Unpaid trust distributions Trust distributions to a private company for the 2013 tax year, which are unpaid at end of the 2014 tax year may be a Division 7A loan unless paid out to the company or converted to a complying Division 7A loan by the lodgement date of the company’s 2014 tax return, or […]
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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
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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
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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
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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 »