Florida Community Loan Fund’s Post

Learn more about the Novogradac Journal of Tax Credit Awards and how to nominate a deserving development.

Top Strategies to Save on Income Tax in the UK: A Comprehensive Guide

Hey guys, Nathan here, and welcome to 2024. This is your friendly reminder for the Compliance for the Australian Taxation Office (ATO): 𝐃𝐮𝐞 𝐃𝐚𝐭𝐞: 𝟏𝟓𝐭𝐡 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟒 TFN report - Qtr2 (October–December) TFN report for closely held trusts for TFNs quoted to a trustee by beneficiaries – final date for lodgement. Income tax - Due date for lodgement of income tax returns for companies and trusts that were taxable medium to large taxpayers in the prior year and are not required to lodge earlier. o If you fail to lodge your current return on time, your income tax return for the next financial year will be due by 31 October. 𝐃𝐮𝐞 𝐃𝐚𝐭𝐞: 𝟐𝟏𝐬𝐭 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟒 Activity statements - December monthly activity statements – final date for lodgement and payment. - Qtr 2 (October–December) PAYG instalment activity statement for head companies of consolidated groups – final date for lodgement and payment. 𝐃𝐮𝐞 𝐃𝐚𝐭𝐞: 𝟐𝟖𝐭𝐡 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟒 Superannuation - Due date for super guarantee (SG) contributions for Qtr 2, (October–December). - Qtr 2 SG contributions are to be received by the superfund by this date – you need to allow sufficient time for SG payments to reach and be processed by your superfund, especially if using an SG clearing house. - If you don't pay the SG contributions for quarter 2 by this date, you must pay the super guarantee charge (SGC) and lodge an SGC statement with us by 28 February. NOTE: - It's essential to note that SGC is more than the SG you would have usually paid and is not tax deductible. If you have any questions, please feel free to contact NGR Accounting at 02 9011 6669 or via email at info@ngraccounting.com.au #ProfitGeneratorSchool #ShireAccountant #ShireFinance #ShireSmallBusiness #ProfitFirst #TheProfitGenerator #SouthernSydneyAccountant #NGRAccounting #Xero #XeroPartner #SutherlandShireBusinessChamber #SutherlandShireBusiness #ProfitFirstAustralia #ProfitFirstANZ

Hey guys, Nathan here, and welcome to 2024. This is your friendly reminder for the Compliance for the Australian Taxation Office (ATO): 𝐃𝐮𝐞 𝐃𝐚𝐭𝐞: 𝟏𝟓𝐭𝐡 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟒 TFN report - Qtr2 (October–December) TFN report for closely held trusts for TFNs quoted to a trustee by beneficiaries – final date for lodgement. Income tax - Due date for lodgement of income tax returns for companies and trusts that were taxable medium to large taxpayers in the prior year and are not required to lodge earlier. o If you fail to lodge your current return on time, your income tax return for the next financial year will be due by 31 October. 𝐃𝐮𝐞 𝐃𝐚𝐭𝐞: 𝟐𝟏𝐬𝐭 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟒 Activity statements - December monthly activity statements – final date for lodgement and payment. - Qtr 2 (October–December) PAYG instalment activity statement for head companies of consolidated groups – final date for lodgement and payment. 𝐃𝐮𝐞 𝐃𝐚𝐭𝐞: 𝟐𝟖𝐭𝐡 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟒 Superannuation - Due date for super guarantee (SG) contributions for Qtr 2, (October–December). - Qtr 2 SG contributions are to be received by the superfund by this date – you need to allow sufficient time for SG payments to reach and be processed by your superfund, especially if using an SG clearing house. - If you don't pay the SG contributions for quarter 2 by this date, you must pay the super guarantee charge (SGC) and lodge an SGC statement with us by 28 February. NOTE: - It's essential to note that SGC is more than the SG you would have usually paid and is not tax deductible. If you have any questions, please feel free to contact NGR Accounting at 02 9011 6669 or via email at info@ngraccounting.com.au #ProfitGeneratorSchool #ShireAccountant #ShireFinance #ShireSmallBusiness #ProfitFirst #TheProfitGenerator #SouthernSydneyAccountant #NGRAccounting #Xero #XeroPartner #SutherlandShireBusinessChamber #SutherlandShireBusiness #ProfitFirstAustralia #ProfitFirstANZ

Moving to Canada with a Roth IRA? You must submit a one-time Treaty Election for each Roth IRA account if you want your Roth IRA to be excluded from US and Canadian tax. The filing deadline is April 30th of the year following your arrival in Canada. This is the same deadline as the filing date for your first Canadian personal tax return. Read our blog to learn more. #crossborder #tax #ira #rothira https://lnkd.in/gpcn_J_k

Top Strategies to Save on Income Tax in the UK: A Comprehensive Guide

Trust Taxation 💰 It’s very complex 🧐 There are highly compressed tax rates that can significantly impact the financial health of a trust. An Example: Certain trusts can be subjected to tax rates as high as 40.8% once they accumulate just $15,201 of income!! - - > Perspective Consider a married couple who wouldn't face similar rates unless their earnings exceed $731,200. This stark discrepancy underscores the importance of strategic tax planning for trusts. Here are a few strategies that could help to mitigate the tax burden. 1. **Distributions**: In certain types of trusts, income distributed to beneficiaries is taxed at the beneficiary’s individual income tax rate, which is often lower than the trust’s tax rate. Proper planning around distributions can help reduce the overall tax liability. 2. **Type of Investments**: Considering the type of assets held by the trust can also play a pivotal role. For example, investing in growth stocks that pay little to no dividends can minimize annual taxable income. Alternatively using Tax Free Minicipal Bonds could also be a beneficial. 3. **Timing of Income and Deductions**: Timing can be everything. By deferring income or accelerating deductions, the trust can potentially reduce its taxable income for the year. 4. **State Tax Considerations**: The trust's tax exposure can also vary significantly from one state to another. Understanding and planning for the state-specific tax implications can lead to considerable savings. 5. **Charitable Giving**: Trusts can also engage in charitable giving, which not only furthers philanthropic goals but can also provide tax benefits. And most important… - > Partner with qualified tax advisors and financial professionals whom understands the rhelm of this type of planning. If you need guidance, we are here to help 🤝 #trusts #taxation #wealthmanagement #planning #financialliteracy #financialplanning #wealthplanning

Moving to Canada with a Roth IRA? You must submit a one-time Treaty Election for each Roth IRA account if you want your Roth IRA to be excluded from US and Canadian tax. The filing deadline is April 30th of the year following your arrival in Canada. This is the same deadline as the filing date for your first Canadian personal tax return. Read our blog to learn more. #crossborder #tax #ira #rothira https://lnkd.in/gTVYfAZT