July 2013

Happy new financial year from the team at Maxwell & Cameron!!

Well as another financial year bites the dust, we are like most people out there.....wondering where on earth time has gone. The days when Accountants would enjoy a "quiet" period are well and truly a distant memory (for those of us who have been around that long - i.e. pre GST). We were kept busy last month working with clients to ensure they comply with new superannuation fund and trust laws, and helping business clients prepare for the new financial year. Christine spent some time away in Sydney furthering her superannuation knowledge and we said goodbye (temporarily) to Karlie who has gone on maternity leave.

The new year also saw us welcome another new member to our team. Chloe Wright joined us on Monday as a Junior Accountant.  Chloe is currently undertaking a dual Business/Accounting degree at CQU.

As mentioned in last our newsletter, we will be continuing with our workflow scheduling this financial year - Aliesha is busy preparing the August client letters as we go to print. Unless we have already spoken to you, you will have a similar tax month to last financial year. For those who are salary and wage clients, we will not be sending you a tax month letter, so feel free to upload your documents to us via our secure client area, or complete the Personal Tax Checklist and upload your supporting documents by clicking here, or drop your tax documents to us at any time.

We will again be offering our audit shield service to all of our clients. You will soon be receiving letters inviting you to renew your insurance, or take up insurance under the audit shield service which provides cover for your latest lodged return and all previous years' lodged returns.

The ATO is tightening their risk profiling system by targeting areas across their whole database, irrespective of what industry or category of the taxpayer. Sophisticated data matching technology has enabled detailed cross referencing of information from an assortment of government departments, which increases the frequency and scope of Audits, Reviews and Investigations.

Should you be subject to an Audit, Review or Investigation instigated by the ATO or any other government agency (e.g. WorkCover), there is the requirement to respond to queries and provide information to explain your position. The costs incurred can be significant. We emphasise there is no compulsion to participate, however we consider this service to be a valuable tool in reducing the uncertainty of unexpected fees. 

Business of the month

Our latest client of the month is Potz n Posies. Situated in Allenstown, Potz n Posies is locally owned and operated by Linda Humphreys whose policy is value for your money.

Linda specialises in floral arrangements, bouquets, baby bundles, gourmet hampers, and stocks a range of soft toys and helium balloons. Linda also has a selection of handmade chocolates - the perfect gift for that someone who is hard to buy for. Delivery is available in the Central Queensland region and can also be arranged for interstate and overseas.

Linda added "A Coffee Chat" to the business 6 months ago and is now serving delicious coffees, teas, milk shakes and a variety of homemade goodies. Linda is also happy to open late for a get together (by appointment).

www.maxcamaccountants.com.au

Super Guarantee increases to 9.25% on 1 July

Changes to the Net Medical Expense Tax Offset

New GST Ruling provides relief for Businesses and Tax Invoice Requirements

Employee or Contractor? Problems with Super Guarantee

ATO Hit List

Personal Tax Checklist - 2013 - complete the checklist and upload your supporting documents here

The ATO has done a backflip on its previous decision and revoked the ruling which was to come into effect on 1 July 2013 banning off market transfers.

Superannuation Fund members will now be able to continue performing off market transfers into their Superannuation Funds.

To register for our secure area