NEWSLETTER June 2001

BELL & BELL ARE NOW ON THE WEB!!

IMPORTANT..... THE AGED PERSONS REBATE MUST BE CLAIMED PRIOR TO 30 JUNE 2001

YES. BELL & BELL ARE NOW ON THE WEB. YOU CAN VISIT THE SITE AND GAIN ACCESS TO INFORMATION RELATING TO ALL FINANCIAL MATTERS.

BELL & BELL CAN ASSIST YOU WITH ALL YOUR FINANCIAL NEEDS. WE HAVE ASSOCIATIONS WITH FINANCIAL PLANNERS, LENDERS AND OTHER EXPERTS TO PROVIDE YOU WITH ALL YOUR ACCOUNTING. TAX & MONEY QUERIES.

ANOTHER TAX YEAR HAS ZOOMED BY. THE LAST 12 MONTHS HAVE PRODUCED THE LARGEST NUMBER OF TAX CHANGES IN MANY YEARS AND IMPACT ON EVERY TAXPAYER.

YEAR END TAX PLANNING

1.   INDIVIDUALS REPAYMENT OF INTEREST OR EXPENSES FOR INVESTMENTS PRIOR TO 30 JUNE 2001 COULD REDUCE YOUR TAX.

INVESTMENTS SHOULD HAVE A PRODUCT RULING FROM THE A.T.O. AND BE COMMERCIALLY VIABLE BEFORE CONSIDERING THE TAX BENEFITS. TIMBERCORP TREES, OLIVE & ALMOND PROJECTS ARE AN EXAMPLE. .

2.   SUPERANNUATION CONTRIBUTIONS MUST BE PAID & CREDITED PRIOR TO 30 JUNE 2001. CONTRIBUTIONS UP TO $3,000.00 ON BEHALF OF YOUR SPOUSE CAN GIVE YOU A

REBATE OF 18% IF SPOUSES INCOME IS LESS THAN $10.800.00.

3.   CAPITAL GAINS TAX REVIEW YOUR SHARE PORTFOLIO TO OFFSET ANY CAPITAL GAINS WITH CAPITAL LOSSES PRIOR TO 30 JUNE 2001.

4.   HECS DEBT TO FINALISE YOUR DEBT IN ONE VOLUNTARY REPAYMENT. YOU CAN REDUCE YOUR OUTSTANDING AMOUNT BY 13%.

5.   COMPANIES THE CURRENT TAX RATE IS 34%. NEXT FINANCIAL YEAR IT WILL BE 30%. TO TAKE ADVANTAGE OF THIS YEARS HIGHER TAX RATE YOU COULD CONSIDER BRINGING FORWARD EXPENSES & DELAYING INCOME. ALSO FRANKING CREDITS ARE HIGHER THAN NEXT YEARS REBATE. SO CONSIDER PAYING DIVIDENDS.

6.   GST& BAS THE NEXT BAS IS DUE ON THE 28TH JULY 2001 FOR SELF LODGERS AND 13TH AUGUST 2001 IF LODGED BY A TAX AGENT.

7.   PAYG WITHHOLDING (THE OLD GROUP TAX RECONCILIATION FORM) 

TO BE COMPLETED & SENT TO THE ATO BY 14 AUGUST 2001. PAYG PAYMENTS SUMMARY (FORMERLY KNOWN AS GROUP CERTIFICATES) ARE TO BE GIVEN TO EMPLOYEES BY 14 JULY 2001

NEW TAX LAWS

  NON COMMERCIAL LOSSES

AN INDIVIDUAL CANNOT OFFSET LOSSES FROM RUNNING A SMALL BUSINESS AGAINST OTHER INCOME UNLESS CERTAIN CONDITIONS ARE SATISFIED. 

  PERSONAL SERVICES INCOME

IF INCOME IS EARNED FROM PERSONAL SERVICES THROUGH A TRUST, COMPANY OR PARTNERSHIP. THE TAX OFFICE REQUIRES THAT THIS INCOME BE TAXED IN THE PERSONS NAME, NOT THE BUSINESS ENTITY.

PLEASE CONTACT OUR OFFICE FOR FURTHER DETAILS OF THE ABOVE.

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