Welcome from Scott Cutmore - Partner

Welcome to the March edition of the McConachie Stedman newsletter.

It has been a while now, but we still reflect on the monumental flooding in the south of the state and the impact it has had on many clients & their families. We have assisted many clients with getting different forms of government assistance, etc. and are happy to help where we can. To this end there is a good summary of the assistance available on our website so I urge you to have a look there or contact your advisor if you need some help.

In each edition of our newsletter, we try to cover information relating to each of the firm’s key service areas:  Accounting & Taxation, Self Managed Superannuation, Auditing, Financial Planning, Finance Broking and Insurance Broking.  We are mindful of reducing the technical jargon used in articles and hope you get some useful information reading them.  In this edition, you’ll be able to read about the need for businesses to consider succession planning, claiming deductions for donations and full-time student study, the importance of starting your superannuation fund saving early just to name a few.  Remember, if there’s anything you’d like to see included in future editions, call us on 07 4632 1966 or email mail@mcconachiestedman.com.au. 

Finally, we were delighted to hear that one of our founding partners, the late Bruce Stedman, is to be honoured by Concordia Lutheran College in having one of the school houses bear his name.  I’m sure, this will be a great honour for the Stedman family and reflects the value placed on Bruce’s tireless efforts for both the Lutheran community & the community at large.

 
 
Index

Simply click on the link below and you'll be directed to article.
 

Stedman - New House name for Concordia
Succession Planning - Can you afford to retire?
ATO helps full-time students claim study deductions
Claiming deductions for donations to flood relief
Credit and debit data matching program
Co-owner of rental property can claim expenses
Tax return blitz for separated parents
Paid Parental leave scheme for business what will you need to do?
Superannuation do's and don'ts
Will you have enough to retire on?
Start super early and reap the rewards
A funny one for campers everywhere

 

March 2011 

 

Stedman - New House name for Concordia 

Past Partner, Bruce Stedman has been honoured for his long time commitment to Concordia Lutheran College. 

Read more...

 

Celebrating staff achievements 

Congratulations goes to Kelly Powell and Anna Haig for completing their Certified Practising Accountant (CPA) studies.  Kelly will continue her accountancy work with Scott Cutmore, Jane Heidrich & Sam Dean’s tax team and Anna continues to share her expertise on Myles' tax team.

Congratulations also to Tammy Pukallus for receiving the Vice Chancellor’s Scholarship at USQ to study Accountancy.  Tammy completed her year 12 studies at Concordia Lutheran College last year and is currently working part time with us in Myles’ tax team. 

 
 

 

Succession Planning - Can you afford to retire? 

Succession planning is a vital element of business strategy that many ignore or leave until the last minute resulting in hasty decision that can affect the owner's retirement plans.

 Read more...

 
ATO helps full-time students claim study deductions 
The recent decision from the High Court in the case of Antis has prompted the ATO to allow eligible Youth Allowance recipients in full-time study to claim a tax deduction for their education expenses.

Read more... 

 
Claiming deductions for donations to flood relief
The ATO has approved 'bucket donations' for the 2011 Queensland, Northern New South Wales and Victorian floods, as it did for the large number of donations made after the Victorian bushfires in 2009.

Read more...

 
Credit & Debit data matching program
In an effort to level the playing field of businesses, the Australian Tax Office (ATO) is undertaking a major compliance program overhaul that will result in the identification and assessment of non-compliance by those businesses that operate in the cash economy.

Read more...

 
Co-owner of Rental Property can claim expenses 
A formal guideline has been issued by the ATO in regards to co-owners of rental properties that share an interest in the rental income and expenses of that property.

Read more...

 
Tax return blitz for separated parents
The Child Support Agency (CSA) has recently signed a new agreement with the ATO, continuing a blitz on separated parents who fail to lodge tax returns.

Read more...

 
Commonly used Accounting terms explained
From time to time clients ask for clarification of accounting jargon, we thought it might be interesting to start including them in our quarterly newsletters.

Read more...

 
Paid Parental leave scheme for business what will you need to do to be ready for the 1st July 2011?

To make sure your business is ready to provide "Parental Leave Pay" to any eligible employees, you can register for the Paid Parental leave scheme through Business Online Services with Centrelink. 

Simply follow the attached link, download the brochures that will help you step through the process simply and efficiently.

They contain all the information you will require and helpful hints and contact numbers to assist you further. 

https://www.centrelink.gov.au/internet/internet.nsf/publications/fpr049.htm

 

 
 
Start super early and reap the rewards

These days most people know the importance of superannuation and saving for your retirement – and that living off your own superannuation pension, for example, is going to give you a lot more comfortable retirement than relying on the Government aged pension.

 Read more...

 
 
Superannuation do's and don'ts
If you make a decision to start a self managed superannuation fund, there are requirements that you as trustee of the fund need to be aware of.

Read more...

 
 
Will you have enough to retire on?
A new guide has been developed by our financial planners entitled "Planning for Retirement".  If you have been putting off making your plans or you have wondered how our financial planners go about achieving their clients goals, this new book provides in-depth insights that can assist you to take the first step.   Please call Steve, Rob or Adam at our office 07 4632 1966 to receive your free copy or email mail@mcconachiestedman.com.au

 

 
 
Advantages of using a good broker
A good mortgage broker could save you a lot more than just time.

Read more... 

 

 

 

What is your most valuable asset?

Most Australians will earn over a million dollars in their life – life and the ability to earn income is clearly many people’s most valuable asset – yet we prefer to insure our cars and homes.

Read more...

 
A funny one for campers everywhere

Sherlock Holmes and Dr Watson were going camping. They pitched their tent under the stars and went to sleep.

Sometime in the middle of the night Holmes woke Watson up and said: “Watson, look up at the stars, and tell me what you see.”

Watson replied: “I see millions and millions of stars.”

Holmes said: “and what do you deduce from that?”

Watson replied: “Well, if there are millions of stars, and if even a few of those have planets, it’s quite likely there are some planets like earth out there. And if there are a few planets like earth out there, there might also be life.”

And Holmes said: “Watson, you idiot, it means that somebody stole our tent.”

 

We welcome your feedback on our E-Newsletters, drop us a line if you would like something added next time.

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