Banks warn people on counterfeit dollar notes
Australia is currently swimming in fake 50 dollar notes. All around the state, there have been cases of fake 50 dollar notes being collected, which we can only assume will be causing many businesses some pain in their pocket.
Unfortunately the counterfeit notes are made so well that not even a sharp eye could tell at first or even second glance that it is in fact fake. "Nine out of every 10 counterfeits detected are $50 banknotes. However, the RBA estimates only about 55 notes out of every million are counterfeit." an article from bordernews.com quotes.
the ato cracking down on property
The ATO are claiming to crack down on property in 2016, investigating on compliance. One of their focuses is on home owners putting their second and third properties on Air BnB...
HOW YOUNG PEOPLE SHOULD MANAGE THEIR SUPER
Are you a young professional? Working hard in a part time, full time or casual position? Are you doing enough to secure your super?
WHEN CAN I EXPECT MY REFUND?
The ATO has said that they will start full processing of 2014–15 tax returns on 7 July 2015 and expect to start paying refunds from 16 July 2015.
They are aiming to finalise the majority of electronically-lodged current year returns within 12 business days of receipt.
For more information, click here!
TAX TIME AND PROPERTY
WHAT you can CLAIM TO INCREASE YOUR DEDUCTIONS THIS YEAR AND REDUCE YOUR TAX LIABILITY
- Advertising for tenants can only be claimed if you can prove that property was available for rent.
- Interest paid on loan during the year is claimable in full if the property was rented out for the full year or was available for rent for the full year. If it was not available for the rent for the full year, then it has to be apportioned accordingly.
- Agent's fees are deductible in full, as is postage paid, bank charges, building, content and landlord insurance.
- Repairs and maintenance are claimable in full, but you have to be careful and need to distinguish between repairs and capital improvement. If you are unsure contact your tax professional.
- Holiday home? Is it a holiday home or income earning asset? Make sure you apportion income and expenses accordingly, and don't expose yourself to be audited by ATO.
ATO is keen this year to crack down on property investors and property developers. Make sure you understand the law and that you comply, otherwise it may be very expensive exercise trying to cheat on Tax Office.
5 TAX RETURN TIPS
End of the 2015 financial year is only 6 days away!
To be prepared, keep in mind the following tips to better equip yourself (and your accountant!) to streamline your taxes and take out some of the worries that come with doing your taxes:
- 1. Know your deductions - contact us if you need a specific list of what you can and cannot claim!
- 2. Set up a system to safely store your receipts, which can be easily accessed at 30th June.
- 3. Keep a log book for your vehicle and claim travel related to work or study!
- 4. Don't forget bank interest.
- 5. File your tax return on time - penalties for late lodgement start at $170 for individual tax payers.
Information sourced from http://startsmart.australiansuper.com/article/five-tax-return-tips/?
SUPERSTREAM STARTS JULY 1 2015
What is SUPERSTREAM?
SuperStream is a government reform which will require all Super contributions to be made electronically by submitting data and payments online. These changes will allow contributions to default, choice funds and SMSF, all to be treated in the same way. The new standard will require you to adapt your superannuation process and to collect additional information, particularly if you are manually generating multiple superannuation contribution files and making cheque payments.
Why is SuperStream being introduced?
SuperStream aims to ensure employers are making consistent and timely contributions on behalf of their employees to their Super Fund member accounts. SuperStream will reduce the cost and complexity of making employee Super contributions.
Does SuperStream apply to me?
Simple answer is... Yes! SuperStream is a mandatory regulation for all employers who make Super contributions. For employers with 20 or more employees SuperStream required implementation began on the 1st of July 2014, to be completed by June 30 2015. For employers with 19 or less employees, implementation begins on the 1st of July 2015 for completion by June 30 2016.
Am I required to collect additional information from my employees?
For employers to make Super contributions via the SuperStream standard, they will need to collect the following information from their existing employees:
- unique superannuation identifier (USI) for APRA-regulated funds
- ABN for SMSF funds
- bank account details
- electronic service address.
For new employees this information will be collected on the updated Super Choice Form.
How will the Super process change and how can I ensure I meet SuperStream obligations?
You will no longer be able to make cheque payments to Super Funds and hard copy reports will no longer be excepted via post, fax or email.
To save time and money on upgrading your payroll software to be SuperStream and ATO compliant, we can provide you with complete Super management services, to meet your Super obligations on your behalf. Our services give you confidence that your Super obligations are taken care of and meet all the relevant ATO standards.