It is with a heavy heart that I announce the resignation of Jane McKenna from the role of Office Manager at JMP Accountants. Jane has been with JMP Accountants for over 21 years. During these years, she has been instrumental in overseeing all administrative aspects of our growing accounting firm. Jane has been a great role model to other staff members as well as a trusted support for myself personally.
Jane’s contribution to JMP over the years has been extremely valuable to the entire team and without her our growth would have been extremely challenging, both to our staff and clients.
I would like to take this opportunity to say a heartfelt thank you to Jane for all of her hard work, dedication and loyalty over the years.
Jane’s final day at JMP will be 31st of March, 2020. On behalf of the entire JMP family, we wish Jane best of luck with her new chapter in life and future endeavours.
TAX & SUPER AUSTRALIA
Some discretionary trusts to be deemed “foreign” and cop extra stamp duty
Two states have made moves that will see residential property owning trusts that have any beneficiaries who could potentially be seen as non-resident deemed a foreign trust for the purposes of stamp duty provisions.
Tax issues when dealing with volunteers
From bushfire relief groups, sporting clubs, environmental groups and many more, volunteers are an indispensable workforce. An important practical consideration for many may be if payments to volunteers constitute assessable income and whether their expenses are tax deductible.
Transition from AUSKey to myGovID:
This one very important matter that should be focusing the minds of tax agents across the nation. We provide a concise step-by-step guide to make the transition, clear up some common myths, sketch out the main issues practices face, and provide factsheets, useful links and helpful videos from the ATO.
DIRECTORS GST COLLECTION TO BE ADDED TO ATO’s POWER
Recently passed legislation now gives the Commissioner of Taxation power to make a company director personally liable for GST. The measure is being introduced to halt the practice of phoenixing, which is to deregister a company to avoid payment of taxes.
Normally, a Director Penalty Notice (DPN) may be issued where a payment of GST is late. However, please note that this does not apply to deferred December 2019 lodgements (due to natural disasters).
However, in certain circumstances this may affect your company going forward. For example, you may be on the borderline regarding GST registration.
Alternatively, you just may have had a history of late lodgements in the past. If the new regime is enacted as law, the ATO has the ability to speed up your GST payments.
There are provisions in place which mean you, as a director of the company, will not be personally liable for the company’s GST. One such option, where the company cannot make the payment of GST, is to enter into a payment arrangement after lodgement. Director’s penalties are specifically excluded where a payment arrangement is in place.
If you would like to discuss this any further, please let us know. Yours sincerely, JMP Accountants