Champions Business Growth Advisers, Accounting, Taxation, Parramatta

Office Closure for Christmas/New Year

We thank you for providing us with the opportunity to assist you during this year and we look forward to continuing to assist you to grow and prosper during the New Year.

Please note that our office will be closed from 24 December 2010 and will re-open on Monday 10 January 2011 with some of our staff taking an additional week (returning 17 January). 

Having trouble paying your tax debt? 

The ATO offers payment arrangements for most businesses if you have difficulties paying your tax or activity statement debt.  

If you are a small business (ie, turnover less than $2 million), then you may be eligible for a 12 month interest free payment arrangement from the Australian Taxation Office (for arrangements entered into prior to 30 June 2011).   Click here for further details....


Declaring or Paying Dividends?

Paying dividends is a normal part of company life; generate the profits, pay the tax and then look at what dividends are available for the shareholders.  Changes in the Corporations Act earlier this year mean that directors need to consider a new set of rules before they declare or pay a dividend.  Section 254T of the Corporations Act provides the rules governing dividends. 

In the past, directors needed to ensure that dividends were paid out of profits.  This has now changed.  With effect from 28 June 2010, section 254T has been amended and replaces the profit test with three new tests.
Click here for more information......


Workers Compensation Claims - Dust Diseases!

Many businesses may think that this may not affect them, but it can!  Dust diseases such as asbestos exposure can take up to 40 years for symptoms to display and there is no limitation period on a claim.  You don't have to manufacture asbestos products for this to be an issue, you could have had a contractor come and repair an asbestos roof on site and can potentially be liable. 

It is important for businesses to keep appropriate records to ensure if a claim does come up, you have all the information you need.   Click here for further details....


Investment Allowance

Installation by 31 December 2010 
If you are an eligible small business (turnover under $2M) and you ordered an eligible asset for investment allowance purposes prior to 31 December 2009, you can claim the 50% investment allowance if you install the eligible asset by 31 December 2010.  The investment allowance claim would be made in the 2010/11 tax return.

If your turnover is over $2M
If you ordered an eligible asset prior to 31 December 2009 and your turnover is over $2M per annum, you can claim 10% investment allowance if you install the eligible asset by 31 December 2010.  The investment allowance claim would be made in the 2010/11 tax return.  


ATO Update

ATO Letters issuing to Trustees of closely held Trusts   

As part of the transitional arrangements for tax file number (TFN) reporting, the ATO are matching beneficiary details in the 2010 trust tax returns against their records as they have noticed a large number of returns lodged by tax agents with incorrect or missing beneficiary details.

The ATO will soon issue a first round of letters to trustees of closely held trusts who have lodged their 2010 trust tax return and:    

- the beneficiary's TFN or other details such as name, address and date of birth could not be matched to our
  records;
- the trustee did not include a beneficiary's TFN in the 2010 trust tax return.

They will continue to send more of these letters to trustees as 2010 trust tax returns are lodged and they find incorrect or missing beneficiary information.   Click here for further details....


ATO KEY DATES

21 December 2010
Due date for lodging and paying November 2010 monthly activity statement 

15 January 2011 
Due date for lodging taxable large/medium companies and superannuation fund tax returns
Due date for lodging taxable large/medium Trusts tax returns (annual total income greater than $10m in 2009)
Due date for lodging taxable head company of consolidated group tax returns

21 January 2011
Due date for lodging and paying December 2010 monthly activity statement

21 February 2011
Due date for lodging and paying January 2011 monthly activity statement

28 February 2011
Due date for lodging and paying all Activity Statements for period ended 31 December 2010


CHAMPION'S STAFF NEWS

New Staff

We are very pleased to welcome Brian Goodridge who has recently joined the Champion's team.  Brian is CPA qualified and has over 6 years experience in business services.

Team Member Profile

This quarter our team member profile is on David Freney - Client Manager

David has been a member of Champion’s for almost 7 years.  David started directly after finishing high school, completed university in 2008 and, this year, completed his CA qualifications.  David has been a client manager for the past 3 years.

David manages a portfolio of about 15 client groups, including some of our largest, across various industries in including professional services, manufacturing, medical, automotive, waste management and wholesaling. David works closely with all his clients assisting in management accounting, budgeting, bank financing, statutory compliance and various business advisory roles.