MHP News

April 2018

Another significant event has come and gone........ Easter! We hope you were fortunate enough to enjoy the 4 day break (or longer). This year has taken off!

As we head well into April please read on to make sure you are up to date with all the latest news, changes and important deadlines in the tax and accounting world. 

In House Tidbits

Staff Training

The staff and partners at McDonnell Hume Partners have been busy training! We undertake regular training to ensure we are up to date with the latest changes, tax savvy ideas, ATO hotspots and more. This ensures our tax and accounting knowledge is always current and we are then able to assist and provide you with accurate knowledge at all times. Some of the latest training we have been busy completing is;

  • Tax Hot Spots
  • Superannuation School
  • Trusts
  • Single Touch Payroll
  • Tax and Motor Vehicles
  • Primary Production
  • Self Managed Superannuation Funds

Tax Time 2017

15 May 20018 Due Date

The 15 May deadline is fast approaching. In fact, its less than 3 weeks away. If you have not lodged your 2017 tax return then you need to! 

You must lodge (and pay where applicable) your 2017 tax returns if;

  • you have not already lodged and are not eligible for the 5 June 2018 concession.
  • you are a company or super fund in this group you also need to pay on this date (if required).

Note: Individuals and trusts in this category pay as advised on their notice of assessment.

If this is you, we need your tax information NOW

Remember........................................ the ATO imposes fees for late lodgement of your income tax returns.

Call us if you are unsure if you fit in this category, we can quickly let you know!  


NEW Small Business Superannuation Clearing House (SBSCH) has arrived!

The new look SBSCH is finally here. There has been some initial teething problems but the new SBSCH is in full swing. If you pay superannuation to employees and usually use the ATO's clearing house then, you will need to pay your employee superannuation contributions via the new method.

Superannuation contributions as due on April 28th. You will need to lodge and pay these via the new system. 

Here are the instructions from the ATO for your information;

The way you access the Small Business Superannuation Clearing House (SBSCH) has changed. It is now available through our online services.

All of your information has been transferred across and is ready for your next employer super contribution payment.

To access the new system:

  • if you are a small business with an ABN, you must obtain an authentication credential, either an AUSkey or Manage ABN Connections via myGov, to login to the Business Portal

  • if your tax professional uses the SBSCH on your behalf, they will continue to manage your super obligations on your behalf through their online channel

  • if you are a sole trader or individual employer, you will need to register via your myGov account and link to our online services.

Next steps:

Not sure??? Give us a call and we will be more than happy to assist.

 

SCAM ALERT

There is a new scam on the loose! 

Be on the lookout for this new 'tax refund review' scam email. It asks you to review a previous refund by clicking a malicious link.


• Don't click the link! It'll take you to a fake online form designed to steal your personal info.

• Delete the email and don't respond to the sender.




TRADING NAMES

Do you have a trading name? Please read below for important updates relating to the use of trading names, effective from November 2018.

Australian Securities and Investments Commission (ASIC) announced that from November 2018, all trading names, including the trading name listed against ABN's, will be removed from the ABN lookup. However, registered trading names will continue to be listed against ABN's on the ABN lookup.

If you want to continue trading under your trading name and it is not registered, you will need to register it as a business name with ASIC. You will not need to register a business name if you trade under your own name ie John Smith but you will need to have a business name if you trade under any other derivative of your name ie John Plumbing.

Unfortunately you cannot register a business name if that name is identical to one already registered. Use the check name availability search to see if the name you want is available.

We are in the process of contacting clients who fall into this category, outlining what you need to do and what happens after your name is registered. A grace period has been put in place to allow affected businesses to transition over to the new process

Please contact us should you have any concerns relating to this. We are able to assist in the transition.

In the meantime, here are some useful links that you may wish to look at;

http://asic.gov.au/for-business/registering-a-business-name/before-you-register-a-business-name/

http://asic.gov.au/for-business/registering-a-business-name/steps-to-register-your-business-name/


QUICK BITS

Rental property owners: Do you claim deductions for depreciating assets like carpet, curtains, furniture or appliances?

 

Law changes may affect what you can claim on second-hand plant and equipment in your 2017-18 and future tax returns. Get the details at ato.gov.au/rentaldepreciation

 

Small business tip: Did you know for a tax invoice to be 'valid' it must meet certain requirements?

A few of the necessary pieces of info include: 

?? the seller's name and ABN 
?? the GST payable 
?? the date the invoice was issued 
?? description of items sold.


Check what else must be included in order to claim your GST credits at ato.gov.au/taxinvoice

 

 

Out Of Interest

Record Keeping for Small Businesses

Record keeping is an important part of being a small business owner.

Good record keeping can give you peace of mind and help you to: 


> keep track of your business' health, so you're able to make sound business decisions
> assist your accountant to prepare your tax return more easily
> manage your cash flow.


It's never too late to start a good record keeping system for your business!


Check out the ATO's quick guide on record keeping for small business owners.


https://www.business.gov.au/news/record-keeping-for-small-business-owners

Trolleyology: How supermarkets influence your buying!

Have you fallen for the tricks and traps of the supermarket!

Take a look at the article published by MHP Private Wealth and see how the supermarkets have a knack at influencing what you buy in an attempt to get you to spend as much money as possible!

https://mhpwealth.financialknowledgecentre.com.au/kcarticles.php?id=1687


Please contact us for any clarification on any tax matters or issues pertaining to your individual circumstances. 

Be sure to check out the links below and keep up to date with the due dates for your tax obligations.

See you in June...... the end of the financial year! 

Kind Regards

The Team
McDonnell Hume Partners 
www.mhpartners.com.au

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