The Leader Newspaper Business, tax & finance 2014

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The Barossa’s Favourite Newspaper

Business, Tax & Finance

2014 Scoot Away with Office National Barossa This Tax Time... See inside for details


Business, Tax & Finance

Home office Business, Tax & Finance expenses

BA13618

Claiming a computer, phone or other electronic device as a work-related expense
 If you are an employee and required to use your computer, phone or other electronic device for work purposes, you may be able to claim a deduction for your costs. There are rules you need to check and records you need to keep. 
 You may be entitled to claim deductions for home office expenses: • Running costs may be deductible. • Occupancy expenses are generally not deductible for an employee. • You must keep records.

Running costs

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If you perform some of your work from a home office, you may be entitled to a deduction for the costs you incur in running it, including: • For home office equipment, such as computers, printers and telephones, the cost (for items costing up to $300) or decline in value (for items costing $300 or more). • Work-related phone calls (including mobiles) and phone rental (a portion reflecting the share of work-related use of the line) if you can show you are on call, or have to phone your employer or clients regularly while you are away from your workplace. • Heating, cooling and lighting. • The costs of repairs to your home office furniture and fittings. • Cleaning expenses.

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Occupancy expenses
 As an employee, you are generally not able to claim a deduction for occupancy expenses, which include rent or mortgage interest, council rates, and house insurance premiums.

Records you must keep
 You must keep records of home expenses – these can be: • Receipts or other written evidence of your expenses, including receipts for depreciating assets you have purchased. • Diary entries you make to record your small expenses ($10 or less) totalling no more than $200, or expenses you cannot get any kind of evidence for, regardless of the amount. • Itemised phone accounts from which you can identify work-related calls, or other records, such as diary entries (if you do not get an itemised account from your phone company). • A diary you have created to work out how much you used your equipment, home office and phone for business purposes over a representative fourweek period.

Electronic Lodgement of Tax Returns Business & Personal Taxation Accounting & Taxation for Companies,Trusts, Super Funds Sole Proprietors & Partnerships Anthony and David along with Paul and Scott will be available to help with your Income Tax requirements.

The Barossa’s Favourite Newspaper

P. 8564 2035 E. leadernewspaper@bigpond.com www.barossaleader.com.au

DR8079

Office hours during July, August and September 9 a.m. to 5 p.m. Monday - Friday Monday - Thursday evenings and Saturday morning appointments by prior arrangement only. 82A Murray Street, Tanunda 5352 Telephone (08) 8563 3033 Facsimilie (08) 8563 3010 Holiatt Daant Pty Ltd A.C.N. 109 828 551

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Your business marketing is in good hands when you seek the advice and assistance from one of our professional advertising consultants. We’re driven by excellence in effective print solutions • Local knowledge • Experience • Passion • Results

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Delivering Value... 2 - Business, Tax & Finance, “The Leader”, June 18, 2014


Business, Tax & Finance Business, Tax & Finance

Do you want an Accountant who really understands what you need?

If you’re an employee, you can often enter into a salary sacrifice arrangement with your employer whereby you choose to give up or ‘sacrifice’ part of your before-tax salary and add it directly to your super account. “If your marginal tax rate is more than 15%, salary sacrificing into super will reduce the tax you pay and help give your retirement savings a valuable boost,” explains Anthony Prior, Director of Key Financial Planners. “This is because salary sacrifice contributions within your concessional contributions cap are taxed at a flat 15% rather than your marginal tax rate.” However, Anthony says, “You should remember that you generally can’t access your super money until you reach your preservation age (currently age 55), and a suitable condition of release has been met. “Concessional contributions include Superannuation Guarantee (SG) contributions your employer is required to pay, and any salary sacrifice contributions. “The maximum amount of concessional contributions you can make during the 2013/14 financial year is $25,000. “Those who are 59 or older on June 30, 2013 can contribute a higher limit of $35,000,” explains Anthony. Salary sacrifice arrangements must also be prospective in nature (ie relate to employment income that you will earn in the future). Anthony also advises that, “If you have a salary sacrifice arrangement in place, it’s important to review the strategy at the start of each financial year to ensure it remains appropriate in light of any change in your circumstances or legislation.” Key Financial Planners offers an analysis of your circumstances at no cost. To make an appointment please contact Key Financial Planners on (08) 8561 2400. Anthony Prior is an authorised representative (No: 303861) of Magnitude Group Pty Ltd AFSL (No 221557).

ü Individual and Business Tax Returns ü BAS and IAS ü Rental Properties & Capital Gains Tax ü Bookkeeping and Electronic Lodgement

Phone: 8562 8222

51 Adelaide Road, Greenock www.carolkalleske.com E: carol@carolkalleske.com

10% off* for Barossa Co-op members means simply better cover with Health Partners. Plus, join before 31 July to receive a $100 Barossa Co-op gift voucher.

Chartered Accountants

We can help with all aspects of business & personal Taxation Returns and Business Activity Statements. If you are setting up a business, require taxation and business planning or heading towards retirement, we can advise you on the best options for your situation in clear and simple language you’ll understand. We can also help with your Self Managed Super Fund and specialise in Agribusiness.

Pointing you in the right direction

Consulting at offices of: Teusner & Co. 4 Elizabeth Street, Tanunda

We are based in Gawler; however, we can also provide city appointments on request. Office hours 9 – 5 Mon to Fri PH: 08 8523 0133 Email: enquiries@pointons.com

At Pointons our philosophy is simple; we aim to extend a service both to your business and personal interests where we can provide complete accounting and financial planning guidance. As Chartered Accountants we offer: • Taxation preparation, advice and planning for all entities • Accounting services, including advice on computer accounting packages and business structures • Audit services for companies, societies, councils, hospitals, superannuation funds and other incorporated bodies’ • Financial Planning, business and management services, including superannuation fund planning and administration • Investment advice, retirement planning, redundancy planning, government benefits • Estate planning, will and power of attorney preparation.

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Phone: 8563 2627 Email: accountant@hoffmann.net.au

Professional Services You Can Trust

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Tax time is the perfect time to consider your healthcare needs and to balance those against your financial position. What a lot of people don’t realise is they could be paying more in tax than it would cost them to take out private hospital cover. Indeed, for people turning 30 or those moving higher on the pay scale, reviewing your health care costs at tax time can save hundreds of dollars, now and into the future. The Medicare Levy Surcharge is imposed on people who earn over $88,000 for singles and $176,000 for couples/family*. It starts at 1% and grows according to your wage. In contrast, private hospital insurance may be cheaper and provide peace of mind at the same time, says Health Partners Chief Executive Officer, Mr Byron Gregory. “The Medicare Surcharge is in addition to the Medicare Levy and in many cases private hospital cover is lower than the surcharge so it makes sense to review your options at this time of year.’ “Not only could you avoid a tax penalty, but you’ll also avoid joining the public system’s ever growing waiting lists,” Mr Gregory said. Health Partners member, Mr John O’Dowd decided to take-up private hospital cover after weighing up his options. “When my accountant saw the impact on my return at tax time, she suggested I would be better off with hospital cover,” Mr O’Dowd said. “I’ve also added Gold Extras to my hospital cover because of my need for physiotherapy, chiropractic care and podiatry, but the cost is insignificant when you weigh it up against the benefit I receive from my health insurance.” For those without private hospital cover, who are approaching their 31st birthday this year, the Federal Government’s Lifetime Health Cover will kick in next year, accumulating a two per cent loading for each year you are without cover. That means people taking out private hospital cover at 40 will pay 20 per cent more than someone who joined at 30. “The Lifetime Cover loading did impact on my decision to take up health insurance. I realised that if I left it any longer it would cost me a lot more in the long run – either in terms of my health or my hip pocket,” Mr O’Dowd said. “I’ve also found that it gives me peace of mind. Before, I might have avoided treatment because of financial reasons. Now, I stay on top of my health.” *Applies to the 2013/14 financial year.

Would you like to tax-effectively increase your retirement savings?

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Reduce your healthcare costs at tax time

*10% discount and $100 Barossa Co-op voucher available on Platinum, Everyday Value Plus and Everyday Value package products for Barossa Co-op members when contributions are pain via direct debit. Conditions and eligibility criteria apply.

OFFICE NATIONAL BAROSSA

T. 8562 1200 F.8562 2077 9 Railway Terrace, Nuriootpa SA www.officenationalbarossa.com.au

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Business, Tax & Finance

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OFFICE NATIONAL BAROSSA

In its 175th year the Town of Gawler Mayor Brian Sambell is in Canberra this week calling on the Federal Government to introduce tax incentives to help preserve its historic buildings from demolition and neglect and to encourage adaptive reuse of old structures. Speaking at the Australian Local Government Association Annual Congress, Mayor Sambell is calling for the introduction of a $1.30 tax break for every dollar a developer spends on maintaining and developing heritage listed commercial buildings. The Council is also suggesting that residents that restore heritage listed homes should be able to purchase goods and services GST free to soften the blow of restoration costs. “Retaining our heritage buildings is a significant issue for the Town of Gawler” Mayor Brian Sambell said. “We have some of the most beautiful heritage listed commercial and residential architecture in Australia and many of these buildings are deteriorating and in some cases empty. “Heritage re-development and restoration is complex and in reality very costly, compared to building new. We need to put in place financial incentives to encourage adaptive reuse, encourage restoration”. CEO of the Town of Gawler, Mr Henry Inat said the idea of tax incentives is not new. “We know in the USA the Historic Rehabilitation Tax Credit has encouraged the rehabilitation of over 37,000 historic properties representing over $58 billion in private investment. “This concept is a job creator and at the same time, for posterity we retain important aspects of our past. “Adaptive reuse is so essential for the future of historic towns like Gawler, and this is one way to ensure we can attract new investment, mitigate the urban sprawl and retain our history for future generations,” Mr Inat said. Mayor Brian Sambell used the restoration of several beautiful hotels in the main street of Gawler as perfect examples of what can be achieved. ‘However’ Mayor Sambell cautioned, “Restoring the hotels and adapting the hotels to be more in the style of a modern café has been enormously successful, but it has come at a cost to the developers, and that is a huge risk. “We must find solutions to lessen the risk so developers will want to work with heritage advisors and councils and State and Federal Governments to retain the architecture of the past, in a contemporary context. This carrot on the stick approach is where everyone wins.”

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4 - Business, Tax & Finance, “The Leader”, June 18, 2014


Finance With a wealth of experience, you’ll love what we can do for your finaces!

Business, Tax & Finance

Holiatt Daant provide five top tax tips (9 actually) • If you own a rental property, having a depreciation and capital allowances schedule prepared (detailing values associated with items of equipment and costs of building the property) can significantly increase the deductions available. Remember the cost of having the schedule prepared is also tax deductible. And also make sure that you keep records of all other expenses that are relevant to owning and renting an investment property including: Mortgage interest; Property agent management fees; Lease preparation fees and associated costs; Repairs; Insurances; Advertising for tenants; Council and water rates; Pest control. When considering purchasing an investment, including investment properties, taxpayers should consult with their tax agents prior to their purchase to discuss any income and capital gains implications, deductions available, funding and tax effective ownership options. • When making a work related motor vehicle claim using the kilometre rate, you can only claim 5,000 kms per car you own. The 5,000 kilometres is per car per owner so if you rotate cars with your spouse and you both use your car for work purposes you can claim up to 10,000 kms each. • To be eligible to claim donations, make sure that the charity is a registered “deductible gift recipient” (including school building fund contributions). A charities status can be checked at www.abn.business.gov.au. • Remember to claim the costs associated with preparing your tax return including travel to and from your accountant. • See Holiatt Daant for all your accounting and taxation needs.

FREE CONSULT OFFER - book your first financial Planning meeting today! Phone: 8563 1673 Fax: 8563 0416 admin@organicwealth.com.au 72 Murray Street, Tanunda www.organicwealth.com.au

Authorised Representative (No. 430888) of AIW Dealer Services Pty Ltd (AFSL No. 414256)

Black & White Business Support Services

We all want to retire. When can you?

by Leigh Black • Audit and review accounting data in December. Do not wait until June as you will miss out on the opportunity to expense tax deductions. • Stay abreast of depreciation rules and legislation to maximise potential tax deductions and write offs. • Increase trading account purchases in June. • Ummm...Ensure liability accounts, especially payroll obligations are reconciled monthly and appropriate accruals are made for entitlements. • Independantly research taxation laws yourself.... your accountant may have missed something!

Secure your future, talk to us.

RIGHT: Leigh Black of Black & White Business Support Services.

Black & White Business Support Services Work smarter - not harder

Need help tidying up your accounts or taking your business to the next level? Need a bookkeeper at competitive rates in your local area or need assistance with setting up your IT? What about producing manuals? We’ve got it covered! ü Book keeping ü IT Support/Infrastructure ü Office Relocation ü Work Health Safety Legislative Requirements ü Producing SWMS or JSA’s ü Writing and implementing procedures and manuals ü BAS reporting ü Wages and payroll ü Imports/Exports

Looking for a plan to help bridge the gap to your retirement? With Key Financial Planners, we not only make a plan, we’ll help you put it into action. We’ll track your investment choices and ensure they are best suited to the market and achieving your future goals.

“Bringing you a highly personalised service that will guide you through your property transaction every step of the way” .Property settlements, including first homes and vineyards .Preparation of Private Contracts for Sale including Form 1 and statutory searches

Call Anthony Prior on 8561 2400 to arrange a time to discuss your financial future.

.Transfers between family members and business partners including family farm transfers .Registration to change name, notation of a death and notation of a marriage BA13993-V4

.Applications for Land Divisions

Our Barossa office is conveniently located at 17 Murray Street, Nuriootpa.

17 Murray Street, Nuriootpa, SA 5355

We understand that for most people, buying a home is one of their biggest and most exciting investments and to that end we aim to make it as stress free as possible.

telephone 08 8561 2400 facsimile 08 8561 2499

Member of Australian Institute of Conveyancers

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Corporate Authorised Representative and/or Corporate Credit Representative of Magnitude Group Pty Ltd ABN 54 086 266 202, AFSL and ACL 221557

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72 Murray Street, Tanunda p. 8563 1673 | m. 0407 608 013 | elizabeth@ekconveyancing.com.au

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anthony@keyfinancial.net.au www.keyfinancial.net.au

Competitive hourly or contractual rates available

Call Leigh on 0406 941 387 today to HELP

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• Taxpayers should make sure that all income received is detailed, even if you have not physically received it in cash, you may still have taxable income (for example share dividend reinvestment plans, interest rolled over on term deposits). This information is now made available direct to the ATO from the institutions and they can come back in future years and give you a nasty surprise if omitted. • No matter how big or small the deduction is, they all add up over the course of twelve months. Ensure you keep details of every one of your deductible expenses, no matter how small they are and you will have the best opportunity for maximising your refund. If you have purchased something specifically for work, purchased partially for work or purchased for yourself and then subsequently used for work, then there is the possibility a claim can be made. If you are unsure if you can claim it, keep the receipt and ask your accountant for advice. • If you are making a claim for work related home office expenses, telephone (including home and mobile), home internet and the like, ensure that you have started a diary to record the relevant work related use of items prior to June 30 to substantiate any claims made (note diary records are required for a four week period). • If you have made a capital gain from the disposal of a capital asset during the year (for example sale of shares), review your investment portfolio for any underperforming asset/s. They may be better utilised by realising any losses in the current year against these gains. Remember capital losses can not be offset against ordinary income (ie wages) but must be carried forward until they can be offset against capital gains, so are better utilised in years where a capital gain is made.

Advice we specialise in

• Aged Care Planning • Self-Managed Superannuation Fund (SMSF) • Wealth protection/management • Retirement planning • Debt management • Financial planning • Banking solutions • Investment planning • Superannuation • Estate planning

Business, Tax & Finance, “The Leader”, June 18, 2014 - 5 KFP12097_3_Retire_110x200.indd 1

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Business, Tax & Finance OFFICE NATIONAL BAROSSA

Business, Tax & Finance

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MOBILE SERVICE & SALES

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YOUR LOCAL DEALER

Office National Barossa Sales Manager, Mr Anthony Semmler with his store’s top five ergonomic products.

Barossa Accounting & Tax Services Accountants & Advisers

As Barry Swan enters the next phase of his life, he is left to ponder the benefits of retirement. After some 33 years of working in a public practice, it will be strange to stay home and not travel from Tanunda to Nuriootpa 5 or more days a week to ‘clock in’. Barry will certainly miss the camaraderie of the Nuriootpa based Barossa Accounting and Tax team and particularly the regular contact with his many trusted and cherished clients and business associates. However, there will be many benefits and some challenges in retiring. “Not having to deal regularly with Government departments like the ATO, Centrelink and Revenue SA. Not having to manage business activities and having to be so regimented, or concerning myself with changes in tax legislation to the extent that I have for all these years”, Barry said. Barry is very much looking forward to morning sleep ins. “Not having to get up early to be at the gym at 7 a.m. on workdays to be at the office by 9 a.m. That will be a great treat”. Attending to many personal and family activities with Barry’s wife, Heather also comes high on the list. “We can travel in our 4WD, enjoy our children’s families and spend more time spoiling our four grandchildren. Going to lunch, have a coffee or go to the cinema during the day. Enjoying more time at the beach, fishing, playing music more often with my ‘muso’ mates.” Catching up and sharing good times with my friends and neighbours. Trying my hand at gardening and most importantly becoming more involved with community activities”, said Barry. The important thing for Barry has been

to plan for the business succession prior to retirement day before handing over the reigns and letting go. “Heather and I have recognised the need to move on and do our own personal things while still young and healthy enough to do so. Now who’s buying the next round of drinks?” said Barry. The firm has also recently appointed James Heuzenroeder as a Senior Tax Accountant to the practice. James is a Chartered Accountant with over 25 year’s experience in public practice and commerce. James has previously worked at KPMG and at the Adelaide office’s of PKF International Accountants. James is also a lead tax advisor to Business SA, which includes the authorship of a series of tax publications and advice to members. In addition to tax and accounting advisory work, James has been involved in the preparation of business plans for joint venture opportunities, advice on business acquisitions and salary packaging advice for business in both the profit and not for profit sectors. James has lived in the Barossa with his wife Teresa, who is a winemaker at Yalumba, for over sixteen years and is looking forward to enhancing the already strong professional reputation of BATS in the region. With James joining fellow professionals Nick Schuster, Dean Hoklas, Angela Sonntag, Jonathon Gerhardy, Jordan Krzoska and John Ibrahim and long serving support staff, BATS is able to provide a broad range of taxation, accounting, audit and business advisory services. To complete the offer, financial planning advice it available through qualified planner Nick Schuster who is an authorised representative of Merit Wealth.

6 - Business, Tax & Finance, “The Leader”, June 18, 2014

DH3287

Barry Swan signs off Retiring Barry Swan (centre) with Nick Schuster and Dean Hoklas.

• Individual and Business Tax Returns • Accounting and Secretarial Services • Business Services and Advice • Succession Planning • Accounting Computer Systems • Audit Services • Self managed superannuation

Merit Wealth • Financial Planning • Superannuation • Personal Insurance • Self managed superannuation fund investing.

Free 1 hour initial consultations available. Contact: Nick Schuster

Nick Schuster is an authorised representative of Merit Wealth Pty Ltd. AFSL409361

23 Gawler Street NURIOOTPA SA 5355 Phone: 8562 2777 Fax: 8562 3144

www.barossatax.com.au Email: admin@barossatax.com.au


Business, Tax & Finance Business, Tax & Finance Type comfortably with an ergonomic shaped keyboard to avoid repetitive injuries.

This heated foot rests help to take the pressure off the lower back and will keep your feet warm in winter.

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Simply purchase one or more boxes of either PaperOne All Purpose A4 Copy Paper or Office National Premium A4 Copy Paper in a single purchase during the promotional period and you’re automatically eligible to enter. With your invoice handy, visit www.officenational.com.au and enter the competition today for your chance to WIN one of four Torino ‘Galetta Retro’ Scooters! PaperOne TM Scoot Away Promotion full terms, conditions and permit numbers visit the dealer website or go to www.officenational.com.au. The promotion is authorised by April IMS and ED Office Products. Valid between 26/05/2014 and 30/06/2014.

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Business, Tax & Finance, “The Leader”, June 18, 2014 - 7


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The Barossa Communication Team; L-R: (Back) Ben Gillard, Leila McLennan. (Front) Lindsey Johansson-Clark, Rhys Zerbe and Michelle Buc.

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8 - Business, Tax & Finance, “The Leader”, June 18, 2014


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