June 2012 Newsletter

In this edition:

Welcome

Are you 30 June ready?

2012 End of financial year strategies

Carbon tax: what footprint will it leave on you?

New reporting obligations for building contractors

Super contributions: what are the rules? (Part 3)

We understand that the end of the financial year can be a very busy time. To help ease the pain often associated with the end of the financial year we have developed a checklist of items often forgotten in regards to your obligations before 30 June and to prepare yourself for the start of the new financial year.

 1. Pension Requirement – Are you in receipt of a pension from your self managed super fund? If so ensure that your minimum pension is withdrawn from the fund prior to 30 June 2012.

    2. Super Payments – Do you run a business and have super obligations? SGC requires that super contributions are paid within 28 days of the end of each quarter (that is by the 28 July 2012). However a deduction for super is only available when payment is made. Hence, if you pay your super obligations for the June 2012 quarter before 30 June 2012 you are able to claim the deduction in the current year.

    3. Trust Income – Do you own a trust that has made income this year? Ensure that your trust deed is in order and that your resolutions in relation to the trust income are prepared before 30 June.

    4. Beware Excess Contributions – Are you over 50 and sacrificing your salary into super? Be aware of the reduction in concessional caps to $25,000 from the 1 July 2012. You may need to speak to your payroll department to ensure that your salary sacrifice arrangement is amended so as to avoid an excess contribution assessment in the instance of exceeding this limit.

    5. Private Health Rebate – Do you currently claim the 30% Private Health Insurance rebate upfront? It is important you understand the impact of the government changes to the rebate which take effect 1 July 2012 (refer to our April newsletter which detailed the effect of the changes). It is recommended that you review your eligibility to the rebate and discuss this with your private health provider in order to safeguard against an unplanned tax bill at year end.

    6. Tax Planning – have you spoken to your accountant about any strategies that your business can implement before 30 June 2012?

   If you are concerned with any of the items identified above please feel free to contact a member of our office. We also recommend that you read the strategies article in this month's newsletter that offers further tips to improve your tax position before 30 June 2012 and into the future.

In our next newsletter we will provide you with a helpful checklist of things to get together when visiting your accountant to get your tax return prepared.

For more information, please contact us.