Tax reform is now a key part of the Government’s policy agenda With the changes of the world economy in recent decades, tax reform is now a key part of the Government’s policy agenda. Treasurer, Joe Hockey, released a tax discussion paper, called ‘Re: think’ on 30th March. What is re:think? Re:think is an invitation for […]
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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
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What are concessional contributions? Superannuation contributions can be divided into two types — concessional (before-tax) and non-concessional (after-tax). Each type of super contribution is subject to a contributions cap. A contributions cap sets a limit on the amount of contributions you can make in any one year. Concessional contributions include: employer contributions (including contributions made
Taxation Updates: Concessional Contributions To Superannuation 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
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The ATO warned trustees of self-managed superannuation funds (SMSFs) to be cautious when investing in property. Acting Commissioner Bruce Quigley said, “Trustees need to be sure that property is the right investment for their SMSF and that the arrangement is legal.” “if structured incorrectly, some of the arrangements cannot simply be restructured or rectified. The
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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
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