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ATS Partners
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WHAT WILL CHANGE ON JULY 1 2015
 
 
CGT relief for changes to small business structures
 
As previously announced, small business with an aggregated turnover under $2m will be able to change their legal structure without triggering CGT.  CGT rollover relief is currently available on transfer of business assets from individuals, partnerships and trusts into a company structure but all other entity type changes have the potential to trigger a CGT liability.
 
It is expected that this would allow a much broader range of restructuring options without triggering CGT.  For example, a sole trader may be able to restructure their operations into a trust structure.  Bear in mind that other tax issues may still need to be addressed on restructuring a business, particularly transfer duty.
 
Employee share schemes – further changes
 
The Government is making further technical amendments to the draft legislation enabling reforms to the taxation of employee share schemes.  The changes:
Exclude eligible  venture capital investments from the aggregated turnover test and grouping rules (for the start up concession);
Provide the CGT discount to employee share scheme interests that are subject to the start-up concessions, where options are converted into shares and the resulting shares are sold within 12 months of exercise; and
Allow the Commissioner of Taxation to exercise discretion in relation to the minimum three-year holding period where there are circumstances outside the employees’ control that make it impossible for them to meet this criterion.
 
A number of other amendments accompany these changes to make employee share schemes more accessible for Australian businesses and their employees.
 
These changes will take effect with the remainder of the enabling legislation from 1 July 2015 and are estimated to have a small but unquantifiable cost to revenue over the forward estimates period.
 

ADVANCE NOTICE – VIC WORKSAFE INSURANCE PREMIUMS
Please note that Victorian employers will be receiving their annual WorkSafe Insurance premium notices on the 9th July.

• If they pay the full premium by the 1st August they will receive a 5% discount on the premium...
• If they pay the full premium by the 1st October they will receive a 3% discount on the premium
• Premiums less than $1,000 must be paid in full by the 1st November

This notice is to advise our clients that funding of these premiums (and any other general insurances) can be arranged through a business called PaySynergy, a sister company to Fee Synergy who arranges the financing of professional fees.

The interest rates will be in the range of 3.85% to 4.25% so this makes it extremely attractive for those employers who want to take advantage of the 5% discount whilst enjoying the benefits of paying over 10 monthly instalments.

To take advantage of this offer or to find out more, please contact Jeff Logan from PaySynergy on 03 9822 1300 or email jeffl@feesynergy.com.au

Over the coming months we will advise clients of other services which can assist in the management of cash flow; so important to the success of any business.

We are committed to being pro-active in the delivery of cost saving and profit building advice and support to our clients. If you have any concerns or queries about your business performance, please do not hesitate to contact us.

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Jodi, Shiralee & Anissa attended the Women in Chamber Social Media Workshop last Wednesday, run by Fiona Fell. A most informative & helpful session! Here are Jodi & Shiralee with Fiona, sharing tips during morning tea.
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Allison and Anissa along with Gerard from ATS partners enjoyed an evening last night at the Wodonga Raiders Football Club Sportsman's night and our Collingwood staff members got to meet a favourite with Dane Swan
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Last Thursday, the 23rd of April, Faye Cornish (Senior Accountant), Anissa Dorman (Senior Accountant) and Shiralee Allen (Financial Planner) set up site at the 2015 Tallangatta Farm & Water Expo. The ladies had a great day sharing their expertise & the vast services ATS Partners offer!
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Do you have 19 or fewer employees? We have great news for you! You can save time using our free, online Small Business Superannuation Clearing House (SBSCH) -it makes payment to multiple super funds much simpler. Find out more and register at https://www.ato.gov.au/business/super-for-employers/paying-super-contributions/small-business-superannuation-clearing-house/

Come along to the 22nd Annual Farm and Water Expo on Thurs 23 April 2015 from 9 am at Tallangatta Showgrounds. We are Site 21A (should be opposite the food tent, yeah). We have a lucky dip (so try your luck and win a prize) and awesome information on accounting, tax, SMSF and financial planning! Hope to see you there!! For more information please visit: http://www.farmandwaterexpo.com/

Tuesday Brainteaser: There is a room with no doors, no widows, nothing and a man is hung from the ceiling and a puddle of water is on the floor. How did he die?

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The ATS Team wish you a Happy and Safe Easter!
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It is important to keep track of your super. If you've ever changed your name, address or job, you may have lost track of some of your super. Having several super accounts could mean that fees and charges are reducing your overall super investment. There are a number of ways to check and manage your super. For more information visit: https://www.ato.gov.au/…/In-d…/SuperSeeker/Check-your-super/
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