End of Financial Year

Clear Vision • August 3, 2015

Tax Questionnaires
We are starting to send out our Year End Questionnaires – and will do throughout the year according to when work has been scheduled.
The questionnaires have gone through a “make-over” and should be fast and user friendly.
The questionnaires can be sent back with your tax work using Hightail. Hightail is a secure online drop box, that allows files to be sent electronically. This is especially handy when the files are too large to email. We will provide a link to Hightail in our email or letter, all you have to do is attach your file – it couldn’t be easier. We are more than happy to help if you need some assistance.

Medical Expenses Tax Offset
The 2014-2015 tax year is the final year the tax offset for medical expenses can be claimed. To be able to claim this taxpayers have had to claim it in both 2012-2013 & 2013-2014 tax years.
For the 2015-2016 tax year taxpayers can claim this if they incur payments for:
1. relates to an aid for a person with a disability; or
2. relates to services rendered by a person as an attendant of a person with a disability; or
3. relates to care provided by an approved provider (within the meaning of the Aged Care Act 1997) of a person who:
(i) is approved as a care recipient under that Act; or
(ii) is a continuing care recipient within the meaning of that Act.
This means for most people there is no need to keep records for out of pocket medical records from 1 July 2015.

Are You Turning 50?
Contribution caps for SMSF’s have not changed this financial year except for those turning 50 in this tax year.
If you are turning 50 in this financial year your concessional cap will increase to $35,000 from 1 July 2015.
Just a quick reminder of the contribution caps:
Concessional – under 49 years $30,000
Concessional – 49 years or over $35,000
Non-concessional – standard $180,000
Non-concessional – bring forward mode $540,000

Office Gossip…
Karen has had a baby girl! Karen & Zane are now proud parents to 2 daughters…should keep them busy for the next 20 years or so!!

How Much Do You Need to Make? Understanding Business Turnover

By Caroline Gillies • July 13, 2025
Running a business isn’t just about making sales — it’s about making enough sales to cover your costs and pay yourself what you deserve. But how do you figure out how much turnover (aka revenue) you actually need to make each month? Knowing this number helps you: Set realistic sales targets Price your products or services properly Know when to cut costs or increase margins Understand when your business is sustainable This isn’t just about numbers — it’s about clarity and control. Once you know your required turnover, you can stop guessing and start planning. Whether you’re a solopreneur, a growing startup, or a small business owner, this is the foundation of making your business work for you — not the other way around. We love numbers — seriously. And we get that not everyone does. If you need help breaking things down in a way that’s simple, practical, and actually makes sense (even if numbers aren’t your thing), call Clear Vision Accountancy Group today on 4688 2500.

12% Superannuation Guarantee - 1 July 2025

By Caroline Gillies • June 22, 2025
From 1 July 2025, the Superannuation Guarantee (SG) rate in Australia will increase to 12%. This means employers will be legally required to contribute at least 12% of an eligible employee's ordinary time earnings to their superannuation fund. This increase is the final step in a legislated rise from 9.5% in 2021 to 12% by 2025, aimed at boosting retirement savings for Australian workers. If you use Xero for payroll, the SG rate should automatically update in the system. However, we recommend you double-check your payroll settings to ensure everything is correct. If you’re unsure or need assistance, please contact your bookkeeper or get in touch with us at: Clear Vision Accountancy Group (07) 4688 2500 We’re here to help you stay compliant and avoid any costly errors.

Capital Gains Tax Implications of Subdividing Land in Australia

By Caroline Gillies • June 1, 2025
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