW Tip of the month - Better Business
Ian Hounslow has some useful tips for managing your business.
Operating a Business from Home
Working from home can sound attractive to small business proprietors, but there are many issues to consider.
Managing and Growing a Business
To succeed in business you need to allocate time and energy to managing the business, over and above creating and delivering the product or service.
Edition 2 view edition
Business Names
I would like to provide you with some background information regarding business names.
Useful Links
We are pleased to be able to provide you with links to some useful web sites.
Year end tax planning for Individuals
Yes, the end of the financial year is fast approaching. In fact it is less than 3 weeks to 30 June - doesn't time fly!!!
Year end tax planning for Businesses
If you have not already done so, you should look at purchasing an accounting package, such as MYOB, to assist you with maintaining the business records. It is really useful when preparing the BAS, debtors’ statements, etc
An introduction to Self Managed Super Funds
A Self Managed Superannuation Fund is a vehicle designed to provide retirement benefits to Members of that Fund. It may also be an efficient tax structure that offers significant benefits to investors.
Are you worried about interest rates rising?
For the best part of the past decade, borrowers have benefited from low interest rates. But how much longer will the good times last?
Edition 1 view edition
Thinking of selling your investment property, well have you considered ...
With the property market being at all-time highs, a lot of people are considering selling their properties.
Important Notice for All Land Owners
If you own land, did you know that you may be liable for land tax? In fact, failure to pay land tax may hold up settlement of property sales.
ARW Tip of the Month
Always been meaning to find out what happened to that old bank account with the millions stashed away in it???
Making your Business Valuable
Business owners always wonder what their business is worth. This article looks at how business owners can optimise the value of their business and make it attractive to potential buyers.
The Science of Financial Planning
Contrary to popular belief, it is not simply the process of investment selection. In fact, this is one of the last components of a comprehensive and all encompassing process. Arguably, a Financial Planner can add the most value through strategic advice on a broad range of issues including Taxation, Estate Planning and Retirement Income Streams in order to protect, create and distribute wealth effectively.