DO YOU HAVE A DEBT WITH THE DEPARTMENT OF HUMAN SERVICES (CENTRELINK)?

Did you know that if you have a debt with the Department of Human Services and you are issued a tax refund for lodgement of your Income Tax Return your tax refund may be used to offset your debt. 

Check out the link below for more information on payment of Centrelink debts:

https://www.humanservices.gov.au/individuals/enablers/owing-money

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.      

XERO ADD ON APPLICATIONS

Xero has a number of ‘add on’ applications that can expand the functionality of your Xero subscription.

From Reporting and Budgeting to Asset Management there are a number to choose from.

See the below link to explore Xero’s app marketplace:

https://www.xero.com/au/marketplace/s/app-functions

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.      

DO YOU SALARY SACRIFICE INTO SUPERANNUATION?

Consider Mavis’ case  Mavis is a 56 year old employee of BHP Billiton and has been salary sacrificing to superannuation for the last few years to build her retirement nest egg. Mavis is concerned that due to the changes in superannuation contribution limits that she may need to revise the amount that she salary sacrifices into superannuation.   Mavis currently earns $253,000 gross earnings per year as an office manager, her superannuation guarantee that is paid by her employer is 9.5% up until the maximum superannuation contribution base which comes to $20,049.   The new concessional contribution cap for 2018 is $25,000 which means Mavis has the ability to salary sacrifice up to this amount. As a result Mavis can salary sacrifice an additional $4,951 to be within the concessional superannuation contribution limit.   Mavis will need to consider Division 293 taxation consequences as her income (including reportable super) exceeds $250,000. Division 293 tax of 15% applies to concessional contributions when the $250,000 threshold is exceeded. As Mavis is $3,000 over the threshold she will pay an extra 15% tax on these superannuation contributions, equating to $450.  Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further. We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

SIMPLER BAS

The ATO is reducing red tape for small businesses turning over less than $10m when it comes to reporting your GST obligations on your Business Activity Statement. As of 1 July 2017 you will now only need to report.

G1 – Total Sales
1A – GST on Sales
1B – GST on Purchases

This removes the need to report on various other labels on the BAS. 

Please see below from the ATO for further information: 

https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Goods-and-services-tax-(GST)/Simpler-BAS/

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.