Does anyone else remember eagerly awaiting the school fete? I certainly do…it was the only time of the year I got to eat those little toffee things made in paper cups with 100’s and 1000’s sprinkled on top…remember??

The school fete was always a fixture on the calendar of my primary school when I was growing up and I love to see that tradition continuing.  I notice that they tend to be called “Fairs” or even “Days Out” these days…but behind each and every one of these days is a team of hardworking individuals…

The school fete is usually one of the major fundraisers for schools, but it goes beyond money.  Days like these bring together the families of the school, as well as their friends and it’s an opportunity for the kids at the school to showcase their talents…but it goes beyond that too!

The organising of these events is time consuming plus the set up and clean up in addition to the event itself…it’s often said “we live in a time poor society”, and so it’s the volunteering and time commitment I see at these events which really shines through for me!

Yesterday I attended the Dennington Day Out, the sun was shining I had some delicious homemade yo-yo biscuits and a great snag in bread (thanks R & T!), and I got to see some of my “little friends” perform on the big stage…and to see so many parents and grand-parents involved was heart warming.

I’ve spoken in the past about donations, and I will continue to give as and when I can…but if you don’t have any spare cash around, I encourage you to consider donating your time instead – it is a truly rewarding experience!

If your school has an upcoming fete or fair, please feel free to provide the details in the comments or comment with details on our Facebook page!

Regards

I was alerted to an article recently via the National Tax Accountants’ Association (NTAA) regarding the early release and use of superannuation based on compassionate grounds.

In general, if a member of a Self-managed Superannuation Fund (SMSF) is suffering from a severe medical condition and they do not have the funds available for treatment, they may apply to have some of their superannuation released to pay for medical expenses, on the basis of compassionate grounds.

Understandably there are specific conditions which must be met, including approval from the Department of Human Services.

The situation referred to in the article related to a formerly obese woman who was granted approval to withdraw funds to have life saving surgery – given that she has more than halved her weight, and reduced her risk of diabetes, cancer and hypertension (all of which she was pre-disposed), I have no problem with this.

However, the taxpayer subsequently made an additional withdrawal to pay for cosmetic surgery related to the dramatic weight loss…this I do not agree with.

The NTAA have discussed the matter with the Australian Taxation Office (ATO), and I understand they are reviewing the situation with the taxpayer and the trustee of the SMSF – if it is found that these funds were incorrectly accessed, then penalties will most likely apply.

If you are a member or trustee of a SMSF, please ensure you seek adequate advice in relation to the early release of superannuation – it’s in your best interests!

Regards

Note: The Tax Chic is not a registered specialist in SMSF, but if you require expert advice I can put you in touch with someone who can help.

Unless you were hiding under a rock, you’ll most likely know that yesterday saw the running of the 154th Melbourne Cup!

Congratulations to Protectionist and your connections!

The first Tuesday in November is not a public holiday for me as I’m not in metropolitan Melbourne, but I did manage to take a break for some champers and fruit while watching on the television…the evidence is in the attached photo…

In keeping with all things numbers, I thought I’d research a few facts and pass them onto you…the following were found in a report prepared by HR firm “Randstad” back in 2010.  I’m sure the figures are a bit different in 2014…but they paint a pretty good picture:

• 77% of working Australians spend 3.5 hours or more celebrating the occasion
• 15% of working Australians watch the race then return to work
• 8% of working Australians are simply too busy to watch at all…??
• there is an increase of 25% on the number of full-time employees who call in sick on the Wednesday following “Cup Day”…(bad form I say!)
• 14 million Australians spend $400 million betting on the Cup

But my favourite statistic has to do with the spend on fashion, with retail spending in Victoria (remember this was 2010) hitting $53.1 million! This includes:

• 62,000 hats and fascinators
• 60,000 pairs of shoes
• 50,000 dresses
• 30,000 items of jewellery
• 27,000 ties
• 21,000 handbags
• 18,000 suits
• 17,000 items of underwear
• 14,000 shirts
• 11,000 pairs of sunglasses
• 13,000 pairs of socks or pantihose

While I contributed a little to the betting ring, I’m saving my fashion spend for another special occasion this year…

Did you participate in Melbourne Cup celebrations?  I’d love to see some pictures…(feel free to tag me on Instagram or Twitter – @bronthetaxchic)…

Regards

I’m hoping by now that all business owners are aware of the change…but just in case you haven’t heard – the Australian Taxation Office (ATO) are no longer issuing paper activity statements to electronic lodgers!

While there are some exceptions, notably:

– Q statements (Annual GST report)

– R statements (Quarterly PAYG instalment notice)

– S statements (Quarterly GST instalment notice)

– T statements (Quarterly GST and PAYG instalment notice)

If you are unsure of the type of activity statement you lodge, you should check with the ATO or your registered tax agent as soon as possible.

Last financial year, the ATO ceased issuing paper activity statements to any entity who lodged their activity statement by electronic means and had provided a valid e-mail address.  However from 1st July, 2014 even if you haven’t provided an e-mail address, as soon as you lodge an activity statement electronically – you will fall into the electronic only category.

So…if you haven’t received your paper activity statement for the September 2014 quarter, it is most likely due to you having lodged your June 2014 quarterly activity statement electronically – so you’ll need to contact the ATO and advise them of your e-mail address.

I also recommend registering for the Business Portal and setting up a calendar reminder for due dates – I know I couldn’t survive without my calendar reminders!

PS Thanks to Jess for suggesting this topic!!

Regards