Business Matters Newsletter (Bulletin May 2010)

Click here for Smith Feutrill’s Business Matters Newsletter which focuses on strategies for managing your business.

In this issue:

• Women in business on the rise
• Promoting a level playing field
• Changes to the non-commercial loss rules
• Making the most of a trade show
• Deadline for small business help

World’s Greatest Shave

Year End Strategies Newsletter (Bulletin April 2010)

Click here for Smith Feutrill’s Year End Strategies Newsletter which focuses on strategies for managing your business.

In this issue:

• Get a year end tax health check
• Tax arrangement deadline
• The end is near – tax year end that is!
• SMSFs remain on tax office radar
• Home is where the tax deduction is
• SMSF reserves – old wine in new bottles
• Year end tips for property owners

March 2010 Bulletin

Lodgement Reminder

With the 15th May lodgement deadline looming for 2009 tax returns, now is the time to get your accounting records to us if you haven’t already done so. If you have any queries regarding this please contact us as soon as possible to avoid possible late lodgement penalties and/or general interest charges.

Changes at the ATO

You may be aware that the ATO has undergone a major upgrade to their ICT (Information Communications and Technology) that manages all tax accounts, processing and lodgements for Australia. This occurred from December 2009 to the end of January 2010 causing delays in processing of assessments and payments up to the middle of February. The ATO informs us they are now up to date and it’s back to business as usual. Moving forward there has been a significant and noticeable change in the look of Assessments and Statements of Account. Please ensure you carefully review our covering letters which contain important information regarding due dates for payment and any variation to our estimates. Should you have any queries with regard to the new look Notices of Assessment, please do not hesitate to contact us.

World’s Greatest Shave

Staff Appointment – Rebecca Van Eeden

It is with pleasure we announce the promotion of Rebecca Van Eeden to the position of Senior Accountant effective 1 January 2010. Rebecca has been with the firm for 3 years, has been a dedicated and enthusiastic team member throughout this period and has developed strong client relationships with her professionalism and technical ability.The Directors and fellow staff members congratulate Rebecca on her promotion and are sure she will do an outstanding job in this new role.

Declare offshore income now – ATO Announcement

An important announcement from the ATO for Tax professionals for your consideration.

http://www.ato.gov.au/taxprofessionals/content.asp?doc=/content/00222632.htm

If this applies to you, don’t delay – speak with your Smith Feutrill tax adviser now – we’re ready to listen and ready to help.

The Fair Work Act Overview

Australia’s workplace relations system changed on 1 July of this year with the introduction of The Fair Work Act 2009.  This act creates a new legislative framework for workplace relations, the aim being the establishment of a strong safety net for employees’ minimum workplace standards. 

The Fair Work Act, the Rudd government’s response to the much publicised Work Choices legislation, aims to give employees clear, comprehensive and enforceable minimum protections that cannot be removed by employers.  While officially becoming law on 1 July 2009, there is a bridging period up to 31 December 2009 for many provisions contained within the act.

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Investment Tax Break

A reminder that the investment tax break, as discussed in previous Smith Feutrill bulletins, is available until 31 December 2009.  The tax break allows taxpayers in small business an additional 50% tax deduction or large business an additional 10% tax deduction, provided commitment is made to purchase a qualifying asset prior to 31 December 2009.  As commitment can take many forms, and there are certain conditions the asset must meet, we recommend you contact us to examine your particular circumstances and eligibility if you are thinking of acquiring an asset prior to 31 December.  

We note that this is a potentially great opportunity for businesses with a turnover of under $2 million to purchase plant & equipment in a tax effective way.  If this is you, don’t delay – speak with your Smith Feutrill tax adviser now – we’re ready to listen and ready to help.

Further information can be found in our previous bulletin.

Staff Appointment – Kris Necovski

It is with pleasure we announce the promotion of Kris Necovski to the position of Supervisor effective 1 July 2009. Kris joined Smith Feutrill in September 2003 as a Graduate Accountant, completed his CPA in November 2006, and has since progressed to the position of Senior Accountant. The Directors and team of Smith Feutrill congratulate Kris on his promotion, a position where we are sure he will do an outstanding job.