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Christmas giving (tax free!)

Posted on December 22, 2014 by admin


The holiday season is a great time to think about giving a little back to those less fortunate than you, and many Australians will make charitable donations. In Australia, charitable donations are tax deductible, which only adds to the incentive to be generous this year. A recent global survey of charitable giving across the world has shown that countries that award taxpayers benefits for donations report much higher rates of donations per capita. Here are some tips for maximising your tax breaks on donations tis year: 1. Make sure that the charity that you donate to has tax-exempt status from the ATO 2. Keep your receipts! You may need it if you are audited 3. If you are making a large donation, discuss the tax implications with your accountant, just to be on the safe side 4. Remember that you can only claim gifts as a tax deduction. This means that if you have received anything in return for your donation, for example, a raffle ticket or trinket, you may not be able to claim the deduction.


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New Year’s resolution: getting your super in order

Posted on December 18, 2014 by admin


Thinking about your superannuation might be the last thing you feel like doing this holiday season, but you should take this opportunity to get it out of the way! Setting aside just one hour to organise your superannuation will pay off down the track, and it will stop that little voice that occasionally keeps you up worrying at night. Here are a few things you can do to get on top of your superannuation: 1. Make sure your super fund has your TFN: If your super fund doesn’t have your TFN then your contributions will have an extra penalty tax applied 2. Check to see if you have any super with other funds from previous jobs: If you have super that is spread out between a few different accounts then it is probably being eaten away by fees. You should consolidate all of your super into a single account. Remember to do a little research into different funds and look for the lowest fees. 3. Start making additional concessional contributions: Concessional contributions are a great way to save on tax and start preparing for retirement. The earlier you start making concessional contributions the more you benefit from the miracl of […]


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Maximising your personal tax return

Posted on December 17, 2014 by admin


There are a couple of things that you can do before June 30 to maximise your personal tax return: 1. Spend up on deductible expenses: By prepaying your tax-deductible expenses for the year, you can bring the deduction forward into the current financial year. 3. Charitable donations: If you are considering donating money to charity, get it done quickly so that you can claim a deduction in this financial year. 2. Delay receiving income: If you can, try to defer receiving income until after June 30. By doing this, you will be able to minimise your taxable income in this financial year. 4. Fix up investment properties: If you own an investment property, you may wish to bring forward any maintenance. You can claim a lot of work that is done to an investment property as a tax deduction. 5. High income earners should consider health insurance: To avoid the Medicare Levy Surcharge, high-income earners may wish to take out private health cover.


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Bring forward your tax deductions

Posted on December 3, 2014 by admin


If you are looking to reduce your tax bill this financial year, it is a good idea to try to bring forward as many deductions as possible. By thinking about tax deductions that you are eligible to make, and spending the money in the current financial year, you can reduce your taxable income. By reducing your taxable income, you will reduce your tax bill. Examples of things you may want to purchase in this financial year include business expenses, education expenses or work-related expenses. Of course, this may mean that you are missing out on the deductions in the next financial year. However, there is the added advantage that you will have pre-paid many of your necessary expenses.


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Investing in your super

Posted on December 2, 2014 by admin


People often overlook the advantages of making significant concessional contributions to their superannuation. By investing large sums of money inside your super, as opposed to assets outside of your super, you may end up saving a significant amount on your tax bill. Concessional superannuation contributions are voluntary amounts that you contribute from your after-tax income. These are different from non-concessional contributions or before tax contributions. If you are under the age of 50, you may contribute up to $30 000 before tax to your superannuation, and if you are over 50, the limit is $35 000. When you make concessional contributions to your super you do not have to pay any additional tax, as you will have already paid tax at your marginal rate. You may contribute up to $180 000 of your after-tax income each year to your super. The advantage to investing within your superannuation fund is that all investment returns will be taxed at the flat rate of 15%. If you are thinking about making investments that will serve you in retirement you may care to investigate making larger concessional contributions to your superannuation.


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How does the super guarantee charge work?

September 20, 2017

Employers who do not pay the minimum amount of super guarantee for their employee(s) by the due date may have to pay the super guarantee charge (SGC).

The charge is made up of super guarantee shortfall amounts including any choice liability calculated on your employee’s salary or wages, interest on those amounts (currently 10 per cent) and an administration fee ($20 per employee, per quarter).

Employers must report and rectify the missing payment by lodging an SGC statement by the due date and paying the SGC to the ATO. Employers may be able to use a late payment to reduce the amount of SGC, however, they must still lodge an SGC statement and pay the balance of the SGC to the ATO.

The ATO prioritises the collection of unpaid SGC debts. If an employee reports an employer for unpaid super, the ATO will investigate on their behalf.

Employers must lodge their SGC statement and pay the charge by the due date.

Quarter Period Due date
1 1 July – 30 September 28 November
2 1 October – 31 December 28 February
3 1 January – 31 March 28 May
4 1 April – 30 June 28 August

If a due date falls on a weekend or public holiday, the payment can be made the next working day.

Once the statement has been lodged and the SGC is paid, the ATO will transfer the super guarantee shortfall amount and any interest to the employee’s chosen super fund.