What's New at Messenger Murray Picello

MYOB Portal

Messenger Murray Picello has upgraded its software system to include a new online collaboration tool called the MYOB Portal

Some of the advantages of this new tool are:

The transfer of documents to you securely from our database here
Gives clients a built in digital signature which means you will be able to approve a sign off on documents digitally via your computer or smart phone without having to do any paper handling
Have access to your documents sitting on our files such as Tax returns, Annual ASIC Statements, Tax Assessments etc.

Be able to download these documents for your applicable use

If you would like to sign up for this feature or would like to discuss any more information please email Olive from this office at reception@2mp.com.au

Austins Peters Financial Group

Our new Financial Planning & Wealth Management arm is proving to be a great success providing fabulous strategies and forward planning to all our clients.

Some of our services provided are listed below:

Centrelink, Pensions- Aged Care advice
Superannuation ( Includes Self-Managed Superfunds)
Investments
Personal Insurance (Life, Trauma, Income Protection)
Loans
Cash Flow
Estate Planning (Have you got up to date wills?)
Financial Planning

For any information on the above please email Carolyn Peters at carolyn@austinspeters.com.au or carolyn@2mp.com.au or phone (02) 9977 8077

New Licensing Regime for Accountants and Self-Managed Superannuation Funds

ASIC has introduced a new licensing regime for Accountants giving advice on Self-Managed Superannuation Funds.

This licensing regime commences on the 1^st of July 2016 and Messenger Murray Picello and Carolyn Peters are well on track to have the limited licensing regime in place by Christmas 2015 along with our full licensing regime which already exists through our financial planning arm of Austins Peters Financial Group

Please contact Carolyn Peters with any queries in regards to this.

ATO Small Business App

The ATO have devised and improved their small business app. Some of its most useful features are:

ABN look up – verify business details
Tax withheld calculator
Key Dates- which you can set important tax and super reminders and alerts
Payment plan estimator
Report a concern
Business Performance check tool

Another online tool that also came live recently is the Mydeductions tool

This tool allows taxpayers to upload their receipts and information for deductions by simply taking a photo of a receipt and upload it

The data will be stored in the mobile device and then can be uploaded into their tax return at the end of the Financial year.

The New $20,000 Small Business Entity write off

Small Businesses have received much needed stimulus via new laws allowing them to claim an immediate depreciation deduction for certain assets costing less than $20,000 (e.g. $19,999)

This deduction runs from 12/05/2015 to 30/6/2017

The $20,000 is the GST exclusive amount paid for those registered for GST

Both old (second hand) and new assets can be eligible.

Reduced Small Business Entity Corporate Tax rate

Applicable from the 2016 year the Company tax rate has been reduced from 30% to 28.5% for Companies

The current franking credit rate for a fully franked dividend will remain unchanged at 30% for all companies.

The Company must be carrying on a business i.e. A company simply renting out properties would not be seen as carrying on a business

Corporate beneficiaries and other passive investment companies will not qualify for the reduced company tax rate.

The Small Business Entity 5% tax discount

Unincorporated small businesses such as sole traders, partnerships will have access to a capped ($1000) tax discount; designed to broadly mirror the small company tax cut. Applicable for the 2016 income year and onwards.

It will be paid as a non-refundable tax offset off the individual’s tax liability applicable to only their small business income in their tax return

Increase in the Preservation age restricts access to Superannuation

The meaning of an individual’s preservation age is set out in the SIS Reg 6.01(2), and varies according to the member’s date of birth.

From July 2015, the previously legislated rise in the preservation age (which has traditionally been 55 years of age) has come into effect.

This means that for individuals born prior to 1 July 1960, their preservation age remains 55, however the preservation age for clients born on or after this date will gradually scale up to 60 years of age

Click the Read more link below to see the table.

+61 (02) 9977 8077

1st Floor 10 Pittwater Road,
PO Box 870
Manly NSW 1655

www.2mp.com.au

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