This month in Morris Accounting news…
August happenings
We have been off to a flying start this 2011 tax season – thank you to everyone who has already lodged your returns with us. If you haven’t, you should have received by now your individual, business and/or superannuation 2011 tax return checklists. The individual 2011 tax return checklist is on our website, contact us for your business and superannuation fund copy if you require one. They will all make it easier for us to quickly process your return.
If you are a property investors please let us know if you would also like us to submit a 2012 tax variation which will increase your cashflow for the next 12 months.
How many of us are guilty of not spending those couple of hours preparing for the worst? It wasn’t long ago when a lot of us were affected by floods, and I remember us all saying, we need to get that disaster management plan in place. Have you? Whether its for your family unit or a business we all need to do these, so take some time now todo. Better still come to one of our business planning sesssions where we touch on this. Its not long until another wet season starts!
A reminder that the new $10,000 building grant started this month, where new property bought can attract a $10,000 grant for the purchaser. A good opportunity for many clients there in a position to buy.
‘Til next time
Nathan Morris, Director
Upcoming events
Throughout the year Morris Accounting will be running a series of events for our business and personal clients. Checkout our Eventbrite events page for location and details of upcoming events and bookings,alternatively contact our office 1300 219 818 or email info@morrisaccounting.com.au to register or for information.
- Wed 31 August – 12noon – Business Power Lunch - Low Cost High Results Marketing review and lets grow this business!
- Wed 31 August – 530pm – Superanuation presentation (just a reminder this has moved from Wed to Tue due to the Ekka Holiday in Brisbane on Wed 17 August)
- Wed 14 September – 12noon – Business Power Lunch – Is your business prepared for (flood, storm, death, sale, WH&S audit, profit, success, {Insert any topic here}!) How to build an effective business plan quickly
- Wed 28 September – 530pm - Estate Planning – what you need to do before you or a loved one dies unexpectedly
- Wed 19 October – 530pm – How to save tax with investment properties in and out of superannuation
- Wed 26 October – 12noon – Business Power Lunch – Sucessful business have great systems! Does your? Easy starting points to get things happening easier, quicker, that your customers will love!
- Wed 16 November – 530pm – Business exit strategies – Succession Planning and preparing the business for sale
- Wed 23 November – 12noon – Business Power Lunch – KPIs, what are they? And how to use in your business now in planning
- Wed 21 December – 530pm – 2011 business review, and preparing for 2012 calendar
What people are saying about our events:
Nathan was informing and presented well – Stephen
Nathan’s presentation was and excellent and he is very knowledgable, I’ve learnt even more about superannuation and excited about utilising it more - Chris
An opportunity to meet and actually talk to a business and accounting specialist David
Lots of great food and drinks, so I don’t need to worry about Dinner! Tam
Business owners need to be here, I now understand how to target your sales efforts Chris
ATO Data-Matching, Audits, and delays with 2011 tax returns being processed
There is nothing “random” about ATO audits. Taxpayers still don’t realise just how much data the ATO has access to from other sources, like financial institutions, so it can easily see if a taxpayer is withholding information. In January last year the ATO just spent some major money implementing a new computer system which encompasses a number of their old databases and systems. Computer matching makes the exercise of data matching automatic and easy to perform. Morris Accounting expects that the ATO’s data matching activity to increase as a result of the introduction of this new system as a result audit activity will increase accordingly.
This 2011 tax season sees a new initiative of the ATO to withhold processing of returns and refunds to individuals where the ATO is waiting on further information from these data matching sources. Recent notices from the ATO indicate that the returns are not being processed any earlier than 12weeks, a timeframe not supported by us tax professionals and we are lobbying for this to be changed.
Click here to read further
Stock Market Shakeup – Another great time to review superannuation
With most people’s superannuation held by large institutions invested in the stock market, the value of their superannuation has been fluctuating daily. This is a tough time particularly for those looking to retire soon.
If you haven’t already taken control of your superannuation with a self managed superannuation fund, then perhaps now is as good a time as any to be discussing this with us in conjunction with your financial planner.
Establishing your own super fund is not difficult, and with your advisors can be a rewarding experience. It allows you control over the investments your superannuation fund makes, and you can also invest in property.
Click here to read further, or come along to our next superannuation information night.
Have a great month! Don’t forget to follow us on facebook and twitter @MorrisAcc and checkout the website www.morrisaccounting.com.au for more information, updates, etc.
