JS Felman and Associates

NEW REFORMS ANNOUNCED

The Government has released its 2011/12 Mid-Year Economic and Fiscal Outlook, which forecasts substantial downgrades to revenue due to "a significant deterioration in global conditions."
As a result, the Government "has had to find further savings in the budget", including the following measures that will apply from 1 July 2012:
* The Government will introduce reforms to stop individuals from being able to exploit the tax exemption for living-away-from-home allowances and benefits;

ATO WARNS US AGAIN ABOUT SCAMS
The Tax Commissioner, Michael D'Ascenzo, has reminded the community to be aware and alert to scams claiming to be from the ATO.
"We are seeing an increase in the number, creativity and sophistication of scams being reported," Mr D'Ascenzo said.
"Scammers are ramping up their efforts and we are seeing a range of sophisticated scams, including:
*phone calls that play a legitimate-sounding recorded 'training and monitoring' message at the start of the call;
*phone calls from people posing as 'tax officers' that provide fraudulent ATO call-back details;

Read how heading ‘Back to the Future’ could be good for your portfolio returns.

It has been a challenging year for global share markets and investors, with the European debt crisis, Asian growth profiles and natural disasters all contributing towards continuing volatile times.
This issue of the Count Report promises to be a great read. It offers informative and insightful commentary on many of the topical issues that we have all been thinking about.

Attach PDF: 

count_report_december_2011.pdf

Buying your own home or buying an Investment Property is one of the most important financial decisions you can make in your life. We can help you make the right financial choices for what you need.

Is your current home loan or Investment loan saving you money?
Just because your current loan rate was once competitive doesn’t mean it still is!

CHANGES IN INTEREST RATES COULD MEAN THAT IT IS NOW CRITICAL TO REVIEW YOUR LOAN.

J S Felman & Associates can help you re-finance your current mortgage so that you can own your home faster!

Attach PDF: 

home_loan_marketing_letter.pdf

CHRISTMAS GIFTS

Last month we covered Christmas parties and the fringe benefits tax (FBT) and the income tax consequences of holding parties for staff and clients or suppliers.
But as businesses often provide gifts to clients and staff this time of the year, we thought we would now discuss how they are handled "taxwise".
Gifts which ARE NOT considered to be entertainment

These generally include, for example:
* a Christmas hamper, a bottle of whisky, wine, etc.; and
* gift vouchers, a bottle of perfume, flowers, a pen set, etc.

SPRING CARVIVAL, YEAR END AND OTHER STAFF PARTIES

As the Spring racing carnival is upon us, and with the December/January break on the way, many employers and businesses will be planning to reward staff with a celebratory party or event.
However, an important issue for our clients to consider is the possible FBT and income tax implications of providing 'entertainment' (including Christmas parties) to staff and clients.
Under the Tax Act, employers must choose how they calculate their FBT entertainment liability and most use either the actual method or the 50/50 method.

Please find below the pdf copy of the Count Report- Issue 105- Spring 2011

This document features articles on:
1. A Plan for all seasons- the value of advice
2. Practice what you preach- the value of a financial plan and income protection
3. Black Rock Economic Outlook
4. Save fees by consolidating your superannuation

We hope you enjoy reading this edition.
If you have any queries, please feel free to contact our office.

Attach PDF: 

count_report_spring_issue_2011.pdf

ATO FOCUS ON SMSFS

The ATO has released its 'Compliance Program 2011/12' outlining key focus areas attracting its attention for the coming year.
They have a range of measures in place to detect and deal with those who evade their obligations, including working across government agencies and the use of overseas networks.
Their key focus areas this year include the cash economy, work related deductions and self-managed superannuation funds (SMSFs).

OCCUPATIONS IN THE SPOTLIGHT FOR THE 2011 INCOME YEAR
This year, the ATO will be paying close attention to deductions made by people employed as:
*earthmovers;
*flight attendants;
*carpenters and joiners (including apprentices and trainees); and
*real estate employees.

Please find attached a pdf copy of the Count Report which includes the following information:

1) The Top 10 Tax Tips
2) Client Case Study
3) Back to Business
4) Your investment journey
5) The Federal Budget

If you have any queries re the attached, please contact our office.

Attach PDF: 

count_report_issue_june_2011.pdf