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Celebrate Christmas Tax Effectively

presents smlChristmas Parties and Gifts

This article maybe a little late in the season, however, we are often asked about the tax treatment of Christmas parties and gifts. Before you get to caught up in the celebrations here are a few things to consider.

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A cashless society – Could it really happen?

cashless-imageDo you remember the days where you were paid in cash? Many would, but maybe not like to admit to it…., and many wouldn’t. For those who haven’t experienced this or have chosen to forget, once upon a time your pay clerk would hand you a little yellow envelope full of notes and coins, and you’d take that around and pay all your bills – whether it be electricity, rates or groceries, it was all paid by cash.

 

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Think of making your super contribution now

 We have all been hearing the constant rumblings about the changes to superannuation. There is continued speculation that they will reduce the amount deductible (pre-tax) contributions that can be made. Currently if you are over 49 on the 30th June you can claim $35,000 as a deduction. For those younger, the maximum claim is $30,000. There is also speculation that non-concessional (post-tax/non-deductible) super contribution limits will be reduced from the current $180,000 and the 3 year bring forward rule.

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Family Tax Benefits and Other Welfare Reforms

Family-tax-roundAnother Federal Budget announcement is that from 1 July 2014 eligibility thresholds for non-pension payments including Family Tax Benefit, Child Care Benefit, Child Care Rebate, Newstart Allowance, Parenting Payments and Youth Allowance will be frozen for 3 years.

 

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2014 Tax Stats

tax-buttonNow that the 2013 financial year is over it's time to get on top of the paperwork for 2014.Here is a list of some of the things you need to think about for the new financial year.

 

Read more: 2014 Tax Stats