Updates

Thumbnail image for NSW Payroll Tax Updates & Rebates
By July 7, 2011

New tax thresholds were introduced at the start of the financial year for payroll tax in NSW. The annual payroll tax threshold is now $678,000 and the rate is currently 5.45%. From 1 July 2011, the monthly threshold is: 29 days = $53,721 30 days = $55,574 31 days = $57,426 ...

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Thumbnail image for Changes to Offsets and Rebates
By May 31, 2011

The federal government announced changes to the operation of a number of offsets and rebates in this Budget. Some of these changes are effective as of Budget night. You should consider the application of these changes to your circumstances closely and carefully. From 10 May 2011, the dependent spouse rebate ...

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Thumbnail image for Budget Summary for Small Business
By May 16, 2011

There won’t be a “Ratio to Know” cast today as I’m heading out of town for the funeral of a family member.  I would encourage you instead to take a look at the Key Issues Announced in the Budget. This article was included in the special Federal Budget 2011 issue of  ...

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Thumbnail image for Phasing Out of Dependent Spouse Tax Offset
By May 10, 2011

*** SEE FURTHER DOWN FOR AN IMPORTANT UPDATE. *** The Government will phase out the tax offset for dependent spouses currently aged less than 40 to help encourage more Australians into paid employment. This reform will mean that from 1 July 2011 taxpayers with a dependent spouse born on or after ...

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Thumbnail image for Reforms to Car FBT Rates
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The Government will change the fringe benefit treatment of cars to remove the unintended incentive for people to drive their vehicle further than they need to, in order to obtain a larger tax concession. Under the ‘statutory formula’ method, a person’s car fringe benefit is determined by multiplying the relevant ...

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Thumbnail image for Reduced PAYG Instalments
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The Government will reduce income tax instalments paid under Pay As You Go (PAYG) using the gross domestic product (GDP) adjustment method for one year. PAYG instalments in 2011-12 will be set at 4 per cent above a small business’s taxable income for the previous year, half the statutory rate ...

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Thumbnail image for Medicare Low-Income Thresholds: Small Increase
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The Medicare Levy is not payable (or is payable at reduced rates) by individuals and families on low incomes and by certain pensioners. From the 2010-11 income year, the Medicare levy low-income threshold will increase to $31,789 (up from $31,196) for couples, and to $18,839 (up from $18,488) for singles. ...

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