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 | Knowledge Update
Issue #1, 14 February 2012
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Hi ,
Welcome to the first edition of the Whitehills Wisdom newsletter for 2012.
This edition contains interesting articles about some new Commonwealth Laws affecting the Personal Property Securities Register and Carbon Tax and how they can affect you.
There are also articles on how to boost your Superannuation Fund and Property Valuation issues.
If you are in the Building and Construction industry, you cannot afford to miss the first article on additional reporting requirements.
Happy reading,
The Whitehills Team
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New Reporting Requirements for Contractors in the Building and Construction Industry |
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 Regulations are currently circulating to introduce reporting guidelines for businesses in the building and construction industry with effect 1 July 2012.
The new guidelines are being introduced to help the ATO monitor payments made to contractors and businesses within this industry. |
| | Read More |
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| Your opportunity to boost your superannuation – and save extra tax – before likely rule change! |
|  This is just a quick note to remind you that the Government is likely to halve the maximum amount people aged 50+ can contribute to super – and qualify for a full tax deduction – from next financial year.
This means that this financial year might be the last you can contribute $50,000 on a tax deductible basis. |
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| Personal Property Securities Register |
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A new Commonwealth Law that will impact on you came into effect on 30 January 2012.
The Personal Property Securities Act 2009 (PPS) will replace a number of State & Federal registers and combine them into the Personal Properties Securities Register. |
| | Read More |
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| Market Valuation For Tax Purposes |
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Property valuations are relevant in many tax concepts, including Capital Gains Tax (CGT) and Goods and Services Tax (GST).
As seen in a recent case, the taxpayer failed the maximum net asset value test used for the Small Business CGT Concessions because of a valuation disagreement with the ATO. |
| | Read More |
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| Implications for you on the Carbon Tax |
|  So you think the Carbon Tax will not impact on you?
You may be right. However, if after reading this article, you think it might actually apply to you, you will need to decide what the implications will be. |
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Compulsory super (SGC) has been with us since 1992, yet there is anecdotal evidence that up to 40% of employers are getting it wrong. With the announced increase in the rate from 9% to 12% set to be phased in from 1 July 2013, it’s important for employers to fully understand their SCG obligations. |
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| 21 FEBRUARY 2012
Activity Statements
Final date to lodge and pay January 2012 monthly activity statements.
28 FEBRUARY 2012
Activity Statements
Final date to lodge and pay Quarter 2 (October - December 2011) activity statements, including electronic lodgments.
7 MARCH 2012
Payroll Tax
Queensland Payroll Tax due.
21 MARCH 2012
Activity Statements
Final date to lodge and pay February 2012 monthly activity statements.
24 MARCH 2012
Queensland State Election. |
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Client Accountant Seminar on 15 February 2012 booked out! |
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This seminar is aimed at experienced accountants and bookkeepers who have the responsibility for managing or are overseeing the payroll function. This seminar will update their knowledge of key employment tax issues and revisit some common traps. |
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GPO Box 571
Brisbane QLD 4001
Ph: (07) 3231 9100
Fax: (07) 3231 9111
www.whba.com.au |
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