News & Highlights - September 2015
Individuals & tax tips

• ATO audit activity. The ATO has issued a list of focused audit areas. These include Motor vehicle expenses, rental property expenses, travel expenses
• Data matching. In addition to the above audit hot spots there is also now significant data matching between the ATO, ASIC, Workcover and the office of state revenue
• Div 293 and excess super assessments. Reminder if you are a high income earner or your contributions exceed the contributions threshold you will receive an assessment. This is separate to your normal notice of assessment. You can elect to pay via your superannuation funds if cash flow is an issue 
• September quarterly instalments will be due by the 28/10/15. Make sure you pay by the due date
• Insurances. Are you aware of the types of personal insurance you have, where you are paying the policies from and the tax deductibility of the premiums. Our insurance expert has assisted many clients lately on a better option for their insurances. Please don't hesitate to contact us if you would like  a review

• Asset allocations. Trustees should meet to review the fund assets allocations and ensure it still meets the sol purpose test of the fund. With recent market volatility, low interest rates etc you may find your preferred ranges nee dto be rebalanced.  
• Audit insurance. With increased ato activity we are suggesting audit insurance may be beneficial for funds. We use a third party provider for this type of insurance. Please contact us if you would be interested to consider
• Current year pensions. When doing some of the 15 tax returns we have noticed some clients have not taken sufficient pensions prior to the 30/6/15. It is essential you meet the minimum withdrawals to ensure your fund remain compliant 
• Accounting software. Some of our clients have begun to use software to assist with providing information. If you are interested to consider this for your fund we can discuss some possible solutions that you may wish to adopt. This can also assist trustees to have "live data" on their fund positions
• Beware of tax scams. We have now seen a number of scam emails, telephone calls and other communication that clients have received. If you do happen to be contacted by anyone other than us in relation to your tax affairs then make sure you contact.

Business & employers
 

• Super guarantee payments for the September 15 qtr are due by the 28/10/15
• Payroll tax and business rebates. There are some good new initiatives for employers who are creating jobs regardless of whether you are required to be registered for payroll tax. Please see the attached link for more information - http://osr.nsw.gov.au/taxes/payroll/jap
• Super stream has been deferred for small employers (fewer than 20 employees). You now have until the 1/7/16 to be super stream ready 
• September BAS if lodging via us will be due by the 24/11/15. If not the due date will be the 28/10/15 
• Directors. many small business directors do not understand their responsibilities. Attached is a link to assist you with your roles and responsibility as a director aof a company which you may find useful -  http://www.asic.gov.au/for-business/your-business/small-business/small-business-resources/asic-guide-for-small-business-directors/?utm_source=ato&utm_medium=articles&utm_campaign=soletradervscompany
   

Please note the above is based on current legislation at the date of this email