Profit Improver – April 2014

Tax planning

The end of the financial year is fast approaching. Please contact our offices if you are interested in tax planning. Tax planning includes but is not limited to:

  • Deferring assessable income
  • Accelerating deductions
  • Capital Gains Tax
  • Debt & Equity implications
  • Salary sacrificing
  • Low income tax offsets
  • Superannuation
  • Non commercial losses
  • Trust distribution calculations and resolutions
  • Unpaid present entitlements
  • Closely held trust measures
  • Family trust elections
  • Losses
  • Division 7A
  • Declaring dividends
  • Fringe Benefits Tax
  • Research & Development grants
  • Any other special circumstances you have had during the year

Contact our offices to discuss your tax position and end of year strategy.

Oxfam donations

Following from tax planning, here is a great way to increase your tax deductions – donate to our Oxfam team at . I am part of a 4 person team which will undertake the arduous 100km trail through the D’Aguilar National Park by foot and possibly on hands and knees later on! We have to cover the 100km distance together so as a team we will cover 400km. Now why would we enter into such a punishing event? We are raising funds for Oxfam who in turn support people in dire situations. We are very fortunate to have the facilities we have and for only a few dollars we can greatly assist someone far less fortunate than ourselves. Click on this link if you would like to see how helpful your donation will be:

Our team name is “SharpDull” which is actually the meaning of “Oxymoron”. Feel free to ask if you would like to know why we chose this interesting team name or if you would like to hear more about this interesting event.

Happy new year (FBT)

Happy new Fringe Benefits Tax (FBT) Year. If you are similar to most other businesses then this is not a ‘happy’ event to celebrate as it often results in onerous compliance. Contact our offices if you require assistance to reduce your FBT exposure.

Contact our offices if you answer yes to any of the following questions:

  • Do you own a motor vehicle used by an employee for private purposes?
  • Do you pay for personal car parking for employees?
  • Do you assist employees with housing or accommodation costs?
  • Did you provide a loan to, or release an employee from paying a debt?
  • Did you pay expenses on behalf of an employee (eg phone, travel, etc.)?
  • Do you provide entertainment (eg meals) to employees or their associates?
  • Did you ever buy gifts for an employee costing more than $299?
  • Did an employee salary sacrifice super contributions for a spouse?

Windows XP

One of my technology subscriptions advised that nearly a third of all PC’s still use Windows XP, nearly 13 years since it was originally released! If you still use Windows XP then please be aware that Microsoft will no longer provide security updates for Windows XP from today. Contact our offices if you would like further information.


This newsletter includes the following interesting articles:


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