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Thorntons Biz - Tax & Super Update

February 2015

Please find attached the February 2015 issue of Thorntons Biz.

Different areas of the nation have already experienced bushfire, and summer hasn't finished with us yet. With natural disasters like fires and floods, the last thing anyone affected needs is problems with the Tax Office. There have therefore been put in place some protocols to help taxpayers through such difficult times.
With SMSFs continuing to gather strength, the weight of the sector's large investment holdings of certain asset classes is starting to be felt. Property continues to be the focus of a lot of SMSF trustees. We look at some salient tips - and point out some traps - about SMSF real estate investment.
Also covered in this month's newsletter is the tax implications of having a debt "forgiven", the concessionary treatment available to certain professionals, known as "income averaging", steps a partnership can take to smooth the transition, tax-wise, when a partnership business changes its makeup, and the common myths surrounding the contractor-vs-employee conundrum.

Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact our office for personal advice.
Our Key Services
  • Accounting, Taxation
    and Other Compliance

    Our team of professionals will ensure your business complies with Australian tax, company and employment legislative requirements. Read more +

  • Specialist Tax
    Consulting

    Our experienced team is available to provide answers to a broad range of questions in all areas of tax. Read more +

  • Superannuation
    Estate & Succession
    Planning

    We help our clients manage their future through providing practical advice and taking care of superannuation, estate and succession planning. Read more +


  • Business Valuations

    Valuations are vital when making strategic business decisions. Read more +

  • Business Planning
    & Structuring

    We offer full entity structuring advice and guidance and will assist you in finding the best way to structure both your business entities and personal holdings. Read more +

  • Business Development
    & Mentoring

    Our team are passionate about helping our clients achieve business growth through development and implementation of effective business growth strategies. Read more +

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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