It’s coming to that time of year again. Here are the important things you need to remember to get ready for tax time.

Things to prepare for tax time:

 Ensure accounting system is up to date and bank accounts, credit cards and loans have been       reconciled

 If you carry inventory, perform a stock-take on or close to 30 June

  Review depreciable items, writing off any scrapped or obsolete items

 Ensure you have copies of any new lease, hire purchase or chattel mortgage documents

Dates to be aware of:

14 May 2013 – Federal budget is released. There has been a lot of chat recently in the media regarding possible changes to the taxation of superannuation. Particularly consideration of an additional contributions tax for those earning over $300,000 per annum, possible changes to transition to retirement pensions and tax treatment of capital gains when in pension phase.

15 May 2013 – Final date for 2012 tax return lodgements. In order to avoid penalties and interest charges, the majority of small business, SMSF and individual tax returns are due for lodgement by 15 May 2013. We will be in contact with our clients shortly who have not yet lodged to assist in meeting this deadline.

1 July 2013 – Increase to superannuation guarantee rate. From 1 July 2013 the superannuation guarantee percentage increases from 9% to 9.25%. It is important to ensure your payroll software is up to date by the time you process your first pay run of the new financial year.

by Scott Sharp

Scott is a Senior Accountant at Insight Accounting advice. He has a Bachelor of Commerce and is a registered tax agent. Scott’s experience covers all facets of accounting but he specialises in small businesses and SMSFs.

 

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The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.