November Reflect

Dear All,

Another month goes by as we hurtle towards Xmas at an alarming rate. In the interests of sharing the Xmas spirit, this month’s Reflect has a bit of investment, a bit of tax chat and a special Xmas surprise at the end!

Investments first, don’t forget the FLEXI 100 is closing soon. We have had a great take-up of the “no brainer” investment, where you win if the markets increase by c.4.5% p.a. over the next 2.5 years and walk away if they don’t. The closing date for this is Friday, so if anyone else is interested in this tax deductible investment, we really need to know by Monday. I am happy to walk you through the various cash-flow spreadsheets, which works particularly well on “Skype share screen” whereby you can see my computer screen by the use of some magical process. It may sound a little oblique, but e-mail me to arrange a Skype!

On the tax side, the ATO was taken by surprise by the volume of tax returns being lodged on the 31st October as we tax agents strive to achieve our new “80% on time” efficient working target. So busy were the lodgement lines, that the ATO computers fell over for a couple of days making lodgement impossible! Was this a covert attempt on their part to make us fail? They did, however, then extend the deadline to the 5th November to make up for it.

The blog is up and running so check it out. I am putting posts on for common questions that I get asked, so if you have any questions that you think should be on there let me know.

This month’s Tax Tips newsletter has some interesting SMSF articles, including the pros and cons of holding business property in super.

While we are on the super topic, are you aware that on death, if your super (and any insurance held within it) goes to your adult children they are likely to lose 31.5% of the payout in tax? If this is your situation please call me as there are ways to minimise this – but you can’t action them after death! In the same vein, consider your parents’ situation & how much tax you may have to pay on their death.

For my business owner clients, in the newsletter is an article you should read on the FBT consequences of the Xmas party, and how to ensure that if you sell your business you can access the GST exemption on the sale proceeds.

So, now for the interesting bits I know you love! Short thing has successfully finished her latest theatre production. Luckily, my offer of free tax returns for those that came to watch was saved by the production being fully booked by the time my generous offer was floated. Well I am going to assume that was the reason!

The three orphan possums that we have hand reared from 50g have been released into a client’s garden, a native tree paradise, and are doing well.

If you get the chance to go to the all male production of Pirates of Penzance, currently running at Sydney theatre, go it’s fantastic.

And finally, now for the Xmas special treat. To prove that we accountants (well some at any rate) have a great sense of humour, enjoy this link to some footage from my latest diving competition where I won another gold (albeit in part due to the very small class size.) It’s not every day you get to see your accountant in their swimmers!

Enjoy !

Please feel free to forward to family and friends, and call me if you want to discuss any of these further on 02 8090 4112 or 07 3103 0771.

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