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 »
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
Small Business Benchmarks Updated By ATO 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 »