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Well we have almost reached the end of another Financial Year.

As usual there is a multitude of changes that will be taking place starting the 1st July 2014.  We thought we would take this opportunity to let you know about a few of these important changes.

Below is a very brief outline of each of the changes.  For more information about any of these changes, please click on the heading which is hyperlinked to a more detailed summary.

Superannuation Guarantee Levy changes from 1 July 2014

The SGL payable will rise from 1st July to 9.5%.  Please ensure your payroll system is updated for the change for the first pay run in July 2014.

Maximum Superannuation Contributions 2013-14 year

Contributions must be accepted by the Superannuation Fund before 30th June 2014 to be deductible for the 2014 year.

Therefore there are only a couple of weeks left to make your superannuation contributions to ensure that they are deductible for the year ended 30th June 2014. 

Read our summary on how to make the maximum contribution before year end and when to make the contribution.

Maximum Superannuation Contributions 2014-15 year

The maximum contribution you can make for the 2014-15 year has changed.  Please read this summary to ensure you are getting the most out of your superannuation.

Changes to SuperStream

The start date for SuperStream has been pushed back.  This summary will give you a brief outline of the changes.  We will issue a more detailed outline of those changes in the next couple of weeks.

Tax Tables

New tax tables will be available from late June at www.ato.gov.au/taxtables

Our summary advises what changes the tax tables incorporate.

FBT rates to rise

For the FBT year ended 31st March 2015, the FBT rate will rise from 46.5% to 47%. 

This will impact your business if you complete an FBT return or if you have employees that salary sacrifice.  See how these changes may affect your business.

PAYG payment summary annual report

The ATO will no longer accept the electronic PAYG payment summary annual report via disk or flash drive.

If you are preparing paper PAYG summaries, you can still lodge your annual report via the paper summary.

This summary is essential reading as you get ready to prepare your PAYG summaries for the 2014 year end.

Taxable payments reporting – Building & Construction industry

It is nearly time for those of you in the Building and Construction industry to report the total payments made to contractors for building and construction services.

The ATO will accept these annual summaries via paper, however they will not accept an electronic version of the summaries via disk or flash drive.

This summary is essential reading as you get ready to prepare your annual summaries for the 2014 year end.

Accounting Software Packages

If you are using an Accounting Software package it is essential that you keep up to date with changes in requirements and regulations by updating regularly.

As the year end approaches, it is a perfect time to consider updating, going electronic or changing to a different software package.

We can help you to start, change or upgrade your Accounting Software as we are familiar with a variety of packages.  Read how and why in this summary.

Changes to BAS lodgement

From the 1st July 2014, the ATO is planning to phase out paper BAS forms.  From this date, once a BAS form is lodged electronically, you will not receive a paper BAS form in the mail for the following quarters

It is essential that you read this summary to ensure that you are prepared for the BAS year ahead.

Change of Name

The ATO will now need to be advised of any changes to your name prior to the lodgement of your Income Tax Returns.

Read how this can be done and what details you need to provide to the ATO.

 

If you require any additional information or assistance in relation to any of the above matters, or any other issue, please do not hesitate to contact your Partner or any of the helpful staff at UHY PRT.

On behalf of all the Partners and Staff at UHY Haines Norton PRT, we take this opportunity to wish you a Happy New Financial Year.