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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Unpaid Trust Distribution to Private Companies Distributions made by trusts to private companies which remain unpaid at the end of the following year may be deemed to be a loan to the trust and become subject to Division 7A. To avoid the unpaid distribution being treated as a deemed dividend, please see your accountant and
Director Penalties Company directors should review their company’s reporting mechanisms to ensure that they are informed of their company’s financial position. Directors are personally liable where their company fails to make PAYG Withholding and SGC payments by the respective due dates. Carry Back of Company Losses The loss carry back rules are proposed to come
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
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.
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