Just in case anyone has seen liquidators notices for a Money Pennys Group Pty Limited we want you to rest assured that this company is completely unrelated to us.

We are indeed fighting fit and hard at work. As usual.

Cheers,
Ben.

The Government has announced they will introduce a flood levy to help with the reconstructions costs following the devastating January 2011 floods. The following is a brief summary of the levy and how it will affect you:

• The levy will be applied to your taxable income in the 2011-12 income tax year
• A levy of 0.5% will be applied on that part of your taxable income between $50,001 and $100,000
• A levy of 1.0% will be applied on that part of your taxable income above $100,000
• For example: for someone on a salary of $80,000 the flood levy will cost them $150

If you have any further questions, please contact your accountant.

mOneypenny | business & taxation services would like to wish all of our clients and the rest of internet land a fun and safe festive season.

See you all in 2011.

We're looking for some fresh blood to join our Business & Taxation Services team. We're looking for someone who has:

• Ideally 1-2 years experience at a small/mid size accounting firm in B&T
• Great communication skills
• ICAA/CPA studies not required, but would be a bonus
• Ability and willingness to manage your own workload and relationships with your clients

What we offer is the antithesis of the larger accounting firms - entertainment industry client base, direct contact with your own clients, independent workload management and a flexible & relaxed work environment in Sydney's Fox Studios.

If this sounds like you, please contact us via the website or on recruitment@moneypenny.com.au

We’d like to take this opportunity to congratulate our nominated clients:

BIRDS OF TOKYO

• Album of the Year – Birds of Tokyo
• Single of the Year – Plans
• Best Group – Birds of Tokyo
• Best Rock Album – Birds of Tokyo
• Best Music DVD – The Broken Strings Tour DVD

WASHINGTON

• Album of the Year – I Believe You Liar
• Single of the Year – How To Tame Lions
• Best Female Artist – I Believe You Liar
• Best Adult Alternative Album – I Believe You Liar
• Breakthrough Artist – I Believe You Liar

EMPIRE OF THE SUN

• Best Pop Release – Half Mast
• Most Popular Australian Album – Walking On A Dream

KATE MILLER-HEIDKE

• Most Popular Australian Album – Curiouser
• Most Popular Australian Single – The Last Day On Earth

ADAM SPARK

• Producer of the Year – Birds of Tokyo, Birds of Tokyo

VARIOUS

• Best Original Soundtrack/Cast/Show/Album – Accidents Happen
  • Luke Steele
  • Empire of the Sun
  • The Middle East
  • Sandcastle Music

 

Best of luck to all the nominees!

Congratulations and good luck to our clients who have been nominated for awards at the 2010 Inside Film Awards.

• Best Documentary - Darren Dale - producer of Lani's Story
• Best Music Video - Cameron D'Arcy - producer of The Goods News by Philadelphia Grand Jury
• Best Direction - Rachel Perkins - director of Bran Nue Dae
• Best Direction - Jeremy Hartley Sims - director of Beneath Hill 60
• Best Feature Film - Liz Watts - producer of Animal Kingdom

Best of luck to the nominees for the big night on Sunday 14th of November, 2010.

For more information please see here.

EMDG applications can now be lodged for the year ended 30 June 2010 (09/10 year).

 

The Export Grant Scheme is under funding pressure this year. This is  due to an increased number of applicants, coupled with a decrease in annual funding from $200 million to $150 million. Legislation has been passed to restrict  applications for future years (to achieve increased  payouts), however 09/10 applications will face lower payments. The following will apply for this year’s applications:

 

1.       The first tranche payment has been reduced to $27,500 (down from $50,000).

2.       The maximum grant is likely to be $90,000 (down from $161,000).

3.       In all other respects the current guidelines will apply.

 

For future years, revised guidelines will apply. The major changes are:

 

1.       Minimum expense spend has increased from $10,000 to $20,000.

2.       Trademark and patent costs are capped at $50,000.

3.       Maximum number of grants will be 7.

4.       Maximum grant will be $150,000.

 

The Export Grant Scheme has been extended to 2016.

Information originally provided by Export Incentives.

We are soon to be saying goodbye to our beloved receptionist Eliza as she is leaving our shores to go traipsing around Europe. As such, we will be looking for a new receptionist.

So, if you think you've got what it takes to be our new receptionist extraordinaire please contact Mike at the office on (02) 9383 4580 or send in your resume via email on recruitment AT moneypenny DOT com DOT au

Here are some more things to think about coming up to 30 June 2010 ...

Income
• Start salary sacrificing into super,
• Delay any bonus or eligible termination payment to July 1 when the final tax cuts kick in,
• If taking leave this month don’t ask for payment in advance – it’ll be taxed at this year’s higher rate,
• Salary package a laptop – if used for work it is FBT free,
• If you have a company car and earn less than $180,000 switch to the employee contribution formula,
• Low-rate taxpayers should check whether any fringe benefits they are getting are still worthwhile,
• First home buyers should start a first home saver account and collect a tax break as well as a government grant (separate from the first home buyer’s one),

Deductions
• Start a diary of expenses if you want to claim for taking work home,
• Prepay next year’s interest on investment loans and income protection insurance,
• Donate to a registered charity,
• Pay professional subscriptions and union fees upfront,
• Bring forward medical, dental and other check-ups, and get prescriptions filled by 30 June. The threshold for the medical expenses rebate rises $500 on 1 July,
• Keep receipts for school expenses (such as textbooks and laptops) if you’re eligible for Family Benefits Part A as any excess can be carried forward and qualifies for a 50% deduction,
• Bring forward self-education and work-related expenses such as tools of trade,
• Keep receipts or your credit card statements for one-off expenses such as computer repairs, virus software and the like,
• Join a private health fund: under new rules the Medicare surcharge kicks in at $73,000 for singles and $140,000 for the combined income of a couple, and counts salary sacrificed into super,

Investments
• Take advantage of the weak sharemarket to move assets within your family or into a DIY super fund,
• Choose term deposits that mature after 1 July 2011 when the 50% discount on the first $1,000 of interest kicks in,
• Put savings and other interest-bearing accounts in the name of the lowest taxpaying family member or in joint names,
• Look at the fully franked dividend paying shares (and put them in the name of the lowest income earner),
• Get a quantity surveyor to value your investment property so you can claim maximum depreciation,
• If buying an investment property consider living in it for up to six years, which will save capital gains tax,
• If selling an investment property delay settlement to 1 July, thus postponing capital gains tax for a year,

Small business breaks
• Review your use of private company assets as benefits are now taxed at market value,
• Deduct losses from running a side business if your taxable income is less than $250,000,
• Make sure new equipment or furnishings ordered by 31 December 2009 are installed by 30 June 2010 for the 30% deduction,
• Write off any bad debts out of the ledger so you can claim a deduction,
• Write down stocks if the replacement costs has dropped below the book value

Please be advised that this does not constitute advice as each person's situation is different. If you feel that any of this might apply to your situation, please contact your accountant to discuss the matter further.

Cheers,
B&T

Hello all,
It's that time again - annoying commercials for car dealerships having EOFYS sales*, groups of accountants running around town embarrassing themselves and time for you to think about a few things to ensure you're in the best position possible when it comes time to do your 2010 tax returns.

Superannuation
Employ staff? Then you pay super. The key thing with superannuation is that it needs to be paid by 30 June 2010 in order for it to be deductible. That means you can't simply accrue the expense in your files, you must physically pay the cash to the fund. If you don't do this then you open your business up to penalties, interest and loads of boring paperwork - not to mention a grumpy accountant.

Prepaid expenses
If you're classified as a SBE (small business entity) then you may be entitled to prepay certain expenses, rent for example, and claim the whole year's worth in one hit. This could have a huge impact on your 2010 tax bill. If you feel you might be able to prepay some of your expenses then give your accountant a call to see if it's the right move for you to make prior to 30 June.

Cash based accounting - debtors and creditors?
If your business prepares it's tax on a cash basis then it will adjust it's taxable income by the opening/closing debtors/creditors each year. This can have a huge impact on your taxable income and your tax bill. Give your accountant a call to see if it's maybe time to eithe chase up some late debtors or to see if it's time to pay off some creditors before 30 June.

There are many other things to consider before the end of the financial year. Please give your accountant a call if you feel any of the above, or any other issue, might affect you.

Cheers!
B&T

*Am completely aware that the word 'sales' here is redundant, as it is part of the EOFYS acronym. Now, where is the closest ATM machine?