Hi Just a heads up that the renewals for our ATO audit insurance will be with you in the next day or so. The policy represents great value, covering the first $10,000 of our fees should you be audited (on any past return) in the next year. Those especially at risk of audit are anyone… Read More Tax office audits
Hi The checklists to help you prepare your 2014 tax paperwork are ready. You can access them by clicking on the links below. Personal 2014 tax return checklist Cathay Pacific Pilots (including commuters) additional checklist SMSF checklist Company checklist Any questions please give me a call Lindsay 0413 952 180
The ATO have released their audit hot spots for 2014, which interestingly has a different slant to normal. You can read the full detail of the compliance program on the ATO website, but it is rather long! However, as far as individuals are concerned, Instead of targeting particular occupations, this year the ATO will be targeting particular deductions.… Read More ATO Audit Hotspots for 2014
A few reminders for you all, which will hopefully make you a little more comfortable in retirement … If you are an employer (even if your only employee is yourself), then from the 1st July the SGC has increased to 9.5%. Make sure you therefore increase your employee super amounts in the next pay run,… Read More Super ! Contribution Limits Increased
Sometimes we find that people have, what could delicately be termed as, “forgotten” to declare foreign income. Perhaps they didn’t realise they had to, or they had forgotten they had a flat in the UK, or that if they worked overseas but forgot to take their wife and kids with them they were still resident for Australian tax… Read More Have you forgotten to declare foreign income?
Budget Summary If you want a factual summary of last nights budget have a look at the attached link which expresses it well. Less political noise than most of the updates around in the press today. Lindsay
The ATO have a new arsenal of weapons for SMSFs that fail to follow the rules. For contraventions that occur after 1 July 2013, the table below shows the (massive) fines applicable PER trustee. That is if you have two individuals as trustees you can double the amounts shown. A huge incentive to get your… Read More New ATO Penalties for SMSFs
Hi A reminder to those who are having problems motivating themselves to get their June 2013 tax papers to us, all 2013 returns must be lodged by the 15th May to avoid being fined by the ATO. The current late lodgement fine is over $550 – so get a move on! First come, first served. Lindsay
From April 2015, it is proposed that non residents (that’s us poms living in sunny Australia) will pay Capital Gains Tax on the sale of UK residential property. So if you own property in the UK, it’s worth reviewing your position. Here is a link to some further info http://www.propertywire.com/news/europe/uk-capital-gains-tax-property-201404048976.html
Don’t forget that the December BAS statements and Instalment statements are due for lodgement and payment on the 28th February. The December BAS often gets forgotten over the Xmas break, partly because you get an additional month to do it, yet the fines for late lodgement are large.
Bridgland & Co Blog 