Taxbridge

News & Ref
Kilsyth Business Discussion Group

We encourage local business owners  in the Maroondah and Yarra Ranges shires to join us for these monthly discussions.  Every month we will have a presenter and discuss general queries around the table.  

Together we will find ways to make your business more profitable, compliant, efficient and a happier place to work.

The series will commence in July, 2011 and places are limited.

Please contact Sally Mansfield or Jude Brock of our office if you would like to join, or have any queries regarding the Group.

 

 
Newsletter

Quarterly Newsletter due: 15th June, 2011.

 Please contact our office to register your interest to receive our quarterly e-newspaper.

 
Events and Seminars

Activity: Biggest Morning Tea Fundraiser

Details:    Thurday 26th May, 2011, 10.30 am - 11.30am

Venue:    Taxbridge office, Kilsyth

Local businesses and clients are invited to come and meet our team, see experience our new office and show your support behind this fundraising activity.

We will ensure that there is lots of goodies, so just pop in if you are available.  To assist with catering, if possible, please contact Jude Brock at Taxbridge 9722 9777 to confirm your attendance and to advise of any special dietary requirements.

 

Activity:   Seminar - End of Financial Year count down

Purpose: To make clients aware of opportunties and decisions to be made before 30th June

Venue:   Taxbridge office, Kilsyth

Details:   Thursday 9th June 2011,   4.30pm - 6.00pm 

             Saturday 11th June, 2011, 9.30am to 11.00am

Booking: Please call Jude or Rachael at Taxbridge phone: (03) 9722 9777

Cost:      $50 per person paid upon booking

  

Activity:  2011 Personal tax return checklists (Available for collection from: 1st June, 2011)

To ensure your tax return is completed accurately and quickly, please contact our office to have a checklist emailed to you, or pop in and see our friendly team to collect one. 

Also, please contact our office to see if you are eligible for our "Family Friendly" duo tax return package if you have a low income spouse, or dependant child that is required to do a tax return.

 

Coming soon: Taxbridge breakfast business series & Monthly Business Discussion Group

To register your interest or to include a business topic as a suggestion, please contact Sally Mansfield of Taxbridge, phone 03 9722 9777.

 
What's New

How will the 2011 Budget affect small business?

·       Trust distributions to Minors: Small businesses trading through a trust structure will be affected if they make distributions to minors (persons under 18).  In the past, due to the low income rebate, it was possible to distribute $3,000 to each child under 18 tax-free.  From the 2012 tax year, this benefit has been removed, only $445 will be able to be distributed tax-free.

·       Fringe Benefits: Amendments to the fringe benefits tax regime means that the statutory formula will be a single 20% rate regardless of the distance that the vehicle has travelled (subject to phasing in).

·       Entrepreneur Tax Offset: In the year ending 30th June 2013, business will lose the Entrepreneurs Tax Offset which currently allows an eligible small business a tax offset equal to 25% of their tax liability.

·       Immediate Deduction limit: From 1st July 2012 small business will be able to claim up to $5,000 as an immediate deduction for the purchase of a Motor Vehicle & and an immediate deduction of all depreciating assets acquired with a cost under $5,000 (currently $1,000).

These are highlights of the many changes made in the 2011 Budget. If you have any queries regarding the 2011 Budget, please contact the Taxbridge team.

 Pension - Minimum draw down relief

·       Due to the impact of the global economic downturn, the government has extended the 50% reduction in the minimum draw down requirements for allocated and market linked income streams to 30th June 2011. 

Centrelink's Treatment of Winnings

·       If a prize from a lottery ticket or scratchie is paid as a regular payment not as a lump sum, income will be assessed on the amount received each period.  Please note that this is not income for Income Tax purposes.