CURRENT NEWS:

22-2-2012
Colonial Notes Offer - read more...

12-12-2011
The Education Tax Refund.
Click here to download the fact sheet regarding this topic...

28-11-2011
FBT and Christmas Benefits...
As the festive season approaches and employers prepare for the traditional end of year celebration, benefits such as meals, gifts and entertainment may be provided to staff. The provision of such benefits may have fringe benefits tax (FBT) and income tax implications.

Click here to download 2 useful examples that will help in the understanding of possible implications...

16-11-2011
Origin Energy Unsecured Subordinated Cumulative Notes Offer
Download the Offer details here (PDF document 160KB)
Download the Origin Energy Prospectus here (PDF document 4.3MB)

1-10-2011
Fuel tax credit rate change for heavy vehicles

On 1 July 2011 the fuel tax credit rate, for heavy vehicles that use taxable fuel such as diesel or petrol, and travel on public roads, was reduced to 15.043 cents per litre. This is due to an increase in the road user charge.

Remember to use this new rate when you complete your business activity statement (BAS) if you are affected by the road user charge increase.

For information on your eligibility for fuel tax credits please contact our office.

1-10-2011
The R&D (Research and Development) Tax Incentive
The R&D Tax Incentive is the Australian Government’s principal measure to encourage industry investment in research and development. It is a broad-based, market-driven program that aims to boost company competitiveness, improve productivity and deliver economy-wide benefits to Australia.

The R&D Tax Incentive replaces the R&D Tax Concession for research and development in income years commencing on or after 1 July 2011. It provides generous benefits for eligible research and development activities (R&D activities). The two components of the program are:
• a 45 per cent refundable tax offset for eligible companies with an aggregated turnover of less than $20 million per annum; or
• a non-refundable 40 per cent tax offset for all other eligible companies.
The R&D Tax Incentive is jointly administered by AusIndustry (on behalf of Innovation Australia) and the Australian Taxation Office (ATO). For more information please contact our office.

27-9-2011
Who is responsible for Digital TV in a rental property?
Landlord or tenant?
Read our helpful diagram by clicking here (PDF document).

9-9-2011
“Declined! Declined! Declined!”
Have you ever had insurance cover declined due to health issues?

Accident Only Life Cover
Although this cover is not designed to replace the need for comprehensive life cover, accidental death cover may be the only option for people who are unable to obtain life cover, as a top-up cover due to a persons medical history.

This type of cover will pay a lump sum in the event of the insured’s death as a result of accident, provided death occurs within 90 days of the accident and prior to the policy expiry.

Although the accident death cover premium is dependent on occupation, the premium does not change for age and is the same whether the policy is on stepped or level premium rate.

Accident Only Income Protection Cover
Accident only income protection provides up to 75% of income in the event of injury or accident. Accidental injury means a physical injury which is caused solely and directly by violent, accidental, external and visible means, which occurs while the benefit is in force and which results solely and directly and independently of a pre-existing condition or any other cause in total disablement.

There is no financial underwriting for both of these options.

Insurance cover for adult children
It is very important to consider any adult children who may still live at home for insurance cover in the unfortunate case where they become permanently disabled and the parents would need to look after them.

Most parents are busy saving for or enjoying their retirement and basically would not have the funds available to look after an adult child that may become disabled. Trauma or Total permanent disablement cover for an eighteen year old could cost as little as $250 per annum.

26-8-2011
HECS-HELP Benefit

The HECS-HELP Benefit aims to encourage graduates to take up employment in specified occupations.

The HECS-HELP Benefit relates to the fields of mathematics (including statistics), science, education, nursing (including midwifery) and early childhood education.

If you are eligible, you could receive a benefit up to $1,500 for the 2008-09 income year (indexed in later years). Please contact our office for further assistance in lodging an application for a particular income year.

Are you eligible for the benefit?

You are eligible for the benefit if all the following apply.

Graduated from an undergraduate natural or physical science course of study after 30 June 2008
Graduated from an eligible education course of study or an eligible nursing/midwifery course of study from 1 July 2009 onwards
Were a Commonwealth supported student for all or some of that course
Had a HELP debt at the time you completed your maths or science course
Have not at any time since completing that course repaid your entire HELP debt
Have a HELP debt in the period you are claiming for
Are required to make a compulsory HELP repayment in the income year for which you are applying
Are employed:

in a specified occupation in relation to your area of study.
for at least a week in the income year for which you are applying.

You are not eligible for the benefit if you:

Paid all your student contribution up front, or
Are not required to make a compulsory HELP repayment in the income year for which you are applying.

10-8-2011
Mulcahy Legal welcomes Wendy Cartledge
Mulcahy & Co Legal is proud to welcome Ballarat's most respected Conveyancing Clerk Wendy Cartledge as the newest member of their quickly growing team.

Most of you will be already familiar with Wendy as her reputation for exceptional service has been built over her 25 years of Conveyancing.

We understand that for an Agent, speed of turnaround can mean the difference between a sale or not. That's why we aim to provide a Section 32 Vendor Statement or Purchaser interview for signing to be completed within 24 hours of instruction. Obtaining prompt service from an experienced and qualified legal team is no longer a dream.

Joining the team at Mulcahy & Co, with their state of the art facility and technological advantage over traditional law firms, Wendy is excited about continuing to service Ballarat and surrounding districts.

Give Principal Solicitor Brad Matthews or Wendy a call before embarking on your next property transaction. Ph: 5330 7200

10-8-2011
Education Tax Refund
The Government has recently changed the Education Tax Refund to now include school-approved uniforms, purchased from 1 July 2011. This includes all clothing purchased that are distinctive and recognised by the school, but are not limited to items bearing a school crest if the items are of the schools approved colours. However items such as hats, footwear and sports uniforms will not be eligible until 1 July 2012.
So from 1 July 2011 start keeping receipts for school uniform items so you can claim them next year.

For further information please go to http://www.educationtaxrefund.gov.au or contact us for further assistance.

8-8-2011
Flood Levy
The government has introduced a Temporary Flood and Cyclone Reconstruction Levy (flood levy) applying to taxable income for the 2011-12 year only. It is designed to assist affected communities to recover from the recent natural disasters by providing additional funding to rebuild essential infrastructure. Individual taxpayers, who have a taxable income over $50,000 in the 2011-12 financial year will have to pay the flood levy. Certain people affected by natural disasters will not pay the flood levy for example if you received an Australian Government Disaster Recovery Payment or you were affected by an event that occurred during 2010-11 declared as a natural disaster under the Natural Disaster Relief and Recovery Arrangements.

Employers need to ensure that the flood levy is withheld from payments they make to their employees. New tax tables incorporating the flood levy will apply for the 2011-12 financial year only. If an employee is exempt and they earn more than $50,000, they may wish to lodge a Flood levy exemption declaration form to lower their withholding. For more information visit the Australian Taxation Office website and follow the link on the home page (www.ato.gov.au).

1-8-2011
Cash Rate Left Unchanged
At its meeting today, the Reserve Bank of Australia Board decided to leave the cash rate unchanged at 4.75 per cent.

Watch Neil’s video on today’s RBA decision. Click to view..

Some reasons for their decision include:
• The global economy is continuing its expansion, but the pace of growth slowed in the June quarter
• The central scenario for the world economy over the next couple of years envisaged by most forecasters remains one of growth below the pace of 2010, but at or above long-term averages
• Australia's terms of trade are now at very high levels and national income has been growing strongly. Investment in the resources sector is picking up very strongly and some related service sectors are enjoying better than average conditions. But in other sectors, cautious behavior by households and the high level of the exchange rate are having a noticeable dampening effect.
• Growth in employment has moderated and the unemployment rate has been little changed, near 5 per cent, for some time nowAt today's meeting, the Board considered whether the recent information warranted further policy tightening. On balance, the Board judged that it was prudent to maintain the current setting of monetary policy, particularly in view of the acute sense of uncertainty in global financial markets over recent weeks. In future meetings, the Board will continue to assess carefully the evolving outlook for growth and inflation.(Information sourced from Statement by Glenn Stevens, Governor: Monetary Policy RBA, the full report can be found at www.rba.gov.au/media-releases/2011/mr-11-16.html)

Neil McCahon is available to chat with you regarding your lending requirements on 5330 7200.