Welcome to our July issue of Business Bulletin. |
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Super funds excess contributions taxNow that the new financial year has begun, we strongly encourage super fund trustees to consider the new contribution and pension limits for the year ahead. The last few financial years have seen a high number of taxpayers caught out due to excess contributions from salary sacrifice arrangements and members not keeping track of the dates on which employers have paid contributions on their behalf. From 1 July 2012, those earning over $300,000 will pay tax on their contributions at a 30% tax rate. |
For further clarification on the above or for information on how we can help you, give our Super Specialists a call. |
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Annual wage reviewUnder Fair Work Australia's National Minimum Wage Order 2012, from 1 July 2012 Federal minimum wages will increase. If you are not sure of the appropriate pay rate under the new award, you can check with Fair Work Australia. |
The order takes effect on the first full pay period on or after 1 July 2012.
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Don't delay! Contact us now for your Tax 2012 appointment. Phone 03 5144 4566 today. |
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The future of the family farmRecent research has revealed that the majority of small family farms in Victoria are struggling to survive, with just under 30% earning enough to support the families who own and manage them. A high proportion of farms have to rely on family members supplementing the farm income with jobs off the farm. Low turnovers make it difficult to turn a profit, resulting in many farms' income being below the median income of Australian households. If you are in the fortunate position of the minority of family farms turning enough of a profit to support your family, that's great! However, if you are in the difficult position of most small family farms, we might be able to help you work out some strategies for improving the health of your business. |
Talk to Colin Wright, our Farm Business Specialist, for the right advice. Alternatively, have a chat with your usual Phillipsons accountant. |
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The event was very well supported by the local community, raising over $60,000 for the Five Star Project, who provide opportunities for young adults with disabilities to live independently, and the Sale Elderly Citizens Village. |
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Heading North: Sam Alexander is now just south-east of Tamworth... and expects to be in Queensland by the end of July. Phillipsons has already donated to the cause. You too can donate! To donate, for more info and to follow his progress, go to: http://www.headingnorth2012.com/ |
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Coming up
Kurt Best General Manager Phillipsons.com.au |
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