News & Highlights - March 2016
Individuals & tax tips

• 2016 tax returns are due very soon. If you have not provided your information yet, please send asap. The ATO is getting very aggressive on fines
• March 2016 quarterly tax instalments are due by the 28/4/16
• Beware of tax scams. With a low investment return environment, we are seeing many clients getting caught up in well marketed tax schemes. This includes property and other investments. Make sure you do your own research 
• Retirement planning. We have been assisting many clients with future cash flow projections to assist them on how long their assets will last in retirement. This may be useful for you to plan to ensure you reach your retirement goals
• Super salary sacrifice. This is potentially a good strategy to minimise tax and also increase retirement savings. Currently the concessional limit is $30,000 if <50 & $35,000 if >50 (this may change with the upcoming budget in May so now may be a good time to adopt this strategy if suitable to your needs  

• Reversionary Pensions. This can be a very useful document for how your super is actioned on your death. It is an alternative to a binding death benefit nomination. The main advantage is being able to maintain the funds within superannuation on the death of a member. The deceased members balance reverts to the surviving spouse. This can end up saving significant tax in the future.  
• Electronic Service address (ESA). Almost all funds will require an ESA from the 1/7/16. If you have not already actioned attached is a link to assist - https://www.ato.gov.au/Super/Self-managed-super-funds/Setting-up/Get-an-electronic-service-address/
• Possible budget changes. As you are all aware the Government is considering changes to super. With this in mind it may be prudent to action any contribution strategies before the budget early May 
• Insurance. It is now law that all SMSF's consider insurances for their members. To assist clients we do include this in your investment strategy however this is something that trustees should consider, especially if there are young members in the fund 
• Aged care changes. There have been changes to the laws on how superannuation is assessed for aged care purposes. If you are close to entering an aged care facility please contact us to discuss how this may effect you  

Business & employers
 

• R&D Grants must be lodged for the 2015 tax year by the 30/4/16. If your business does experimental or investigative research you may be eligible. You may want to review the attached link http://www.business.gov.au/grants-and-assistance/innovation-rd/RD-TaxIncentive/Eligibility/Pages/default.aspx. 
• Super stream. For most employers super stream will commence from the 1/7/16. Are you ready? Attached is a link to assist if you have not yet considered your options - https://www.ato.gov.au/Super/Superstream/Employers/Employer-checklist--a-step-by-step-guide/
• March 2016 Business activity statements are due by the 28/4/16 
•  Data matching. The ATO has now launched sophisticated software that can track bank accounts, paypal accounts, credit cards and other financial movements. This is being used to match income being reported on business activity statements and cross checked against your bank accounts
• Job action plan. In NSW if you are employing new workers you are eligible for a rebate from the OSR. There are conditions and timing on payments. If you think you may be eligible please contact us to discuss. This can be worth up to $5,000 per new employee
   

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