Completing PAYG Payment Summary Individual Non Business

Please note that when you are entering an amount into the Reportable Employer Superannuation Contributions section you are to only include the amount that your employee salary sacrifices, not the normal 9% you pay on their wage.

Future potential tax changes

The following is a list of what might eventuate in the future

Small business (turnover of less than $2m)

1. From 1 July 2012 reduction in company tax from 30% to 29%
2. From 1 July 2012 immediate write off for any asset costing less than $5000
3. From 1 July 2012 all assets costing $5000 or more will be depreciated at 30%

Large business

1. From 1 July 2013 reduction in company tax from 30% to 29%

Personal

1. From 1 July 2011 50% tax discount on up to $1000 of interest income
2. From 1 July 2012 standard tax deduction of $500
3. From 1 July 2013 standard tax deduction of $1000

Superannuation

1. From 1 July 2012 government will contribute $500 to super for low income earners if money is contributed to super and a tax deduction claimed
2. From 1 July 2012 if you are 50 plus and your super is less than $500,000 you can continue to contribute $50,000 per annum and claim a tax deduction for it
3. From 1 July 2013 SGC increases to 9.25%
4. From 1 July 2013 the maximum ages for SG rises from 70 to 75
5. From 1 July 2014 the SGC increases to 9.5%
6. From 1 July 2015 the SGC increases to 10%
7. From 1 July 2016 the SGC increases to 10.5%
8. From 1 July 2017 the SGC increases to 11%
9. From 1 July 2018 the SGC increases to 11.5%
10. From 1 July 2019 the SGC increases to 12%

10 year anniversary

It has been 10 years since Rob and I first took over the firm from Bill Ridge and would like to thank you all for your loyalty during that time. Our goal over that time was to deliver more value to you than what we charge, and i feel we have been able to achieve that. Looking back we have had great pleasure in:

1. helping you start income streams from your superannuation,
2. helping you use the tax benefits you are entitled to from superannuation in retirement,
3. bringing a relationship with one of the best investment and superannuation teams in Australia to our firm. The dramatic changes to the investment world will ensure that this relationship in the next 10 years will add so much value to your wealth. Anyone can make money when times are good, but when times are bad making money and preserving your wealth actually requires a great skill set,
4. training and developing the next generation of professionals for not only DHM Partners but also for the community. It is hard to train and develop staff and keep them all. To those that have left I hope you are grateful for the training and development you received from us and use it to benefit the community. To those that have stayed I look forward to many more years working with you as your employer and future business partner,
5. running a series of seminars to help the young entrepreneur who are currently in business or plan on entering business,
6. helping you survive one of the hardest 10 years the local community has ever had to face, and
7. helping you convert some of your long term investments into a more liquid form.

There have been many more achievements and there will be many more going forward as Rob, myself and our team remain committed to bringing you the best advice there is.