Taxation Advice & Planning
What Foreign Income Do You Need To Declare?
Foreign income must be declared Generally you must declare all income you have received from foreign sources during the financial year in your tax return. Foreign income includes: business income foreign employment income most pensions and annuities bank interest dividends royalties rent capital gains personal services income. W Wen & Co. provides tax advice regarding foreign source […]
Read More
2014 Year End Tax Tips For Companies
Change in company tax rate The Government has announced that the company income tax rate will be reduced by 1.5% to 28.5% from 1 July 2015. However, companies which have a taxable income in excess of $5 million will be liable to a 1.5% levy which will be contributed towards the paid parental scheme. This […]
Read More
2014 Tax Returns – Business Expenses Claims
Business expense claims must be justified for this financial year Remember to keep dated records of all your business expenses and offsets, including: Timing of expenses – Expenses are generally deductible if incurred by 30 June 2014. This requires a presently existing liability. Gifts – Donate to deductible charities before 30 June 2014 Bad debts […]
Read More
2014 Year End Tax Tips For Individuals
Income tax rates have changed for some groups Starting from 1 July 2014 the medicare levy will increase to 2%. In addition there will be a 2% increase to the highest marginal resident individual tax rate (over $180,000 taxable income) as a result of the introduction of the 2% ‘Temporary Budget Repair Levy’ Therefore the […]
Read More
Home Owner Denied Main Residence Exemption On Newly Constructed Dwelling
Main residence exemption from capital gains tax When you sell or otherwise dispose of a dwelling that was your ‘main residence’ (your home), any capital gain is generally exempt from capital gains tax. This is called the ‘main residence exemption’. In the recent decision in Keep v FCT (2013) AATA 709, the taxpayer was unable […]
Read More
Key Taxation Compliance Dates
For help to meet your taxation and reporting dates, call Wen Wen on (02) 9871 3429, chartered accountants serving Epping, Parramatta, & Sydney Hills District: 21 April – March 2014 monthly activity statement – due date for lodging and paying. 15 May – 2013 income tax returns for all other entities that did not have […]
Read More