Monthly Archives: January 2015

Is it the end of January?

??????????????????????????????????????????????????????????????I know they say that “time flies when you’re having fun”…but seriously, wasn’t it just Christmas?  I really don’t want to be one of those people always complaining that time goes faster as you get older, but it’s a little hard not to be sometimes…

Personally, I have really enjoyed taking a relaxed approach to January this year.  It was important for me to take some time out for myself (easily done by spending hours browsing travel brochures for my trips later in the year!) – but now it’s time to get back to business, for real!

Before the Christmas break, I was asked by my mentor to reflect on my successes of 2014 – the obvious one was the launch of The Tax Chic – I am so very proud of myself for the work I’ve done to date, but there’s more to come – so watch this space.

My diary for February is already jam packed and I can’t wait to get stuck into it.

So how will I spend my last weekend in January?  I’m heading to the “big smoke” – I’ve got some work planned and some play planned, including a belated birthday celebration (yes, this 40th birthday of mine is still going!)

What about you?  Are you back into things or still on holiday?



I inherited some shares – what do I do?

????????????????????????????????????????????????????????????????????In the event that you are left an inheritance, there are some important things you should consider.

Quite often I come across the situation where a client has inherited shares.  It may be a recent inheritance or they may have held the shares for a number of years, but at some stage the shares may be sold.

The taxation consequences of this sale transaction depends on a when the shares were purchased or acquired by the deceased.

I understand that at the time a deceased estate is being processed, documentation may not be at the forefront of your mind – but I hope this post will help you to remember the things you need to find out if/when you inherit shares.

If the shares were acquired by the deceased before the introduction of Capital Gains Tax (CGT), then you need to consider the value of the shares at the date of death, as this will form part of your cost base and purchase date for CGT purposes.

If the shares were acquired by the deceased after the introduction of CGT, then you need a lot more information including the original date purchased and the original amount paid.  You will also need to determine any CGT events that may have taken place during the deceased’s ownership (such as dividend reinvestments or share re-structures), as this will form part of your CGT calculations.

If you sell the shares you inherited after some time has passed from the date of death, you may find it difficult to access the information and documents you need…

So if you hold shares I recommend you ensure your records are up to date and easily accessible for your family members, and if you inherit shares I hope you can now remember to ask some questions of the Executor so you can get the information you need, sooner rather than later.

PS Remember to read the disclaimer



Happy Australia Day 2015!

Australia-flagI’m getting in a few days early as I plan on taking the day off on Monday!

For the benefit of those not from Australia – or those who ditched Australian History at school – each year on 26th January we celebrate Australia Day.

In short, this date marks the anniversary of the arrival of the first fleet in 1788 (…for those who know me well, I’m singing John Williamson songs in my head as I type!)

For most Australians, this long weekend is a time for having a relaxing BBQ with family or friends, with some enjoying a cool drink at the same time – it’s also a day for welcoming our newest Australian citizens and commemorating some great achievers through the Australia Day Awards.

I am proud to be a member of the Australia Day Advisory Committee to my local council – and I’d like to take this opportunity to congratulate all the award recipients this year!  I look forward to celebrating with you at the awards ceremony on Monday.

The other thing I’m looking forward to this weekend is…a guilty pleasure of mine…the Grand Annual Sprintcar Classic at Premier Speedway!  Yes, you read correctly – I’ve been going to watch the sprintcars in action since I was a little girl – and I still get a rush from the sights, the sounds and the smells!

How do you spend your Australia Day long weekend?



ATO Accounts:

dollar signIt’s no secret that the Australian Taxation Office (ATO) are sometimes seen as a debt collector – after all, it is their role to collect many types of taxation from the community on behalf of the Government.

But did you know that you, or your business, may have more than one “account” with the ATO?

For example, if you have a Higher Education Loan Payment (HELP) debt, this amount is isolated in a separate account attached to your Tax File Number (TFN).

Movements in the HELP account may relate to additional fees incurred, annual indexation and repayments applied at the time you lodge your tax return.

Similarly, most of us have an “Income Tax Account” which records our actual tax liability upon lodgement of our income tax return, as well as refunds issued or payments made.

One account you may not be familiar with is the “Integrated Client Account” or “ICA” – the ICA is attached to the TFN of all individuals or businesses who have GST, Fuel Tax Credits, PAYG Withholding or PAYG Instalment transactions (among others).

Important to note is that each of these accounts has a different numerical identifier for you to use when making payments.

It is extremely important to review your documentation from the ATO thoroughly, prior to making payments, in order to ensure that the payment will be applied to the correct account.

If you are concerned that you may have made a payment to an incorrect account, contact your registered tax agent and they will be able to check with the ATO on your behalf, and rectify the situation.