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.

Silver & Young is a firm of expert Chartered accountant. We offer  professional accounting solution for individuals, small business accountants in Liverpool and for other professional firms in all over Australia. We  help in structuring as well as establishment and expansion of small business. We believe that quality management accounting will not only provide our clients with accurate and reliable accounts but most importantly, provide them with peace of mind knowing that your business is operating smoothly and efficiently.

We offer a range of business advisory solutions like  Taxation Planning & Specific Advisory ,GST Advisory ,Business Sales & Purchases, Business Establishments & Expansions, Structuring etc. Our Company accountants in  Liverpool provide tax planning solutions to the growing and new businesses in Liverpool. Our Company accountants Moorebank provides tax advisory solution  to the growing business in Ingleburn including many other such services.

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.

A reminder that from 1 July 2012 the private health insurance rebate will be means tested as per the table below. One strategy to consider is to prepay your annual private health insurance premium before the 30 June 2012 to gain an additional year at the current rebate level.

Private Health Insurance Rebate Means Test: Individuals

Private Health Insurance Rebate Means Test: Families

New rules planned for Hire Purchase Agreements Small businesses registered for GST can currently claim GST credits on the finance of assets for business purposes in the following situations:

1. If you purchase the asset through a Chattel Mortgage, you can claim the whole of your GST credits at the time of the first payment, whether your business reports on a cash or accrual method for GST purposes.
2. If you lease the asset, you cannot claim GST credits on the leased asset, but you can claim the GST included in each lease payment at the time of making each lease payment;
3. If you purchase the asset through a Hire Purchase agreement, you can claim the principal component of your repayments (excluding interest):

• If you use Cash Basis reporting, you claim back GST credits over the life of the agreement, on each
• If you use Accruals Basis reporting (i.e. non-cash basis), you claim back the whole of your GST credits in the reporting period for the first payment.
• This has meant that small businesses using Cash Basis reporting are disadvantaged compared to those using Accruals Basis reporting. New rules are planned from 1 July 2012 for new Hire Purchase Agreements entered into from 1 July 2012. From that date you will be able to claim the whole of the GST credits at the time of the first payment, whether you use Cash Basis or Accruals Basis reporting.

Budget Changes Affect Small Businesses
The recent budget handed down by the Government included several changes that will affect small businesses. Each change is outlined below.

Changes to the Medical Expenses Tax Offset
Currently, the medical expenses tax offset (NMETO) is available where net medical expenses exceed $2,060 for the 2011–12 income year. From 1 July 2012, for singles with an adjusted taxable income of more than $84,000, and for couple or families with an adjusted taxable income of more than $168,000, the net medical expenses tax offset reduces from 20 per cent to 10 per cent of net medical expenses over $5,000.

Company Loss Carry-Back
The Government will allow companies to carry-back tax losses of up to $1 million to receive a refund against tax previously paid. A one year loss carry-back will apply in 2012/13, where tax losses incurred in that year can be carried back and offset against tax paid in 2011/12. For 2013/14 and later years, tax losses can be carried back and offset against tax paid up to two years earlier. It will apply to their revenue losses only and will be subject to integrity rules, and limited to a company’s franking
account balance.

Company Tax Rate Reductions will not to Proceed
The Government will not proceed with the measure to lower the company tax rate to 29 per cent for small business from the 2012–13 income year, and companies generally from the 2013–14 income year. Superannuation Contributions Tax for High Income Earners Superannuation contributions tax for high income earners Individuals whose adjusted taxable income (ATI) is more than $300,000 will have their concessional contributions taxed in the fund at 30 per cent. Individuals whose ATI is $300,000 or less
will continue to have their concessional contributions taxed in the fund at 15 per cent.

Those individuals whose ATI exceeds $300,000 solely because of the inclusion of concessional superannuation contributions in the calculation of their ATI will have their contributions taxed at the rate of 30 per cent only on the amount that has caused the ATI to exceed $300,000. Concessional Contributions Cap for those Aged 50 and Over For the next two years commencing on 1 July 2012 the
concessional cap will be $25,000 irrespective of a person’s age.

Reminder
Those individuals salary sacrificing superannuation should review their salary sacrifice agreement to ensure that they do not exceed their concessional caps for the year commencing 1 July 2012.