 | Knowledge Update
Issue #4, 10 June 2011
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Hi ,
Welcome to our June newsletter. This month we highlight the critical issues that you need to consider in the lead up to 30 June. For those of you who have a family trust, some key decisions need to be made in relation to the annual trust income distribution. Employment issues are never far from the top of our list. This month we cover off on the end of year payroll procedures. Looking past 30 June, we also look at the benefits of preparing a budget; all of our clients who use them would not contemplate operating without one! Finally we have set out a list of tax planning tips to help you minimise your year end tax bill. We hope you find it useful.
The Whitehills Team |
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Year End Trust Distributions |
| For those of you who haven’t been following the whole trust law vs. tax law income debate, you can be forgiven for thinking this article is written in another language. Never the less, there are some critical points for all trustees to come to grips with before 30 June this year, so please take the time to read and speak with me directly if you are concerned.
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How well is your business performing? |
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There is an easy way to determine if your business is operating as well as you would like it to operate.
With the beginning of a new financial year approaching now is the perfect time to implement a simple measuring tool to enable you to assess if the business is achieving your expectations. You have probably already done this mentally but now is the time to commit your thinking to paper, in the form of a Profit and Loss budget for the next twelve months.
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End of Year - Payroll Procedures |
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Well once again the end of financial year is almost upon us which, here at Whitehills, means much anticipation for our end of financial year dinner! Of course it also means it is time to tackle those end of year payroll procedures. Alas, this article is not about our EOFYs dinner but about payroll preparation.
Payment Summaries for 30th June are required to be issued to employees on or before the 14th July and subsequent reporting information sent to the ATO by the 14th August.
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Strategies to be implemented to reduce your 2011 Tax Liability |
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With the end of financial year fast approaching, now is the time to start thinking about strategies that can be implemented to legally reduce your 2011 tax liability. Please note these are only general comments and you should contact us about your specific circumstances.
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To what extent do key financial factors impact on the life of your retirement savings? |
| Everyone has different expectations as to what level of income will provide a comfortable retirement. What are some of the key factors that impact on the longevity of one’s life savings and what steps can be taken to manage these factors to our advantage.
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 Whitehills Business Advisers
GPO Box 571
Brisbane QLD 4001
Phone: (07) 3231 9100
Fax: (07) 3231 9111
www.whba.com.au |
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