Taxation

The November edition of our Tax Update newsletter is now available for download from the main site. This issue includes information on: Christmas Gifts Small Business Benchmarks Record-Keeping for Business ATO’s New Property Web Page Pacific Seasonal Workers’ Tax Rate Reduced This particular newsletter is available for download exclusively for clients ...

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A new Bill has been introduced into parliament to establish a payroll tax rebate scheme which is intended to encourage the employment of people with disabilities (as opposed to the general dis-incentive payroll tax offers for employing people). The Payroll Tax Rebate Scheme (Disability Employment) Bill 2011 will provide employers with ...

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TaxWise Business News is published each quarter. The September, 2011 issue of TaxWise Business is now available from the main site. This quarter’s issue includes the following articles: ATO Compliance Target Areas 2011-12 Taxing Carbon Managing Tax Debts Proposed Not-for-profit Reforms Car Fringe Benefits Rules Changed Excess Super Contributions Tax CGT ...

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The September edition of our Tax Update newsletter is now available for download from the main site. This issue includes information on: ATO Clamps Down on GST Fraud and Cash IncomeMeaning of ‘Cost Price’ of a Car for FBT Purposes ATO Data Matching: Flood and cyclone reconstruction levy Is an ...

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The ATO will collect names and addresses of approximately 735,000 individuals who received the Australian Government Disaster Recovery Payment, and New Zealand citizens holding a special category visa who received an ex-gratia payment from Centrelink. This latest data matching effort, called the Temporary Flood & Cyclone Reconstruction Levy Data Matching ...

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The August edition of our Tax Update newsletter is now available for download from the main site. This issue includes information on: ATO Focus on SMSFs Warning: Investing in Overseas Property New This Year to Family Tax Superannuation: Common Mistakes Made by Employers Car Depreciation Limit for 2011/12 Reasonable Overtime Meal ...

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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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The July edition of our Tax Update newsletter is now available for download from the main site. This issue includes information on: Occupations in the spotlight for the 2011 income year Tax laws amended to allow income ‘streaming’ by trusts Flood levy exemption declaration Deductions for study and job seeking ...

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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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Higher education does not come cheap…. I could have cried when I saw my latest HELP statement. Ouch! If you have a HELP debt, you must start repaying that debt when your ‘repayment income’ is above the threshold for compulsory repayment. The following rates and thresholds apply for the 2010-11 financial ...

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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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