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Thorntons Biz - Tax & Super Update

December 2013

Please find attached the December 2013 issue of Thorntons Biz.

The Coalition has stood by its promise to repeal the mining tax, but an unexpected part of this process is a much-earlier repeal of the business deductions that are tied in with it. Capital allowance concessions, specifically the $6,500 instant asset write-off and $5,000 immediate vehicle deduction, are to be wound back to previous levels from next January, not next July (which is the date of effect for the mining tax repeal).

With the bushfire season looming, we run over the tax implications of natural disasters, and what you can do to be better prepared should essential documents and records be destroyed. We also take a look at the circumstances where borrowing costs and loan interest can be claimed as tax deductions, and sketch out the new rules for dealing with excess superannuation contributions.

Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact our office for personal advice.

Helpful links

 An article in this month's newsletter discusses the tax implications of natural disaster, and mentions a helpful form that is available from the Tax Office, the "reasonable estimate for documents destroyed by disaster" form, which is available here. The government's Disaster Assist website can be found here.
For the story on deductions for interest and borrowing costs on investments, there is extra information available at taxation ruling TR 2004/4 should you wish to brush up on the rules. You may also want to read TR 97/23 regarding how repairs are treated for tax purposes. Finally, in relation to adding interest to the cost base of a CGT asset, review ss110-25(4) Income Tax Assessment Act 1997 (ITAA97) where the interest is not able to be claimed under s8-1 ITAA97.
And the excess superannuation contributions article mentions a form that is required to have contributions disregarded or reallocated. This is available here. 
Disclaimer: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information.

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Client Testimonials

Thornton's have constantly provided service of the very highest level, are responsive to our needs and are progressive in their offerings without ever being pushy. Importantly, the people we need to speak to are always available when we need assistance or advice on a range of matters and deliver when they say will. They are one of our most trusted partners in business...

Daniel Colgan, Director, Colgan Industries Pty Ltd

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Our company has found Marie and the team at Thorntons to be extremely helpful in their approach to our business. They are always ready with a reply to our emails or phone calls. Nothing is too much trouble for Marie and the team, they go above and beyond to help us with our taxation. I would recommend them anytime.

Splitrock Farming Co., Kerry Robinson

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Thorntons has been our business and accounting advisors for more than a decade. Thorntons team of dedicated and experienced staff ensure all of our financial requirements are addressed in a professional and timely manner. No issue is ever too big or small and it has been a pleasure working with them as our family business has grown over the past thirteen years.

Keryn McKinnon, Business Manager, Duraseal

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On behalf of Aquatec I would like to say that getting Thornton’s to provide management reports and business consulting has been the best thing we ever did. Moving from a “standard” accounting practice that wasn’t really giving us any proper advice to Thornton’s helped us transform our business and gave us a crystal clear picture of our business health on a month to month basis. Overall a great company to work with, would highly recommend them.

Andy Baker, General Manager, Aquatec Equipment

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I work collaboratively with Troy, Marie and their team in the areas of estate planning, farm succession planning and related party property transactions. Troy and Marie’s attention to detail and professionalism are of the highest standard and they work hard to attain practical and viable business solutions for their clients. They are both clear communicators, accessible and a pleasure to work with.

Julie Murray, Solicitor, Yarramundi Law

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Over the 5 years that my company has been a client of Thornton's, I have been extremely happy with their level of expertise and service. All of my enquiries have been dealt with in a timely and friendly manner. I would have no hesitation in recommending their services.

Hamish Pryde, Director, GlobalSD Pty Ltd

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