Stature Tax Tactics - Summer 2012

Happy 2012 and welcome to the summer edition of Stature Tax Tactics

The articles in this edition focus on some interesting topics that will provide you with tips and action items in the lead up to end of financial year. With the tax year end of 30 June approaching quickly, it’s important to plan your tax and business affairs to ensure you minimise your tax exposure where possible. Remember – prior planning and preparation will prevent a paying the taxman more!

Part of the tax planning service Stature ARW Accounting offers is to spend time with you in an appointment, reviewing your financial affairs for the previous eight to nine months. This is when a projection is advised of what your tax position may be at the end of the financial year. Ideas are then offered on that performance in order to minimise your tax position. I am sure you will agree this is what advisors should be doing, rather than simply processing forms.

Stature ARW’s busiest time for tax planning is from March through to June, so please book your appointment early! The accounting team and I look forward to the opportunity of reviewing your situation with you.

As mentioned, this issue includes some great information on a range of important tax issues, to help you get the best results from your tax planning – such as:

Investment properties – know your expenses!
Tax deductions on overseas trips
Good records make tax time easier
Is it time for a super review?
What to do if the tax office calls

If you would like to know more about any of the tax issues raised in this newsletter or how the team at Stature ARW Accounting and I can help you, please contact us on 02 8256 2100 or at info@staturearw.com.au.

Also, remember to regularly take a look at our website at www.staturearw.com.au. The website is frequently updated with information, including helpful tips and links for your reference.

As always, it's our pleasure to help.

Regards

Jon McArthur

B.Com FCA MAICD
Principal & Chartered Accountant
Stature ARW Accounting Pty Ltd

Investment properties – know your expenses!

by Jon McArthur

Rental properties often need upkeep and sometimes, more significant repairs. However, in the eyes of the Australian Taxation Office (ATO), not all types of expenditure are equal!

by Jon McArthur

A strong Australian dollar makes overseas travel more affordable so it comes as no surprise that many companies are staging their annual conferences on foreign shores. This is great for employees who use their conference attendance as a tax deduction for a nice holiday – or is it?

by Jon McArthur

Every financial year panic sets in as tax time looms. A mad rush commences to gather together all the necessary documents to complete the required returns. This process can be made much easier if proper methods of record keeping are put in place. The following checklist provides some good ideas for simplifying your record keeping.

by Jon McArthur

Picture this... when you were 18 years old your well-meaning but financially inept uncle put $1,000 into an ordinary bank account for you instructing you to leave it there and let the bank’s interest turn it into a fortune to fund your early retirement. You followed his directions only to discover that when you reached 55 the balance of your “fortune” was just $2,094.64! What went wrong? Well, to put it frankly, you didn’t give it any attention!

by Jon McArthur

The Australian Tax Office (ATO) is constantly committing more resources to checking tax returns and using modern technology to help nab offenders. So be prepared – the tax office is watching!