taxation news

Medicare Levy To Rise

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 …

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Small Business Benchmarks Updated By ATO

What Are Small Business Benchmarks? Small business benchmarks are financial ratios developed to help compare the performance of similar businesses in an industry. They: are representative of returns and activity statements in a given industry provide guidance on what figures the ATO would typically expect a business in a particular industry to report. Why the ATO uses …

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2013 Federal Budget

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. …

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Tax Tips for 2013 Financial Year:

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 …

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