General Interest

Thumbnail image for Forget the Ads… You’ll Still be Taxed
By July 2, 2011

The recent spate of “get private health cover before 30 June or get taxed” campaigns really irritate me. I have nothing against Private health Cover and if you’re likley to be up for the Medicare Levy Surcharge (MLS), you should look into it. What bugs me is that unless you ...

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Thumbnail image for Medicare Levy Low Income Thresholds 2011
By June 30, 2011

The Medicare Levy is currently paid by taxpayers at a rate of 1.5% of taxable income. Low income individuals or families might be eligible for an exemption or reduction from paying the Levy, based on family income. The 2010-11 Medicare Levy Low income thresholds for individuals and families are outlined below: ...

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Thumbnail image for June Qtr Super Guarantee Reminder
By June 28, 2011

Please remember that all employee superannuation guarantee contributions should be paid into funds by 28 July, 2011. All employee super contributions actually paid by this date will be eligible for a tax deduction. It is important to meet the 28 July deadline in order to qualify for a tax deduction ...

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Thumbnail image for Check the Reportable Super Amount on Your Payment Summary
By

Last year a significant number of employers incorrectly reported Reportable Employer Superannuation Contributions (RESC) on Payment Summaries.  It is important that employees check their Payment Summaries carefully. If your boss has filled out the RESC incorrectly, it could affect the amount of child support you pay or receive and your eligibility for ...

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Thumbnail image for Don’t Miss Out on the Co-Contribution
By June 18, 2011

Did you know that only one in five taxpayers who meet the eligibility criteria for the super co-contribution actually make a personal contribution in order to receive the additional government payment. The super co-contribution is a Government initiative to help low to middle income earners save for their retirement. You ...

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Thumbnail image for Tax Amendments for Austudy & Abstudy Recipients
By June 10, 2011

A lot of our clients have received an unexpected additional tax refund as a result of the ATO amending tax returns of eligible Youth Allowance recipients to include a deduction for study expenses. This came about thanks to the High Court decision in  Commissioner of Taxation v. Anstis. In the same way that ...

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Thumbnail image for Become MoneySmart with your Smart Phone
By June 5, 2011

You can now work out your finances on the go with new MoneySmart mobile phone apps. The new apps, which can be downloaded for free onto your iPhone or Android handsets, have been developed by the Australian Securities and Investments Commission (ASIC) as part of the new MoneySmart.gov.au website. “These ...

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