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…
The summary of the Federal Budget 2014 was delivered last night. PERSONAL TAXATION 1) 2% deficit levy for three years from 1 July 2014 on incomes over $180,000 The Treasurer announced the introduction of a Budget deficit levy (ie tax), which will apply for three years from 1 July 2014. This temporary levy will apply…
As an employer, you must pay your employees at the correct rate, as well as any entitlements they are eligible for. This includes parental leave, sick leave or overtime rates. The wages and entitlements your employee is eligible for can depend on: their age the state they’re in your industry their qualifications their work duties…
ATO media release The Australian Taxation Office (ATO) is urging all taxpayers with offshore assets to declare their interests, ahead of a global crackdown on international tax havens. The ATO’s offshore voluntary disclosure initiative, ‘Project DO IT: disclose offshore income today’, provides a last chance opportunity for those who haven’t declared their overseas assets and…
A number of changes have been made which will affect fringe benefits tax (FBT) clients this year. Lodgment date The due date for lodgment of FBT returns is 25 June for electronic lodgements. Otherwise, the due date will revert to the statutory due date of 21 May. Appointment of tax agent date The tax agent…
Despite the importance of super, some employers do not always get super obligations for their employees right. Employers in the hairdressing and beauty, clothing retailing and management advice and consulting industries have been identified as having a higher risk of not meeting their super obligations. From July 2014 the ATO will be undertaking audits of…
This effectiveness story is about how we have improved the voluntary compliance of wealthy Australians In 2009–10, we began to focus on improving the voluntary compliance of wealthy Australians. Wealthy Australians are defined as Australian residents who control net assets of between $5 million and $30 million. This group consists of approximately 70,000 individuals who…