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Hi <<First Name>>,

Welcome to our newsletter. Please check out our "Updates" section which covers the following issues ...
  • ATO focus on rental property expenses
  • Eligibility for net medical expenses tax offset
  • QBCC introduce new financial licensing requirements
  • Getting ready for SuperStream
Please contact us for further information or advice on any of these matters.

Regards,

IANTHE GIBSON 
BSc, Mcom (Prof Accounting), CA
m
0415 201 217

ANDREW CLARK 
BFinA, CA
m
 0419 668 550

ATO focus on rental property expenses

 
The ATO is increasing its focus on rental property deductions and has advised tax agents to ensure their clients get their claims right.
 
They have identified some common errors made by rental property owners, including:
  • claiming rental deductions for properties not genuinely available for rent
  • incorrectly claiming deductions for properties only available for rent part of the year such as a holiday home
  • incorrectly claiming structural improvement costs as repairs when they are capital works deductions, such as re-modelling a bathroom or building a pergola; and
  • overstating deduction claims for the interest on loans taken out to purchase, renovate or maintain a rental property
Click on the video above for info from the ATO about property deductions

Eligibility for net medical expenses tax offset


The net medical expenses tax offset (NMETO) is being phased out.

The NMETO can only be claimed for the 2014 income year (in respect of out of pocket medical expenses) if you satisfy the normal eligibility requirements and you claimed the NMETO in the 2013 income year.

To be eligible for the NMETO for 2014/15, you must have received an amount of the tax offset in both your 2012/13 and 2013/14 income tax assessments.

The eligibility rule for the NMETO does not apply to clients with out-of-pocket medical expenses relating to disability aids, attendant care and aged care. These expenses can continue to be claimed.

QBCC introduce new financial licensing requirements

 
From 1st October 2014, QBCC (Queensland Building and Construction Commission - formally Building Services Authority) have introduced a new financial policy that aims to reduce the burden and cost of maintaining your licence by removing the need to provide financial information at renewal time.
 
Under the new policy, you will need to pay all debts within the agreed trading terms  and failure to pay a legitimately owed debt that is not subject to a genuine dispute  can result in loss of licence.
 
The turnover limits for self certification categories have increased, with revenue limits for entry level builders doubling from $300,000 to $600,000 and unless you are applying for a new licence or upgrading your maximum revenue (allowable annual turnover) you will not be required to lodge a Minimum Financial Requirements Report with QBCC that has been signed by your accountant.  Instead, the new policy requires you to monitor your financial performance at least quarterly, as aligned with BAS.

Getting ready for SuperStream

 
What is SuperStream?
 
SuperStream is a government reform aimed at improving the efficiency of the superannuation system under which employers must make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner.
 
When do I have to start using SuperStream?
 
If you have 20 or more employees (medium to large employer) SuperStream started from 1 July 2014 and employers will have until 30 June 2015 to meet the SuperStream requirements. 
 
If you have 19 or fewer employees (small employer) SuperStream starts from 1 July 2015 and you have until 30 June 2016 to meet the SuperStream requirements when sending superannuation contributions on behalf of your employees. You can voluntarily adopt the SuperStream from 1 July 2014 if you are ready and many solution providers may offer to assist you to do this from this date onwards.
 
What are my options for meeting SuperStream?
 
Every business is different, so there’s no ‘one size fits all’ approach to adopting SuperStream.
 
Employers have options for meeting SuperStream – either using software that conforms to SuperStream; or using a service provider who can meet SuperStream on your behalf. We recommend that you start investigating your options now.
 
Your options may include:
  • upgrading your payroll software
  • using an outsourced payroll function or other service provider
  • using a commercial clearing house or the free Small Business Superannuation Clearing House (19 or fewer employees).
 
Your default fund may also have its own electronic channel that can be used during the transitional period up to 30 June 2016. This fund can provide you with details about how to comply with the SuperStream using their preferred facilities.
21 October
Annual PAYG instalments for individuals (if applicable)
28 October
Quarterly PAYG instalments

September 2014 Business Activity Statements (if lodging paper form)

September 2014 quarter superannuation guarantee contributions
31 October
Final date to appoint a tax agent to lodge your personal tax return
21 November
October 2014 activity statement if registered monthly
25 November
September 2014 Business Activity Statements (if lodging through tax agent)

Ianthe Gibson


Ianthe has 13 years experience in the tax and business services sector. She completed a Bachelor of Science degree and then  went on to do a Masters of Commerce in Professional Accounting from the University of Queensland. She attained her Chartered Accountant qualification in 2004.

She started work as a graduate for a mid-tiered firm in Brisbane city and went on to work there for 11 years. She was promoted to the position of client manager after 3 years and went on to manage a team of 5 staff.

She enjoys good rapport with her clients and believes that integrity is an essential part of being in business. She has extensive experience in business restructuring, optimizing systems and processes for businesses, MYOB, Quickbooks and Xero experience, cash flow budgeting and  taxation compliance.

Outside of work, Ianthe enjoys spending time with her husband and two children. Ianthe has also taken up running in the last year and in July she completed her first Gold Coast half marathon which was a goal she had been working towards.

Pirate Parts

 
A pirate walked into a bar, and the bartender said, “Hey, I haven’t seen you in a while. What happened? You look terrible.”

“What do you mean?” said the pirate. “I feel fine.”
“What about the wooden leg? You didn’t have that before.”

“Well,” said the pirate, “We were in a battle, and I got hit with a cannon ball, but I’m fine now.”
The bartender replied, “Well okay, but what about that hook? What happened to your hand?”

The pirate explained, “We were in another battle. I boarded a ship and got into a sword fight. My hand was cut off. I got fitted with a hook but I’m fine, really!”
“What about that eye patch?”

“Oh,” said the pirate, “One day we were at sea, and a flock of birds flew over. I looked up and one of them pooped in my eye.”
“You’re kidding,” said the bartender. “You couldn’t lose an eye just from bird droppings.”

“It was my first day with the hook.”
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Disclaimer
Advice contained in this newsletter is of a general nature only and may not apply to your individual circumstances. For specific advice relating to your specific situation, please contact us directly.
Copyright © 2014 Gibson Clark Pty Ltd, All rights reserved.


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