Medibank 2016 Tax Statement Delays

 

imgresThe Australian Taxation Office has advised of the following regarding statements for Medibank clients.

“Medibank has advised their customers that their Member Statements may not be available until after the 15th of July 2016. All Medibank customers should have been advised of this situation by now.”

If you are a client of ours and also a Medibank customer, we recommend that you visit the Medibank website below to see if you are affected by the delay. Once you enter the website, you can enter your details for further information.

Click here to Visit website:   https://www.medibank.com.au/health-insurance/annual-tax-statement-faqs/

If you have been affected, you should wait until you receive your statement after the 15th of July before you lodge your 2016 tax return to ensure that you have all the information you need to have it completed correctly.

We will be kept up to date on this situation and will forward any further information onto you immediately.

car

Drive Away a Bargain

The end of financial year car sales are a great way to get a bargain price on the car of your dreams. But before you go down to the car dealership, why not talk to us about getting your financing in place first?

Car finance that’s tailored for you.

Remember, we’re here to help you with finance that’s tailored to fit your personal financial circumstances and particular needs. And unlike the one size-fits-all finance that car dealership provide, we can access a wide range of lenders with a variety of competitive option and loan structures.

A note also to remember is the Government Small Business Incentive of business equipment depreciation (including cars up to $20,000) is still available until the June 30 2017.

Chat to us today!          Call 07 5571 0030

The information contained in this email is general in nature and does not take your personal financial situation into consideration. Your full financial situation would need to be reviewed prior to the acceptance of any offer or product.

Superstream deadline is approaching

Get started now so you are ready by 30 June

If you are an employer it’s important you know about some changes in the way you pay super and that you take action now.

All employers need to use SuperStream when paying super.  This means paying super and sending employee information electronically in a standard format.

If you are not already paying super using SuperStream it’s important you get started soon. The next quarterly super payment cycle is due in April and that is a good opportunity for you to start using SuperStream so you can ensure everything is in place by the 30 June 2016 deadline. Read more

What’s new for individuals

What’s new for individualstradesmanliability1

Before you complete your tax return, there are some changes you should be aware of in case they affect you. Below we have listed a few. Read more

Growing jobs and small business

Growing jobs and small business – expanding accelerated depreciation for small businesses

New laws have passed that allow small businesses to claim an immediate deduction for assets they start to use – or have installed ready for use – provided each depreciable asset costs less than $20,000. This will temporarily replace the previous instant asset write-off threshold of $1,000.

This measure starts 7.30pm (AEST) 12 May 2015 and will end on 30 June 2017.imgres Read more

Time is running out to get SuperStream ready

imagesWith only two quarters left until SuperStream becomes mandatory, we urge you to cross SuperStream off your ‘to-do’ list ahead of the 30 June 2016 deadline.

It takes a little time to set up, but If you haven’t done so already your options to get ready include: Read more

Simplified GST accounting methods for food retailers

Many small food retailers buy and sell products that are taxable as well as products that are GST-free. Others buy taxable and GST-free products and sell only taxable products. Depending on the point-of-sale equipment they use, accurately identifying and recording GST-free sales separately from those that are taxable can be difficult, which makes accounting for GST complicated.

imgres

The ATO have introduced the simplified accounting method for GST purposes (SAM) to make it easier to account for GST. These methods will help you work out the amount of GST you are liable to pay to us at the end of each tax period. Read more

Simplifying transfer pricing record-keeping

The ATO has developed some simplified transfer pricing record keeping options so that certain eligible businesses can opt to minimise some of their record-keeping and compliance costs for three consecutive income years, the first of which starts on or after 29 June 2013.

The guidelines are published in the Simplifying Transfer Pricing Record Keeping (on-line guide) and if you click on the link below, you will find questions and answers that should be read in conjunction with it the online guide.

Click here for more information.    Simplifying Transfer Pricing Records FAQ

Government Super Co-Contributions

You may be eligible for either the super co-contribution or the low-income super contribution (LISC) or both, which means the government also adds to your super.

You don’t need to apply for either the co-contribution or LISC payment. If you’re eligible, have lodged your tax return and your fund has your tax file number (TFN), the ATO will pay it to your fund account automatically.

images Read more