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Tax Planning = Tax Savings!
 
The 2014-15 Federal Budget handed down by the Treasurer on 13 May was as we expected, a tough one, but there were very few surprises. 

Business remained relatively unscathed. There were a number of cuts relating to Industry assistance programs but fortunately business was spared the full weight of cuts recommended by the Commission of Audit. On a positive note, the reduction of the tax rate from 30% to 28.5% will add relief for many small to medium businesses.

This month we're looking at Preparation for EOFY, ATO Audits on the rise and a handy tax checklist to get your tax organised early.

Cheers, 

John Sciacca
Are you prepared for EOFY?

With less than a month to the end of financial year, are you filled with dread or feeling confident you've got it all in hand? 

Here's our top tips to help you prepare for EOFY:

1. Meet with us before the financial year ends. You can save time and dollars by meeting with us to help you estimate what your tax will look like for the April to June quarter. 

2. Get your paperwork in order. Maintaining and updating your business records regularly will help alleviate EOFY pressure. 

3. Familiarise yourself with key compliance changes. 

4. Adopt technology to improve productivity. Using cloud accounting solutions can help you organise and track your financials, build a clearer picture of your financial circumstances, and helps keep you compliant.

6. Revisit your business plan. Strategic planning is essential to maintain your business’s ability to stay healthy, adapt and grow over time. Now is a great time to update your business plan to ensure you’re on the right path for the next financial year. 

For more information or to book an appointment to see us, please call on 07 3357 5553.

GET YOUR TAX CHECKLISTS
 

Download our tax return checklists to help you get organised and  maximize your deductions:

Simply email the checklist back to reception@sciaccagroup.com.au

Get in early so we can help you get even more tax savings!!

ATO Audit Activity on the Rise

We’re noticing an increased level of audits by the ATO and State regulators with key areas being payroll tax and GST. 

For payroll tax, the regulators are looking at those who understate or avoid their payroll tax obligations. A few of the common problem areas are:

  • Contractors – make sure your contractor is set up for payroll tax purposes (or the superannuation guarantee laws). Don’t rely on what they tell you. 
  • Miscalculating payroll tax threshold - is not as simple as just looking at wages. Payroll tax captures Directors fees, fringe benefits, bonuses and commissions etc. 
  • Grouping provisions – often an entity by itself can be under the payroll tax threshold but when grouped, is drawn into the payroll tax net. 
  • Interstate wages – Generally, where you have interstate wages, the payroll tax threshold is determined as a portion of your payroll in the relevant State or Territory. 

If your business has underpaid its payroll tax obligations then you can also expect a call from workers compensation.

With GST audits, if you have a refund due, your business is more likely to be audited. The trigger for a GST audit is often large or abnormal refunds, but can be as simple as not reconciling the quarterly activity statements.

We can do a full compliance risk review to help you avoid an audit. For more information, please call us.

Call 07 3357 5553
john@sciaccagroup.com.au
235 Stafford Road, Stafford 4053
PO Box 1570, Stafford 4053
www.sciaccagroup.com.au
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21 June Due date for May 2014 monthly activity statements - final date for lodgement and payment

30 June End of financial year

1 July Superannuation guarantee rate will increase from 9.25% to 9.5%

1 July Medicare levy will rise from 1.5% to 2%

More key dates...
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We recently sent out details about Audit Insurance to our business clients. If you missed it, or if you are an individual salary/wage earner and are interested in finding out how you can safeguard yourself against the cost of an ATO audit, visit our website or contact us and we'll talk you through it.
Sciacca's Financial Services is an Authorised Representative of Count. 'Count' and Count Wealth Accountants® are trading names of Count Financial Limited, ABN 19 001 974 625 AFSL 227232 ("Count") a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.
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The content of this newsletter is provided for information purposes only. Sciacca's Accountants + Advisers does not accept liability to any person for the information or advice, or the use of such information or advice, provided herein. The information and advice provided is of a general nature only. No person should rely on it without seeking professional advice which takes account of their specific circumstances.