files/images/content/mainimage3.jpgfiles/images/content/mainimage4.jpgfiles/images/content/team2018cropped.jpgfiles/images/content/Partners_Cropped.jpg

Director Christine Cameron with local businessman Wayne Daniels.

Christine Cameron with Graham 'Snow' & Christine Kelly.

Our team.

Our Partners - Christine Cameron and Jenny Thompson

JUNE 2018

WOW! It's nearly the end of the 2018 Financial Year!

Can you believe how fast the start of this year has gone. So much has happened and there is still so much do do before the end of the financial year hits. 

Keep reading to find out how to get ready for the new financial year.

 

Attention all Businesses - Things to consider coming up to 30 June 2018. 




OUR FIRST MAXCAM GRANDPARENTS!

As of Monday 5th March we now have our first Maxcam grandparents.

Jenny's daughter Stacey and her husband Aaron welcomed Mason Archie Edwards into the world.

We would like to congratulate them on the safe arrival of their baby boy and also Jenny and Barry for becoming grandparents!



TIME TO START THINKING ABOUT ALL THINGS TAX

TAX DEDUCTIONS

It's nearly the end of the financial year and the tax office has been sending out their warnings on the expense claims they are targeting this year.

They have stated recently that they will be cracking down on employee expense claims made in the 2018 Income Tax Returns.  They have determined that employee expense claims are increasing, particularly claims for uniform deductions and motor vehicle expense claims and are concerned incorrect claims are being made.

This doesn't mean you should stop claiming.  Just be aware that the tax office are increasing their audit activity and make sure you have all the documentation required to substantiate a valid claim.

We will send out more information when we forward your tax return reminder letter in July, however, you should be aware of the rules for claiming tax deductions against your income.  In order to make a claim, you have to prove you spent the money yourself and were not reimbursed, show that the expense is directly related to earning your income and you must have records to prove the expense such as receipts etc.  If there is any private use included in the expense, the expense claim must be reduced.

Log books for various expenses such as telephone expenses, internet claims, car expenses are required to prove business use claims.

So be aware and have your documentation in order in case the tax office comes calling.

SUPERANNUATION

The other item you should be thinking about before the end of June is whether you want to increase your superannuation contributions to claim a tax deduction.

From 1 July 2017, employees can claim extra superannuation contributions in their tax return.  Previously, if your employer was paying the 9.5% super guarantee for you, you couldn't claim further contributions as a tax deduction.

This is a great opportunity to boost your superannuation balance and maximise your tax refund however, there are still items to be aware of - there are limits on the amount you can contribute (which include the 9.5% employer contributions), the contribution must be received by the super fund before 30 June 2018 and you need to notify your super fund, and receive confirmation from the fund, that you are claiming a tax deduction for your contribution before you lodge your income tax return.

To make sure you don't over contribute and incur extra taxes, talk to us about the superannuation limits before you make a contribution.

We can also give financial advice for superannuation contributions if you need it.

 


SINGLE TOUCH PAYROLL

What is Single Touch Payroll? 

The Australian Taxation Office now wants employers to reporting each time wages are paid, whether this is weekly, fortnightly or monthly.

From 1 July 2018 employers with 20 or more employees will need to start reporting wages through their payroll software. The Australian Taxation Office is working with software providers in the hope it will be ready on time.

For employers with 19 or less employees you have until 1 July 2019 to get yourself set up. This means if you still record all of your wages by paper you will need to look into using a payroll software.

Using Single Touch Payroll means you will no longer need to issue employees with PAYG Payment Summaries each year. When reporting there will be an option to mark the employee as final for the particular financial year and this will let the Australian Taxation Office know to allow this information to be accessed by your employees through their MyGov services.

Should you like to know more about these changes, please feel free to contact us. We have also linked the Australian Taxation Office information in the top right of this newsletter.



Australia's Biggest Morning Tea

We would like to say thank you to everyone who helped us raise $550 for the Cancer Council during our week long Australia's Biggest Morning Tea fundraising event. All these funds go towards cancer research, prevention and support.



Kind Regards 

 

The Team
Maxwell & Cameron Pty Ltd

www.maxcamaccountants.com.au           

 

In this edition:

ATO Homepage

ABC News Budget Overview

INTHEBLACK's 11 most unusual items from Budget 2018

ATO warning on work-related car expense claims  

Single Touch Payroll

Changes to SMSF Reporting

Check out Christine's blog here


Did you know we offer $0 upfront Tax Returns?

That's right - absolutely no upfront cost to prepare your tax return and your refund is paid directly to your bank account. Come and see our friendly team to find out how (conditions apply).  

       


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


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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.

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