Budget 2013: Medical expense tax offset to be phased out
The Government intends to phase out the out-of-pocket medical expense tax offset. Currently, a 20% tax offset can be claimed for eligible out-of-pocket medical expenses in excess of $2,060 per annum....
View ArticleBudget 2013: Changes to franking credit benefits
Various measures have been introduced by the Government to close the loophole that enables sophisticated investors to engage in double claiming from franking credits. Under the proposed changes that...
View ArticleBudget 2013: Fair work receives funding to tackle workplace bullying
The Fair Work Commission has been given $21.4 million over the next four years to fund legal remedies for victims of workplace bullying. A recent report by the Productivity Commission has highlighted...
View ArticleBudget 2013: Tax on pension fund earnings
Currently all earnings on pension accounts including income and capital gains are tax-free. However, the Budget has unveiled a new reform which will impose a tax of 15 % on investment earnings of...
View ArticleBudget 2013: Funding to increase ATO compliance powers
The Government has allocated $77.8 million over four years to the ATO to improve compliance by expanding data matching with third party information. The funding will establish new and strengthen...
View ArticleBudget 2013: Monthly PAYG instalments
In an unexpected announcement, the Government has now made it a requirement for all large entities in the PAYG instalment system to make monthly PAYG income tax instalments. The monthly PAYG instalment...
View ArticleBudget 2013: Personal income tax rates
The 2013 Federal Budget, released on Tuesday contained a number of significant taxation changes that will impact on individual taxpayers. Personal Income Tax Rates Although individual income tax rates...
View ArticleBudget 2013:Medicare Levy increase affects small business
The increase in the Medicare levy from 1.5 per cent to 2 per cent, will effectively bring the top marginal tax rate to 47 per cent. This will not only impact on individual taxpayers but will have a...
View ArticleTax dates: Tuesday 21 May
Tuesday 21 May Due date for lodgment of 2013 fringe benefits tax return for entities not covered under a tax agent lodgment program (and payment of any residual FBT liability) Due date for lodgment and...
View ArticleTax dates: 4 June to 6 June
Tuesday 4 June to Thursday 6 June Due date for payment of 2012-13 income tax for December early balancing taxable companies and superannuation funds Due date for payment of balance of MRRT for the...
View ArticleImportance of a succession plan for small businesses
Australian small businesses who have implemented a succession plan are more likely to sell their business for a higher price. It usually takes a few years to reap the maximum benefits out of a...
View ArticleSmall businesses carry significant debt
Small businesses are carrying $10.4 billion in debt, with the average business owed $18,624. This in turn has a follow on effect as payments to small suppliers are delayed, spreading the debt further...
View Article
