Inventory

The financial year end is fast approaching and SMEs (small / medium enterprises) might have their compliance requirement to get year-end numbers audited / reviewed by a professional accountant which may either be part of fulfilling bank covenant conditions or for the tax purposes.

As owners, we are our best judge when it comes to value of inventories in the financials. Any error or anomaly in the inventory values at year end will have a direct impact on the performance and the financial position of the business for the year.

Federal Budget 2014-2015

Created Date | Saturday, 17 May 2014
Filesize | 470 Kilobytes

The Federal Budget handed down on Tuesday evening of May 13 seemed to re-emphasise Treasurer Joe Hockey’s narrative pursued in the lead-up to budget night – that tough decisions would have to be made, and that due to the state of the economy we would all be expected to do some of the “heavy lifting”.

The major tax announcement was the introduction of a debt reduction tax on incomes over $180,000, although given the forecast contribution to reduce the nation’s debt it was surprising that the government was willing to risk an unfavourable electoral response. Many of the announcements also backed up the government’s claim that the “age of entitlement” is over.

There are many other budget initiatives that will have relevance to a wide variety of our clients, depending on your circumstances. As always, please feel free to talk to our office for further details and information.

Tax Rates 2013/14

Created Date | Thursday, 01 August 2013
Filesize | 736 Kilobytes

This is a very comprehensive paper, Contents are:

  • Income tax rates and thresholds for individuals;
  • Medicare levy and levy surcharge;
  • Rebates and offsets: Senior & pension, Dependents, Medical and Private health insurance;
  • Company tax rates; Trust tax rates;
  • Capital gains tax thresholds;
  • Simplified depreciation for SBE (Small Business Entity);
  • HELP and SFSS repayment thresholds;
  • Motor vehicle related rates and thresholds;
  • Fringe benefits tax rates and thresholds;
  • Business travel deductions related rates and thresholds;
  • Superannuation rates and thresholds;
  • ATO tabled foreign exchange rates to be used for this (2012-13) financial year returns;
  • Due date for lodgement for various returns and reports if lodged by a registered tax agent.