Keeping taxpayers and small business educated and informed
The Gillard Government today announces changes to the Medicare levy to build a better life for Australians with significant and permanent disability. According to the Government media release, “Labor is transforming disability services by creating and locking in funding for DisabilityCare Australia, the national disability insurance scheme. “This reform will provide peace of mind to [...]
In a Media Release earlier today the Government announced that it will “better target work related self-education deductions” as part of a package of reforms to make a down-payment on the National Plan for School Improvement. Education expenses include formal qualifications and associated tuition fees, textbooks, stationery and travel expenses and also conferences, seminars and [...]
From 1 July 2013, individual income tax returns with an expected refund will be required to include bank account information in order to be lodged. That’s right… it’s not optional any more. Apparently a large number of taxpayers opted out of providing EFT details on the 2012 tax return and the Tax Office were forced [...]
Refunds will be fast tracked for people directly affected by bushfires and they will have additional time to lodge activity statements. The ATO has automatically deferred the lodgment and payment dates (excluding large pay as you go withholders) for activity statements to 29 April 2013 for people in some postcodes affected by recent bushfires. “You [...]
Most of the penalties administered by the ATO are actually calculated using “penalty units” rather than dollar figures. At the moment, each penalty unit translates to a $110 fine. On the 28 December, 2012 the value of a penalty unit will increase to $170. This means that administrative penalties calculated by the ATO using penalty [...]
In the last quarter alone (1 July – 30 September 2012), 465 individuals and companies were convicted for tax and superannuation criminal offenses resulting in over $1.56 million in fines and penalties. Now, you might be thinking that these convictions were a result of serious fraud cases or complicated tax schemes. You’d be wrong. In [...]
They have TV shows called CSI Miami and CSI New York where they use amazing science to search for the evidence that will convict the criminal. Maybe they should also have a TV show called Tax CSI. The ATO brags “We utilise leading technology, sophisticated national and international networks and community intelligence to catch those [...]
It’s that time of year when tax deductions are on the minds of a lot of people. We spend a lot of time educating our clients on what they can claim, but what about all those expenses that are not deductible? Here are some deduction ideas that many commonly believe to be claimable, but are [...]
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 2011-12 Medicare Levy Low income thresholds for individuals and families are outlined below: Single Taxpayer Threshold: If [...]
If you have a HELP debt, you must start repaying that debt when your ‘repayment income’ is above the threshold for compulsory repayment. What is repayment income? Your HELP repayment income is made up of your: Taxable income total net investment loss reportable fringe benefits exempt foreign employment income, and reportable superannuation contributions. For the 2011-12 [...]
