Are you SuperStream ready

Are you SuperStream ready

Time is running out to get SuperStream ready

Are you SuperStream ready

With only two quarters left until SuperStream becomes mandatory, employers are being urged to cross SuperStream off their ‘to-do’ list ahead of the 30 June 2016 deadline.

It takes a little time to set up, but over a quarter of a million employers who have made the change are already enjoying (on average) a 70% reduction in the time they spend on super. That equates to approximately 1.5 hours each cycle! If you haven’t done so already your options to get ready include:

  • upgrading your current payroll software
  • using your super fund’s online system
  • using a messaging portal
  • using a clearing house (like the ATOs free Small business superannuation clearing house).

You can also ask your accountant or bookkeeper for help.

An important part of SuperStream preparation is collecting your employees’ TFNs and their funds’ unique super identifiers (USIs). You then enter it into your system ahead of the next quarterly due date on 28 January. This gives you time to check that things are running smoothly before the deadline.

Use our Employer checklist for a step-by-step guide on all you need to do.

 

Fuel tax credit rates change

Fuel tax credit rates change

February fuel tax credit rates change

 

 

February fuel tax credit rates change

Fuel tax credit rates change regularly. They also vary depending on when you acquire the fuel, what fuel you use and the activity you use it for.

Fuel tax credit rates are indexed twice a year, in February and August, in line with the consumer price index (CPI). The CPI is released towards the end of January and July, five days before the rates are changed. Fuel tax credit rates will be updated as soon as they become available.

Rates may also change for fuel used in a heavy vehicle for travelling on public roads. This is due to changes to the road user charge which is reviewed annually.

Recent changes

As of Monday 1 February 2016 fuel tax credit rates change due to indexation.

Fuel tax credit rates are indexed in August and February in line with the consumer price index.

You may need to use more than one rate in a BAS period.

Use the Fuel tax credit calculator to help you get your claim right.

For details of the fuel tax credit changes go to ato.gov.au/fueltaxcreditrates

Changes to car allowances

Changes to Car Allowances

 

CHANGES TO CAR ALLOWANCES

 

CHANGES TO CAR ALLOWANCES

 

Claiming work-related car expenses is a common tax-time claim for many taxpayers. In fact, almost 4 million taxpayers claim the deduction each year. There are of course certain rules that must be adhered to in claiming these expenses and these days, the Australian Tax Office takes a close interest in such claims given the cost to the revenue.

The Treasurer announced in the 2015-16 federal budget that the methods used for calculating work-related car expense deductions would be simplified and modernised – in other words, changed.

Currently, taxpayers have an option to use one of four methods to determine their work-related car expense deductions:

  • cents per kilometre
  • logbook method
  • the 12% of original value method, and
  • one-third of actual expenses incurred.

Changes to car allowances mean if you are paying your employees a car allowance in excess of 66c per kilometre, you need to withhold tax on the amount you pay over 66c.

If you haven’t been doing this since July 2015, you should begin to withhold tax on the amount you pay over 66c and advise your employees.

What if your employees think that not withholding until now might result in them getting a tax bill?

Depending on the amount you’ve paid them, this shouldn’t have a significant impact on their tax for the year. But you can agree to increase the amount you withhold for the remainder of the financial year to cover the shortfall.

CASE STUDY: Good news story.

CASE STUDY: Good news story

good news story

CASE STUDY: Good news story

A couple recently retired and their previous accountant told them they did not have to pay capital gains tax on the sale of their rental property. 

He was wrong.

The clients got hit with interest of $5,900. They are on the age pension and John was able to get the interest written off.

Here’s what they had to say:

On behalf of my wife and myself I wish to pass on to you and your staff our late but very sincere thanks to all of you regarding our problem with the ATO over our failure to pay capital gains tax. If it was not for your company’s expertise and experience in this matter, the end result for us would have been horrendous. The added bonus of the ATO refund following the appeal process by your company was really appreciated. Once again, thank you to yourself and your staff.

Sciacca's Accountants + Advisors Brisbane

BAS time again

994945_415609058561400_951490392_nIt’s that time of the month again..

Small Businesses remember to lodge your BAS by 28th October.

Did you know if you lodge your BAS through a Tax Agent you get an extended due date until 25th November?

If you would like some assistance lodging your BAS this quarter give our office a call (07) 3357 5553.