At Signum, May is our charity month and this year isn't any different. Cancer is the biggest cause of death in Australia, but there is hope. We are going to do something about it and so can you. We are entering a team into the Cancer Council's Relay for life. Are you able to support us? Please donate and help us raise funds for the Cancer Council. No matter how big or small your donation, you are making a difference. It's so simple to donate. Head to our fundraising page using the link and click donate. Funds raised at Cancer Council's Relay For Life have contributed to over 61,000 Australian lives saved over the last 20 years. It's all thanks to improvements in cancer prevention programs and advances in cancer treatment through research. By donating, you can play a part in growing the number of lives saved.
We will also be heading out to Castle Hill on Sunday 31 May to door knock for The Salvation Army's Red Shield Appeal. The need for social welfare in the community is huge, and as Governments generally take the view that welfare groups do a better job than themselves, community support is essential. Any help you can provide will leverage into helping those less fortunate or suffering hard times. You might be surprised to know that most people are only 2 pay days away from poverty.
Every quarter we also raise funds in the office. For the March quarter we raised $ for WWF. The Earth's natural assets - plants, animals, land, water and the atmosphere – sustain the planet's ecosystems and people's health and livelihoods. But we are currently using more natural resources than the planet can sustain, threatening species, habitats and local communities alike. The world must commit itself to urgent, concerted action to conserve healthy environments. It is a shared responsibility and the foundation of sustainable development – something we all rely on for our own survival. WWF is uniquely placed as one of the world's largest and most respected conservation organisations to work locally and internationally with its global partners to develop, embrace and implement lasting solutions to the environmental challenges we face.
Fringe Benefit Tax Returns
Fringe benefit tax returns for the fringe benefit tax year ended 31st March 2015 are due for lodgement by 28th May 2015. If the payment of the fringe benefit attracted an entitlement to a GST input tax credit, this is known as "employers type 1 aggregate fringe benefit amount", in this case, the FBT gross-up rate for 2014/15 is 2.080202 (previously 2.06047). The second type of gross up is the "employers type 2 aggregate" fringe benefit amount that will be those fringe benefits where there are no entitlements to GST input tax credits, the FBT gross-up rate for 2014/15 is 1.8868 (previously 1.8692).
Fringe benefit tax, whilst relating to benefits that have been made available to employees, is a tax payable by the employer. The fringe benefit tax rate for this year is 47%.
Items to consider as fringe benefits include:
• car fringe benefits • airline transport benefits
• loan fringe benefits • living away from home allowance benefits
• debt waiver fringe benefits • entertainment benefits
• expense payments • car parking benefits (in some cases)
• housing benefits • property benefits
• board benefits
Please forward all required documentation to our office at your earliest convenience.
Corporate Governance is Important
If you're a company director, you have the same corporate governance responsibilities as a director of a major public company, even though you're running a much smaller business.
Directors are responsible for appointment of a chief executive officer or a general manager and then monitoring the overall performance of the company. This means that directors' meetings should be held regularly. The directors should receive written reports on all matters to be discussed at the meeting, preferably at least 48 hours prior to the meeting, so that directors can read the material prior to the meeting.
Directors should be conscious of declaring any interest that they have in matters being discussed at the Board of Directors' Meeting. There are many items to be considered under corporate governance, including:
Ensuring assets are purchased in the company's name.
Ensuring that any borrowings the company does are at the best possible terms.
Implementing a system of internal control throughout the business.
Reviewing budgets and cashflow forecasts.
Ensuring regular financial reports and key performance indicators are prepared and analysed.
Ensuring the staff are employed under appropriate agreements and that staff evaluations are conducted on at least an annual basis.
At each Board of Directors' meeting, seeking assurance from the company's principal accounting officer that all debts are being paid in the normal course of business.
Ensuring management is reviewing any environmental issues that may affect the business.
Enquiring as to whether appropriate risk management strategies have been implemented relative to the Personal Property Securities Register (PPSR).
Management strategies for other events that may affect the business have been introduced, including weather, armed robberies, death or inability of key personnel to perform their duties.
Important Changes Affecting AUSkey
Google has updated their "Chrome" browser to version 42 and as a result your AUSkey can no longer be used by chrome browsers to access government online services. To continue using your AUSkey, people will need to use an alternative compatible web browser.
ATO Mail to be Sent Electronically
For individuals, the ATO has started to transition clients mail to the Tax Agent Portal via the Client Correspondence List, in an effort to reduce the volume of client correspondence mailed out daily. If you have created a myGov account and linked the ATO, you will start to receive some mail directly into your myGov inbox. Any correspondence you receive will no longer be sent to you, or us as Tax Agents in paper form. This will include reminder notices and Notices of Assessment.
Employers - Prepare Now for SuperStream
What you need to do:
1. Find a solution now. There is no single solution for making SuperStream contributions. Youe should look for a solution that best suits your business needs.
2. Set your target start date. If you have 20 or more employees you should aim to implement your first SuperStream contribution ASAP.
3. Prepare your business to start using SuperStream. There is a step by step guide on the ATO website