Straight Numbers & Tax Talk for Individuals – December 2018

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In this Issue:

What a great time of the year with Christmas and the New Year approaching fast… and I say this with gratitude to my family and my team. We also want to thank YOU for your support this year.

The Team at Straight Talk Accounting & Tax wish all our valued clients a safe and enjoyable Christmas Holiday break and a prosperous and healthy New Year.

If you have any questions about the items published in this newsletter, please don’t hesitate to give us a call on 07 3399 8844… or stop by at our office for a coffee. We’re never too busy to sit down and talk to you.

Best regards from Robert & the Team at

 

 

 

Christmas Holiday Business Closure

We are closed from Monday, 24 December 2018 and re-open for business on Monday, 7 January 2019.

Super Contributions from Downsizing

A person aged 65 or over can make a non-concessional contribution into superannuation of up to $300,000 from the proceeds of selling their principal residence (if they have owned it for at least 10 years). This is available to both members of a couple
for the same home.

This strategy is available from 1st July 2018 and the contributions are exempt from the age test, work test, contribution caps, and $1.6m superannuation balance test for making non-concessional contributions.

This strategy is ideal for superannuants over 75, because under the current rules they cannot make any non-concessional super contributions.

ATO to send text messages if bank account details incorrect

The ATO has advised that it will send SMS text messages directly to taxpayers where incorrect bank account details were included in their tax returns and they were entitled to a refund.

The SMS will advise impacted taxpayers that:

  • their refund cannot be processed due to incorrect bank account details; and
  • they should phone the ATO on 13 28 61 to correct their details.

If impacted taxpayers contact the ATO with their correct details within seven days, any refund due will be issued electronically.

Editor: In the wake of an increase in recent tax fraud attempts, it is clear that taxpayers need to exercise additional caution when dealing with electronic messaging from (or purportedly from) the ATO.

The authenticity of ATO correspondence can be verified by calling the ATO on 1800 008 540; however, if you are ever unsure about any correspondence received, please contact our office.

Has your life changed in 2017?

As time never stands still and life changes all the time, you can guarantee that some of those changes will have an impact on your tax structure or on your retirement plan. That’s why we’ve created a checklist of seven major areas in which you could experience
change.

It includes questions like:

  • Did you sell a major asset like your home?
  • Did you transfer any major financial assets?
  • Do you know how to access your super savings?
  • Did you receive a gift or inheritance?
  • Did you get married?

Please call us on 07 3399 8844 or email us at info@straighttalkat.com.au to request the full checklist, so you can get started one step ahead in 2019.

Tax Profile: Amusement, Fitness, and Sports Centre Personnel

Average weekly pay: $1,000
Employment size:     13,700
Future growth:          Very Strong
Skill Level:                Associate degree or diploma

Amusement, fitness and sports centre managers organise, control and promote the activities, facilities and resources of amusement, fitness and sports centres.

Typical tax deductions:
  • Motor vehicle travel to and from work if having either shifting workplaces (working at more than one site each day before returning home), or transporting bulky fitness equipment.
  • Motor vehicle travel between various places of work, to attend training, or travel to competitions – where the prizes won would be part of income, or where coaching students.
  • Overnight travel between various place of work, to attend training, or travel to competitions.
    Phone and internet – work %.
  • Sun protection costs including sunglasses and sunscreens – includes prescription sunglasses which are photo-chromatic glasses that have filtering and glare-reducing qualities similar to sunglasses.
  • Computers, audio equipment, weights, mats, bars, treadmill, etc.
  • Compulsory work uniforms branded with the employer’s logo.
  • Education expenses at university or TAFE – if they relate to current work and are not reimbursed.
  • Music, CDs, and exercise videos.
  • Home office running expenses.
  • Overtime meals.

Non-deductible expenses:

  • Travel for sporting events attended as a spectator or as a participant unless the travel is undertaken in the course of performing work duties.
  • General exercise clothing including tracksuits, shorts, tank tops, running shoes, sweat socks, armbands, headbands, and t-shirts.
  • Pre-vocational courses such as a Certificate III in Fitness.

Vintage Christmas Tree

Christmas Joys

Christmastide
by H. P. Lovecraft

The cottage hearth beams warm and bright,
The candles gaily glow;
The stars emit a kinder light
Above the drifted snow.

Down from the sky a magic steals
To glad the passing year,
And belfries sing with joyous peals,
For Christmastide is here!

ATO data matching and share transactions

The ATO has extended its data matching program, this time focusing on share data. The ATO will continue to receive share data from ASIC, including details of the price, quantity and time of individual trades dating back to 2014, with more than 500 million records obtained.

The ATO will use the information to identify taxpayers who have not properly reported the sale or transfer of shares as income or capital gains in their income tax returns.

It seems share transactions are high on the ATO’s priority list, given more than 5 million Australian adults (almost one-third) now own shares.

FREE Copy of Our Book

We hope that you’ve enjoyed this edition of the Straight Numbers & Tax Talk.

As a Thank You to our readers we’ll give away a FREE copy of our highly sought-after book titled ‘Straight Money Talk – A Straightforward Plan for Financial Independence” (worth $17.95), PLUS the accompanying workbook “5 Steps to Financial Independence”.

In this book, Robert Bauman lays out 10 steps anybody can follow to become truly wealthy, and reveals ‘money myths’ and ‘inside secrets’.

Just contact us on 07 3399 8844 to claim your gift and we will send it out to you.

About Straight Money Talk—A Straightforward Plan for Financial Independence

Amazon screen shot 8.15 am 23 may

 

bookstack3dWHAT PEOPLE ARE SAYING ABOUT THIS BOOK:

“I’ve read many financial books and found this one to be up there with the best. It can really kick-start your journey to get your financial situation into great shape.”
– Dr. Joe Vitale, author “Attract Money Now” www.attractmoneynow.com

“Robert has done a fantastic job on this book. My views on how to handle money and how to educate my kids to learn the value of savings have totally changed now. This is an excellent book to guide you to creating great financial wealth in your life!”
– Keith Abraham CSP – Professional Speaker and Best Selling Author

Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.