August 2015 Newsletter

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DOES SUPERSTREAM APPLY TO SMSFs?

SuperStream is a Government reform aimed at improving the efficiency of the superannuation system to try to make the payment and reporting of superannuation for numerous employees more simple, streamlined and consistent.

This reform is now in place, so click here to find out more, and to read about the changes you might need to make to be SuperStream compliant.

HOW TO SAVE GST ON THE SALE OF A PROPERTY
USING THE MARGIN SCHEME

In certain circumstances, GST on a taxable supply of property can be calculated by using what is called the “margin scheme”. Under the margin scheme, the GST payable is calculated on the “margin” on the sale, rather than the total sale proceeds.

Utilising the GST margin scheme may be beneficial to your financial position, so click here to read the article in full.

BANKS TIGHTENING UP ON INVESTMENT LOANS

Over the past 2 months, Australia’s largest banks have all tightened up on loans to investors. This is off the back of APRA’s (Australian Prudential Regulatory Authority) restrictions on the major banks to limit their lending to property investors (as opposed to owner occupiers) at 10% growth per annum – they have been growing more than this.

Our full article provides some information about how the banks are reacting to these restrictions, and how these changes may affect you.

SCAMS –
IS IT REALLY THE ATO CALLING?

We have heard from a number of clients of attempts by scammers pretending to be the ATO on the telephone. These scammers are trying to access personal data and get fictitious tax debts paid out, there and then.

Click here to find out more about these scams, and how you can protect yourself.

QUOTE

A goal without a plan
is just a wish.

Antoine de Saint-Exupéry

CONGRATULATIONS CAM!

Cameron_mono_cropped_2015

We’d like to say congratulations to one of our accountants, Cameron Grace, for completing the final module of his post-graduate qualifications.

He can now call himself a Chartered Accountant!

We look forward to watching him utilise his newly obtained qualifications in all his dealings with our clients.