This document provides a summary of the 2013 Australian federal budget and post-budget updates. It outlines key budget measures such as spending cuts, tax changes, and policy initiatives. Major points include a forecast budget deficit of $18 billion for 2013-2014, the deferral of planned tax cuts, and the introduction of the National Disability Insurance Scheme funded by a rise in the Medicare levy. The document also provides tax planning tips for individuals, families, and businesses prior to the end of the 2013 financial year.
Back to the future seminar 2017 | Family Business Accountants | WestcourtCraig Seddon
The document provides tips and strategies for individuals and businesses to minimize tax before the end of the financial year on June 30th, as well as changes coming into effect in future years. It discusses opportunities to make superannuation and other contributions, claims deductions for expenses, and manages capital gains and losses. It also outlines reforms increasing small business tax concessions and farm management deposit limits.
The document provides an overview and summary of the 2014 Australian Federal Budget. Key points include:
- The budget deficit for 2013-2014 is projected to be $49.9 billion.
- For 2014-2015, the deficit is projected to be $29.8 billion with large infrastructure spending.
- Individual tax changes include a 2% deficit levy on incomes over $180,000, an increase to the Medicare levy, and changes to family benefits.
- Few changes were made for businesses, but superannuation guarantee increases are frozen until 2018.
- Charities will see no changes to their tax concessions.
- The document recommends tax planning opportunities before June 30th given
GROWING AND PRESERVING ASSETS THROUGH TAX AND ESTATE PLANNING - Tina Davis, C...IFG Network marcus evans
Presentation by Tina Davis Milligan, CPA, Managing Director, Family Office Services, CTC | myCFO - Speaker at the IFG Wealth Management Forum Oct 2015 at the Trump Doral in FL
Choosing a retirement plan for your business 2013giannem1
Discusses various types of retirement plans you may wish to consider for your business. There are a variety of retirement plans available for small businesses, each with their own nuances.
Contact me to discuss which one makes sense for your business.
netwealth 2015 Federal Budget webinar presentationnetwealthInvest
This presentation provides a summary of information announced in the 2015-16 Federal Budget which may be of interest to financial advisers and their clients.
Key topics covered in this presentation are:
- Small business
- Taxation
- Superannuation
- Social Security and Aged Care
- Other
Please note that many of these announcements are yet to be legislated, and care should be taken before implementing a financial strategy based on Budget announcements alone.
There are a number of ways you can reduce your 2015 tax bill. From mitigating the effect of the Net Investment Income Tax to ideas for retirement and estate planning, CBIZ MHM has outlined several tips you can use for your year end planning in our 2015 Individual Tax Planning Supplement. We encourage you to carefully consider how the strategies discussed in the supplement will benefit you and your family. You can also contact your local CBIZ MHM professional for more information.
Payroll Webinar: The Essentials for Third Party Sick Pay in 2020Ascentis
This webinar discusses the proper taxation and reporting of the fringe benefit known as third party sick pay. It discusses what is and is not third party sick pay, how the taxation is affected by the status of the provider (is or is not the employer’s agent), when this type of payment is taxable and/or reportable and who is responsible for this taxation and reporting.
Super contributions: New rules and key issues for June 30netwealthInvest
Learn the new superannuation contribution rules you should be aware of and understand how they could affect your super savings. Nigel Smith, Netwealth technical consultant, discusses ahead of June 30, 2018.
Back to the future seminar 2017 | Family Business Accountants | WestcourtCraig Seddon
The document provides tips and strategies for individuals and businesses to minimize tax before the end of the financial year on June 30th, as well as changes coming into effect in future years. It discusses opportunities to make superannuation and other contributions, claims deductions for expenses, and manages capital gains and losses. It also outlines reforms increasing small business tax concessions and farm management deposit limits.
The document provides an overview and summary of the 2014 Australian Federal Budget. Key points include:
- The budget deficit for 2013-2014 is projected to be $49.9 billion.
- For 2014-2015, the deficit is projected to be $29.8 billion with large infrastructure spending.
- Individual tax changes include a 2% deficit levy on incomes over $180,000, an increase to the Medicare levy, and changes to family benefits.
- Few changes were made for businesses, but superannuation guarantee increases are frozen until 2018.
- Charities will see no changes to their tax concessions.
- The document recommends tax planning opportunities before June 30th given
GROWING AND PRESERVING ASSETS THROUGH TAX AND ESTATE PLANNING - Tina Davis, C...IFG Network marcus evans
Presentation by Tina Davis Milligan, CPA, Managing Director, Family Office Services, CTC | myCFO - Speaker at the IFG Wealth Management Forum Oct 2015 at the Trump Doral in FL
Choosing a retirement plan for your business 2013giannem1
Discusses various types of retirement plans you may wish to consider for your business. There are a variety of retirement plans available for small businesses, each with their own nuances.
Contact me to discuss which one makes sense for your business.
netwealth 2015 Federal Budget webinar presentationnetwealthInvest
This presentation provides a summary of information announced in the 2015-16 Federal Budget which may be of interest to financial advisers and their clients.
Key topics covered in this presentation are:
- Small business
- Taxation
- Superannuation
- Social Security and Aged Care
- Other
Please note that many of these announcements are yet to be legislated, and care should be taken before implementing a financial strategy based on Budget announcements alone.
There are a number of ways you can reduce your 2015 tax bill. From mitigating the effect of the Net Investment Income Tax to ideas for retirement and estate planning, CBIZ MHM has outlined several tips you can use for your year end planning in our 2015 Individual Tax Planning Supplement. We encourage you to carefully consider how the strategies discussed in the supplement will benefit you and your family. You can also contact your local CBIZ MHM professional for more information.
Payroll Webinar: The Essentials for Third Party Sick Pay in 2020Ascentis
This webinar discusses the proper taxation and reporting of the fringe benefit known as third party sick pay. It discusses what is and is not third party sick pay, how the taxation is affected by the status of the provider (is or is not the employer’s agent), when this type of payment is taxable and/or reportable and who is responsible for this taxation and reporting.
Super contributions: New rules and key issues for June 30netwealthInvest
Learn the new superannuation contribution rules you should be aware of and understand how they could affect your super savings. Nigel Smith, Netwealth technical consultant, discusses ahead of June 30, 2018.
This document provides a summary of the latest healthcare compliance updates for 2014 and beyond. It outlines the timeline of key provisions such as the individual mandate, employer mandate, and Cadillac tax. It also summarizes reporting requirements for 2015 including minimum essential coverage reporting and employer mandate reporting. Finally, it provides overviews of the premium assistance tax credits available to help individuals purchase coverage and the employer shared responsibility penalties for applicable large employers.
Payroll Webinar: The A to Z of Payroll Garnishments Part 2Ascentis
Tax levies and creditor garnishments can be some of the most complex tasks required of any payroll department. Payroll must understand all the laws that apply towards processing these types of garnishments backwards and forwards. It is sometimes even up to the payroll department to catch and correct any errors that have been made by anyone else along the way!
Precise and accurate compliance with garnishment regulation can help to reduce or eliminate the emotional and financial toll that can result from these unfortunate situations as well stave off any penalties that may result if processed incorrectly.
This webinar concentrates on processing garnishments, other than child support, in the payroll department. We’ll cover the federal rules for creditor garnishments, the IRS rules for federal tax levies, the various aspects of state tax levies, the key points for processing state creditor garnishments, how to handle voluntary wage assignments like payday loans and student loans. And that’s not all – we’ll also review the IRS Form 668-W.
CARES ACT - Economic Relief to Families and BusinessesRajesh Damarapati
CARES ACT is aimed at providing relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak. While that is great news, in and of itself, presentation covers some of the key provisions included in the bill and what that may mean for you
CARES ACT - Economic Relief to Families and BusinessesRajesh Damarapati
CARES ACT is aimed at providing relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak. While that is great news, in and of itself, presentation covers some of the key provisions included in the bill and what that may mean for you
Our presenters cut through the complexity to deliver relevant Tax and Superannuation insights contained in the 2017 Federal Budget. They also recap on the Pre Financial Year End initiatives that can be considered during the tax planning season.
Jamie Towers, Partner of our Tax Division analyses the taxation and business impacts of the budget to deliver you the most relevant tax insights for business owners and individuals. There will also be a strong tax planning flavour to help you prepare for June 30.
Clive Todd, Partner of our Superannuation Division recaps on key changes made within the Superannuation environment affecting superfund members and employers with Superannuation Guarantee Contribution (SGC) obligations, giving you clarity for the year ahead
This document provides a summary of various tax planning strategies that taxpayers should consider before the end of 2011. It discusses opportunities for reducing tax obligations through increasing retirement contributions, making charitable donations from IRAs, taking advantage of business tax credits, and accelerating capital expenditures. It also highlights estate planning strategies and the need to disclose any offshore assets before certain disclosure deadlines. The overall message is that 2011 provides some unique tax benefits that may disappear at the end of the year.
1. The document provides a summary of 12 tax deductions that are often overlooked or missed by taxpayers, including employment expenses, fitness and arts tax credits for children, transit passes, optimizing deductions with a spouse, the equivalent to spouse exemption, tuition, moving expenses, the home buyers plan (RRSP), income splitting, the disability tax credit, premiums on group health benefits, and interest paid.
2. It also discusses in more detail what each of these deductions are and provides examples to help taxpayers understand if and how they could claim these deductions to reduce their taxes.
3. The document encourages taxpayers to use a tax expert who has the knowledge, experience, and judgment to help ensure taxpayers claim all deductions they
Intuit Presents Tax Law Changes for Tax Year 2012intuitaccts
Get the very latest on important tax law changes that will impact returns for Tax Year 2012 from Intuit's Mike D'Avolio. These changes seem to come later and later each year. Let’s us do the legwork and keep you up to speed on current status of tax law changes and extensions.
Finance Minister Bill Morneau provided numerous updates to the proposed changes to the taxation of private corporations and their shareholders, which were first introduced back in July as part of a consultation paper and draft tax legislation. In this edition of Monthly Perspectives, we update you on these changes.
2020 Emergency Relief For Employers Called “Paycheck Protection Plan” Created...CMP
On March 27, 2020, President Trump signed Coronavirus Aid, Relief, and Economic Security Act (CARES Act), aimed at providing financial relief for American businesses in response to the economic fallout from the fast-developing coronavirus (COVID-19) pandemic.
This document summarizes the 2014 tax update and hot topics presented by Drew Rogers, CPA. It discusses the impact of 2013 tax law changes such as rate increases and limitations on deductions. For businesses, it covers expiring tax provisions, deductions, and credits. It also discusses entity choice, multistate planning, and exit planning strategies. For individuals, it summarizes rate schedules and provides planning tips for items like the Net Investment Income Tax, deductions, charitable giving, and the Alternative Minimum Tax. The presentation concludes with an overview of South Carolina tax credits that may provide benefits.
Brighten Your Future, with Tax Tips and Retirement PlanningStambaugh Ness, PC
The document provides an overview of various tax tips and retirement planning strategies. It discusses depreciation of assets, fringe benefits, meals and entertainment deductions, company car deductions and lease comparisons, tax credits, sales tax exemptions, homebuyer credits, energy credits, Section 529 college savings plans, education tax benefits, IRA contributions and distributions, Roth IRA conversions, SEP and SIMPLE retirement plans.
What will the 2019 Federal Budget announcement mean for you?netwealthInvest
Netwealth's Head of Technical Services, Keat Chew, analyses the 2019 Budget announcement to determine key action points for financial advisers and their clients.
Payroll Webinar: Payroll Tax Nexus 2021: Impacts on Organizations as a Result...Ascentis
This session will explore the U.S. payroll tax impact to employers and employees in response to the increase in telework as a result of the COVID pandemic. Specific areas covered will include employer “nexus” with respect to withholding and reporting requirements related to those employees working remotely, potential state and local employment tax authority audit activity, strategies to consider in go-forward policy development and organizational hurdles in compliance as we move forward through 2021 and beyond.
Payroll Webinar: A to Z of Garnishments Part 1Ascentis
In this three part series on the proper handling and processing of garnishments we will discussed the rules, regulations and requirements as they apply to withholding and paying child support, tax levies, creditor garnishments and others.
In Part 1 we focus on Child Support. Payroll departments must know both the federal laws and the state laws and must determine which one applies to the child support withholding order. In addition to these laws and regulations, the federal rules now require that a standard Income Withholding Order (IWO) be used for all child support withholding garnishments. This webinar will review this form and its requirements. And although the IWO can include all the information necessary to comply with the order, employers must familiarize themselves with both federal and state regulations to avoid penalties and liabilities. Withholding monies for child support is not the only requirement that applies to providing for a child, medical support orders are required to be process by payroll as well. And these orders have their own rules and regulations on both the federal and state level.
HR Webinar: The American Rescue Plan Act of 2021: New Employer Opportunities ...Ascentis
On March 11, 2021, President Biden signed into law H.R. 1319, the “American Rescue Plan Act of 2021” (APRA). The latest in an extended series of COVID-19 economic relief bills, with a price tag of $1.9 trillion and weighing in at an impressive 628 pages, ARPA will bring cumulative US federal pandemic relief spending to approximately $5.7 trillion. While the new law’s consumer provisions – like direct stimulus payments to about 89% of US taxpayers, extended unemployment benefits, and increased child tax credits – have gotten almost all the press coverage related to this law, as with prior laws (FFCRA, CARES Act, CAA) there are many employer-impacting provisions that have so far “flown under the radar.”
At Ascentis, we’ve hauled out our trusty “HCM radar detector” to hone in on just those provisions which may impact and delight (or maybe not?) employers, and the HR community, around the country.
This document provides an overview and tips for 2017 individual tax planning. It summarizes key tax rates, deductions, credits, and strategies to consider for reducing tax liability for the year. Potential tax reform proposals could change rates and provisions for 2018, so the document recommends planning based on current tax law and taking advantage of opportunities before year-end 2017 to be effective in mitigating taxes. It includes charts outlining various tax rates, limits, phaseouts and considerations for married and unmarried filers.
EY - US Employment Tax Year in Review (November 2013)EY
The presentation covers:
- FICA on severance
- Fiscal cliff legislation – impacts for 2013 and beyond
- The additional Medicare tax began this year
- Reporting change in responsible party to the IRS
- 2010 HIRE Act – IRS notices and refund deadline
- Same-sex partner benefits in wake of Supreme Court ruling
- Affordable Care Act – what to know about 2014
- Unemployment insurance – new laws mean a new approach
- States go retro in 2013
- Pay card controversy – seven things employers should do
Join Jim Paille as he talks about payroll tax compliance going into the new year. In this session, you will understand the latest tax reform items that affect payroll. He will cover new IRS initiatives to be mindful of entering 2021. Then, Jim will discuss topics related to the 2020-2021 W-4’s impact at both the federal and state levels. Finally, he will cover some tips you can leverage to make your year-end processing more efficient and effective.
This document summarizes key changes from Singapore's 2017 budget, including:
- A 20% personal income tax rebate up to $500 for individual taxpayers.
- Enhanced corporate income tax rebates of 50% up to $25,000 for YA2017 and 20% up to $10,000 for YA2018.
- New tax incentives like an intellectual property development incentive and enhancements to existing incentives for aircraft leasing, global trading, and project financing.
- Targeted measures to help sectors facing cyclical weakness and support firms in digitalization and internationalization.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Estate Planning: Preparing your Will and Nominating an ExecutorHill Rogers
An overview on Estate Planning - an important part of your financial plan:
- Passing your assets on
- Preparing your Will
- What happens when you don't have a Will
- Selecting an Executor
- Superannuation and life insurance
- Minimising potential claims to your Will
- Definition of Probate
This document provides a summary of the latest healthcare compliance updates for 2014 and beyond. It outlines the timeline of key provisions such as the individual mandate, employer mandate, and Cadillac tax. It also summarizes reporting requirements for 2015 including minimum essential coverage reporting and employer mandate reporting. Finally, it provides overviews of the premium assistance tax credits available to help individuals purchase coverage and the employer shared responsibility penalties for applicable large employers.
Payroll Webinar: The A to Z of Payroll Garnishments Part 2Ascentis
Tax levies and creditor garnishments can be some of the most complex tasks required of any payroll department. Payroll must understand all the laws that apply towards processing these types of garnishments backwards and forwards. It is sometimes even up to the payroll department to catch and correct any errors that have been made by anyone else along the way!
Precise and accurate compliance with garnishment regulation can help to reduce or eliminate the emotional and financial toll that can result from these unfortunate situations as well stave off any penalties that may result if processed incorrectly.
This webinar concentrates on processing garnishments, other than child support, in the payroll department. We’ll cover the federal rules for creditor garnishments, the IRS rules for federal tax levies, the various aspects of state tax levies, the key points for processing state creditor garnishments, how to handle voluntary wage assignments like payday loans and student loans. And that’s not all – we’ll also review the IRS Form 668-W.
CARES ACT - Economic Relief to Families and BusinessesRajesh Damarapati
CARES ACT is aimed at providing relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak. While that is great news, in and of itself, presentation covers some of the key provisions included in the bill and what that may mean for you
CARES ACT - Economic Relief to Families and BusinessesRajesh Damarapati
CARES ACT is aimed at providing relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak. While that is great news, in and of itself, presentation covers some of the key provisions included in the bill and what that may mean for you
Our presenters cut through the complexity to deliver relevant Tax and Superannuation insights contained in the 2017 Federal Budget. They also recap on the Pre Financial Year End initiatives that can be considered during the tax planning season.
Jamie Towers, Partner of our Tax Division analyses the taxation and business impacts of the budget to deliver you the most relevant tax insights for business owners and individuals. There will also be a strong tax planning flavour to help you prepare for June 30.
Clive Todd, Partner of our Superannuation Division recaps on key changes made within the Superannuation environment affecting superfund members and employers with Superannuation Guarantee Contribution (SGC) obligations, giving you clarity for the year ahead
This document provides a summary of various tax planning strategies that taxpayers should consider before the end of 2011. It discusses opportunities for reducing tax obligations through increasing retirement contributions, making charitable donations from IRAs, taking advantage of business tax credits, and accelerating capital expenditures. It also highlights estate planning strategies and the need to disclose any offshore assets before certain disclosure deadlines. The overall message is that 2011 provides some unique tax benefits that may disappear at the end of the year.
1. The document provides a summary of 12 tax deductions that are often overlooked or missed by taxpayers, including employment expenses, fitness and arts tax credits for children, transit passes, optimizing deductions with a spouse, the equivalent to spouse exemption, tuition, moving expenses, the home buyers plan (RRSP), income splitting, the disability tax credit, premiums on group health benefits, and interest paid.
2. It also discusses in more detail what each of these deductions are and provides examples to help taxpayers understand if and how they could claim these deductions to reduce their taxes.
3. The document encourages taxpayers to use a tax expert who has the knowledge, experience, and judgment to help ensure taxpayers claim all deductions they
Intuit Presents Tax Law Changes for Tax Year 2012intuitaccts
Get the very latest on important tax law changes that will impact returns for Tax Year 2012 from Intuit's Mike D'Avolio. These changes seem to come later and later each year. Let’s us do the legwork and keep you up to speed on current status of tax law changes and extensions.
Finance Minister Bill Morneau provided numerous updates to the proposed changes to the taxation of private corporations and their shareholders, which were first introduced back in July as part of a consultation paper and draft tax legislation. In this edition of Monthly Perspectives, we update you on these changes.
2020 Emergency Relief For Employers Called “Paycheck Protection Plan” Created...CMP
On March 27, 2020, President Trump signed Coronavirus Aid, Relief, and Economic Security Act (CARES Act), aimed at providing financial relief for American businesses in response to the economic fallout from the fast-developing coronavirus (COVID-19) pandemic.
This document summarizes the 2014 tax update and hot topics presented by Drew Rogers, CPA. It discusses the impact of 2013 tax law changes such as rate increases and limitations on deductions. For businesses, it covers expiring tax provisions, deductions, and credits. It also discusses entity choice, multistate planning, and exit planning strategies. For individuals, it summarizes rate schedules and provides planning tips for items like the Net Investment Income Tax, deductions, charitable giving, and the Alternative Minimum Tax. The presentation concludes with an overview of South Carolina tax credits that may provide benefits.
Brighten Your Future, with Tax Tips and Retirement PlanningStambaugh Ness, PC
The document provides an overview of various tax tips and retirement planning strategies. It discusses depreciation of assets, fringe benefits, meals and entertainment deductions, company car deductions and lease comparisons, tax credits, sales tax exemptions, homebuyer credits, energy credits, Section 529 college savings plans, education tax benefits, IRA contributions and distributions, Roth IRA conversions, SEP and SIMPLE retirement plans.
What will the 2019 Federal Budget announcement mean for you?netwealthInvest
Netwealth's Head of Technical Services, Keat Chew, analyses the 2019 Budget announcement to determine key action points for financial advisers and their clients.
Payroll Webinar: Payroll Tax Nexus 2021: Impacts on Organizations as a Result...Ascentis
This session will explore the U.S. payroll tax impact to employers and employees in response to the increase in telework as a result of the COVID pandemic. Specific areas covered will include employer “nexus” with respect to withholding and reporting requirements related to those employees working remotely, potential state and local employment tax authority audit activity, strategies to consider in go-forward policy development and organizational hurdles in compliance as we move forward through 2021 and beyond.
Payroll Webinar: A to Z of Garnishments Part 1Ascentis
In this three part series on the proper handling and processing of garnishments we will discussed the rules, regulations and requirements as they apply to withholding and paying child support, tax levies, creditor garnishments and others.
In Part 1 we focus on Child Support. Payroll departments must know both the federal laws and the state laws and must determine which one applies to the child support withholding order. In addition to these laws and regulations, the federal rules now require that a standard Income Withholding Order (IWO) be used for all child support withholding garnishments. This webinar will review this form and its requirements. And although the IWO can include all the information necessary to comply with the order, employers must familiarize themselves with both federal and state regulations to avoid penalties and liabilities. Withholding monies for child support is not the only requirement that applies to providing for a child, medical support orders are required to be process by payroll as well. And these orders have their own rules and regulations on both the federal and state level.
HR Webinar: The American Rescue Plan Act of 2021: New Employer Opportunities ...Ascentis
On March 11, 2021, President Biden signed into law H.R. 1319, the “American Rescue Plan Act of 2021” (APRA). The latest in an extended series of COVID-19 economic relief bills, with a price tag of $1.9 trillion and weighing in at an impressive 628 pages, ARPA will bring cumulative US federal pandemic relief spending to approximately $5.7 trillion. While the new law’s consumer provisions – like direct stimulus payments to about 89% of US taxpayers, extended unemployment benefits, and increased child tax credits – have gotten almost all the press coverage related to this law, as with prior laws (FFCRA, CARES Act, CAA) there are many employer-impacting provisions that have so far “flown under the radar.”
At Ascentis, we’ve hauled out our trusty “HCM radar detector” to hone in on just those provisions which may impact and delight (or maybe not?) employers, and the HR community, around the country.
This document provides an overview and tips for 2017 individual tax planning. It summarizes key tax rates, deductions, credits, and strategies to consider for reducing tax liability for the year. Potential tax reform proposals could change rates and provisions for 2018, so the document recommends planning based on current tax law and taking advantage of opportunities before year-end 2017 to be effective in mitigating taxes. It includes charts outlining various tax rates, limits, phaseouts and considerations for married and unmarried filers.
EY - US Employment Tax Year in Review (November 2013)EY
The presentation covers:
- FICA on severance
- Fiscal cliff legislation – impacts for 2013 and beyond
- The additional Medicare tax began this year
- Reporting change in responsible party to the IRS
- 2010 HIRE Act – IRS notices and refund deadline
- Same-sex partner benefits in wake of Supreme Court ruling
- Affordable Care Act – what to know about 2014
- Unemployment insurance – new laws mean a new approach
- States go retro in 2013
- Pay card controversy – seven things employers should do
Join Jim Paille as he talks about payroll tax compliance going into the new year. In this session, you will understand the latest tax reform items that affect payroll. He will cover new IRS initiatives to be mindful of entering 2021. Then, Jim will discuss topics related to the 2020-2021 W-4’s impact at both the federal and state levels. Finally, he will cover some tips you can leverage to make your year-end processing more efficient and effective.
This document summarizes key changes from Singapore's 2017 budget, including:
- A 20% personal income tax rebate up to $500 for individual taxpayers.
- Enhanced corporate income tax rebates of 50% up to $25,000 for YA2017 and 20% up to $10,000 for YA2018.
- New tax incentives like an intellectual property development incentive and enhancements to existing incentives for aircraft leasing, global trading, and project financing.
- Targeted measures to help sectors facing cyclical weakness and support firms in digitalization and internationalization.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Estate Planning: Preparing your Will and Nominating an ExecutorHill Rogers
An overview on Estate Planning - an important part of your financial plan:
- Passing your assets on
- Preparing your Will
- What happens when you don't have a Will
- Selecting an Executor
- Superannuation and life insurance
- Minimising potential claims to your Will
- Definition of Probate
Thanks to all who joined us at the Pre & Post Budget Update event. It was great to hear that Partners Jamie Towers and Clive Todd delivered concise and relevant Tax and Superannuation Budget summaries.
Demystifying Aged Care Planning:
The Aged Care system is complex.
You don’t need to be an expert but you should have a broad understanding of the issues.
Seek professional advice before you are forced into making decisions that you may regret.
Better lifestyle and financial decisions are made when planning starts early.
The document summarizes a presentation on optimizing Excel. It discusses common problems with spreadsheets like confusing formulas, unstructured layouts, and errors. It then introduces the FAST standard for building transparent, accurate Excel models. The standard advocates for clear formatting, labeling, and separating inputs from calculations. Finally, it discusses research on common spreadsheet errors and frauds enabled by weaknesses in spreadsheets.
The document provides an overview and analysis of the 2014 Australian Federal Budget. Key points include:
- The budget forecasts a deficit of $29.8 billion for 2014/15.
- Individual tax rates will increase with the introduction of a 2% deficit levy and increase to the Medicare levy.
- Superannuation guarantee rates will increase to 9.5% but then be frozen until 2018.
- The excess non-concessional contributions tax will be abolished and replaced with inclusion of earnings in personal tax returns.
The document provides an overview and analysis of the 2015 Australian Federal Budget and pre-financial year end taxation updates. Key points include:
- The budget is forecast to return to a deficit of -$35.1 billion in 2015/16 but return to a surplus in 2019/20. Spending remains high as a proportion of GDP.
- Small business measures include a 1.5% cut to the company tax rate to 28.5%, an unincorporated small business tax discount, and an increased $20,000 instant asset write-off threshold.
- Childcare subsidies are consolidated into a new means-tested Child Care Subsidy, with subsidy rates tied to activity and income tests. Funding is linked
Hanrick Curran is delighted to share with you the highlights from their Pre Financial Year End and Post Federal Budget Update Event. Our straight talking presenters explain how the Government will use the 2015 Federal Budget to address Australia’s growing budget challenge. They highlight key points of interest for business owners and professionals, then recap on the Pre Financial Year End initiatives that can be considered during the tax planning season
The document summarizes recent changes to Australia's superannuation laws and provides answers to questions about how the changes will impact individuals. Some of the key changes include reducing the concessional contributions cap to $25,000 from July 2017, increasing access to personal deductible contributions, introducing a $1.6 million transfer balance cap on tax-free pensions, and reducing the non-concessional contributions cap to $100,000. The Q&A section addresses scenarios about how these new rules may affect individuals' contribution strategies and ability to maximize their retirement benefits.
The document summarizes new changes to Australia's superannuation rules effective July 2017. Key changes include cutting the concessional contributions cap to $25,000, introducing a $1.6 million transfer balance cap on super funds shifting to pension phase, and lowering the income threshold for extra contributions tax to $250,000. Non-concessional contribution caps will be reduced to $100,000 and the 'bring forward' rule remains available for those under 65. Self-managed superannuation funds can include up to 4 members and invest in various assets, though related party transactions and in-house asset holdings have restrictions.
The Australian government made several major announcements regarding superannuation in its recent budget:
- It cut the annual concessional contribution cap to $25,000 and implemented a $500,000 lifetime cap on non-concessional contributions.
- It introduced a $1.6 million transfer balance cap on how much superannuation can be transferred into pension phase.
- It ceased the tax exemption on earnings for assets supporting transition to retirement income streams and removed the work test for all individuals to contribute up until age 75.
The changes will see many transition to retirement income streams cease and a focus on meeting retirement conditions for superannuation access. It will also result in equalizing member balances and
The document summarizes recent changes to Australia's superannuation system announced in the 2016 federal budget. Key changes include lowering the concessional contributions cap to $25,000 per year, introducing a $1.6 million transfer balance cap on superannuation that can be transferred to pension phase, and implementing a $500,000 lifetime cap on non-concessional contributions. The changes aim to simplify the system, reduce tax concessions, and ensure superannuation is used primarily for retirement. Many of the changes will take effect on July 1, 2017, though some provisions are delayed or still require legislation.
Insights in Philanthropy Australia
Tax Efficient Giving and Bequeath Strategies
Digital Disruption – the impacts on NFPs
Common misunderstandings surrounding NFP
Reporting
Topical Legal Considerations for NFPs
Establishing Social Enterprise
State Tax Exemption for Charitable Institutions
Hanrick Curran is an accounting and consulting firm that provides various services to hospitality clients, including financial statements, tax advisory, transaction support, general insurance, and SMSF administration. They have been a diamond sponsor of the QHA for over 25 years. The document discusses future trends in technology, consumption, and the competitive landscape that hospitality businesses need to consider when planning. These include the rise of social media, declining alcohol consumption, and higher customer expectations. It emphasizes defining target markets, identifying opportunities and threats, determining actions, and assessing financial implications. The firm has specialists in hospitality who can provide expertise and assistance with strategic planning.
Superannuation Changes Post 2016 Australian Federal BudgetHill Rogers
Garvin Jones, Director – Superannuation & Business Solutions, Hill Rogers presents the key changes to the superannuation environment including:
- Changes to contribution limits
- Superannuation pension caps
- What to watch out for during the bring forward transitional period
- Tips on how to maximise contributions in 2016/17
The document discusses planning for profit growth in 2017 and presents a new budgeting method. It introduces typical budgeting methods that start by setting expenses and then determine sales needed to cover costs. The new method presented starts by determining the desired profit level, then adds estimated expenses, and sets the sales target needed to achieve the profit goal. The final section discusses bridging any gaps between the sales target and last year's actual sales through revisiting expenses and sales estimates.
This document discusses common challenges faced by small businesses in Australia such as expanding into new markets and exporting, issues with staffing costs and innovation, and growing the business beyond what the founders can manage. It notes that over $5 billion in funding is available from federal and state budgets to support businesses. Several specific grants and incentives are mentioned to help with exporting, hiring older workers/trainees, R&D expenses, commercializing ideas, and business evaluations. The document encourages businesses to check their eligibility for these programs and incentives, using a "no grant eligibility, no fee" offer from Hanrick Curran. It provides a case study of a client who received a $75,000 grant for export marketing expenses after their accountant
Our straight talking presenters cut through the complexity to deliver relevant Tax and Superannuation insights contained in the 2018 Federal Budget. In addition, our presenters recap on the Pre Financial Year End initiatives that can be considered during the tax planning season.
The document provides an overview and analysis of the 2015 Australian Federal Budget. Key points include:
- The budget forecasts continued economic growth but issues around commodity prices, exchange rates, and business investment.
- The Coalition has abandoned austerity measures and is focusing on stimulating jobs and growth through small business tax cuts, infrastructure funding, and middle class welfare spending.
- Proposed changes to the age pension asset test will require many retirees to draw down on their capital.
- The budget forecasts a gradual reduction in the underlying cash deficit over the coming years but risks remain of higher deficits.
Skoda Minotti Speaker Series - Strategies to Save on Your 2013 TaxesSkoda Minotti
From the repeal of the Bush-era tax cuts to the implementation of the Affordable Care Act, there was a lot of change in United States tax law this year for both businesses and individuals. With so many new laws to parse through, it's easy to feel overwhelmed as you prepare your 2013 tax information. Unclear about your current tax bracket? Want to know how the Affordable Care Act affects your business?
This presentation will provide you with several easy-to-implement strategies for your personal and business taxes.
What you can expect to learn:
• Tax law changes for 2013
• Year-end tax planning strategies, for businesses and individuals
• How patient protection laws affect you
• The Affordable Care Act and how it will affect businesses
This document summarizes a presentation for barristers on running a business as a barrister. It covers topics like understanding business structures, accounting and invoicing, tax obligations, using debt, budgeting and cash flow management, asset protection, estate planning, retirement planning, and getting the right professional team. It provides an agenda and discusses concepts like understanding different entity structures, accounting on a cash basis, personal income tax rates, timing of tax obligations, using good versus bad debt, preparing budgets and cash flows, and leveraging structures like superannuation and trusts to protect assets and plan for retirement.
Review this presentation on individual tax planning including key considerations to make in the closing months of 2013 and into 2014 - O'Connor Davies CPA - NYC CPA Firm.
Congress has approved H.R. 1 the Tax Cuts and Jobs Act, significantly altering the U.S. tax code. Join us to learn more about what the new legislation means for individuals and businesses, including corporations and pass through entities.
Join us for a conversation about how tax reform impacts individuals and businesses, including corporations and pass through entities.
The document provides an overview of the 2010 healthcare reform legislation and subsequent tax law changes. It notes that the legislation was passed in two parts in 2010, containing provisions such as a small business tax credit for offering health coverage, elimination of lifetime caps on insurance, and penalties for remaining uninsured beginning in 2014. The summary also outlines numerous tax law provisions from 2010-2018 related to health savings accounts, deductions, credits, fees and more.
Congress has approved H.R. 1 the Tax Cuts and Jobs Act, significantly altering the U.S. tax code. Join us to learn more about what the new legislation means for individuals and businesses, including corporations and pass through entities.
This WEBINAR is an overview about how the Tax Cuts and Jobs Act alters the U.S. tax code for individuals and businesses.
For more in-depth information and personal engagement with our team, we welcome you to join us on Tuesday, January 30th from 9-11am at our Rockville Location, 1445 Research Boulevard, Ground Level Conference Room, Rockville, MD 20850.
This document provides information on 2021 tax planning strategies for individuals and businesses. It discusses the difference between reactive tax preparation and proactive tax planning. The stages of effective tax planning include planning, implementation, quarterly maintenance, and tax return preparation. Various tax planning strategies are outlined for deferring or accelerating income, bunching deductions, maximizing retirement contributions, checking IRA distribution requirements, converting traditional IRAs to Roth IRAs, and reducing Roth conversion taxes. Year-end tax planning considerations for businesses include employee retention credits, net operating loss carrybacks, and research and development cost deductions and amortization.
Last year, the government proposed a series of wide ranging reforms to Australia’s superannuation system, representing the most significant changes to super in a decade. Although not all the proposals have been legislated, some significant ones have already.
We recognise that keeping up with the superannuation rules and regulations can be a minefield. It’s important to understand the changes and how they may affect your financial strategy. That’s where Bentleys and the Superannuation team can support you.
Cardens Accountants Covid19 client handout Laura Comben
This document provides a summary of the various government support schemes available to businesses and individuals in the UK during the Covid-19 pandemic. It outlines schemes such as the Coronavirus Job Retention Scheme which provides grants to cover 80% of wages, business rates relief for certain sectors, grants of up to £10,000 for small businesses, deferred tax payments, access to government-backed loans, and a new scheme to provide grants to self-employed individuals. The document provides details on eligibility and how to access each of the support measures.
This document summarizes key concepts around business income, deductions, and accounting methods for tax purposes. It describes the general requirements for deducting business expenses and identifies common deductions. It also explains the concept of accounting periods and describes the accounting methods (cash, accrual, hybrid) available to businesses for determining taxable income and expense deductions. Special business deductions are also identified and examples are provided to illustrate concepts like reasonable compensation, the 12-month rule for prepaid expenses, and accounting for advance payments under different methods.
The document provides an overview of helpful tax tips and savings opportunities for the 2016 tax season, presented by Monica Silwanowicz. It discusses limitations on itemized deductions, personal exemptions, and the alternative minimum tax. It also covers opportunities like donating appreciated assets to charity, qualified charitable distributions from IRAs, and potential impacts of tax reform proposals on businesses, individuals, itemized deductions, and estate taxes. The document aims to help taxpayers maximize deductions and plan effectively for the upcoming tax year.
The document summarizes the key points from a year-end tax planning seminar presented by Anthony J. Madonia on November 21, 2013. It discusses various federal and state income tax rates, exemptions, and deductions that may change in 2014, and provides strategies for individuals and businesses to accelerate deductions and postpone income into the next tax year.
Skp global expansion updates_ December_2017Partha Pant
The newsletter covers global tax developments including:
- Mauritius extending the deadline for asset statements and changes to RRSP contribution limits in Canada.
- Ghana proposing a paperless tax exemption system and Nigeria approving payment of outstanding foreign tax debts in local currency up to 2016.
- Proposed reductions to corporate income tax rates in Argentina and Saskatchewan.
- Changes to tax treatment of employee discounts in Canada and Mexico's updated federal revenue law for 2018.
- Introduction of GST on low value imports to Australia and signing of a double tax treaty between India and Hong Kong.
- Approval of Singapore's Income Tax Amendment Bill and CPF interest rates for 2018.
Although you can’t avoid taxes, you can take steps to minimize them. This requires proactive tax planning — estimating your tax liability, looking for ways to reduce it and taking timely action.
Tax Reform and the Impact to your Franchise by Honkamp Krueger4 2018rhauber
The recent Tax Cuts and Jobs Act aka Tax Reform has made a significant impact on the tax situation of franchise business owners. Our slide deck provides the business tax and individual tax highlights of the Tax Cuts and Jobs Act for franchise organizations.
The document provides guidance on tax planning strategies for the 2013-2014 tax years in light of increased tax rates and new taxes taking effect. It recommends that taxpayers maximize retirement savings to avoid new Medicare taxes, consider income timing strategies to minimize taxes, and update estate plans to take advantage of increased exemption amounts. Effective tax planning is important to mitigate the impact of higher taxes on ordinary income and overall tax liability.
Tax planning involves arranging one's financial affairs to reduce tax liability by taking advantage of legal exemptions and deductions. It has benefits for taxpayers by lowering taxes paid, for the government by increasing funds available for investment, and for society by promoting economic growth and employment. While tax planning is important, financial decisions should not be based solely on tax implications.
Similar to 2013 post budget presentation v6 on scree nl (20)
This document summarizes a research report from Hanrick Curran about small to medium enterprises (SMEs). It finds that while most SMEs can produce accurate financial information, few know how their key performance indicators compare to industry benchmarks. It also reports that over half of SMEs believe staff are motivated, but only a quarter have strategies to attract, retain, and motivate employees. The document recommends SMEs focus on business planning, protecting assets, and reducing stress and improving work-life balance for owners.
Trust account audits can seem daunting, but you can pass with flying colours. Ace your next trust account audit and identify business efficiencies by getting to know what is needed for a busy recording team.
Presenter Matthew Green delivered this presentation on 23 May 2018 to the REIQ.
Dealing with Chinese Investors can be challenging. In this presentation Vincent Shi, Partner at Hanrick Curran, shares his perspective on successfully working in the asian market space.
This document outlines the basics of risk management for professional services firms. It discusses definitions of risk from international standards and dictionaries. The document then covers Hanrick Curran's journey in establishing a risk management system in response to legislative and professional changes. This included forming a risk management committee and developing a risk register to identify, assess, and mitigate risks. The presentation provides insights into managing pressures and expectations in a professional career.
The document summarizes upcoming changes to Australia's superannuation system that will take effect from July 2017. Key changes include lowering the concessional contributions limit to $25,000, reducing the non-concessional contributions cap to $100,000 annually, and capping the total amount that can be transferred into retirement phase at $1.6 million. Additional measures include allowing unused concessional caps to be carried forward for those with balances under $500,000 and removing the tax exemption on earnings from transition to retirement income streams. The changes aim to simplify and strengthen the superannuation system for Australians planning for retirement.
Congratulations to Hourn & Bishop Qld on commencing their transition to the next generation. Hanrick Curran were delighted to provide advice on this important business decision.
SMG Technologies is an Australian medical technology startup that needed funding to develop its products globally. Hanrick Curran identified opportunities for SMG to access government grants and tax incentives to boost its cashflow. They helped SMG structure its claims to receive the maximum funding from an Export Market Development Grant and R&D Tax Offset. This government funding has provided SMG important cashflow as it expands its business internationally. The Managing Director of SMG considers Hanrick Curran important business partners due to their ability to quickly advise on opportunities and structure SMG to access critical government support.
As with all things that become fashionable more people are taking the next step from having an idea to pursuing a business start-up. The positive side of this is that there is a flood of new ideas which could lead to successful innovative businesses that solve a consumer need. However, before investing precious time and capital into the next great idea
we should put some rigour around selecting the one that
has a best chance of being successful.
Please view the keynote presentation and notes from the Australian PNG Business Forum 2016 Meeting on the topic of Planning and Registering your Business in PNG.
GMRF’s 10 year anniversary annual report showcases their incredible achievements and advancements in research to enhance the health of the Australian community. Hanrick Curran is proud to support of GMRF and the milestones reached in the last decade.
More from Mazars Qld (Formerly Hanrick Curran) (12)
1. 2011-2012 Budget Update 12 May 2011
2013 Post Budget, Pre Financial Year End
Client Update
30 May 2013 Jamie Towers & Chris Campbell
2. Mobile Phones – please turn off or to silent
Bathroom – far side of reception
Lucky Door Prize – Bottle of wine – business card draw
House Keeping
3. Vision
Hanrick Curran is renowned across Queensland for delivering innovative solutions to
grow and protect the wealth of our SME, Corporate and Personal clients by
empowering our skilled creative professionals to deliver comprehensive expert advice.
Audacious Goal
1. Be No. 1 in Service and Quality to our Clients
2. Be the No. 1 Place to Work
3. Be No. 1 in our Chosen Markets
4. Achieve Top Quartile Financial Results
Each of you play a very important part in our journey to reach our Vision by 2018
We need and value your feedback
We‟ve built the practice on client and associate referrals, please keep this up!
5. Key Policy Measures
Gonski Education Reform
National Disability Insurance Scheme
Tax Cuts Deferred
International Tax Reform
Funding ATO to keep everyone honest
6. Key Opposition Policy Measures
Abolish Carbon Tax (but retain personal income tax levels)
Abolish Mining Tax
Cut Red Tape
Delay increase in superannuation rate by 2 years
May not oppose any of the Budget „savings‟
7. What’s in it for me? Individuals & Families
Baby Bonus Scrapped from 1 March 2014 – replaced with $2,000
additional Family Tax Benefit Part A payment ($1,000 for subsequent
children)
Up front Discounts on HECS/HELP debts scrapped (1 January 2014)
Medicare Levy Increase to 2% to fund Disability Insurance Scheme
Tax Rate Cut Deferred Indefinitely
10. Individuals – Net Medical Expenses Tax Offset
to be phased out – Use it of Lose it!
Currently can claim 20% of excess over $5,000 of out of pocket
medical expenses
Only eligible to claim it in 2014 year if you claim it in 2013 year
If considering a procedure and 2013 expenses are currently below
$5,000 – bring the procedure forward (or at least pay for it) by 30
June 2013 to get over the limit and keep your eligibility open for
future years.
Will be phased out altogether by 2019
11. Individuals – Self Education Expenses Capped at $2,000
Currently Self Education Expenses are uncapped
Proposal to Cap expenses at $2,000 from 1 July 2014
If paid by employer and not „salary sacrificed‟ the rules will not apply
Remuneration Planning – Employers Offer to pay for education for all
key employees as a „standard‟ benefit (not salary sacrificed) (Ask
Availlio for Assistance to redesign remuneration policy)
Subject to consultation
13. Research & Development – R & D Tax Offset
R & D Tax Incentive removed for Businesses with turnover > $20
Billion
Turnover < $20 Million still able to claim refundable tax offset
From 1 January 2014 – can claim the refundable tax offset on a
quarterly basis
Lodge 2013 return and R & D Tax offset early to ensure
immediate availability of quarterly offsets in 2014 year
14. Large Companies (>$1 Billion turnover) will pay PAYG (company tax)
instalments monthly from 1 January 2014
Will apply to all entities with >$20 Million turnover from 1 January
2016.
Small Business (Currently unaffected)
Monthly PAYG Instalments
15. Mining Exploration Deduction Tightened
Currently an immediate deduction for exploration expenses and cost
of obtaining mining rights and information
Will be restricted to only Mining Rights and Information acquired from
Governments and those costs incurred directly
Mining Rights and Information acquired second hand (eg acquiring a
tenement) will be deductible over the lesser of 15 years or life of the
asset
16. Trusts
ATO given a further $67.9 Million to target trusts to pick up an
additional $379 Million in revenue (Good investment?)
Tax avoidance through mischaracterising and concealing income
Plan 2013 trust distribution resolutions before 30 June to ensure
they legally and effectively distribute income to achieve family
goals
17. International Measures
Thin Capitalisation – „safe harbour‟ debt level reduced from 3:1 to
1.5:1, BUT an exemption is allowed for debt deductions of less than
$2 Million pa (increased from $250,000)
10% withholding tax for non-residents disposing of taxable Australian
assets (excludes residential real estate of < $2.5 Million)
Further review into offshore profit shifting – waiting on OECD report
18. Charities
Removal of Tax Concessions for „commercial activities‟ of charities
where funds not directed back to altruistic purposes – delayed by
another 2 years
New proposed start date 1 July 2014
Proposed small scale exemption of $250,000
19. SMALL BUSINESS
Not many changes from last year
Small Business = <$2 Million turnover
Can claim 100% of assets costing $6,500 as an immediate deduction
(from 1 July 2012)
Can claim the first $5,000 of the cost of a car as an immediate tax
deduction with the balance written off in a depreciation pool at 30%
(15% first year) (Consider financing costs – Chattel Mortgage v
Lease)
Tax Planning Initiatives for Financial Year End 2013
20. SMALL BUSINESS
Consider pre-paying expenses to claim the expense this year (not
effective for larger businesses)
If selling a business / key business asset, speak to us first to access
the small business CGT concessions to minimise tax
Tax Planning Initiatives for Financial Year End 2013
21. ALL BUSINESS
Loss Carry Back Rules
Not yet law but supposed to apply from 1 July 2012
If business profit and paid tax in 2012 year but loss in 2013 – carry
back the loss and amend 2012 tax return to receive a refund
Deferring income / bringing forward expenses may have an even
greater effect on cashflow
Tax Planning Initiatives for Financial Year End 2013
22. ALL BUSINESS
Defer income until after 30 June
Bring forward expenditure (subject to prepayment rules)
Ensure employee superannuation is paid before 30 June to get
deduction this year
Tax Planning Initiatives for Financial Year End 2013
23. ALL BUSINESS
Review asset registers and scrap / write off old assets no longer used
Review stock and write down / off obsolete stock
Can value individual items of stock differently
Review Debtors and write off Bad Debts before 30 June (reduces
income and claim GST back)
Tax Planning Initiatives for Financial Year End 2013
24. ALL BUSINESS
Division 7A – Deemed Dividend Rules
Ensure interest has been paid and minimum repayments made to
avoid a deemed dividend.
Consider paying an actual dividend to make the repayment
Tax Planning Initiatives for Financial Year End 2013
25. ALL BUSINESS
R & D Tax Offset
Contact us early to have the 2013 claim prepared
Quarterly Credits commence 1 January 2014
Tax Planning Initiatives for Financial Year End 2013
26. INDIVIDUALS & FAMILIES
Prepay Interest on your investment loans
Maximise Super Contributions
Salary Sacrifice June salary (must organise this before you „earn‟
the salary, or it will not be effective)
Spouse Contribution
Co-Contribution
Tax Planning Initiatives for Financial Year End 2013
27. INDIVIDUALS & FAMILIES – Employee Share Schemes
If receive employee shares or options – nearly always result in a tax
liability in the year the taxing point arises
Adjust salary withholding to reduce the cash flow impact
Consider tax effective investments (incl prepaying interest) to defer the
taxing point
Tax Planning Initiatives for Financial Year End 2013
28. INDIVIDUALS & FAMILIES – Capital Gains
Review Share / Investment Portfolio and consider selling any shares
with underlying capital losses to offset gains made earlier in the year
Speak to a broker or other licensed adviser to review strategies
Tax Planning Initiatives for Financial Year End 2013
29. INDIVIDUALS & FAMILIES - Trusts
Review family income to end of May and likely income in June to
formulate a trust distribution strategy to minimise family income
Consider commercial / asset protection and other issues (not just tax)
when resolving who to distribute to
Ensure the trustee resolution is in accordance with trust deed and is
effective from a tax perspective (should be recorded in writing by 30
June in some instances to be effective) – Hanrick Curran can assist
Tax Planning Initiatives for Financial Year End 2013
30. INDIVIDUALS & FAMILIES – Medical Expenses
Consider bringing forward planned procedures to ensure your 2013
tax offset can be claimed ($5,000 minimum out of pocket)
If no claim in 2013 – no further claims (Use it or Lose it)
Tax Planning Initiatives for Financial Year End 2013
31. Superannuation Update:
Impact of Federal Budget 2013/ 2014 changes
Other recent changes & announcements
Financial year end tips & traps
32. Superannuation policy changes were announced on Friday 5
April 2013 by Minister for Superannuation, Bill Shorten
No Superannuation changes in Federal Budget 2013/2014!
Released early due to damaging press speculation about super changes
Some measures are “effective” from 5 April 2013
33. Concessional Super Contribution Caps (tax deductible)
Proposal to increase concessional cap to $50,000 over age 50 if < $500K in super
Increase to concessional cap to $35,000 over 2 years:
* You need to be at least 59 as at 30 June 2013
Federal opposition, if elected:
Committed to eventually restoring $100,000 concessional cap from age 50
(subject to “affordability” i.e. inherited state of Federal finances)
Opposition Senator
Mathias Cormann
“The Terminator”
34. Reform to Excess Contributions Tax Laws
Budget proposal:
Allow withdrawal of excess concessional contributions; &
Tax at the individuals marginal personal tax rate (instead of a flat 46.5%)
Current rules for Excess Contributions Tax (ECT)
Exceed concessional contribution cap: 15% + additional 31.5% = 46.5%
Exceed non-concessional contribution cap: 46.5%
Exceed both caps: 15% + 31.5% + 46.5% = 93.0%
Only current relief is : One time only allowance for excess contributions up to
$10,000
No mention of reform on taxation of excess concessional non-concessional
“undeducted”contributions. i.e. Private savings (which you have already paid tax
on) contributed to super in excess of $150K or $450K over 3 years if under age
65, is taxed at 46.5% as a deterrent.
99.999% of all such excess contributions are “genuine mistakes” however the
ATO will not accept that argument or allow rectification of mistakes. Beware!
35. No tax on investment earnings of pension fund assets!
Tax free interest
Tax free capital gains
Tax free dividends & franking credits refunded (30%
company tax – nil super tax = 30% tax refund)
No limit on tax free earnings & capital gains!
Superannuation Pensions
Current Taxation of Pension Funds:
Income stream (pension)
Pension: Age 60+: Tax free
Age 55 to 59: 15% tax rebate *
*based on individual circumstances
Superannuation fund
investment earnings:
Interest, rent
dividends on shares
realised capital gains
36. Superannuation Pensions
Current Taxation of Pension Funds:
:
Income stream (pension)
Pension: Age 60+: Tax free
Age 55 to 59: 15% tax rebate *
*based on individual circumstances
No tax on investment earnings of pension fund assets!
Tax free interest
Tax free capital gains
Tax free dividends & franking credits refunded (30%
company tax – nil super tax = 30% tax refund)
No limit on tax free earnings & capital gains!
Superannuation fund
investment earnings:
Interest, rent
dividends on shares
realised capital gains
37. Income stream (pension)
Pension: Age 60+: Tax free
Age 55 to 59: 15% tax rebate *
*based on individual circumstances
Superannuation fund
investment earnings:
Interest, rent
dividends on shares
realised capital gains
Proposed changes to tax exemption on pension fund earnings:
Only the first $100,000 of investment earnings of a super fund per
member will be tax free
Remainder of fund earnings taxed at 15% (10% capital gains > 1 year held)
Proposed date: 1 July 2014
Proposed Taxation of Pension Funds
38. Capital Gains Tax relief:
For Super Fund assets purchased prior to 5 April 2013
Can sell tax free up to 1 July 2024, then
Gain that accrues from 1 July 2024 until sold is included
For Super Fund assets purchased from 5 April 2013,
Can sell tax free up to 1 July 2014, then
Gain that accrues from 1 July 2014 until sold is included
For Super Fund assets purchased from 1 July 2014,
Gain that accrues from 1 July 2014 until sold is included
Details of proposed change
Each member‟s pension super balance must earn over $100K (excluding contributions)
before any tax is payable
Government’s simplistic example:
Pension SMSF: Dad $1M + Mum $1M = $2M @ 5% earnings = $100K so all tax free
However, what about a large capital gain realised? e.g. on:
Real estate such as your business premises in an SMSF; or
Listed shares, managed funds & other investments
Transitional rules i.e. “grandfathering” of exemption on capital gains. Some realised
capital gains may be included in $100K per member fund earnings threshold.
Proposed Taxation of Pension Funds
39. “Clever” strategies will no doubt emerge (depends on legislation as not seen yet)
Fund investments:
“Segregated” investments are permitted for each member (costly to administer)
Periodically selling listed shares that are accruing capital gains, before they get
too large then re-buying those shares? ATO says may be tax avoidance
Member balances:
In SMSFs one spouse often has more benefits that the other
Re-allocation of “minimum benefits” is not permitted within a fund
Spouse contribution splitting (up to 85% of concessional contributions)
Withdrawal of lump sum & non-concessional re-contribution in spouses name
Must have access to large withdrawals e.g. retired & eligible to re- contribute?
? Multiple Super Funds paying pensions?
The Upside?
If net capital gains realised added to other fund investment income is less than
$100k earnings share per member threshold, all will still be tax free.
Even if threshold is exceeded, the excess of earnings to be taxed are taxed at
15% & 10% for capital gains (realised after 12 months)
These tax rates are the same as your current “accumulating” superannuation fund.
Accumulation fund tax rates are still generally superior to tax rates for:
Personal investing
Use of trusts or companies
Proposed Taxation of Pension Funds
40. From 1 July 2012:
30% tax on Concessional Contribution for individuals with “income” over $300,000
“expanded” definition of notional income to include:
Gross “assessable” income +
concessional superannuation contributions +
Reportable fringe benefits
Reportable Super Contributions (salary sacrifice)
Add back investment losses
15% tax only applies to the amount of contributions that take notional income over $300,000
Concessional Contribution Caps:
Taxed at 15% in receiving superannuation fund
(instead of up to 46.5% personally) e.g. 46.5% - 15% = 31.5% tax saving)
Taxed at 30% in receiving superannuation fund
(46.5% - 30% = 16.5% tax saving)
Legislation still not tabled but is still to be effective for year ending 30 June 2013
41. Example 2012/2013:
Salary: $275,000
Fringe benefits: $10,000
Compulsory super (9%): $16,000
Salary sacrifice super: $9,000
Total super contrib: $25,000
Notional assessable income: $310,000
Contributions tax:
Notional income: $310,000
Income threshold: $300,000
Excess over threshold: $10,000
Tax on contributions:
$25,000 @ 15% = $3,750
$10,000 @ 15% = $1,500
Total $5,250
Effective tax rate = $5,250/ 25,000 = 21% (46.5% - 21% = 25.5%)
44. Super Contribution Tax Deductions
Rules for Excess Contributions Tax (ECT)
Exceed concessional contribution cap: 15% + additional 31.5% = 46.5%
Exceed non-concessional contribution cap: 46.5%
Exceed both caps: 15% + 31.5% + 46.5% = 93.0%
One time only allowance for excess contributions up to $10,000
More than one source of income & super contributions?
Contribution cap is are your personal limit from all sources
Deductible limits do not apply to employers
Up to taxpayer (not employer) to ensure Contribution Cap is not
exceeded
45. Super Contribution Tax Deductions
ATO Tax Ruling TR 2010/1:
When is a super contribution
considered to have been made?
Cheque?
When the cheque is “in the hands of the trustee of the super fund”. Even if
not banked e.g. by 30 June, is still “made” unless cheque is subsequently
dishonored. However, Commissioner says in TR 2010/1 if cheque dated on
or before 30 June in an income year, must be banked within a few business
days”)
Electronic funds transfer?
Only when credited to receiving fund’s bank a/c, NOT when transferred
from the contributors account. Beware internet transfers between different
banks which may be next “working” day
Transfer of Assets?
“Made” when legal or beneficial ownership passes to the superannuation fund.
e.g. shares, when fund receives off- market transfer form, not on later processing at share registry
e.g. real estate, only when the fund is registered at the owner (titles registration)
46. “Off-Market” transfers of listed shares
Contribution to SMSF by “off-market transfer of listed shares
Timing
“Made” when legal or beneficial ownership passes to the SMSF i.e. when fund receives off-market transfer
form, not on later processing at share registry
Transfer at arms-length market value
ASX price on the day of transfer
Are you realizing a personal capital gain that will be taxable?
Off-market transfer of listed shares is a “disposal” by you for capital gains tax purposes
SMSFs no longer
permitted to acquire listed
shares via “off-market”
transfer from a related
party from 1 July 2013
47. Things to do by 30 June 2013
Increase of compulsory Superannuation Guarantee
Contribution rate from 9% to 12% by 1 July 2019
From 1 July 2013 increase SGC to 9.25% of an
employee’s ordinary time earnings
For salaried employees, consider “salary packaging” any
increases?
Example:
Cash salary: $80,000
+ SGC 9% $7,200
Total salary package $87,200
01/07/13 Pay increase: $3,000
Cash salary: $82,563
+ SGC 9.25% $7,637
$90,200
cash salary increase $2,563
super increase $437
Total spend $3,000
01/07/13 Pay increase: $3,000
Cash salary: $83,000
+ SGC 9.25% $7,637
$90,637
cash salary increase $3,000
super increase $437
Total spend $3,437
Salaried director of
your own business?
Quarterly SGC applies
to you, no exemption!
48. Drawing a retirement pension or transition to retirement pension from
your SMSF?
ATO gets serious about minimum pension payment requirements
Minimum pension withdrawal “in cash” must be made by 30 June 2013
(no book entries or payment in kind)
Drawing the minimum amount is a “condition” of a pension. If not
satisfied, your SMSF will not enjoy tax free investment earnings, and will
revert to being taxed at 15%
ATO will only allow tax free earnings status if a shortfall in pension paid
if:
Shortfall is no more than 1/12th of the annual minimum pension
Is corrected within 28 days of a trustee of a SMSF “becoming aware”
You can demonstrate was an honest mistake
You can only “self assess” such a mistake once. If you do it again, you have to
apply to ATO to keep tax free pension earnings status
30 June 2013 is a Sunday! Beware last minute or weekend internet transfers
between different banks which may be next “working” day in July
Things to do by 30 June 2013
51. Please feel free to contact us with any queries:
Jamie Towers, Tax Partner:
Jamie.towers@hanrickcurran.com.au
Chris Campbell, Superannuation Director:
Chris.Campbell@hanrickcurran.com.au
07 3218 3900
52. Thank you
www.hanrickcurran.com.au
Disclaimer:
These notes contain factual information concerning the taxation and compliance implications of
certain superannuation matters. The notes are intended as a guide only and may not apply to
circumstances of particular individuals. Do not act on the contents of these notes without first
obtaining specific advice from a qualified tax or legal professional about your particular
circumstances.
Hanrick Curran Group, its associates and the presenter hereby disclaim any responsibility for
persons relying in whole or in part on these notes or the information presented at this seminar.
The Corporations Act 2001 deems superannuation funds, self managed superannuation funds
(SMSFs) and pensions to be “financial products” and may consider a recommendation to contribute
to a fund, establish or join a SMSF, or to commence a pension to be financial product advice as
defined by that Act. We are not licensed to give such advice. You should consider taking advice from
an AFS License holder before making a decision on any financial product.