Building and Construction Taxation Reporting From 1 July 2012, businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year if all of the following apply: you are a business that is primarily in the building and construction industry you make […]
Building and Construction Tax Advice for End Of Financial Year Read More »
Mr Wayne Swan announced a deficit of $18bn in 2013-14 The Federal Treasurer, Mr Wayne Swan delivered his sixth budget on 14 May 2013. The Treasurer announced a deficit of $18bn in 2013-14. The Government said it expects the deficit to fall to $10.9bn in 2014-15 and return to a small surplus ($800m) by 2015-16.
2013 Federal Budget Read More »
Your accountant can help you legally maximise your tax return Here are some changes you may want to keep in mind: Changes to the tax-free threshold for low-income earners From 1 July 2012, the tax-free threshold increased to $18,200, and the low-income tax offset reduced to $445. A low-income earner’s effective tax-free threshold is now
Tax Tips for 2013 Financial Year: Read More »
Federal budget 2012-2013 The Australian Federal Government announced a $1.5bn Budget surplus for the 2012-2013 fiscal year, after estimated $44.4bn deficit for 2011-2012. As with many budget announcements, much of the practical detail of the Government proposals is yet to see the light of day, but some of the budget changes that will have practical
How Does The Federal Budget 2012-2013 Impact Your Business Read More »
Foreign source income alert from ATO Recently the ATO issued a tax alert TA2012/1 in relation to foreign source income by Australian tax residents. The alert applies to arrangements which feature the following: 1. An individual (“the taxpayer”) is a resident of Australia for tax purposes 2. The foreign source income may include (but
Foreign Income of Australian Residents Read More »
Now businesses primarily in the building & construction industry are required to report the total payments they make to each contractor for building and construction services. The records of relevant contractor payment should be kept to include the following: ABN Name Address Total gross amount they paid for the financial year including GST Total GST
ATO New Reporting Requirements for Building & Construction Businesses Read More »