Road Works Near Hern & Associates 25th May to 30th June 2015
From Monday 25th May the council will be starting road works on Walkerville Terrace quite close to our office on Alfred Street. Please be aware that there will be parking restrictions and we recommend that clients park at the Walkerville Oval (off Smith Street) and walk through to avoid congestion. We apologise for the inconvenience.
We have heard of a recent phone scam by a person claiming to be from the Australian Taxation Office. They know your name and address and warn you that you have an outstanding debt with the ATO. They say the Australian Federal Police is on its way with a warrant for your arrest if you do not agree to pay on the spot. The caller will use an aggressive tone intending to frighten you. The ATO will never do this.
If you have a debt with the ATO, there will be letters reminding you that the debt is due and any action they take to recover the debt will be in writing. They will also contact Hern & Associates, as your accountant, to ensure that you are aware of the debt.
If you do receive a call from the ATO, please ask the following:
- Name of the person
- Which section of the ATO are they calling from? Ie BAS, debt collection etc..
- A reference number for the call – please be aware that ATO reference numbers do not start with letters.
- A contact number so that you can hang up and call them back.
- Don’t give them any personal information
- Tell them to contact your registered Tax Agent (Hern & Associates) as they will be able to help with their query.
If you have any doubt, refer them to Hern & Associates. We have a vast knowledge of how the ATO operates and we will be able to handle their queries for you. To learn more about the various scams relating to the Australian Taxation Office please click here:
Estate planning can be an unpleasant thought but it is a necessary task, especially if your assets are complex or you are a business owner. If you would like to share your wealth with many loved ones, an Estate Plan is essential. As your Accountant, Hern & Associates is ideally placed to offer financial strategies to make the most of your estate plan.
We are able to offer you a free consultation with Lester Jarmyn, Senior Estate planner from Australian Executor Trustees.
As a Representative of Australian Executor Trustees, Lester is able to assist clients in the areas of:
- Specialist estate planning advice, including taxation, planning and advisory services
- Will and Power of Attorney preparation
- Estate administration
- Trustee services – Testamentary Trusts, Living Trusts, Family Trusts and Charitable Trusts
- Attorney services
Brian and Maria have had a long association with Lester and many of their clients have benefitted from his 30-plus years experience in estate planning and Will preparation. Lester joined Australian Executor Trustees in 1976, and has been involved in the preparation of over 30,000 Wills.
Lester will be in our office on Thursday 26th March.
Appointment times are: 9am,10.30am, 1.00pm, 2.30pm & 4pm
Please contact our office on 8344 6011 to secure an appointment with Lester.
Our office will be closed from Friday 19th December and reopen on Monday 12th January 2015. We will be checking emails and voice mail sporadically during this time for urgent issues.
Thank you to everyone who has made our first year back in Walkerville a happy and welcome one. On behalf of Brian, Maria and the Associates, we wish you and your family a very Merry Christmas and a safe and happy New Year!!
The ATO in its exercise of making more work for Taxpayers have announced that they will be phasing out the distribution of paper forms for Quarterly BAS and IAS. Clients are expected to register on line to receive, prepare and lodge these forms.
This new policy is being exercised this quarter and some clients may not have received a paper Form which for many of us is the reminder trigger to prepare returns.
As our office is unable to get a reliable record at this date of those who have lodged or not lodged September quarter BAS or paid their IAS we are as a matter of courtesy reminding you of your obligation.
If you have any queries regarding the new electronic BAS & IAS system, please don’t hesitate to contact us on 8344 6011
We wish to inform Companies and Self Managed Super Funds that ASIC has increased their fees effective 1 July 2014. Here are some examples of some of the common fees that will apply from 1 July 2014:
Annual review fee for a proprietary company $243.00
Late payment fee for up to 1 month late $ 74.00
Late payment fee more than 1 month late $308.00
SMSF annual statement $ 51.00
For more information visit the ASIC site or call us on 8344 6011
Welcome to the 2014 edition of The Informer from the team at Hern & Associates. In this issue we will outline how the 2014 Federal Budget will affect you, as well as news from the Australian Taxation Office. Tax time is coming soon and, if we haven’t seen you yet, we look forward to welcoming you at our new office.
CLICK HERE TO READ THE INFORMER 2014
The ATO have just released their very own App!! Now this probably doesn’t sound overly exciting but it can be quite handy when conducting your personal and business affairs.
The ATO app has a section for individuals and small business owners that can be used for the following:
- work out if your worker is an employee or contractor for tax and super purposes
- search ‘Small business assist’ to find relevant information and YouTube video explanations on a range of topics
- calculate the amount of tax to withhold from salary and wage payments
- see how quickly you can pay off a tax debt with a payment plan
- view income tax rates for the current financial year.
- answers to common taxation questions and any changes that may be coming up
The ATO app is and available on Google Play, Itunes & Windows Store
As you may be aware the Australian Taxation Office has a cap on Concessional (before-tax) Contributions that is made by or for you to a complying super fund. The general Concessional Contributions cap for 2013-14 is $25,000.
If you are 59 years old or over on 30 June 2013, the Australian Taxation Office has allowed additional Concessional Contributions to be made to your super, with the cap increasing from $25,000 to $35,000.
From 1 July 2014 the higher cap of $35,000 will also apply to people who are 50 years or over.
What are Concessional Before Tax Contributions?
Concessional contributions include:
- Employer contributions such as:
- Compulsory super guarantee contributions
- Any additional voluntary super contributions your employer may make
- Any insurance premiums or administration fees that are paid by your employer on your behalf
- Salary sacrifice amounts
- Personal contributions by an eligible person (such as a self-employed person) that are allowed as an income tax deductions
- Transfers from reserves
- The taxable component of a directed termination payment in excess of $1 million
It is important to regularly monitor contributions made to your super fund as you do not want to exceed a cap. Also the timing of contributions are also important as to when the super fund receives your contributions. If an employer sends contributions in the month after each quarter, your April-June contributions may not be received until July and therefore, that counts forwards the new financial year caps.
If you have any queries about Concessional Contributions and the tax implications, please call our office on 8344 6011.
After a short period on Greenhill Road, we are happy to bring our new accounting and taxation business, Hern & Associates, back to Walkerville.
“We were reluctant to leave Walkerville Terrace as it was such a warm community, says Brian. You can walk down the street and bump into someone you know. We had a great relationship with local traders and staff would travel back to the terrace to use their services. We found Greenhill Road a bit cold with no sense of community. This is why we wanted to return to open an accounting firm that was community based and family focussed.”
Brian has returned to Walkerville with his new business partner and experienced accountant, Maria Keszler. Maria and Brian have worked together since 2009 and have the same values and work ethic. “We wanted to start an accounting business that reflected the same community and family focus that Brian started back in 1977, Maria says. We have formed long relationships with our clients and have looked after families from grandparents to grandchildren.”
We opened our doors on the 6th January at our new premises on Alfred Street, Walkerville. It has a relaxed yet professional environment that makes every client feel valued and welcomed. While our values are old fashioned, our knowledge and use of the latest accounting technology puts us ahead of other accounting firms.
“On our first day of business, it was very heart-warming to be told ‘Welcome Home’ by so many locals. It really does feel like returning home and every member of the Hern & Associates team feels the same way”, said Brian.
We look forward to welcoming all our clients to our new office and stay tuned for news about our grand opening family party.
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