[box style=”solid”] The concessional super contributions cap has increased to $35,000 for individuals who are 60 or older in the 2013–14 financial year. The general concessional cap for everyone else remains at $25,000 for the 2013–14 financial year. [/box]
[box style=”solid”] Clients intending to lodge a lump sum Family Tax Benefit, Child Care Benefit or Single Income Family Supplement (SIFS) claim for the 2012-13 financial year must do so by 30 June 2014 due to changes to the claim lodgment period administered by the Department of Human Services. Also, clients who received or expect…
[box style=”solid”] Some businesses are breaking the law by incorrectly treating their employees as contractors and avoiding their required tax and super obligations. By incorrectly treating their employees as contractors, these businesses illegally reduce their labour costs, allowing them to undercut compliant businesses and obtain an unfair competitive advantage. Often these businesses will request or…
[box style=”solid”] What are the changes to the law? The law has been changed to allow you to apply any remainder of your foreign income tax offset (FITO) for an income year against your liability to pay Medicare levy. If any remains after that, you can also reduce any liability to pay the Medicare levy…
[box style=”solid”] Each income year, a self-managed super fund (SMSF) trustee must appoint an independent approved SMSF auditor to perform a financial and compliance audit of their SMSF’s operations before they lodge their SMSF annual return. Your clients should check with the auditor they intend to appoint to make sure they are registered with the…
ASIC is targeting company directors with a history of failed companies as part of a surveillance program to combat illegal phoenix activity. Phoenix activity is the fraudulent act of transferring the assets of an indebted company into a new company to avoid paying creditors, tax or employee entitlements. The new company, usually operated by the…
[box style=”solid”] Family income testing has been used for a range of tax obligations, concessions and government benefits for some time. This year, family income testing was extended to the net medical expenses tax offset and private health insurance rebate; and changes were also made to how Medicare levy surcharge is calculated. To accurately assess…
[box style=”solid”] If a taxpayer had a spouse during the relevant financial year, they must complete spouse details (including their spouse’s taxable income) in their individual tax return. The ATO requires this information to correctly calculate the taxpayer’s entitlements and obligations. If it is difficult for taxpayers to accurately determine each income item when lodging…
[box style=”solid”] The government introduced changes to the capital gains tax (CGT) discount, previously known as the ‘CGT 50% discount’. Individuals, including beneficiaries of a trust and partners in a partnership, may no longer be entitled to receive the full CGT discount on a capital gain received after 8 May 2012 if they are: foreign or…
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