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Director Christine Cameron with local businessman Wayne Daniels.

Christine Cameron with Graham 'Snow' & Christine Kelly.

Our team.

Our Partners - Christine Cameron and Jenny Thompson

December 2012

Welcome


With the festive season upon us, the Maxwell & Cameron team would like to take this opportunity to sincerely thank you for your continued business throughout 2012. We hope the past year has been prosperous and successful for you and that the festive season gives you and your family time to reflect on and celebrate the year that has been.

Please note our office will close for the Christmas/New Year period on Friday 21 December and will re-open at 8.30 am on Monday 7 January 2013.



In this edition we look at changes to the director penalty regime and how the law now extends beyond PAYG withholding to superannuation guarantee payments to staff.

Next month we will give you a run down on the "cloud" small business accounting software options now offered by QuickBooks and MYOB.

Don't forget to register for our Secure Client Area and if you are interested in featuring as our Business of the Month, please give us a call.

Feature Article - Directors personally liable for employee's super

Directors are now personally liable for unpaid superannuation guarantee payments to staff.  While initially designed to prevent phoenix company activity, the new laws that apply from 1 July 2012, extend well beyond phoenix company activity.  

How does it work?

The new law extends the Director Penalty Regime (DPR) beyond PAYG withholding to the super guarantee charge.  Therefore, if a company fails to remit superannuation guarantee to an employee's fund on time, the directors can be personally liable for the payment.

While the DPR targets companies and their directors, it is important to note that it will also apply to companies acting as trustees and the directors of those companies.   

A director penalty is triggered when a company's liability for PAYG withholding or superannuation guarantee remains unpaid and unreported 3 months after the due date.  The ATO can then commence recovery proceedings, and will issue a director penalty notice to either the director or their tax agent.

Once this 3 month period has elapsed, directors cannot extinguish their personal liability by placing the company into voluntary administration or liquidation.  The director penalty applies even if the company is placed into administration.


Increase in ATO Late Lodgement Penalties

On 28 November 2012, the Crimes Legislation Amendment (Serious Drugs, Identity Crime and Other Measures) Bill 2012 received royal assent.  The change affects the value of a penalty unit in most Commonwealth laws, including the Taxation Administration Act 1953.

This Act increases the value of a late lodgement penalty unit from $110 to $170.

The new value of a penalty unit will apply prospectively, that is, where the matter giving rise to the penalty occurs on or after 28 December 2012.

Business of the month

Our December/January business of the month is Lickity Fingers Catering who offer a stylish range of catering for corporate and private events, from small and intimate to large extravaganzas.

Specialising in bite-sized morsels designed to be eaten in a cocktail-style setting, allowing greater social interaction with decreased formality. The menus are innovative and ooze elegance, perfectly balancing flavours of the best quality local and environmentally sustainable ingredients.

Their menus are designed to complement seasonal changes and utilise fresh local produce when Mother Nature has them in peak condition.

Lickity Fingers Catering prepares its products in a commercial kitchen, with a highly qualified and experienced chef leading the operation. Their products are freshly prepared to order, as opposed to using mass produced convenience products.

Dietary and food intolerance requirements are satisfied to suit the clients brief.

For more information visit Lickity Fingers Catering Rockhampton at www.lickityfingerscatering.com.au


 


Check Out....


Our latest podcast - Navigating the Maxwell & Cameron Website

FBT - what it means for you

Delays in ATO processing Tax Returns

Is income from selling your power back to the grid assessable?


Website
Interactive Services

Client Secure Area

Our new website offers you interactive services where you have access to your own password protected secure area to send us files and documents or view your personalised documents such as tax returns or benchmarking reports.

To register for our secure area Client Login, click here.


Key Dates

You can keep up to date with important accounting and business dates and deadlines. More...

Tax Facts

The Tax Facts section where you can learn more about tax requirements within Australia.More... 

Calculators

Try out our new online calculators.More... 


Request An Appointment
You can also organise an appointment with one of our staff via our special online appointment form. This is particularly useful if you struggle to find the time during normal business hours to phone. Click here to book an appointment.


We love referrals
We are committed to providing a comprehensive range of practical accounting services for today's economic environment to enable our clients to realise their goals – we make it our business to make your business more successful! If you appreciate the service we offer, the greatest compliment you can pay us is by referring people whom you feel would benefit from the use of our services. Don't forget to let us know if you make a referral so we have the opportunity to show our appreciation.

If there are other people you know who would like to subscribe to our newsletter, they can sign up by visiting our website.

The Maxwell & Cameron team wishes you every happiness of the season and best wishes for a safe, happy and successful New Year. We look forward to working with you in 2013.

Kind Regards
The Team
Maxwell & Cameron Pty Ltd
www.maxcamaccountants.com.au

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82 High Street, North Rockhampton, QLD 4701 
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(07) 4928 0995
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enquiries@maxcamaccountants.com.au

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