JS Felman and Associates

Please find attached the latest Count Report.

This report features the following articles:

The Cooper Report
Extension of 50% minimum annual payments for account based pensions
Bringing up Baby- a review of the new paid parental leave scheme
Vanessa's Story- The importance of TPD and Income Protection during ill health
Economic Update and Chairman's Report

Attach PDF: 

COUNT_REPORT_ISSUE_101_AUGUST_2010.pdf

EXTENSION OF SMALL BUSINESS ASSISTANCE PACKAGES
The Tax Office will extend the Small Business Assistance Package, which was originally intended to expire on 30 June 2010, until 30 June 2011.
The extension of the Small Business Assistance Package will mean that eligible businesses with a turnover of $2 million or less will continue to have access to:
a 12 month general interest charge free payment arrangement with the Tax Office; and
a deferral of activity statement payment due dates.

ATO FOCUS ON THE CASH ECONOMY

Important Year-end Information

The following information is a guide to assist you with your claims for the year ended 2010.
Listed below, is more information relating to your claims for deductions, receipts for deductions, car claims, log books and car record keeping.

TAX SAVING STRATEGIES PRIOR TO 1ST JULY 2010
Accelerating tax claims
As personal income tax rates are set to decrease from 1 July 2010, there may be an additional advantage to be had by accelerating any income tax deductions into the current income year.
The tax rates for resident individual taxpayers for the 2009/2010 income year are as follows:

NEW MEASURES ANNOUNCED IN THE 2010 BUDGET

INCREASING THE MEDICARE LEVY LOW-INCOME THRESHOLDS
For the 2009/10 income year, the Medicare Levy low-income thresholds will be as follows:
Individuals $18,488 (previously $17,794)
Families $31,196 (previously $30,025)

The additional amount of threshold for each dependent child or student will increase to $2,865 (previously $2,757). The Medicare levy threshold for single pensioners below Age Pension age will be increased to $27,697 (previously $25,299) for the 2009/10 income year.

Dear client,

On 2 May 2010, the Government released to the public, the “Henry Report” on the future of Australia’s taxation system.

In all, there are 138 recommendations – more than 100 of which the Government has put its response to, on the “back-burner”, probably until after the next election.

Many of the recommendations will cost taxpayers dearly should they become law. For example, recommendations still “live” include:

taxing fringe benefits in the hands of employees;

Tax Office's start to the year maybe not as good as they hoped for

Please find attached the latest Count Report.

This report  features the following articles: 

More than a Woman (relating to Retirement Savings),

The Outlook for 2010 ( Written by Shane Oliver, Head of Investment Strategy & Chief Economist- AMP Capital),

More Australians choose financial resolutions (relating to making a positive change to your financial health),

Who are the winners and losers when it comes to a rising Australian Dollar?

Attach PDF: 

COUNT_REPORT_AUTUMN_2010_ISSUE_99.pdf

J S Felman & Associates is pleased to announce the launch of our new website 

at http://www.jsfelmanaccountants.com.au/ 

The website details the range of services offered by our firm and the email contacts of our staff.

You will be able to access our latest newsletters and Count Reports from our website.