Tax TipsSeptember 19, 2012
All motor vehicles sold, transferred or newly registered in the 2010-11 financial year with a market value of $10,000 or greater face scrutiny from the ATO. The ATO has obtained data from the State and Territory registering bodies (e.g. Vic Roads, RTA (NSW), etc.) to identify:
- Taxpayers whose expenditure is in excess of their reported income (e.g. potentially skimming some or all of their cash takings, running part of their business ‘off-the-books’, or inother ways not reporting all their income);
- Businesses that sell vehicles and do not report,or under-report those sales.
Tax TipsSeptember 15, 2012
Silver & Young is a professional accounting firm offering a complete accounting solution for individuals, businesses and other professional firms. Our company accountants in Liverpool have vast knowledge and ensure that our customers receive the best possible services and advice along the way. To ensure that our standards are always kept at highest level, we are members of the leading associations of our field and hold relevant license as required by law.
Our well-known company accountants in Campbelltown provide you with direct access to the solutions required to service the clients’ needs. Our other most important service which is business management and accounting helps you to achieve long term business success. Through Silver & Young’s business management and accounting services, we can help provide you with an accurate picture of your business and its overall financial performance. We will help you to make well-informed business decisions that can vastly assist you in both the present and the future. Our company accountants in Liverpool offer complete accounting solution for individuals, businesses and other professional firms.
Whether it is just a start up or a well-established company, Silver & Young can help with quality business advices as small business accountants in Liverpool and Company accountants of Liverpool. Having seen the growth of business in the suburban areas of Australia, we have decided to expand our service areas by deploying our Company accountants in Fairfield and Company accountants in Ingleburn to provide clients with consultancy in tax planning and business management accounting.
Tax TipsSeptember 15, 2012
Silver & Young, firm having expert Company accountants, has years of vast experience coupled with unique exposure to a large number of industries in business, providing our loyal customers, an edge in efficiency and expertise in array of accounting services. We provide help to make a safe and secure future planning after retirement with self managed superannuation funds (SMSF). This is best tax effective method for planning a comfortable future retirement.
People nowadays are more aware of Superannuation Funds and its benefits and hence self managed superannuation funds in Fairfield and in Ingleburn are well known. The research reveals that investors for self managed superannuation funds in Moorebank choose a SMSF primarily for greater control over their investments. SMSFs are more likely to be ‘bought’ by investors than ‘sold’ by accountants, use of installment warrants is not widespread and trustees recognize the primary purpose of their fund is to save for their retirement.
SMSFs have many advantages but the dominant reason why self managed superannuation funds in Wetherill Park is of great success because people in Wetherill Park have more control over their savings. We at Silver and Young assist in setting up your self managed fund and provide you with up to date knowledge of what is permitted and required by current legislation. Our team of professionals will help you ease your stress by maintaining health of your fund and ensuring that it is fully complaint with all prevailing superannuation laws.
Tax TipsSeptember 5, 2012
You can currently transfer the ownership of some types of property directly into your Self Managed Superannuation Fund (SMSF). They are:
- Business real property (used exclusively for the running of a business), for example a warehouse you conduct your business from;
- Listed securities (such as shares in companies listed on the stock exchange);
- In-house assets, for example an investment in a related party – provided that the market value of the in-house assets will not exceed 5 per cent of the total market value of assets held by the fund; and
- Investments in managed funds, provided the managed fund held is a unit trust (your Chartered Accountant can check this for you).
This is known as an ‘off-market transfer’ and ‘in specie contribution’, and the value of the property transferred will be counted as a contribution into your SMSF. No actual cash payments will need to be made. The Government believes that ‘off-market transfers’ are open to abuse by manipulation of the asset value and/or transaction dates, and has committed to the implementation of new rules have applied since 1 July 2012. The new rules are shown on the following column.
Listed Securities & Investments
Listed securities and investments in widely held unit trusts will need to be sold on the open market, attracting brokerage and any other transaction costs. You can then either:
- Repurchase the listed securities before contributing them in specie into the fund; or
- Contribute the cash proceeds into your SMSF and the SMSF can then use the proceeds to re-purchase the equivalent listed securities on the open market, or any alternative investments in line with your SMSF investment strategy.
In either case, you or your fund will have to pay brokerage, or any other transaction costs, on the purchase.
Business Real Property & Unlisted Shares
Business real property and unlisted shares, which do not have an underlying market will need to be supported by a valuation from a qualified independent valuer. Such valuations can be significantly more expensive than than a real estate appraisal from your local real estate agent. Again, this could mean additional costs for your fund from 1 July 2012.
If you think you might be affected, you should check with your Chartered Accountant now about your general financial position, tax implications and investment strategy.
We, at Silver and Young, have decades of experience in helping small businesses and individuals in meeting the dynamic and complex legal formalities laid down by the government. We know that matters like filing income tax returns or arriving at complex cash flow budgets can be difficult for individuals as well as businesses. Some of the legal services provided by us include- helping individuals in filing their income tax returns, creating a comprehensive tax planning structure for individuals etc. We employ a team of highly dedicated and skilled Company Accountants Ingleburn who are known for their professionalism and customer friendly attitude.
Our offices are located all across Liverpool and Manchester like Campbelltown, Fairfield, Moorebank, to name a few. Our Company Accountants in Liverpool offer you complete accounting solutions to suit your needs-whether you are an individual, a business owner or operate any other professional practices, we are here to assist you. Whereas Company Accountants Fairfield and Company Accountants Cambellltown are known to be pioneers in introducing asset protection services in their respective regions.
Our Company Accountants in Moorebank is experienced and dedicated professionals who help you to achieve your goals. We look forward to working closely with you and ease the burden of compliance to save your precious time to invest back in your growing business. We do not believe in differentiating between our customers on the basis of their financial capabilities and their abilities to generate revenues. We are a member of many leading associations of our field like the Tax Institute Of Australia, CPA Australia and the Institute of Chartered Accountants Of Australia which speaks volumes about our trustworthiness and credibility.
Silver & Young Chartered Accountants is predominantly an accounting firm and helps to run your life and business without any concern by giving tax-planning services. With our network all around the New South Wales state of Australia, our experienced employees have been serving as Company accountants in Liverpool & Company accountants in Campbelltown. We also facilitate our Company accountants in Moorebank region as well
Company’s Tax advisors and accountants of Liverpool can make all the difference in the expected outcomes. Whether its tax implications relating to investment property, retirement or overall financial goals, Silver & Young can provide with the essential support to carefully plan for the years ahead and maximize tax position to accumulate more wealth to enjoy.
We also work as business advisors. Whether it is just a start up or a well-established company, Silver & Young can help with quality business advices as small business accountants in Liverpool and Company accountants of Liverpool. Having seen the growth of business in the suburban areas of Australia, we have decided to deploy our Company accountants in Fairfield, Company accountants in Ingleburn and few experienced Company accountants in Bankstown to provide clients with consultancy in tax planning and business management accounting.
From 1 July 2012, there will be a crackdown on unreported payments in the building and construction industry. Any businesses involved in the industry, including sole traders, will need to lodge an annual report detailing amounts paid to contractors and sub-contractors, including each contractor’s ABN.
People working wholly or principally in the building and construction industry will need to report any payments that include a service component. If payments to a contractor are for services plus materials and fittings, then all the amounts paid to the contractor, including for materials and fittings, must be reported. If you think you might be affected, contact your Chartered Accountant.
Since the ATO’s loss in the court case called Multiflex Pty Ltd in late 2011, the Federal Government has tried to push through some tax legislation which will allow the ATO to keep GST refunds for a period of 90 days (and in some cases even longer than that) for “refund verification checks”.
The Institute of Chartered Accountants, and other professional bodies have sought to amend the legislation by suggesting that a 30 day time period was a more appropriate time frame than 90 days for their “checking”.
Asset protection specialists help to people to protect their assets. Silver & Young is a professional accounting firm offering people complete accounting solutions to suit your needs whether you are an individual, a business owner or operate any other professional practices, we can assist you. We are renowned asset protection specialists in Campbelltown who help people protect their assets. Asset protection is becoming essential in today’s society. Our assets combined with a unique exposure to a vast number of industries gives us an edge in the quality and array of accounting services that we can offer. The main focus of the asset protection specialists in Campbelltown is to help you achieve your goals and ease the burden of compliance to save you precious time to invest back in your growing business.
The renowned company accountants in Banks town offer complete accounting solutions for individuals, businesses and other professional firms. To ensure that our standards are always kept at highest levels, we are members of the leading associations of our field and have relevant licenses as required by law. We, at Silver & Young also provide the best small business accountants in Campbelltown. Our small business accountants work according to your specific needs. Silver & Young can also help set-up and manage your self-managed super fund in Campbelltown to save you time and effort. Our professional team at Silver & Young can show you how having a self-managed fund can provide you with more control and flexibility over your future, and give you professional advice on the structure and ongoing maintenance of your self-managed super fund to ensure that it complies with stringent legislation.
Silver& Young, a professional accounting firm in Liverpool offers you complete accounting solutions to suit your needs. We are well-known asset protection specialists in Liverpool who help people to protect their assets. Our main focus is to help you achieve your goals and ease the burden of compliance to save you precious time to invest back in growing business. The Company accountants in Liverpool offer complete accounting solutions for individuals, businesses and other professional firms. We believe that each and every client deserves the best experience possible and we achieve this through providing our services with pride and enthusiasm.
We also provide invaluable advice on self-managed super funds in Liverpool. Our professional team of accountants at Silver& Young can show you how having a self-managed fund can provide you with control and flexibility over your future. We, at Silver & Young, can assist you with setting up your managed and provide with the up to date knowledge of what is permitted and required by current legislation. We are also renowned tax advisors in Liverpool and provide effective tax solutions to meet the expectations of our customers. Whether you need help in lodging your income tax return or planning ahead for your future, Silver & Young will tailor a solution that suits your needs. Our goal is to help ease the stress in your life through effective tax planning that will help you see the bigger picture and maximize your tax position.