October 2014 Tax Talk – Business Accountants Cairns

By 1 October, 2014News
Read The Full October 2014 Tax Talk Here

In this issue of Tax Talk, we cover:

Notable Tax Changes will come into force throughout the next year, following the abolition of the mining tax from the 1st of October.

Youth Voice-print Services are now available through ATO phone services. The technology will be used to verify the identity of callers.

Over 100 offshore tax evaders have disclosed their sources of income overseas following the ATO’s initiative Project DO IT. Further expressions of interest has been received, and the ATO is in the process of  encouraging taxpayers who can take advantage of the initiative to do so before it ends.

The ATO has issued another warning over the continuing nasty phone scams, where fraudsters claim to be from the ATO and threaten taxpayers with arrest if they do not pay a fake tax debt.

Talking To The Taxman can sometimes have positive outcomes, when in relation to decisions passed down by the ATO. A case follows where allowances were made even after the decision was made, by making further conversation with the ATO.

14$ Billion In Lost Super is waiting to be claimed, according to recently released ATO statistics, $8 billion of which is sitting in accounts that have not received a contribution in the last 5 years.

Making Non-Cash Contributions To An SMSF is possible under a specific set of circumstances. This is known as making in-specie contributions.

The Superannuation Guarantee has been frozen at 9.5% by the Government until 2021. This will certainly result in smaller super accounts. To offset this, there are certain strategies taxpayers can employ.

Choosing The Best Super Fund for you is an important decision. There are several factors you must consider when choosing, from the fees you may incur by using a specific fund, to the actual performance of the fund, and how quickly it will grow.