January 2013

Happy New Year to you and your family!! We hope you all managed to enjoy some well deserved R&R over the festive period.

To welcome in the new year, this month we give you a run through of the various tax and superannuation changes coming into effect from January 1, 2013.

This month we also start our journey into the Cloud. Part 1 of our Cloud series - 'What is the Cloud?' provides you an easy to understand explanation of what the Cloud is all about. Next month we look at the Cloud Accounting solutions available from QuickBooks and MYOB, and why more of our clients are now experiencing their accounting in the Cloud.

Don't forget these important upcoming dates:

21 January - Final day to lodge and pay December Monthly Activity Statements
29 January - Last day for December quarter Superannuation Guarantee Contributions
6 February - Superannuation Fund Seminar at Rockhampton Leagues Club

Upcoming Seminar - DON'T MISS IT

Important Information for Super Funds

Some very important changes have been occurring on the superannuation front in the last six months and these have an impact on all superannuation fund trustees. On 6 February we will be holding a Superannuation Fund Seminar at the Rockhampton Leagues Club which will cover topics including:

• Refund of excess contribution changes
• Contribution caps and minimum pension %'s for 2012/2013 and 2013/2014
• Market valuation changes
• Administrative penalties for trustees
• Banning off market transfers
• Insurance consideration
• Documentation and regular review of investment strategy



As some of the changes can impact the personal financial position of fund trustees, we strongly suggest attendance so that you can be aware of what not to do as a fund trustee.

For more information please contact our office on 4928 0995.

Feature Article - Key Tax & Superannuation Changes in 2013

January 1, 2013

The Dad and Partner pay - will be available to eligible working fathers and partners who:           

• care for a child born or adopted from January 1, 2013
• work full-time, part-time or are casual, seasonal, contract or self-employed workers
• have worked at least 330 hours – just over a day a week – in 10 of the 13 months before the birth of their baby with no more than an eight week gap between two consecutive working days
• earned $150,000 or less in the previous financial year, and
• fulfil the Australian residency test

The SchoolKids Bonus - replaces the Education Tax Refund. Around a million families will receive a cash handout of $820 for every high school child and $410 for every primary school child as part of the new bonus. The direct, upfront payments require no paperwork.

Family Tax Benefit Part A - the Government will limit eligibility to young people under 18 years of age or, where a young person remains in secondary school, the end of the calendar year in which they turn 19. Individuals who no longer qualify for FTB Part A may be eligible to receive Youth Allowance.

Parenting Payment - All unemployed single parents will lose the Parenting Payment when their youngest child turns eight. For unemployed partnered parents, the payment will stop when their youngest child turns six. Although the cut-offs were introduced in 2006, it did not apply to parents who were already receiving the support payment. Now, it will apply across the board and force these parents on to the Newstart Allowance while they seek employment. Also, recipients of the Parenting Payment will have compulsory part-time participation requirements when their youngest child turns six.
           
Newstart Allowance - There will be a more generous income test for single principal carer parents on Newstart Allowance that will allow them to earn around $400 more per fortnight before ceasing eligibility for payment.

To read about further changes coming into effect later in the year click here.

What is the Cloud?

Think of the Cloud as a utility. Just like water or electricity. Turn on a tap; water flows. Turn on a light switch; electricity flows. You don't think about where the water or electricity is coming from, just that you operate the tap or switch and it works.

The Cloud is the platform that enables a bunch of services to work on your computer/phone/tablet – pretty much any device able to be connected to the Internet. Connect it, and it just works.

If you have a G-Mail or a Hotmail account, both of these are services are completely maintained and stored online. You never actually hold this product in your hands. You have various devices which interact with it, but it lives in . . . yep, you guessed it The Cloud.

Reckon and MYOB have now both launched their Cloud accounting software solutions.

QuickBooks Online Hosting and MYOB LiveAccounts both take the hassle out of installing, storing and upgrading software, as they do it all for you online. All you need is the device to view and interact with it. Everything remains in the Cloud to access whenever and wherever. Read more... 

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

www.maxcamaccountants.com.au

Why you need to think about estate planning

What is the Cloud?

WELCOME to Andrea Cox who is the newest member of the Maxcam Team. Andrea is a graduate accountant with more than 12 months accounting experience and we are delighted to have her as part of our team.

A BIG congratulations to one of our Accountants Cassie and her husband Ben, who welcomed identical twin boys into the world on 2 January. Oscar and Archie will no doubt keep Mum and Dad on their toes. We wish Cassie and Ben all the very best with their beautiful boys.

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

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

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

Try out our new online calculators. More... 

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.