Monthly Archives: July 2013

New Event Registration Process

Businessman with sticky notesThe McMahon Osborne Group have been working hard to make life a little easier for you.

You can now register for our events and seminars via an online booking form. When you receive one of our event/seminar flyers just go to the click here button embedded in the flyer to register your details.

It’s that simple! Go ahead and check it out.

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Proposed FBT Changes

Last week, the Federal Government announced it’s intention to change the method of calculating the Fringe Benefits Tax (FBT) on cars.  The proposed changes will abolish the Statutory Formula for all new motor vehicle contracts entered into from 16 July, 2013.  As a result, employers will use the operating costs method (logbook method) to calculate FBT.

The operating cost method is more arduous and is based on the actual business use of the car as recorded in a log book.  Tax is payable on the portion of operating costs attributable to private use. It is important that sufficient detail is recorded in relation to each work related trip, otherwise the employer risks the logbook being deemed by the Australian Tax Office as invalid and it is therefore assumed that the total running costs of the vehicle be subjected to FBT.

The proposed changes will also affect employees, with those with salary package cars expected to be most affected.  The tax saving from packaging cars has traditionally come through the use of the statutory formula method.

It should be noted that this proposal has not yet been passed through Parliament.  Should the legislation be passed by Parliament, the change from Statutory Method to Operating Cost Method will apply to all contracts entered into- or materially varied-after the announcement on July 16, 2013, with effect from 1 April, 2014.  All existing contracts prior to the announcement will not be affected by the change.

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Do you have lost super waiting to be claimed?

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It is estimated there are billions of dollars in unclaimed super floating around Australia’s funds – and 50% of Australian workers have at least some super that’s gone astray.

Every week we have new clients who tell us that they’ve lost track of their super. Each new job they take has a different superannuation provider and as years go by, they simply lose track of it all. As for finding their old super in other funds, they don’t know where to start.

Does this sound like someone you know?  It might even be you!

There is any easy way to check if you’ve got lost super waiting to be claimed…

SuperSeeker Quick Search

SuperSeeker Quick Search is a secure online tool provided by the Australian Tax Office which provides information on your superannuation.

In just a few simple steps you can perform a search to see whether any of the billions of dollars of unclaimed superannuation is yours…

  1. Visit the SuperSeeker Quick Search website, read and accept their terms and conditions.
  2. Fill in your TFN, Name and Date of birth and select Login.
  3. See if the search results list you as having unclaimed super

It’s that easy!

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Don’t miss our next Property Investment briefing

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Filed under Events