Submitted by lisa on Wed, 05/09/2012 - 12:50
Federal Budget Analysis- May 2012
Last night in Canberra, Treasurer Wayne Swan delivered his fifth Federal budget stating that it was a 'Labour budget down to its bootstraps'.
We have reviewed the budget and have selected some key elements that we believe are relevent to business owners. Please click here to see our initial analysis.
Here are some of the tax and superannuation highlights:
Submitted by lisa on Mon, 04/30/2012 - 11:23
We were thrilled to see one of our Graduate Accountants, Shayley Venn, in the Macarthur Chronicle promoting the work she does with Youth Solutions. Shayley and the team have been developing a campaign to increase awareness of the harmful effects of recreational drugs called "Give us a hand". The tagline for the campaign is: WRECKreational Drugs - don't let them wreck your night.
Submitted by Anonymous (not verified) on Mon, 04/30/2012 - 10:52
We all know that importance of being able to work well with people. It is funny though that most of us have not put much time, compared with our time spent on technical study, actually learning about people.
Submitted by lisa on Wed, 04/18/2012 - 08:32
We teach our kids to read, to catch, to speak but do we teach them enough about money? Here are 11 tips we should be sharing with ourchildren right from the beginning:
1. Spend less than you earn
2. Invest the difference in long term tax-deferred investments (property)
3. Avoid buying status objects or leading a status lifestyle
4. Do not gamble or speculate on long-odds stocks
5. Understand that your parents will not give you money
6. Don’t spend tomorrow's cash today
7. Don’t compare yourselves to anyone financially
Submitted by brett on Tue, 03/27/2012 - 11:53
Most people barely check their physical health let alone their financial health. It's not through lack of interest but generally though lack of expertise.
Kelly+Partners' focus is in helping businesses and their owners get from where they are to where they want to be. In order to begin this process we profile our clients and complete a full ‘financial health screening’ to determine just where the client is, relative to the financial goals they have.
Submitted by brett on Tue, 03/27/2012 - 11:13
If you have not attended to your tax for 2011 time is running out or probably already has; the good news is a tax agent like Kelly+Partners is best placed to assist you to get your affairs up-to-date and manage the Tax Office for you.
As lodgement dates have passed, a tax agent like Kelly+Partners gets longer to lodge your returns than you do generally if you lodge them yourself. Further, because of the technical strength and size of our team we can complete your work quickly to minimise how far behind you end up.
Submitted by brett on Tue, 03/27/2012 - 09:57
A Chartered Accountant has completed one of the most thorough educational training qualifications on offer; their in-depth knowledge and experience sets them apart.
Chartered Accountants have:
Submitted by brett on Mon, 03/26/2012 - 15:10
Late last year, the High Court of Australia ruled that the Commissioner is not permitted to withhold GST refunds for any period of time in order to investigate the legitimacy of the refund itself.
Submitted by brett on Mon, 03/26/2012 - 15:08
The tax treatment of losses is currently being examined.
It is not expected that the reforms will affect losses incurred to date. Instead, the new laws will likely apply in relation to losses incurred after the date of introduction of the measure/s.
An announcement in relation to possible reforms is expected in the middle months of this year, or as part of the 2012-13 Budget papers.
TO DO:
Submitted by brett on Mon, 03/26/2012 - 15:06
As noted in earlier editions of K+P Business Tax News, the government is currently undertaking a broad reform project in relation to the taxation of trusts.
Following the case of Bamford (in which the High Court confirmed that “trust income” for the purposes of Div 6 is determined by the trust deed), a number of previously established and accepted practices in relation to the taxation of trusts were potentially no longer legally viable.
These practices included:
- Streaming particular types of income to specific beneficiaries.
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