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Success Tax Professionals

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25.01.2022 Rental Property tip

24.01.2022 Small businesses: your next quarterly BAS is due 28 February 2014. For more information go to www.ato.gov.au/activitystatements

24.01.2022 When did you review your Super Fund last time?? 1. Have you provided your Tax File Number to your Super Fund? If your Super Fund doesn't have your Tax File Number (TFN), then you may pay more tax than you need to. You could be paying up to 46.5% of your employer contributions and any salary sacrifice contributions. ... 2. Have you nominated your Beneficiary for your super Fund? 3. Have you consolidated your lost super yet? 4. Have you reviewed income protection or any other insurance inside you super? 5. Have you checked whether you are eligible for Super Co-contribution? If your answer is no to any of the questions above then it might be worthwhile to talk to your Superannuation Fund as early as possible. Disclaimer: The above information is purely general in nature. Please talk to your Super Fund directly or seek an expert advice for further information.

24.01.2022 #Tax tip of the week! Salary Packaging a Private Car When a car is used 100% for private purposes there is normally no tax deduction available on the expenditure. ... With this strategy an employee can generate annual tax savings of $2,000 $3,000 pa by salary packaging their private vehicle with their employer. This will involve the employer owning or leasing the vehicle and providing the vehicle to the employee as a fringe benefit as part of the employees overall salary package. There are no additional costs incurred by the employer. The annual tax savings to an employee will depend on the kilometres travelled per year in the vehicle, but will be at least $2,000 pa where: The employee is earning gross income between $50,000 and $80,000 pa. The car is valued at less than $30,000 An after-tax employee contribution is made to eliminate any FBT payable by the employer This strategy enables an employee to salary package more than one vehicle at a time. As such, it should be used to also salary package a spouse or childrens vehicles if they are used for private purposes only. Author: Darren Gleeson, CEO Success Tax Professionals (current July 2015)

23.01.2022 www.successtax.com.au

23.01.2022 Dear Valued Clients, Our office will be closing for the Christmas and New Year season from Thursday 19th December 2013... Until 9.00 am Monday 6th January 2014 Over the period we will be checking our emails on regular basis and will respond to your enquiries. We would like to take this opportunity to wish you and your family a safe and happy New Year.

22.01.2022 #Tax tip of the week! Employee Meal Expenses on Business Premises Employee meal costs, like lunch during a normal work day, are normally private non- deductible... expenses. But an employer can provide the following meals to employees and claim a tax deduction for the expenses and pay no fringe benefits tax: Tea, coffee and cakes provided on business premises for employees and customers: Sandwiches, muffins, fruit, pastries, etc consumed during a work meeting or training session on business premises A light meal and drink consumed at a lunch bar or café by an employee during a meal break on a work day A light meal and drink consumed on business premises while working overtime. Includes pizza, takeaway food, drinks, etc. Many companies, including Apple and Google, provide their employees with free meals during a work day. The benefits of this for the employer include: Increased employee satisfaction with the employer. Makes employee recruitment easier as employees are getting a free benefit not provided by most employers. Employees are more likely to work longer hours if they dont need to leave the business premises to get lunch and food. Business owners operating their business through a trust or company structure are also employees of the business. As such the business can claim a tax deduction for their meal expenses when it meets the criteria detailed above. An example of the tax savings in practice. If a business owner has the business provide $5,000 worth of meals on business premises to the owner during the financial year, the business will receive a $5,000 tax deduction for normally private expenses. The tax saving on this at the top marginal tax rate of 47% is $2,350 pa. Author: Darren Gleeson, CEO Success Tax Professionals

22.01.2022 Federal Budget 2013/2014 Highlights: Some Tax and Superannuation Changes : Abolition of the Baby Bonus:... Date of effect: 1 March 2014.The $5,000 Baby Bonus will be abolished from 1 March 2014. Instead, families eligible for Family Tax Benefit (Part A) will receive $2,000 following the birth of their first child, and $1,000 for each subsequent child. Parents who access Paid Parental Leave are not eligible for the new payments. Tax Rates: no changes announced as part of the Budget to resident individual income tax rates and thresholds. Medicare levy to increase in 2014: Date of effect: 1 July 2014 (2014-2015 FY).The Medicare levy will increase by 0.5% to 2% pa of taxable income from 1 July 2014 to provide funding for Disability Care Australia. The Medicare Levy low income thresholds : Tax payers who do not have to pay Medicare levy if their income is equal to or less than the following thresholds: Individual threshold change: For the 2012/13 income year will increase to $20,542 (previously $19,404) for individuals and $32,279 for single pensioners eligible for the seniors and Pensioners Tax Offset. Family threshold change: For the 2012/13 income year will increase to $33,693 (previously $32,743) for families, with the additional family threshold amount for each dependent child or student increasing to $3,094 Self-education expense deduction claims $2,000 annual deduction cap : Date of effect: 1 July 2014 (2014-2015 FY). From 1 July 2014, tax deductions for self-education expenses will be capped at $2,000 pa for individuals. HECS-HELP Discount and Voluntary HELP Repayment Bonus to End Date of effect: 1 January 2014.From 1 January 2014, the existing discounts relating to the Higher Education Loan Program (HELP) will be removed. At present, two discounts are available. These are a 10% discount for students who choose to pay their student contribution up-front and a 5% bonus on voluntary payments of $500 or more made to the Tax Office. Phasing out the net medical expenses tax offset Date of effect: 1 July 2013.The net medical expense tax offset is to be phased out from 1 July 2013 with transitional arrangements. Only taxpayers who claimed the offset in 2012-13 will be eligible for 2013-14 if they have eligible out-of-pocket medical expenses above the relevant threshold. Taxpayers who claim the offset in 2013-14 will be eligible to claim the offset in 2014-15. Out-of-pocket medical expenses relating to disability aids, attendant care or aged care will continue to be available for taxpayers until 1 July 2019. Superannuation- higher concessional contributions cap Currently, Before-tax and other concessional super contributions are capped at $25,000 pa, regardless of the individuals age. This cap will increase to $35,000 pa from: o 1 July 2013(i.e.2013/2014 income year ) for people aged 60 and over, and o 1 July 2014(i.e.2013/2015 income year) for people aged 50 and over. [email protected]

22.01.2022 Three simple tips to claim a deduction this tax time: 1. You must have spent the money 2. It must be related to your job, and 3. You must have a record to p...rove it. Remember: claim the right amount no more, no less. Find out what deductions you can claim at https://ato.gov.au/deductions

22.01.2022 Tax Time Scams !!

21.01.2022 ATO TAX 2013 APP

21.01.2022 We are very excited to announce that we have just completed the move of our Essendon office into the Hoppers Crossing neighborhood. Our new office is up and running and waiting for you!

18.01.2022 http://www.yellowpages.com.au//success-tax-professionals-1

18.01.2022 Wish you all a very happy and prosperous new financial year 2012-13........

16.01.2022 Increasing the compulsory super rate : The compulsory super rate (the amount your employer contributes to your nominated super fund) is increasing in each of the next seven years to help grow your savings for the future.The table below shows how the super rate will increase from 9% to 12% in seven annual steps. Year Rate... 2013-14...........9.25% 2014-15...........9.50% 2015-16...........10.00% 2016-17...........10.50% 2017-18...........11.00% 2018-19...........11.50% 2019-20...........12.00% Courtesy : ATO

16.01.2022 How much does the average Australian wedding cost?

15.01.2022 Tax tip for Relocation Expenses !!

15.01.2022 100 people and their super Great insights !

15.01.2022 Schoolkids Bonus : One-off EducationTax Refund payment for 2011-12

13.01.2022 Businesses, remember to lodge your BAS by 28 Feb! Lodging your BAS on time can be very beneficial for your business. You can see how your business is tracking and keep a good lodgment history. Need more reasons? ... 1. Youll avoid late penalties 2. Youll have time to organise a payment arrangement (if necessary) 3. Youll have more time to focus on running your business.

12.01.2022 Loss carry-backs for small business..

10.01.2022 Did you know that changing from a sole trader to a company business structure can affect your business taxes, responsibilities, asset protection, potential liabilities and ongoing costs? Check out this suite of resources to find out how at www.business.gov.au/soletradertocompany

09.01.2022 Beware of phone scams Phone scams are the number one type of scam in Australia. Scammers can impersonate ATO employees to obtain personal information for financial gain from you or your clients. Generally, phone scams demand payment for an unexpected debt or offer an unexpected refund or grant. It is important your clients are aware that scammers try to collect personal information to steal their identity, including:... tax file numbers names addresses dates of birth myGov user name and password bank account and credit card details drivers licence, Medicare and passport details. This information is then used or sold to other criminals to commit identity fraud. This can happen immediately or even months or years later. Phone scammers are likely to be pushy or aggressive. They may tell your clients that there is a warrant out for their arrest or offer to send a taxi to take them to a post office so that they can make a payment. The ATO would never threaten jail or arrest and does not email, call or SMS asking for credit card or bank details to issue a refund. Scammers pretending to be from the ATO are generally more common during tax time so encourage your clients to be vigilant and to protect their personal information. source : ATO Alerts

07.01.2022 The journey of selling or closing a small business

07.01.2022 Find your lost super yourself today. Do not lose your own money. This information is general purpose only. For specific advice please contact ATO or your super fund.

05.01.2022 Budget 2015 /2016-highlights Personal tax : Personal tax measures include:...Continue reading

04.01.2022 Employers - You must provide payment summaries to all your employees no later than 14 July, even if you were not required to withhold tax from their pay. Remember, these payments must also be included in your pay as you go (PAYG) payment summary annual report. This report is due on or before 14 August. Lodging it early assists your employees to complete their tax returns. More info at the link below.

02.01.2022 Too many super accounts? Combine them using myGov. Get started at ato.gov.au/superonline

01.01.2022 Federal Budget 2012 :Budget winners and losers Here is a snapshot of the winners and losers from this year's budget: Winners:...Continue reading

01.01.2022 https://m.facebook.com/story.php?story_fbid=758140217539960&id=191094590911195

01.01.2022 There are many scam emails during tax time !!

01.01.2022 If you are an individual who is not in business, find out what expenses you can claim to reduce your taxable income. Planning to claim work-related expenses on your tax return? Understand what you can and cannot claim a deduction for - check out our online guides for specific industries and occupations.