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Changes You May Need to Know!

Changes You May Need to Know!

Personal Tax Returns

Among the various changes here are some of the key changes you will need to know when it comes time to prepare your 2014 tax return!

Private Health Insurance Rebates

  • There have been a few changes in the way your private health insurance rebate is calculated, the rebate percentages are now adjusted on April 1st by an adjustment factor meaning you will now have one percentage to claim from 1 July to 31 March and another from 1 April to 30 June.
  • What this means for you – when it comes time to complete your tax please ensure you have received or downloaded your Annual Tax Statement from the your insurer and bring it with you to your appointment at CATS to enable we are able to complete your return quickly.

Net Medical Expenses Tax Offset

  • As we may have mentioned to you last year this offset is being phased out over a number of years
  • What this means for you – If you did not claim and receive this offset in your 2013 tax return you won’t be able to claim it this year unless the expenses relate to disability aids or aged care. If you did claim it last year then you are able to claim it this year so ensure you gather your receipts to bring into CATS. Depending on your earnings you may have to meet a different total expense this year, please contact CATS for more information.

Change of Name

  • If you have changed your name for any reason during the year (eg for marriage) then you will need to contact the ATO to inform them before you lodge your tax return from the 2014 tax year onwards.

Electronic Refunds

  • for most refunds the ATO will no longer send cheques out with your notice of assessment. You will need to provide the bank account details of the account that you would like to have the refund deposited into when CATS complete your return. Please bring these along with you to your appointment.

Tax Receipt

  • The Government have announced that with your notice of assessment you will now receive a ‘Tax Receipt’ that details how your tax paid will be spent in this year’s budget. For an example and for more information please visit to ATO’s website.

Small Business Returns

The Superannuation Guarantee

  • has increased from 1st July 2014 from 9.25% to 9.5% so ensure that you are paying your employees the correct rate. For information on how to change this in your datafile please contact CATS.

Fuel Tax Credits

  • As always there are changes to the fuel tax credit rates as at 1st July 2014 please visit the ATO’s website before you complete your next BAS for the most recent rates.

Simplified Depreciation Rules

  • The government have proposed changes to the simplified depreciation rules for small business in relation to the immediate write off of assets costing less than $6,500 and the accelerated depreciation of motor vehicles. The proposed changes would reduce the immediate write off of low cost assets to $1,000 and would scrap the accelerated depreciation of motor vehicles all together as at 1st January 2014. This would mean that for half of the year you would have different rules than the other. However this has not yet passed through government and is expected to be put back in front of the senate early in the financial year.
  • What this means for you – Apart from a headache this means that depending on which set of laws you decide to complete your tax return with you may be faced with amending your return later when it is either passed or rejected by the senate. The ATO have been kind enough to ensure that if the change in law results in you having to amend your return you will not be charged interest or penalties for this amendment. Nice of them. For more information please contact our office.

For any other changes or for any questions at all please feel free to contact CATS, we would be glad to lend our expertise!

ATO

Interested in working with us? Check out some of our client testimonials below!

Ben Dunstan

Master Building Works Pty Ltd

Having met Warren Garth of CATS Accountants some five years ago, I was pleased to achieve a seamless transition from my retiring accountant to his services to look after my accounting and tax work. He’s got a great team behind him, which is most helpful and friendly. All enquiries are answered quickly and comprehensively. I particularly like the use of the wide screen TV to present my figures.

Thanks Warren – Keep up the good work!

Master Building Works Pty Ltd

Glenn Kirkwood

BNI Franchise Owner

The team at CATS have done it again!  Other than your usual friendly and attentive service you now have questionnaires that I can use to prepare my end of financial year information at tax time. Makes things so much easier for me now that I know exactly what you need.

Thanks CATS – you really will get my business purrring!

Ph: 0425 433 603

Daniel Kebriti

Pharmacist

CATS Accountants assist me with my accounting and taxation matters for both my business and personal affairs. I strongly recommend them to anyone who is seeking professional advice at an elite level. Warren and his friendly, supportive team always respond promptly to my calls, focus on what my needs are and best of all strive to minimise my tax.

Beverly Bowman

Director - Beautique Beauty Therapy

Warren, Kerry and the Team at CATS Accountants have been taking care of us for our bookkeeping, accounting and taxation needs for 9 years now.   Thanks to their exceptional service and the monthly reports we always know where we are at with our business.  We have always been happy with CATS Accountants and their personal approach and would highly recommend them to other businesses.

Beautique Beauty Therapy

Tony Bourke

Director - AIIB Insurance Brokers

To Warren,

I would like to let you know that we are absolutely happy with the work that has been done for us. The Team are great to work with and it is a pleasure to have CATS as our Accountants. I wouldn’t hesitate to recommend CATS to our business associates.

Dr Kenneth Zimmerman

Lecturer in Marine Biology, University of Newcastle

I would like to thank Warren and the Team at CATS Accountants for providing a friendly atmosphere and for being so helpful with my accounts.

I appreciate how you assist me in keeping up to date with my tax and accounting information, and I am grateful for the excellent service that you provide.

 

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