In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest.
Federal Budget 2017-2018
On Tuesday the 9th of May the Federal Budget was handed down with a key focus being housing affordability.
As usual, there were a number of significant changes announced to business and personal tax and superannuation.
If you need to catch-up on the budget announcements, check out our recent blog. And by all means, give us a call to discuss how the announcements will affect you.
Does your business import or export goods and services?
The ATO has reminded businesses that import or export goods or services that it is important to be aware of GST responsibilities.
Exports from Australia are generally GST free, but special conditions apply in some situations. Eg. if it takes longer than 60 days for you to receive payment for your exports, then GST could be charged.
When importing, you are generally required to pay GST (10% of the value of the taxable importation). This GST is usually paid to the Department of Immigration and Border Protection Service before the goods are released, unless you are part of the deferred GST (DGST) scheme.
If you need help to understand your cross-border GST obligations, please contact our office.
Sky Accountants named accounting business of the year
At the recent Panalitix Accountants Conference, Sky Accountants were honored to be named the “accounting business of the year“.
We take great pride in our work and our clients and it’s great to be recognised by our industry peers.
Super guarantee non-compliance: Senate Committee report
On 2 May 2017, the Senate Economics References Committee released its report into Superannuation Guarantee (SG) non-payment, calling for the ATO to take a more proactive stance in identifying and addressing SG non-compliance.
As part of its inquiry, the committee heard that employers failed to pay $5.6 billion in SG contributions in 2013–2014, affecting 2.76 million employees who lost over $2,000 on average in a single year.
Other key recommendations include:
- requiring monthly contributions (instead of quarterly);
- removing the current $450 monthly threshold for SG eligibility;
- ensuring salary sacrificed contributions cannot count towards the employer’s compulsory SG obligation, and do not reduce the earnings base upon which SG is calculated;
- strengthening the ATO’s ability to recover SG liabilities through the director penalty notice (DPN) framework to stop directors undertaking fraudulent phoenix activity; and
- amending the Fair Work Regulations 2009 to require payslips to display further details about super contributions.
Ballarat office move
We take this opportunity to remind you that we have recently moved office to:
56 Lydiard Street South, Ballarat, 3350
(Corner of Lydiard and Dana Streets)
We are very happy with our new office and welcome clients who want to pop in and have a look around. The new office is more comfortable, larger and allows our team to provide our clients with even more services.
Illegal SMSF early access scheme leads to $6,000 fine
ASIC reports that a man from South Melbourne has pleaded guilty in the Melbourne Magistrates Court and been fined $6,000 for operating a financial services business without an Australian financial services (AFS) licence. ASIC’s investigation arose from ATO intelligence that raised concerns about the promoter’s conduct. The offence related to a scheme the man promoted and operated to facilitate illegal early release of his clients’ superannuation benefits through the creation of self managed superannuation funds (SMSFs).
A timely reminder to deal only with licensed financial advisers and to be wary of anyone promoting schemes to access your super.
Daylesford & Macedon Ranges Regional Tourism Conference 2017
Sky Accountant’s Paul Dowler recently spoke at the annual DMR Regional Tourism Conference – the peak event for tourism & hospitality businesses operating in the Daylesford & Macedon Ranges region.
Yet again the team from DMR Tourism put on a great event to network and explore ways to improve the tourism & hospitality industry in our region.
If you operate in the region we encourage you to get involved with DMR tourism and to come along to the conference next year.
56 Lydiard Street South, BALLARAT VIC 3350
1300 328 855
Suite 13, 33-35 Macedon Street, SUNBURY VIC 3429
03 9744 4522