PRE BUDGET PLANNING – SHOULD YOU MAKE YOUR SUPERANNUATION CONTRIBUTIONS BEFORE 12 MAY?
The Federal Budget will be handed down on Tuesday 12 May. There are rumours and leaks in the news on a daily basis. Already this year the government have released the 2015 Intergenerational Report and the Rethink tax discussion paper.
In the longer term, the current discussions in the media hint at things like lower corporate tax rates, possibly coupled with removal of the dividend imputation system, introduction of a “Google tax” aimed at collecting tax on profits diverted by multinationals, changes to negative gearing rules, increased GST rate and removal of some exemptions, and possibly even changes to the current 50% discount on tax on capital gains. These kinds of policy changes would likely require lengthy consultation, so we are not likely to see any immediate action in this year’s budget.
To find out about how these possible changes could effect you, click here.
ARE YOU SUBJECT TO U.S. TAX? THE ANSWER MIGHT SURPRISE YOU.
As an Australian tax resident, you probably feel that how the US imposes tax on its citizens does not concern you. The reach of the US tax department might be further than you think.
The United States is one of only three countries in the world to tax individuals with little regard as to where they reside. If one of your parents was a US citizen, or if you held a green card for more than 3 years without physically returning the paper upon leaving the country, you might be subject to US tax. If you are a US citizen, the US will definitely want to tax you. Whether you currently, or ever, lived in the US is actually irrelevant.
Click here to find out more.
UPDATE YOUR WILL.
As you will know from past S&W Insights, we often recommend that you update your Will. This needs to be done on a regular basis as your circumstances change.
Bill Stanley’s mother-in-law died recently at 93 years of age, after 3 years in a nursing home with dementia. Fortunately the family had taken our advice, and her Will had been updated prior to her losing her competency to do so. This event has again focused our minds on the need to update wills when circumstances change.
For further information on why it’s important to update your Will, click here.
SHOULD YOU SWITCH TO XERO?
In the past couple of S&W Insights, and in the media, you would have seen reference made to the accounting software package Xero. This includes the recent seminar we ran for our clients who were interested in moving to Xero. As some background, we have summarised some of the features of Xero so you can get an idea of what it can do and whether it would suit your circumstances.
For the full list of features, click here.
S&W TRIATHLON TEAM
On Sunday 12 April, Stanley and Williamson the professional accountants, became Stanley and Williamson the elite athletes. Four of our team completed the Australian Super Corporate Triathlon – conquering a 300m swim, an 8km bike ride and a 3km run around the Royal Botanical Gardens. Stand out performers on the day were, Wilson for the swim leg, Sam Baldwin on the bicycle and Quang in the run. Special mention goes also to Kellie for completing the course with a personal best time.
QUOTE
The secret of getting ahead is getting started. The secret of getting started is breaking down all of the complex overwhelming tasks into small manageable tasks, and then starting on the first one.
– Mark Twain
*Correct as of April 2015
*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.
