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…
DetailsAs 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…
DetailsATO 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…
DetailsA 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…
DetailsDespite 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…
DetailsThis 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…
Details[box style=”solid”] Donations to disasters can be made in many ways, from coins into bucket appeals on the street, to much larger donations where receipts are issued. The ATO maintains a list of disasters that meet the requirements for tax deductible donations. On 25 October 2013 the Commissioner explained that donations to ‘bucket appeals’ for the…
Details[box style=”solid”] The current bushfires are causing significant damage to some areas of New South Wales. If you are located in one of the postcodes identified by the ATO, the ATO will automatically make arrangements to defer taxation obligations. There are a range of support strategies, including: the deferral of lodgment and payment due dates…
Details[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]
Details[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…
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