Updates

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 ...

3 comments Read the full article →

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 ...

1 comment Read the full article →

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  ...

1 comment Read the full article →

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 1 July 1971 will no longer be eligible for the ...

7 comments Read the full article →

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 ...

2 comments Read the full article →

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 ...

0 comments Read the full article →

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. ...

2 comments Read the full article →

The Government will abolish the Entrepreneurs’ Tax Offset (ETO), with effect from the 2012-13 income year. The ETO currently provides a 25% reduction in tax payable for small businesses with revenue under $50,000 (phasing out  at $70,000). Replacing the ETO will be an immediate write-off of $5,000  for any car ...

0 comments Read the full article →

Measures to bring forward low income tax offset (LITO) relief to 6.5 million low income taxpayers will be annouced in tomorrow nights budget. From 1 July 2011, the Government will increase the proportion of the low income tax offset (LITO) that is delivered through workers’ week-to-week pay packets from 50% ...

0 comments Read the full article →

The ATO recently released its compliance program for 2010/11. In relation to tax compliance for small and medium enterprises the ATO will be focussing on a variety of issues, including the following:  Business activity statements– the ATO will be focussing on compliance issues related to BASs, specifically reported property sales ...

1 comment Read the full article →

The ATO have released the following information concerning processing times for tax returns this year:  As at 26 July 2010, the ATO had issued more than 942,000 notices of assessment, including approximately 830,000 refunds. At the end of every financial year, the ATO goes though the process of updating its ...

0 comments Read the full article →

← Previous Entries