NEWSLETTER FEBRUARY 2013
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Peregian Accounting Services
Unit 3 12 Grebe Street
Peregian Beach Q 4573 |
Were you affected by the natural disasters in January? In case you didn't already know, in January 2013 we saw bushfires in Tasmania, New South Wales, Victoria and Queensland, as well as severe storms (tornadoes, even) and flooding in Queensland and Northern New South Wales. If you are in one of the ATO's identified affected postcodes, they may automatically make arrangements to defer some of your tax obligations. See also the Australian Government's Disaster Assist website. We hope none of you were directly affected by these disasters, but if you were please contact us for further guidance regarding your tax and financial situation.
Tax, super + you
Parents and teachers: did you know the Australian Government has a website targeted at secondary school students, called Tax, Super + You? It's designed to help students become prepared and educated about entering the tax and superannuation systems, and its content aligns to the curriculum for each state and territory, focussing on secondary school students in years 10 to 12. The website is part the ATO's secondary school education program, which also includes a secondary school tax file number program and school visits from specialist ATO staff. Once registered, students and teachers can access teaching, learning and assessment activities and digital interactive tools.
More information: Tax, Super + You FAQs
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Peregian Beach near our office
LINKS
Contact Peregian Accounting - Adaptive Accounting
Web:www.adaptive.net.au
Email: info@adaptive.net.au
Phone: 61 7 5448 1218
Fax: 61 7 5448 1221

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Upcoming Due Dates
- February 21 : January 2013 monthly BAS due date for lodging and paying (only for those on montly reporting cycles).
- February 28 : December 2012 quarterly BAS due date for lodging and paying (if lodging electronically).
- February 28 : Annual 2012 GST return lodgement due date for lodging and paying.
- February 28 : PAYG Instalment due date for paying (lodgement only required if varying the instalment amount).
- March 21 : February 2013 monthly BAS due date for lodging and paying (only for those on montly reporting cycles).
In Tax News
The ATO is again reminding people to be aware of scam emails that claim to be from the ATO. The most recent circulations ask the recipient to download an attachment that contains malware, or to click through to a website where you are asked to enter your personal details. See these examples of scam emails.
These scams are constant and ongoing: in 2012 the ATO received just over 26,000 reports from the public about fake ATO job ads, emails and phone calls. In general, if the email or phone call is unsolicited (ie they contacted you, you didn't contact them), asks for personal details, and is offering a refund, requesting payment or threatening legal action if you don't pay then you should be suspicious. If you suspect a scam, start by contacting us - if we are your Registered Tax Agent then we should already have received correspondence about the matter from the ATO, and we can access your ATO record to double check. Otherwise, contact the ATO directly on 13 28 61. Do not use the contact details provided in the email or phone call, or click on any links provided. Make sure to open a new browser window if you wish to log in to your ATO business portal.
Report scam activity to the ATO on 1800 060 062 (8am - 6pm Mon-Fri) or forward the email to Report Email Fraud.
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Car Loans
We have recently seen clients who paid thousands of dollars in hidden costs when financing vehicles. Otherwise savvy clients who did not ask the right questions and who did not check the fine print.
Comparing apples to apples
It is not enough to ask and compare interest rates as they can be very misleading. Setup fees, dealer commissions and monthly processing fees are not included in the standard, or "headline", interest rate but the total cost is all the various fees plus the so-called "interest charges": so-called as it seems all the various fees are just interest charges painted with whitewash.
From 1 July 2003 all lenders have been required to display a "comparison rate" with any offered credit rate, which is a single percentage rate that factors in extra fees and charges (including stamp duty and mortgage registration fees) and combines them with the "headline", interest rate to give you a truer picture of the cost of the loan. Comparison rates do not, however, include "future event" fees such as redrawing, early termination, or switching lenders. Furthermore, as one of our employees recently discovered when applying for loan even some bank representatives don't understand what the comparison rate is or how it is calculated. In other words, the burden is still on you to understand what fees and charges you are signing up for.
End of Loan Fees
At the end of their loan, one (thankfully profitable) client was recently charged $4,500 extra interest simply because they paid the loan out early when they traded the car. This was from a very well-known lender whom you would not suspect of such practices.
Checking for you
We use a spreadsheet we have prepared that works out the actual interest rate, including transaction fees and other charges. To use this spreadsheet, all we need from you is an email with the:
- Loan principal: the total amount borrowed, plus any commissions and fees included. You may need to borrow $20,000 to purchase the car from the dealer, but the loan could be for $22,000 when all extra charges are added.
- Payment amounts and frequency (for example, the first payment may be $1,000 paid immediately, then 59 payments of $500, and then a last payment of $10,000. 61 payments altogether).
- The date the first payment is due.
There is no fee for this service.
If you have any feedback or suggestions for our newsletter please email us at newsletter@adaptive.net.au
Until our next contact
Good Health & Good Luck
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© 2013 Peregian Accounting Services - Adaptive Accounting Pty Ltd
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