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Volume 3 - Issue 2
June 2005

Saward Dawson - Making a difference

Tax time and big changes

With tax time approaching and important changes announced in the recent Federal Budget, there is much to discuss in this issue of InFocus. We feature an article on the Government’s changes to superannuation with the impending implementation of Super Choice. The barrage of advertising has been unavoidable and whilst the changes might seem rather daunting, for most employees there will be little, if any action required. However, the choices you make could have significant ramifications on your retirement savings.

Whilst the importance of all these changes should not be understated, there are also other important things in life. No matter how busy life gets, it is always worth taking time out to “smell the roses”. In an extraordinary story, one of our clients, starting from humble beginnings on a Gippsland farm, has created one of Melbourne’s most amazing gardens, visited by thousands each year. As we all approach this busy time of the year, we hope that you will be able to take some time out to “smell the roses”.

Client Infocus - Elaine and Reg Smith

Living on the cliffs of Mount Eliza, they own one of Melbourne’s most outstanding private gardens. Blooming incredible!

Many of us dream of building a lasting legacy; one which will be appreciated and loved by generations to come. For Elaine Smith, her dream was to find a place where she could design and create her own special garden. Earimil, her amazing creation, is visited by thousands of people every year; the proceeds going to support children with life-threatening illnesses.

GST - Non-reviewable contracts

Do you have contracts that were entered into before commencement of the GST that could not be reviewed and extended to accommodate the GST? You need to act before 30 June 2005.

Read the June Count Report including articles on:

		Investment strategies to minimise your tax bill
		Alternative investments
		Managed funds or direct shares?
	Read the report

Super Choice makes your super your responsibility

There has been much publicity about the changes to superannuation. We explain how Super Choice will affect employees.

The introduction of the Government’s Choice of Superannuation Fund legislation on 1 July 2005 is generating a lot of publicity including an extensive advertising campaign. The changes will enable millions of Australian employees to choose the fund into which their superannuation guarantee contributions should be paid.

Splitting of superannuation contributions can be a tax-effective option.

The Government has announced that it intends to honour a previous commitment that will allow the splitting of superannuation contributions between spouses. It will mean that less tax may be payable on two smaller superannuation benefit payouts than would have a applied to a single large payout.

Service trusts

The draft ruling on Deductibility of Service Fees paid to Associated Service Entities has been released by the ATO. It will have an impact on many people in the Professional and Small Business sectors.

For your convenience...

You can now use BPAY for paying your accounts. The details are included on our invoices and statements.

If you prefer to use internet banking or direct credit to our account, please note that our bank account details have changed. Our new account details are:

BSB 083658
Account 571918341

Around the firm

We are pleased to announce that Samantha Keats and Joshua Morse have been appointed as managers after having been Senior Accountants with us for several years.

We have been busily recruiting staff over the last couple of months. We will have five new faces joining us this July and in February next year.

Many staff and managers have been taking leave in preparation for our busy season. The destinations have varied from climbing the Himalayas (for the young and single), to much closer to home for the rest of us.

Disclaimer This publication has been prepared on the basis of information available at the date of preparation. The information is general in nature and is not to be taken as substitute for specific professional advice. We recommend that our advice be sought on specific issues prior to acting on transactions affected.