News

Henson Lloyd Accountants Invite You To…. 4th October 2018

HENSON LLOYD INVITES YOU TO….. 

Breast Cancer : The Hidden Secret Awareness Breakfast

A new era for Breast Cancer Screening & Prevention. 

THURSDAY 18TH OF OCTOBER 

7:45am for 8:00am Start

ARKABA HOTEL 

Osmond Room 

150 GLEN OSMOND ROAD FULLARTON SA 5064

Guest Speaker – Dr. Stephen Birrell

Discussing how high mammography breast density lowers the sensitivity of breast cancer screening and increases breast cancer risk.

For more info, please visit www.wellendhealth.com

We hope you can join us for our Breast Cancer Awareness Breakfast. Please remember to RSVP at your earliest convenience.

The Buy a Bale Campaign 11th September 2018

At Henson Lloyd we have recently donated $2000.00 to the Buy a Bale campaign to support our Aussie Farmers in their time of need.

The Buy a Bale campaign is part of the charity Rural Aid, formed by Charles and Tracy to expand services and support to rural communities not only suffering through natural disasters but communities that need help remaining in existence, our rural communities are disappearing and need help.

For more information about the Buy a Bale campaign visit https://www.buyabale.com.au

The Company Tax Rate Saga 19th September 2018

Wayne’s comment: Unfortunately, the recent Government delays in passing company tax rate legislation, has created much confusion in this area, and in certain cases, a review and possible amendments may be required for previously lodged tax returns.

In the last week of the August Parliamentary sittings, the controversial corporate tax cut plan for the big end of town (i.e., companies with an aggregated turnover of over $50 million) was defeated.

In addition, long-awaited legislation impacting the company tax and franking rates for small to medium companies (i.e., introducing a new ‘base rate entity passive income test’ from the 2018 income year to qualify for the lower 27.5% tax rate) was passed.

This legislation was particularly relevant for company rates applicable to passive investment and ‘bucket’ companies, which may now need to reconsider earlier lodged 2018 company tax returns, as well as the amount of franking credits attached to dividends paid from 1 July 2017.

Additionally, consideration may also need to be given to the company tax rates (and in certain circumstances, the franking rates) previously applied with respect to the 2016 and 2017 income years. 

This is in light of the recently issued ATO compliance and administrative approaches for the 2016, 2017 and 2018 income years.

ATO’s Focus On Work-Related Expenses 22nd March 2018

This year, the ATO is paying close attention to what people are claiming as ‘other’ work-related expense deductions, so it’s important when taxpayers claim these expenses that they have records to show:

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Single Touch Payroll Reporting (STPR) – Does this affect you? 15th March 2018

The ATO have recently introduced a new initiative to receive real-time payroll information about your employees each pay run. This change is known as Singe Touch Payroll Reporting (STPR).

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Taxpayer Couldn’t Explain Where She Got The Money To Pay Her Expenses! 2nd March 2018

The Administrative Appeals Tribunal has upheld amended assessments issued by the ATO to a beauty technician, based on the high volume of money passing through the taxpayer’s various accounts when compared with the modest income she had included in her tax returns.

For example, in the 2015 income year, the taxpayer had declared income of $61,842, but the ATO’s analysis of her bank accounts, records of international money transfers, and casino data suggested she had spent $107,328.

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Affordable Housing & Super 16th February 2018

Parliament has passed the legislation allowing first home buyers to save for a deposit inside superannuation through the First Home Super Saver Scheme (FHSSS), and also allowing older Australians to ‘downsize’ and then contribute the proceeds of the sale of their family home into superannuation.

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Utilities & Fringe Benefit Tax 9th February 2018

Employers and tradies who operate company vehicles are being warned of a likely change in the ATO’s approach to fringe benefits tax.

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Testamentary Trust 2nd February 2018

Testamentary Trust (also referred to as a Will Trust) offers greater control over estate planning and distribution to beneficiaries compared to simple wills.

A Testamentary Trust is as a trust established by a will, the benefits being:

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ANZ Bank issues a warning regarding fake text messages 8th September 2017

ANZ Bank has issued a warning about a fake SMS message like the one above that urges customers to click on a link to stop the bank suspending their accounts.

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