2012 june year end tax


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2012 june year end tax

  1. 1. ABN: 24 068 930 021 PO BOX 6034 NARRAWEENA NSW 2099 Telephone: (02) 9401 7040 Fax: (02) 9971 7433 Email: loopholes1@optusnet.com.au In the Loop with Tax 2012NEWSLETTER OF LOOPHOLE ENTERPRISES PTY LTD 30 June 2012.With 30 June fast approaching it is time to consider the opportunities available to manage your business andtaxation affairs. General tax planning ideas should be considered prior to year end. The list is not exhaustive.There is a lot of information in this newsletter but read what is only relevant to you.KEY CHANGES - Flood Levy ceases 30 June 2012 - Resident tax rates – expected to be less than $80,000, consider deferring some income from YE12 to take advantage of higher tax free threshold from 1st July 2012. - As tax rates for non-resident individuals will increase from 1st July, consider bringing forward income into YE12. - Medical expenses will be means tested from 1 July 2012 with an adjusted taxable income above $84k for singles and $168k for couples/families. Consider incurring expenses before 30 June. - Private health insurance rebate will be reduced or eliminated for higher income earners from 1 July 2012. Reductions will apply to premiums paid after 1 July 2012. Consider prepaying private health insurance before 30 June to get private health insurance rebare. - Employment Termination payment offset – employees about to cease employment and who have a total annual taxable income of over $180k may want to consider ceasing employment before 1 July 12. The government will limit the ability of high income earners to use Employment Termination Payment offset on payments such as golden handshakes from1/7. - Super – if you will be over 50 yrs of age as at 30 June 12, you may want to consider a concessional super contribution of up to $50k before 1/7/12. The $50k concessional cap will not apply for 2012/13 or 2013/14 yrs. The government at this stage has deferred it for another 2 years. - SUPER – from 1 July 2012 the government will increase the super contributions tax from 15% to 30% for contributions for individuals with income greater than $300,000. - Super Guarantee and contractors – employers need to ensure they make super contributions for all eligible employees including contractors. - The 50% capital gains tax discount for non-residents will be removed on capital gains accrued after 8 May 2012. Non-residents may need to get a market valuation of assets as at 8 May 2012 to protect the 50% discount on pre 8 May 12 accrued values. - Building & construction reporting – from 1 July 12, businesses engaged in this industry will be required to record their payments to contractors and then report these payments to the ATO. - Companies Directors Penalties - directors need to pay more attention to company PAGY and Super guarantee charge liabilities as the government is in the process of introducing stricter penalties for directors of companies that fail to make these payments. When making part payments to the ato, make sure you highlight to the ato that it is a Payg payment. Once paid off, pay off the balance of GST remaining.Member of the Institute of Public Accountants Liability limited by a scheme approved under Professional Standards Legislation
  2. 2. ABN: 24 068 930 021 PO BOX 6034 NARRAWEENA NSW 2099 Telephone: (02) 9401 7040 Fax: (02) 9971 7433 Email: loopholes1@optusnet.com.au - COMPANY LOSSES – From 1 July 12, companies will be entitled to carry back up to $1 million of losses to the previous tax year [year ended 30 June 2012] but limited to company’s franking account. - Bad debt reduction – from 8 may 12, bad debt deductions will no longer be available where the debtor and creditor are related parties. - Loans from private companies – DIV7a – Shareholders of a private company and the shareholders’ associates may be assessed with a deemed dividend if the company provides them with loans, payments, debt forgiveness or use of company assets, unless all the requirements of Div7A are complied with. - TRUSTS Distributions and resolutions – This year the ATO is looking to ensure the trustee income distribution determinations and resolutions are correctly made and required by the required times. Generally, this must be done by 30 June. It is essential that trustees make these determinations prior to 30 June regardless whether the trust will make a profit or not. The ATO will be reviewing a number of trusts and request evidence that this determination has been made. I suggest a written evidence of 2011- 12 trustees determination of income of the trust be prepared by 30 June 2012. If unsure please call me to discuss. - Trust streaming – Under new trust streaming provisions , trustees are permitted to stream franked dividends and capital gains to beneficiaries who are specifically entitled to the franked dividends or capital gains, provided the trust deed permits this and the specific entitlement is recorded in the trust accounts or records. Franked dividends must be recorded by 30 June, and capital gains by 31 aug. If the capital is included in the income of the trust, it has to be determined by 30 June 2012. - TFN Trust reporting – trustees of resident family trusts, discretionary trusts and other closely held trusts are required to report the trust beneficiaries’ tax file number to the ATO by the end of the month after the end of the quarter in which the trustee received the TFN. Therefore only report beneficiaries that have not previously been reported. If the beneficiary does not provide their TFN to the trustee, the trustee will have to withhold tax from distribution at 46.5%. Minors are exempt from TFN if income is less than 416.. - SMALL BUSINESS ASSET WRITE-OFFS Consider deferring purchases until after 1st July 2012 as from this date, small businesses will receive an immediate write-off of capital asset purchases with a value of $6,500 or less. Motor vehicles purchased by small businesses after 1st July 2012 valued at more than $6500 will be entitled to an immediate depreciation write-off of $5000 and the balance of the value of the car will be depreciated as part of the small business depreciation pool.Current tax thresholds 30 June 2012 New tax thresholds from 1 July 2012Income range ($) Tax rate (%) Income range ($)0 – 6,000 Nil 0 – 18,2006,001 – 37,000 19 18,201 – 37,00037,001 – 80,000 32.5 37,001 – 80,00080,001 – 180,000 37 80,001 – 180,000180,001+ 45 180,001+Member of the Institute of Public Accountants Liability limited by a scheme approved under Professional Standards Legislation
  3. 3. ABN: 24 068 930 021 PO BOX 6034 NARRAWEENA NSW 2099 Telephone: (02) 9401 7040 Fax: (02) 9971 7433 Email: loopholes1@optusnet.com.auSuper government co-Contributions Lower HigherYear of entitlement Maximum entitlement Matching rate threshold threshold2011-2012 $1,000 100% $31,920 $61,9202012-2013 $500 50% $31,920 $46,920Private Health Insurance Incentive Tiers from 1 July 2012Tier Income ($) Private health insurance rebate Medicare levy Singles Families Under 65 yrs 65 – 69 years 70 years or surcharge old old over 0 – 84,000 0 – 168,000 30% 35% 40% Nil1 84,001 – 168,001 – 20% 25% 30% 1% 97,000 194,0002 97,001 – 194,001 – 10% 15% 20% 1.25% 130,000 260,0003 130,001 + 260,001 + 0% 0% 0% 1.5%The concessional contributions cap for people aged 50 and over on 30 June 2012 will halve from $50,000 to $25,000 from 1 July 2012 to 30 June2014.Contributions Type Under 50 Over 50 to age 64 EXCESS TAX 31.5% in addition to theConcessional $25,000 $25,000 15% paid by the fund Can be paid by the fund 31.5% in addition to theNon Concessional $150,000* $150,000 15% paid* People under age 65 at any time in the financial year may effectively bring forward two years’ worth of non-concessional contributions, allowing them to contribute $450,000 at any time over a three-year period withoutexceeding the cap. If a person has invoked the two-year bring forward rule in a particular financial year their non-concessional cap will remain at three times the non-concessional cap in the first year. Financial years Low income offset 2011-12 2012-13 2015-16LITO amount $1,500 $445 $300Taxable income the $30,000 $37,000 $37,000LITO begins to bereduced atMember of the Institute of Public Accountants Liability limited by a scheme approved under Professional Standards Legislation
  4. 4. ABN: 24 068 930 021 PO BOX 6034 NARRAWEENA NSW 2099 Telephone: (02) 9401 7040 Fax: (02) 9971 7433 Email: loopholes1@optusnet.com.au PLANNING CONSIDERATIONS INDIVIDUALS  DEDUCTIBLE PERSONAL SUPER CONTRIBUTIONS [Self-employed] – Personal contributions by individuals to super funds are non-deductible if more than 10% of their income is from employment. That includes reportable super, [Fringe Benefit Tax] FBT and Leave entitlements. Individuals must notify the fund they intend to deduct their personal super contributions. Notice of intent to claim must be completed. Before lodgment of return, an acknowledgment advice must have been received by the fund. This is an ATO requirement.  SUPER CONCESSIONAL CAPS – From 1/7/2012, the annual concessional contributions cap is $25,000 is for all including those aged over 50. Take care not to exceed the super contribution caps. Exceeding the caps may result in additional tax of 31.5%. Exceeding the non-concessional cap may result in tax of 46.5%.  CO-CONTRIBUTION REDUCTION – Personal contributions of up to $1000 for people earning less than $61920. To be eligible you must be employed or self-employed This government will reduce this to $500 from 1st July 2012.  Consider commencing a Transition to Retirement Income Stream [TRIS]. Eligible individuals over the age of 55 who intend to continue working should consider commencing a TRIS.  For persons aged 65 to 74 it is necessary to pass a ‘gainful employment test’ in order for their fund to be able to accept contributions. The test requires the person to be gainfully employed for a period of at least 40 hours in any 30 day consecutive period.  EDUCATION TAX REFUND – to be eligible must have lodged a claim for Family Tax benefit Part A for a child and have had that application approved. Check with Centrelink if uncertain. YE11 was the last year for retention of receipts and claim via the tax return.  Foreign source income and capital gains – ATO has double tax agreements with overseas countries. Be aware that if you are receiving foreign income or have disposed of assets, please remember to include this information when lodging returns.  Spouse contributions – a taxoffset of up to $540 is available where a spouse contribution of up to $3000 is made. In order to receive the full offset, a $3000 non-concessional contribution is made on behalf o the spouse. The spouse’s taxable income must be less than $10,800. No offset is available when the spouse’s taxable income is over $13.800. The $3,000 counts towards the non-concessional limit of the receiving spouse.  Depreciation – immediate deduction for items valued less than $300 [for non-business taxpayers] including: income producing assets used for non-business eg. Tools of trade or briefcase, or small items of furniture in a rental property; not part of set of assets costing more than $300; and not identical to other assets which in total cost more than $300.  Franking credits – if shares are not held at risk for at least 45 days, the franking offset may not be available [except for individuals whose franking offset is less than $5000]. Beneficiaries of a trust and partner of a partnership have to satisfy the two rules.  Dependent spouse rebate will be phased out for spouses under the age of 40 from 1st July 2011.  Mature age workers tax offset to phase out from 1/7/12. It will be limited to taxpayers born before 1/7/57. Taxpayers must have turned 55 prior to 1 July 2012 to receive the offset.  DEFER INCOME until after 1st July 2012.Member of the Institute of Public Accountants Liability limited by a scheme approved under Professional Standards Legislation
  5. 5. ABN: 24 068 930 021 PO BOX 6034 NARRAWEENA NSW 2099 Telephone: (02) 9401 7040 Fax: (02) 9971 7433 Email: loopholes1@optusnet.com.auMEDICAL EXPENSES –include dependants up to the age of 21. Medical expenses include dental, optical, acarer who looks after a person who is blind, therapeutic treatment, medical aids, artificial limbs or eyes,maintaining a properly trained dog for guiding people with a disability, laser eye surgery and IVF. Medicalexpenses must be performed by a qualified medical practitioner. It does not include cosmetic operations, dentalthat relate to cosmetic e.g. teeth whitening, chemist type items e.g. panadol and cough medicine, Inoculationsfor overseas travel, life insurance medical examinations, ambulance charges or funeral expenses. For the 2012year the medical expenses rebate threshold is $2060.From 1 July 12, the threshold will increase by an index factor for taxpayers under the adjusted taxable incomemeans test amounts [$84k individuals and $168k for couples/families]. Those over the adjusted taxable incomemeans test, the net medical expenses threshold will increase to $5000. The percentage of offset will decreasefrom 20% to 10%.Private Health Insurance rebate – if you know you will be over the above thresholds [$84k single $168kcouple/family] then you want to prepay your premiums. Talk to your health insurance provider to discuss whatyou need to do. BUSINESSES  Non-commercial Business Losses – from 1st July 2009, business losses by individuals are quarantined where the individual’s adjusted taxable income is $250,000 or more, unless a determination is received from the ATO. Salary package expenses can reduce the taxable income but the ATO is currently considering this practice. Does your business meet one of the Business tests? Tests include a. Assessable income of $20k or more; b. profit from the business in 3 out of 5 previous years; c. real property of $500k or more, or other assets of $100k used in business; d. the commissioner exercises his discretion. For individuals with an adjusted taxable income in escess of $250k, they will have losses quarantined.  SUPER GUARANTEE & CONTRACTORS – Under the SGC rules, employers are required to make contributions for eligible employees. Employees include independent contractors who are engaged under a contract primarily for the provision of labour. You can go to the ATO website and use the tool to assist in determining whether the individual is a contractor or employee. www.ato.gov.au. These contractors if caught under SGC are also caught under workers compensation.  SUPER GUARANTEE & ordinary hours – Super contributions are generally based on an employee’s ordinary hours of work. Ordinary hours of work generally refer to standard hours of work and do not apply to overtime payments. The OTE list can be downloaded from the ATO website.  COMPANY LOSS TESTS - must satisfy two tests – the continuity of ownership test and the same business test. YEAR END ISSUES  A small business entity is one that has an annual turnover of less than $2 million; must have actively traded as a business. Benefits include small business CGT concessions, simplified depreciation and trading stock rules.  TIMING OF INCOME – Determine whether the business is on cash or accruals tax accounting basis. Consider deferring income receipt until after 30th June 2012. If the business has trading losses current and prior years, consider accelerating the receipt of income prior to 30th June to recoup losses.Member of the Institute of Public Accountants Liability limited by a scheme approved under Professional Standards Legislation
  6. 6. ABN: 24 068 930 021 PO BOX 6034 NARRAWEENA NSW 2099 Telephone: (02) 9401 7040 Fax: (02) 9971 7433 Email: loopholes1@optusnet.com.au  INCOME RECEIVED IN ADVANCE – Income received in advance is not taxed until the services are provided. The income can be credited to the balance sheet.  TIMING OF EXPENSES – Expenses are deductible if incurred by 30th June 2012. Provisions are not deductible. Some accruals are not deductible. Prepayments can be deductible if they meet the rules. Generally if an expense eg subscription is for less than 12 months it can be deductible. If its for e.g. 18 months then the expense is pro-rated over the two years. If in a profit situation, pay creditors before 30th June.  REPAIRS – Deduct expenses for repairs and maintenance incurred before 30th June 2012. If they are capital in nature, substantial replacement or improving an existing asset must be depreciated.  GIFTS – Donate to charities before 30th June. Check the recipient is endorsed by the ATO. Gifts are not deductible if some benefit is received e.g. fund raising event.  BAD DEBTS – Review all debts before 30th June. If in accruals accounting, write-off bad debts before 30th June. If on cash basis, they are an add back adjustment.  TRADING STOCK – Valuation – choose cost, market value or replacement. Identify any obsolete stock. Scrap any unwanted stock. A small business entity can choose not to undertake a stock valuation IF the difference between opening and closing value is less than $5000.  PREPAYMENTS – Prepay deductible expenses before 30th June. The prepayment rules can operate to spread the deduction over more than one year. The prepayment rules do not apply to salary, amounts to be paid by law, or expenditure under $1000. Small Business Entity and non-business individuals are allowed to prepay expenses if they do not extend beyond 12 months.  DIRECTORS FEES – conduct shareholdings meeting before 30th June 2012 to approve directors fees to get deductions for 2021 year. Make sure they are paid and PAYG withholding tax is deducted accordingly.  SALE OF INVESTMENTS – Where CGT assets will be realised for a gain, delay sale until after 30th June. Crystallise capital losses if to offset against capital gains. If assets have been held for more than 12 months, consider delay of sale until 12 months to take advantage of the CGT discount concessions.   SMALL BUSINESS ENTITIES - Consider small business concessions available so long as assets are less than $6 million or annual turnover is less than $2 million. Rollover provisions, retirement exemptions, active asset provisions may reduce CGT liability.  CEASING BUSINESS or BUSINESS SOLD – Consider the payments of employee entitlements, the transfer of employee entitlements to a new employer and redundancy payments. There are CGT business concessions as well as super contributions available. Consider whether expenses incurred after the business ceases may still be deductible.  DEPRECIATION – scrap obsolete items by 30th June 2011. Replacement of some items of less than $100 ($300 if not in business) may be immediately deductible. Small business concessions – immediate deduction for items costing less than $1000 if assets are pooled[from 1st July 2012 to increase to $6,500] – automatic pooling at the rate of 30% [5% if life is more than 25 years].  IMPUTATION – if shares are not held at risk for at least 45 full days the franking offset may not be available [except for individuals whose franking offset is less than $5000). For discretionary trusts receiving dividends, the franking offset will be lost unless a family trust election is made. If the trust is in a loss, those franking credits will also be lost. Member of the Institute of Public Accountants Liability limited by a scheme approved under Professional Standards Legislation
  7. 7. ABN: 24 068 930 021 PO BOX 6034 NARRAWEENA NSW 2099 Telephone: (02) 9401 7040 Fax: (02) 9971 7433 Email: loopholes1@optusnet.com.au  YEAR END TAX EFFECTIVE INVESTMENTS – Ensure the promoter has obtained a product ruling. Ensure the scheme is in accordance with product ruling. Check if the investment is subject to a Taxpayer alert. Remember if a scheme is too good to be true, it usually is!  HOME OFFICE CLAIM – Home office expenses may be deductible where you carry on business or employment activities at home. Portion of interest, rent and insurance are not deductible unless you are carrying on a business from home and the area is separate and distinguished from private living areas. Converting the spare room is not sufficient. Important note that when claiming interest expenses etc, that your house will be subject to CGT on the portion allocated to home office claimed. Power, heating and depreciation can be claimed at a flat rate established by the ATO even if the room is not exclusively set aside for a home office [34c per hour] but keep a 4 week log book. Otherwise prepare a floor plan and only claim the percentage in relation to utilities. Note if an office is provided by the employer, working from home simply as a convenient place to do part of the work will not be sufficient to claim home office expenses.   PAYMENT SUMMARIES – Employers are required to report on PAYG payment summaries and reportable super contributions. Do not report the 9% super guarantee. Only the excess over and above the 9% SGC.  CAR EXPENSES – check log books that they are current and details are correct. A signed log book is required. If change of business activity of more than 10% would require a new log book. A new job where a car allowance is paid, a new log book is required. Ensure year end odometer readings are taken.   FBT - MAKE SURE ALL FBT UPDATES FOR COMPANIES HAVE BEEN COMPLETED AS AT 31st MARCH, SIGNED AND RETURNED TO ME.  PSI – personal services entity will receive income for the reward of personal services, efforts or skills e.g. Consultant. The Personal Services Income [PSI] rules may limit the deductions. The PSI rules do not a apply to a Personal services business if it passes the results test. Where more than 80% of PSI is derived from a single client and you do not pass the results test, you will be caught under the PSI rules unless you apply to ATO.  DEBT/EQUITY RULES – review all shares, loans and other instruments issued to raise finance whether they are debt or equity. Consider whether payments made on instruments are to be treated as deductible debt [interest] or non-deductible equity [capital].  ENTERTAINMENT – generally xmas parties are non-deductible and GST cannot be claimed. If your company is not registered for FBT, then entertainment costs cannot be claimed. Entertainment includes, alcohol, lunches, social functions. These will be treated as non-deductible. Client gifts such as a bottle of wine will be allowable [within reason]. Small minor benefits of $300 paid to staff will be non-deductible, FBT and GST exempt. Please refer to xmas newsletter for further detail.If employee has a meal whilst traveling on a business trip its deductible and no FBT. Employer provides sandwiches and is for working lunch in office (not entertainment) tax deductible and no FBT. Social functions non-deductible and no FBT. If you wish to claim client lunches, then client portion $100 non-deductible and No FBT, employee portion $50 tax deductible and subject to Fringe Benefits Tax.  EXEMPT FROM FBT – minor benefits <300, laptops, computer software, protective clothing, briefcase and tools of trade.  SUPER – consider all super and any additional amounts [e.g. Super salary sacrifice amounts prior to 30th June, 2012 in order to claim deductions. Contributions are paid when received by the super fund [if a cheque] or credited to its bank account [if transferred electronically]. A mere book entryMember of the Institute of Public Accountants Liability limited by a scheme approved under Professional Standards Legislation
  8. 8. ABN: 24 068 930 021 PO BOX 6034 NARRAWEENA NSW 2099 Telephone: (02) 9401 7040 Fax: (02) 9971 7433 Email: loopholes1@optusnet.com.au alone does not satisfy this requirement. Be aware of the caps for the year for those under and over 50 as at 30th June.  MODERN AWARD RATES are to change again 1st July 2012. Please review your award rates if modern award applies.  PAID PARENTAL LEAVE [PPL] is to be reported as taxable income for the purpose of disclosure. For more information please go to ATO website for Employer obligations and requirements for application. Parental Leave pay started on 1 July 2011. Employers will be responsible for providing Parental leave Pay to their eligible long-term employees. Employers will need to withhold the usual PAYG tax; will NOT have to make super contributions on Parental Leave Pay so it will need to be quarantined from other amounts that attract SGC; do not have to pay payroll tax on PLP; will not incur increased workers compensation premiums due to PLP. Any costs incurred in administering are tax deductible. For more info phone 131158 for employer toolkit or 136150.   DIRECTORS PENALTIES FOR UNPAID SUPER – From 1 July 2011, directors penalties will extend to super guarantee amounts unpaid. The directors will be made personally liable for their company’s failure to pay its SG obligations. There is a duty on the director to ensure that the company meets its obligations to remit amounts; goes into voluntary administration; or begins to be wound up.   REPORTABLE SUPER ON PAYMENT SUMMARIES – only include super that has been paid on behalf of employee under a salary sacrifice arrangement. 9% SGC should not be included.   CHOICE OF SUPER – employees have a right to choose their super if they are employed under a federal award, under a former state award or under another award or agreement. Employer must provide a Standard choice form [NAT 13080] within 28 days of the day they start work.  SUPER – if you are over 55 y/o, consider salary sacrifice and use a transition to retirement pension while still working; SGC 9% are required to be made quarterly; ensure minimum pension payment have been made for those in pension phase; make sure you take into account contributions already made and ensure contributions do not exceed limits; review salary sacrifice arrangements.  Losses – check companies and trusts seeking to claim a deduction for current year or prior year losses satisfy the rules 30 June.  CGT small business concessions – 15 yr exemption, active asset reduction, retirement exemption and small business rollover. To qualify for basic concession, taxpayer must be a small business entity and the assets satisfy the active assets test. For the 15yr exemption, taxpayer must be retiring and assets must have been held for 15 years; retirement exemption must be retireing and if taxpayer is less than 55, contribute proceeds to a superfund; trust/company special rules determine if the entity can access concessions.  FBT STATUTORY RATES for car benefits – the statutory fractions that currently apply will be phased out and replaced with a 20% flat rate. The new rate will apply regardless of the number of kms travelled.  Aboliton of Entrepreneurs Tax Offset from 2012-13.  All new hire purchase contracts from 1/7/12, the GST will be deductible upfront.Member of the Institute of Public Accountants Liability limited by a scheme approved under Professional Standards Legislation
  9. 9. ABN: 24 068 930 021 PO BOX 6034 NARRAWEENA NSW 2099 Telephone: (02) 9401 7040 Fax: (02) 9971 7433 Email: loopholes1@optusnet.com.au TO CHECK  Payroll tax – the NSW OSR has been conducting many audits this year. Threshold is $678,000 and rate is 5.45%  Superfund deeds have been updated for YE 2011. Superfund deeds should be updated every 3 years which also include product disclosure statements.  Land tax – If you have purchased a property prior to midnight 31st December, and it is not your principle place of residence, then that property may be subject to land tax. Vacant land including rural land, a holiday home, investment properties, company title units, residential, commercial or industrial units, commercial properties including factories, land leased from state or local governments are included. The 2012 land tax threshold is $396,00. The premium land tax threshold for the 2012 land tax year is $2,421,000.  Trust deeds – always be aware of your trust deed rules. Resolutions to be in place by 30 June.  Self-employed workers certificates of service for 2011-12 must be lodged by 30 June 2013. Certificates with bar codes should be destroyed. Helpline 131441 or www.longservice.nsw.gov.au.  NSW budget decision for first home buyers grant of $7000 about to come to an end on 30th September this year.  Sole traders urged to use Personal Property securities register – small businesses and sole traders should register their security interest with the PPS register that came into effect on 30/1/12. Businesses can no longer rely solely on retaining title of their goods and reclaiming them if they supply their goods to customers who become insolvent, bankrupt or sell their goods to another entity. Personal property includes almost everything except land. It also includes intellectual property. Money can’t buy happiness, but it sure makes misery easier to live with…. LidiaMember of the Institute of Public Accountants Liability limited by a scheme approved under Professional Standards Legislation
  10. 10. ABN: 24 068 930 021 PO BOX 6034 NARRAWEENA NSW 2099 Telephone: (02) 9401 7040 Fax: (02) 9971 7433 Email: loopholes1@optusnet.com.auYEAR END CHECKLIST YEAR END CHECKLIST INDIVIDUALS [] PAYG Statements [] Interest earned [] Dividend Statements [] Deduction receipts [] Rental statements [Agent statements] [] Rental deductions – Interest, rates, land tax, repairs, insurance etc. [] Centrelink payments [] Private health Insurance statement [] Details of any assets sold – property/shares [] Medical expenses over $2,060 [] Copy of Instalment Activity Statements BUSINESS [] Backup copy of software – Cashflow Manager or MYOB [] Hardcopy of financial reports [] Stock-take 30/6/12 [] Copy of Bas Statements [] Debtors 30/6/12 [] Creditors 30/6/12 [] Travel or car logs/diaries [] Detail of asset purchases/sales [] Any new loan/lease contracts required Important Disclaimer: This newsletter is issued as a guide to clients and for their private information. Clients should not act solely on the basis of the material contained in this newsletter. I therefore recommend that formal advice be sought before acting in any of these areas. The contents of this newsletter remains the property of Loopholes.Member of the Institute of Public Accountants Liability limited by a scheme approved under Professional Standards Legislation
  11. 11. ABN: 24 068 930 021 PO BOX 6034 NARRAWEENA NSW 2099 Telephone: (02) 9401 7040 Fax: (02) 9971 7433 Email: loopholes1@optusnet.com.auOFFICE CLOSURE Please note that due to family commitments, I will be away for the week commencing 9th July to 15thJuly. If there is anything urgent, you can leave me a message on the answering machine or viaemail..I’LL BE AWAY DURING THIS TIME AS WELL AS UPGRADING COMPUTER/SOFTWARE FOR 2011 TAXSEASON.I APOLOGISE FOR ANY INCONVENIENCE AND THANK YOU IN ADVANCE FOR YOURUNDERSTANDING.IF THERE ARE ANY URGENT MATTERS, PLEASE SEND ME AN EMAIL OR LEAVE A MESSAGE ON THEANSWERING SERVICE.2011Office HoursMONDAY9.00am to 5.00pmMonday night by appointment onlyTUESDAY9.00am to 5.00pmWEDNESDAY9.00am to 5.00pmTHURSDAY9.00am to 5.00pmThursday night by appointment onlyFRIDAYOFFICE CLOSEDSATURDAYBy appointment onlySUNDAYOFFICE CLOSEDPLEASE NOTEFROM FRIDAY TO SUNDAYTHERE WILL ONLY BE ANANSWERING SERVICE.Contact5 Gilles Crescent, Beacon Hill NSW 2100PO Box 6034 Narraweena NSW 2099T: (02) 9401 7040 F: (02) 9971 7433E: loopholes1@optusnet.com.auMember of the Institute of Public Accountants Liability limited by a scheme approved under Professional Standards Legislation