NEWSLETTER JULY 2014

2014 Tax Time Videos

There are some great videos regarding changes to private health insurance rebates, net medical expenses tax off-set, the new tax receipt, work- related expenses, the lodgment program, electronic client declarations, and capital gains tax calculators. read more>

Superannuation Guarantee

Current Legislation states that from 1 July 2014 Superannuation is to increase from 9.25% to 9.5%. The current Government said it will delay this increase until 1 July 2016. But in order to do this, it must repeal the current law. At this point the repeal has not passed. Therefore, as current law states at this point Superannuation must be paid at 9.5% starting on 1 July 2014. Seek advice from your Accountant/Bookkeeper if the repeal passes and at what % to pay going forward. Sourced from Australian Bookkeepers Network, May 2014

Transitioning Activity Statements

Starting 1 July 2014 all electronically lodged activity statements will no longer receive paper statements. The ATO will send a reminder email to a designated email address.  read more>

Also:  https://www.ato.gov.au/Tax-professionals/News- and-updates/Latest-updates/Activity-statement- reminders/?issue-18-2014

Source from Tax Professionals Newsletter, Issue 21/2014

FYI

The majority of tax time forms are now available on the ATO’s website.  download link  

Super Stream

A new and simpler way to make Super contributions.Employers with 20 or more employees may start using the system as early as 1 July 2014. Those employers with fewer employees will have an additional year to implement the new system. Start looking the new Superstream to figure out what is the best method for your business.
Go to:https://www.ato.gov.au/Tax-professionals/News-and-updates/Superannuation/Prepare-now-for-SuperStream/?issue-22-2014  Sourced from Tax Professionals Newsletter, Issue 22/2014

ATO Contacting Businesses

The ATO will be contacting businesses in the building and construction industry who have not yet lodged their 2012-13 Taxable payments annual reports. Penalties for not lodging may apply. If this is you, please contact us immediately for assistance.

Sourced from Tax Professionals Newsletter, Issue 12/2014

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