Extra time to lodge and pay monthly acvtivity statements

Tax Commissioner Michael D’Ascenzo has given extra time for all businesses in Queensland and the Tweed to lodge December monthly activity statements.

“The damage to infrastructure and disruption to basic services as a result of the flooding is such that I have decided to allow extra time for all businesses in Queensland and the Tweed area,” D'Ascenzo said.

Businesses with addresses in Queensland and those in flood affected postcodes will automatically have their lodgement and payment dates deferred for the December monthly activity statements from the original due date of 21 January 2011 to 21 February 2011. They will not need to apply for a deferral. If deferrals to later dates have already been approved, they will still apply.

“People may also consider using electronic lodgement of forms and elect to have payment of refunds via electronic funds transfer,” D’Ascenzo said.

Businesses may check whether a deferral has been received through the Business Portal or by contacting the ATO’s dedicated emergency support info line on 1800 806 218.


As well,  ATO Second Commissioner Bruce Quigley has announced the ATO will allow deductions without a receipt for donations up to $10 made to 'bucket appeals' for the floods in Victoria, Queensland and New South Wales.


“With floods now affecting communities across three states, we want to support community efforts to help people put their lives back on track," Quigley said.

“For donations over $10 make sure you keep your receipt so you can claim your deduction in your tax return.

“For donations made via the web, a bank or credit card statement will be enough.”

To be deductible the donation must be made to a 'deductible gift recipient'.

Most major charities are registered as 'deductible gift recipients' but if you are not sure whether an organisation is registered or not you can check on www.abr.business.gov.au.

Source: ato.gov.au

SMSF quarterly contributions down

By Julie May  |  25 Jan 2011  |  

Julie May is a journalist with InvestorDaily, a Morningstar publication.

Average contributions to self-managed superannuation funds (SMSF) decreased to $6400 in the December 2010 quarter from $8300 in the September 2010 quarter, a survey conducted by SMSF specialist administrator Multiport has revealed.
Multiport chief executive John McIlroy said the decline followed a trend seen during the 2010 financial year, with the bulk of contributions made in the last quarter to 30 June.
"Interestingly, however, benefit and pension payments from SMSFs were almost twice the average inflow of contributions at around $12,000 per fund in the December quarter," McIlroy said.
Meanwhile, there were no major changes to overall market allocations as SMSFs continued with a balanced investment approach.
McIlroy said exposure to Australian equities continued to increase, with allocations rising to 41.4 per cent, but were still marginally lower than the same time a year earlier.
"SMSFs continue to have a very high weighting to the top 20 ASX-listed stocks ... showing their reliance on the big four banks and the big miners," he said.
International equities on the other hand dropped to their lowest allocation in the past 12 months, with an appreciating Australian dollar against most major currencies having a counter-effect on performance, he said.
The survey also showed that trustees maintained their exposure to fixed-interest holdings, with allocations decreasing only slightly to 11.8 per cent.
McIlroy said the overall allocation to property decreased from 16.3 per cent to 15.7 per cent and that there had been no drop in direct property allocation since December 2009.
"Due to irregularity in how often properties are valued, the decrease may not indicate disposal of the properties, rather the allocation being affected by the improved performance of other sectors," he said.
Meanwhile, cash holdings increased slightly, boosted by post 30 September dividends and distributions.

Source: Morningstar.com.au

A Welcome Message from Eva Mosler, Chartered Accountant

After five years as a senior accountant leading KPMG’s small business team on the Queensland Gold Coast, Eva Mosler has launched her own boutique accountancy practice, Pandanus Accounting.

Many accounting firms charge premium fees. Because Pandanus Accounting operates from a home office at Miami on the central Gold Coast, all client fees and charges can be kept affordable.

Ms Mosler, a member of the Institute of Charted Accountants, specialises in value for money taxation services for individuals, partnerships, trusts and companies, including GST and BAS, investment properties, retirement and small business advice.

She can provide on-site visits to the home or workplace.

Ms Mosler's client list has been growing steadily. She is offering fee reductions for small businesses, investors and individuals.

She can provide a free quotation for all tax and other accounting matters, including regular consultations throughout the year with no-rush, face to face meetings.

If you are fed up with your accountant charging exorbitant fees yet spending little time with you to explain your tax situation and other business matters, Eva Mosler of Pandanus Accounting can upgrade the standard of your accounting service, help minimise your tax payments and provide sincere business guidance.

Contact Eva Mosler by phone on (07) 5576 8514 or 0488 910 456, or email info@pandanusaccounting.com.au.

See the Pandanus Accounting Yellow Pages ad online or p114 of the A-K directory. 

The Pandanus Accounting blogspot provides a free, up to date survey of interesting and relevant news relating to taxation, financial and business affairs.