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 […]
2014 Year End Tax Tips For Individuals Read More »
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
Home Owner Denied Main Residence Exemption On Newly Constructed Dwelling Read More »
From 1 July 2014, the Medicare levy for individual resident taxpayers will increase to 2% of taxable income No change has been proposed to the Medicare levy surcharge which is currently imposed at a rate of 1% to 1.5% (depending on the income levels and marital status of the individual resident taxpayer) Employees face immediate
Medicare Levy To Rise Read More »
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
Key Taxation Compliance Dates Read More »
Capital gains tax concessions can be challenging to assess If you plan to apply capital gains tax (CGT) concessions against the sale or disposal of a small business asset such as property, shares, collectibles or precious metals, you want to make sure that you consult with an expert advisor before you take any action.
Specialised Advice For Small Business Capital Gains Tax Concessions Read More »
Why identify approved SMSF auditors? The Self-managed superannuation fund (SMSF) auditor registration reform is part of the Australian Government’s Stronger Super reforms. The initiative has been implemented to improve the integrity of the audit process and set minimum levels of competency standards for approved SMSF auditors. Auditors who aren’t registered cannot sign off SMSF audits for
Self Managed Super Fund Audits – Is Your SMSF Auditor Registered? Read More »