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Monthly Archive: June 2012

Directors penalty notices – PAYG withholding

June 21, 2012

The team at Barker & Jennings would like to acknowledge this summary is sourced from Worrells. Warning for directors of companies that owe payg withholding – urgent action should be considered otherwise they may find they will no longer be able to avoid personal liability for their company’s debt. Most would be aware that there is currently…

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Trust distributions to minor beneficiaries

June 8, 2012

Does your Family Trust make distributions to minor beneficiaries? Due to recent changes to the laws relating to trusts, you need to ensure you disclose all passive income your children receive, otherwise you may find yourself taxed at the highest marginal rate of 45%! Call us now to allow us to ensure this doesn’t happen…

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Directors penalty notices – are you liable?

June 5, 2012

Are you a director of a company? Do you have employees? Due to the increased power given to the Australian Tax Office, you, as a director of your company, will be held liable for the company’s Pay As You Go (PAYG) Withheld and 9% superannuation obligations if they are not met by your company. Call us…

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Tax changes – effective 1 July 2012

June 4, 2012

Do you have Private Health Cover? Have you contemplated prepaying your Private Health Premium? Due to the impending changes to the tax system, you may be able to save up to $500 by speaking to us on or before 25 June.

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Division 7A loan – what are your obligations?

June 1, 2012

The ATO powers have now been increased, if you have a company loan and you do not make an actual cash payment prior to June 30, you will be in default and penalties will apply. Call us now to find out what your repayment obligations may be and to ensure the ATO do not impose…

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