Welcome Note
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Secure Client SitesFancy the idea of having your financials and tax returns available 24/7? If so, the little guy on the left will show you the way. We have developed a secure area to provide you with exclusive access as our valued clients to reports and documents that we hold in our files that you may wish to access and you can print, download or view at your convenience. This service is highly mobile and you can log in whilst meeting with your bank manager for direct access to information such as your financial statements and tax returns. No more worry about finding your information in a pile of papers at home, this is a one stop library for your tax information. DSR Secure Client Sites.....available from 1 July for all business clients on our website. |
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Banklink - A solution for the new tax year |
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Your end of year financial opportunities |
Tax Tips... 10 last minute ways to minimise your taxThese tax saving ideas might be simple but they are tried and tested. 1. Write off bad debts. To be a bad debt, you need to have brought the income to account as assessable income, and given up all attempts to recover the debt. It needs to be written off your debtors’ ledger by 30 June. If you don’t maintain a debtors’ ledger, a director’s minute confirming the write-off is a good idea.
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| What's changing on 1 July • New Income Tax Rates - the low income tax offset will increase to $1,500 from 1 July 2010. This will increase the effective tax-free threshold to $16,000 for individuals earning $30,000 or less. • Harder to claim excess medical expenses - From 1 July 2010 the threshold above which you can claim the net medical expense tax offset will increase from $1,500 to $2,000. • Senior Australians can earn more before being taxed - in line with the new income tax rates, the calculation of the rebate threshold for the Senior Australians tax offset will also change. • Superannuation co-contributions frozen - the Federal Government will permanently freeze the matching rate for the superannuation co-contribution at 100% and the maximum co-contribution that is payable on an individuals eligible personal non-concessional superannuation contributions at $1,000. • Increase in Medicare levy thresholds - the Medicare low-income thresholds will increase to $18,488 for individuals and $31,196 for families effective 1 July 2009. • New rules target shareholder perks - the Federal Government wants to stop shareholders and their families from benefiting from company assets such as real estate, cars or boats where the assets are provided free or cheaply to them (non-arms length). • New foreign employment income tax rules - foreign income earned by Australian resident employees will generally be taxed in Australia effective 1 July 2009. • NSW Payroll tax rate will reduce - From 1 July 2010, the payroll tax rate will reduce from 5.65 per cent to 5.50 per cent. • NSW Stamp Duty - From 1 July 2010 transfer duty exemptions and concessions are available for certain new home purchases, off the plan purchases, and vacant land purchases on which a home will be built within a specified time. There is also a specific exemption for eligible seniors purchasing a new home as their principal place of residence. For more information visit the NSW Homebuyers website. If you want further information about any of the changes contact us today. |
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Important Dates Pre 30 June - Pay superannuation to claim contribution in the current finanial year 1 July 2010 - New Income Tax thresholds apply 14 July 2010 (on or before) - PAYG Payment Summaries provided to all your staff 28 July 2010 - Quarterly superannuation guarantee payments due (1 April - 30 June) if not already paid prior 30 June 14 August 2010 - Annual PAYG Payment Summary lodged with the ATO. Penalties apply for late lodgement. |
| Client Testimonial Davis Stewart Rowland has been an integral part of our business strategies and forward planning. We have known Glenn Stewart for over ten years and believe he is an accountant that understands business. He is approachable, knowledgeable and we are confident that h has our business success in mind. |
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About Davis Stewart Rowland
Whatever your needs we can help find a solution. |
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