Yes, it’s that time of the month again where we take a look at the latest tax and accounting updates.
Here is all you need to know about the changes in tax and accounting this month and how they will influence you.
Deceased estates checklist
The Australian Taxation Office (ATO) released an updated deceased estate checklist. This checklist is for those involved in managing tax affairs for someone who is deceased.
This checklist includes a few useful steps to help you understand what needs to be done when someone passed away. These steps include:
- Identifying whether the deceased individual had a will
- Notification of their death to the ATO
- Lodging final individual and estate tax returns
You can find the ATO’s deceased estate checklist here.
Calculating your fuel tax credits
Fuel tax credit rates increased on 1 February 2017, but you’ve already seen that in February’s Monthly Roundup.
Before lodging your business activity statement (BAS), make sure you use the correct rates in order to claim the full amount you are entitled to.
How to calculate your claim?
You can use the ATO’s fuel tax credit calculator. It has the latest rates. It is also quick and easy to use.
Here’s a useful tip: If you claim less than $10,000 in fuel tax credits per year, there are a few simplified ways to keep records and calculate your claim. You can:
- Use the rate that applies at the end of your BAS period (even if rates changed during that time)
- Use documents to support your fuel tax credit claims including contractor statements, financial institution account statements, point-of-sale dockets and supplier invoices.
You may also be interested in: How Much Do You Know About Tax Deduction?
Get your business activity statement (BAS) refund without delay
The ATO understands how important cash flow is to a small business. It’s why they want to help you get your business activity statement (BAS) refund to you as quickly as possible.
Here are four easy steps that will simplify this process for you:
- Double check that the information you provide is complete and correct
- Make sure you supply the correct bank details
- Lodge your BAS on time
- Ensure you don’t have an outstanding debt.
[ctt template=”7″ link=”iYd8h” via=”yes” ]Tip: Make sure you provide correct and accessible information in your BAS. It will speed up the process in case the ATO needs to verify your information.[/ctt]
Employee share schemes help fast growth companies attract talent
Employee share schemes (ESS) can be an effective way to motivate your staff, especially if they are structured correctly. They can offer employees the opportunity of linking their staff’s personal rewards to company growth.
ESS can also be useful for start-up companies who want to engage top talent but they lack the capital offer of an attractive salary.
Some recent changes have been made this month to how ESS are taxed. These changes make the schemes more attractive. Here’s why:
- Usually, when an employee received shares or rights under an ESS, they were taxed on the discount they received.
- The new changes make it easier to hold off the taxing point. You can hold it off until it is clear the employee will actually derive an economic benefit from the shares or options they’ve received.
June 2017 quarter GIC rate released
Before we finish, let’s take a quick look at the latest general interest charge (GIC) rates for the June 2017 quarter.
GIC has slightly increased from the March 2017 quarter to 8.78% (annual rate). Take a look at the new GIC rate here.
You may also be interested in: March Tax & Accounting Roundup: Things You Need To Know
Want to know more about how these updates affect you?
One of our specialists here at Shuriken Consulting is ready to assist you with any questions you might have about the latest tax and accounting updates. Get in touch with us today: