Koschel Simpson Mattner. Our Care... Your Success. Accounting & Business Advisors QLD

The 2011 budget introduced a new reporting regime for the building and construction industry whereby the onus will fall on the Payer to report contract payments to the ATO on an annual basis. (Note that they are expecting to extend this reporting requirement to contractors in the commercial cleaning industry in 2012)!

Please note that this has only been released as a draft at the moment and consultation with industry will be closed on 27 June 2012. However the requirements start on 1 July so get prepared. Read more…

On 10 April 2012, Queensland's recently elected Premier Campbell Newman announced that Cabinet approved the reinstatement of the Owner Occupier home Stamp Duty concession from the first of July 2012. 

How is this going to benefit you?

Currently, a concession is available for the transfer, or agreement for the transfer, of a person's first home.  No stamp duty applies for homes up to $500,000, and a phasing-out rebate applies for values up to $600,000.  To qualify, the person must never have previously held an interest in another residence and must satisfy occupancy requirements. Read more…

These changes relate to: 

    -  liquid fuels used in some off-road business activities
    -  the introduction of a carbon charge that reduces the rate in some activities
    -  a decrease for heavy vehicles travelling on a public road gaseous fuels
    - some blended liquid fuels.

With many rates now changing each year, it is important that you keep your records of the date, type and quantity of fuel acquired and the activities each fuel was used for.

For more information click here

We are delighted to receive the High Performance Accounting Practice award for 2012 from Professional Investment Services (PIS). This is the 5^th consecutive year we have received this award. Read more…

From 1 July 2012, the private health insurance rebate and Medicare levy surcharge will be income tested against three new income tier thresholds.

Higher income earners will receive less rebate, or, if they don't have appropriate medical insurance cover, the Medicare levy surcharge payable will increase by up to 0.5%! Read more…

Intellectual Property (IP) is often one of the most important and valuable assets of a business. Despite this many businesses do not have their IP adequately protected. Read more…

Business names are currently state based and regulated by the respective state/territory Offices of Fair Trading. From 28 May 2012 this is set to move to a new national business name service which will be regulated by the Australian Securities & Investments Commission (ASIC).

So what does this mean for you? Read more…

As 30 June approaches, all businesses should be looking at their figures for the last 9 months to determine what planning needs to be done. This should ideally be an ongoing process within the most successful businesses but there are some key matters that should be considered. My top tax planning tips are:

1. Goal Setting – have you set your medium to long term business goals to ensure that any year end planning is still in alignment with your long term future? Remember 'Failing to Plan is like Planning to Fail' Read more…