Thursday, May 15, 2014
PERSONAL TAXATION 2% deficit levy for three years from 1 July 2014 on incomes over $180,000 The Treasurer announced the introduction of a Budget deficit levy (ie tax), which will apply for three years from 1 July 2014. This temporary levy will apply at 2% for incomes over $180,000 (ie 2% on taxable income in excess of […]
Read More >Tuesday, April 29, 2014
Tax planning There are many ways in which entities can defer income, maximise deductions and take advantage of other tax planning initiatives to manage their taxable incomes. Taxpayers should be aware that in order to maximise these opportunities, they need to start the year-end tax planning process early. Of course, those undertaking tax planning should […]
Read More >Sunday, February 23, 2014
Local government payments in ATO sights The ATO has previously sought from local government council and shire authorities throughout New South Wales, Victoria, Queensland, and Tasmania details of entities who provided contractor services in the 2011 and 2012 financial years. The ATO says it will now acquire details of entities receiving taxable payments from local […]
Read More >Monday, December 16, 2013
to view please click here Kindly note, our offices will be closed over the Festive Season from 23rd December 2013 to 8th January 2014, inclusive
Read More >Friday, November 22, 2013
Tax changes following carbon tax and mining tax repeal The Abbott government has introduced into Parliament proposed legislation to repeal the carbon tax and the mining tax. Importantly, the Bill to remove the mining tax also proposes to repeal or revise a number of tax and superannuation measures. Key changes include: • capital allowances for […]
Read More >Friday, September 20, 2013
Beware of artificial trust arrangements to avoid tax The ATO has issued an alert to warn taxpayers that it is aware of arrangements where a discretionary trust is used to effectively funnel large capital gains to a newly incorporated company that is then wound up to avoid paying taxes. The ATO says these arrangements concern […]
Read More >Wednesday, July 24, 2013
Specific tax rule to prevent dividend washing On 28 June 2013, the Assistant Treasurer announced that the Government will prevent “dividend washing” by introducing a specific integrity rule into the tax law. This follows the Government’s 2013–2014 Federal Budget announcement that it will implement reforms to close, with effect from 1 July 2013, a loophole […]
Read More >Friday, May 17, 2013
PERSONAL TAXATION 2015 tax-free threshold increase “deferred”, otherwise no changes The Treasurer confirmed that the previously planned increase in the tax-free threshold from $18,200 to $19,400 from 1 July 2015 will not proceed. Instead, it will be “deferred”. Personal tax rates have otherwise remained unchanged. This means that for the 2012–2013, 2013–2014 and 2014–2015 years, […]
Read More >Friday, May 17, 2013
Cap on work-related self-education deductions The Government has announced that it will introduce a $2,000 per-person cap on tax deduction claims for work-related self-education expenses. The cap is proposed to apply from 1 July 2014. In making the announcement, Treasurer Swan said that without a cap, “it’s possible to make large claims for expenses such […]
Read More >Thursday, May 2, 2013
Tax planning There are many ways in which taxpayers can take advantage of tax planning initiatives to manage their taxable incomes. In order to maximise these opportunities, taxpayers need to start the year-end tax planning process early. Of course, when undertaking tax planning, taxpayers should be cognisant of the potential application of anti-avoidance provisions. However, […]
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