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 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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