Other Updates

Simon Flowers

Please be aware that:

1) Your tax planning for the 30 June 2014 financial year should be well on its way, if not finished already. If it hasn’t been please contact your principal or manager asap.

2) If you have a trust within your group structure, your pre 30 June 2014 trust minute should be signed and completed by 30 June 2014. If not, the trustee could get taxed at the top marginal tax rate. Again if it hasn’t been done, please contact your principal or manager.

3) The Superannuation guarantee rate increases from 1 July 2014 to 9.5% from 9.25%.

4) The super streaming legislation that requires employers with greater than 20 employees to pay and notify super funds electronically has been delayed until 1 July 2015. It is anticipated that all employers will be required to comply with this legislation by this date.

5) The deficit tax as announced in the most recent Federal budget has passed through parliament and will now come into force from 1 July 2014.

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