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SJB Newsletter 2013

Our 2013 newsletter is now available:

SJB NEWSLETTER 2013

 

Please take the time to read through it, as it contains important information including:* New Superannuation guarantee rate and obligations for employers

* New compliance requirements for Business in the Building & Construction industry
* Due date for end of financial year company tax and when you should send your materials to our office
* Payment summaries for your employees – what you need to do
* ASIC Annual Fee and how to report changes to your company details
* Changes to tax returns for 2013
* SJB Accounting firm updates

 
Annual Payment Report

New Added Compliance Requirement for

Businesses in the Building Industry

Due to a new ATO requirement, every year businesses in the construction industry that have made payments to contractors for building and construction services will need to lodge a "Taxable payments annual report" listing the details of each building/construction contractor that has been paid during the year.

Read more...
 
Changes to Superannuation Guarantee
Changes to the super guarantee rate

The ATO has published the following information in relation to the new Superannuation Guarantee rates (this is the compulsary super payable by employers on ordinary time earnings):

 

To help grow Australian workers' savings for retirement, the compulsory super guarantee rate will gradually increase from 9% to 12%.

When you make super payments on behalf of your employees based on the minimum 9% super guarantee rate, you will need to increase this rate on which you base your calculations to 9.25% on 1 July 2013.

Read more...
 
ASIC Annual Fee

What is the ASIC Annual Statement and Annual Fee?

Every company has an annual review date, usually the anniversary of its registration date. Soon after its annual review date, ASIC issues each registered company with an annual statement and an invoice statement for the company’s annual review fee (which, in the 2013 calendar year is $230).

The statement is generally sent electronically to our firm through our ASIC Compliance software, which we then forward on to our clients.

Depending on the circumstances, if you don’t meet the legal time limits that apply to paying your annual review fee and responding to your annual statement you may be charged any one of the following three types of late fees (or a combination of two late fees or all three):

* late payment fee
* late review fee
* late lodgement fee.

 

Read more...
 
Extra tax refunds if you received Youth Allowance
Did you recently receive extra money from the ATO even though you didn't lodge a tax return? If so, it could be due to a previous tax return lodged in which you had received Youth Allowance.

Due to a High Court Decision regarding deducation expenses for Youth Allowance recipients, the ATO has stated that it will automatically add a $550 deduction to every tax return where someone received Youth Allowance. Whether or not this deduction actually results in an extra tax refund depends on your income level. For example, if your taxable income was $10,000 then you don't need to pay any tax. An extra $550 deduction will result in you still not needing to pay any tax - it won't actually result in tax being paid to you. However, if your taxable income was $20,000 then the $550 deduction should result in an extra tax refund.

For further information, please read this ATO article.
 
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