Christmas and New Year Office Closure 2016

Our office will be closed on Friday 23rd December and re-open on Monday 9th January 2017.

We would like to take this opportunity to say a big thank you to all of our clients for your continued support throughout the year. We have enjoyed working with you, and feel blessed to have such an amazing group of people to work with.

Best wishes to you and your family from the team at Parallax Accounting, we hope you have a very Merry Christmas and a safe and happy New Year.

Splitting Superannuation Contributions

TAX TIP – Splitting superannuation contributions with a spouse to maximise access to the $1.6m pension cap.

The ability to split certain contributions with a spouse has generally been available since 1 January 2006.

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Planning for 2017

Whether you're a small business owner or an employee, now is the time to be thinking about your tax position and start planning for 2017.

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How to verify or report a tax related scam

A warning for consumers to be aware of contact from scammers falsely claiming to be from the Australian Tax Office (ATO). 

Scam emails, faxes, SMS and phone calls can look or sound very convincing. You can generally tell they're not genuine because they offer you an unexpected refund or grant and ask you to provide personal information, credit card information or money.

The ATO will never email you asking for personal, banking or credit card details, and you should never provide this information.

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Is your business SuperStream ready?

From the 1 July 2016 all small businesses with 19 or fewer employees will need to start using SuperStream to make their superannuation payments.  

Use a clearing house...

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Tax Tip – Salary Sacrifice your rental property expenses and beat the GST

A very effective tax planning technique for any employee with rental properties is to salary sacrifice their share of the rental property expenses. 

By having an effective salary sacrifice arrangement in place the employee can package the GST-exclusive cost and save on the GST. 

The employer will not be subject to FBT as its taxable value will be reduced to nil under the ‘otherwise deductible’ rule.

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Fringe Benefit Tax (FBT) year is coming to an end, are you ready?

The FBT year end is fast approaching and set to close on the 31 March 2016.  FBT applies to non-cash benefits provided to an employee (or associate of the employee) in respect of employment.

This tax which is often overlooked is levied on the employer and catches many small business owners who legally employee themselves through a trading structure.

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The Importance of Tax Planning

What it means and how we can help.

How often do you hear accountants going on about the importance of tax planning and feel yourself zone out and feel disinterested? Although it may not be the most fun topic to talk about it may be one chat you wish you had with your accountant when you get next year's tax bill.

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