The Pulse

Well it is almost tax time again. Time for me to get prepared for 16 seminars around Australia and 5 webinars with my good friends and MYOB team members David Barfoot and Peter Platt. Time for you to train your staff and get ready for another year of challenge, fun and excitement.

MYOB works closely with the Tax Office each year to retain their industry leading lodgement acceptance rates of over 99%. The information and insight gathered is then shared through the Tax Seminars to practices right across Australia. In my practice, Dynamic Taxation & Training Services, I know I always find that investing time in Tax Training at the start of the year means there are fewer questions from the team – allowing me to get out on the road and see more clients.

This year there is a series of key changes. The high profile forms are the Company, the Trust and both the Funds. The Partnership has modest changes and the Individual return is subject to relatively little change, which is something we can all be pleased about. Calculating the bottom line is what it is all about this year! So… big changes to:

• The Calculation Statement in the company and both the Fund returns
• The Trust form with the separation of Franked distributions from non-primary production income and new labels in the distribution statement – some of these changes also affect the Partnership return
• Claiming of offsets and the exclusion from the low income tax offset of the unearned income of some minors impacts the Estimate
• The one-time only additional tax to pay for the Flood Levy for Individuals and Trustees impacts the Estimate, as does
• Denying the low income tax offset (LITO) on the unearned income of minors.
• The removal of the Education Tax Refund labels from the Individual return with the introduction of the Schoolkids Bonus.

Additionally there are 4 new ATO schedules with all but one of them being able to be lodged via ELS. These are:

• Research and Development tax incentive schedule (BY)
• The International dealings schedule (IDS)
• Excess Contributions schedule (EY)
• Reportable Tax Position (RTP) Form (applies to Companies only) – complete online with the ATO.

I look forward to seeing you there or talking to you during the webinars. Don’t forget to say hello, watch the incredibly innovative video this year and ask easy questions only!

=====================================================================

Mark Holton has been presenting the lead presenter at MYOB Tax Seminars for the last six years. From running both a practice on the Central Coast, working closely with MYOB and consulting to the industry at large Mark is excellently placed to deliver these important events. Click the following link www.myob.com.au/2012Tax to register for your spot on the Tax Seminar today.

Mark Holton – Managing Partner of Dynamic Taxation and Training Services