25 June 2014 The ATO is encouraging employers to prepare for the introduction of SuperStream which will change the way they make superannuation contributions in the future. In cooperation with their service provider or default fund, employers can opt-in to use SuperStream from as early as 1 July 2014. The ATO expects most large and…
The Small Business Minister has announced changes to the pay as you go (PAYG) instalments entry and exit thresholds. These changes are part of the government’s cutting red tape initiatives. From 1 July 2014, PAYG instalment thresholds will increase, which may mean clients no longer need to pay instalments. The entry and exit thresholds for:…
Starting from 1 July 2014, the majority of taxpayers will receive a tax receipt as part of the annual income tax return process. This is a new government initiative to increase transparency on how and where the government spends taxpayer money. The tax receipt provides a breakdown of how the client’s tax has contributed towards…
It often surprises people how much benefit they can get from being financially organised. Simply by evaluating their current financial setup and making changes where a deficiency exists or a better option is available can yield both immediate and longer term benefits. Some things are easy to change while others require a degree of initial…
Click the links below to read more at the ATO website Private health insurance rebate changes Net medical expenses tax offset phase-out Tax receipt Change of client name Personal contact details Electronic refunds Small business concessions – changes to simpler depreciation rules Preventing dividend washing Repeal of company loss carry back Changes to the SMSF…