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From John and George

MAY 2011

  

Hi and welcome to our May contact.

  

Its not far to the end of another tax year, and all of you in business should now be preparing for its completion.

 

Some reminders –

Ensure all of your PAYG Withholding and PAYG Instalments are up to date.

Check your wage records to confirm that you have Tax File Numbers for all employees.

If manually preparing PAYG Payment Summaries, make sure you have enough to cover all employees.

Reconcile Superannuation paid against the payroll; remember if an employee earns more than $450 in any month, Superannuation at 9% must be paid.

 

Remember that a deduction for Superannuation paid for the Month and/or Quarter ending June, will only be deductible if paid prior to 30 June; remember the cheque must be “presented” at your bank prior to 30 June.

 

Maintain and complete your Log Book, showing opening and closing odometer readings.

 

For our non-business clients – ensure you have all your PAYG Payment Summaries where you had more than one employer for the year; if any have been misplaced, contact the relevant employer and request a copy – they cannot refuse.

Check that all relevant diary notes, receipts and other source documents are on hand and complete.

 

Some further tips are below.

 

Enjoy the read

 

 

Included in this May communiqué –

 

            Tax time prompts planning warning, SmartStartUp - Link Here

            End of Financial Year for Small Businesses: Planing to Avoid a Cash Crisis, SmartStartUp - Link Here

            Getting into good year-round tax habits, SmartStartUp - Link Here

            Tax groups say crackdown on tax breaks for cars likely in Budget, SmartCompany - Link Here

            ATO cracks down on dodgy deductions for bogus business study tours, SmartCompany - Link Here

            Government set to crackdown on fringe benefits tax in next week's budget, SmartStartUp - Link Here

 

 

 

      

George Psiakis and John Clarke

 



27th-May-2011