Taxation

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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Low Income Tax Offset for 2011

Last year the post titled Low Income Tax Offset for 2010  proved to be one of the most popular topics. With Tax Time just around the corner, it’s time we update that information and take a look at LITO for 2011. This year, adult taxpayers do not pay tax until their income is above ...

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The June edition of our Tax Update newsletter is now available for download from the main site. This issue includes information on: Budget 2011 ATO Focus on Employer Super Contributions Compliance Project: Government Stimulus Payments FBT Car Parking Thresholds CGT Improvement Thresholds With tax time just around the corner, I’ve ...

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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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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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On Friday, the ATO released  ’100 People,’ a  representation of all the individual taxpayers in Australia as though they were just one hundred people.   The numbers are drawn on information from Taxation statistics 2008-09, which is summary of tax returns, and other tax data for that financial year. Transcript Highlights Twelve point ...

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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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I was met with a mix of both scepticism and delight this week as I contact taxpayers who have received an unexpected, addition tax refund as a result of the Anstis case. (Let’s face it, it’s not often I call people to say “Hey, the Tax Office have sent us money for ...

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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 ...

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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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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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