It’s little wonder the phrase ‘bracket creep’ summons up images of spiders and other nightmarish creepy-crawlies. While it’s not a bad thing to earn more money, get a raise, or have your salary adjusted with inflation, unwittingly jumping into a higher tax bracket can negate any fiscal gains you make from the added income. The…
DetailsIn the 2015-16 Federal Budget, the government announced that it will change the tax residency rules for most people who are temporarily in Australia for a working holiday. These people will be treated as non-residents for tax purposes, regardless of how long they are here. They will not be able to access the tax-free threshold…
DetailsThe following Frequently Asked Questions relate to the Accountants’ Exemption. What is the latest? The Institute in conjunction with CPA Australia, released the first of a range of resources to assist members in considering their options for when the ‘accountants’ exemption’ is removed from 1 July 2016. The Information guide: Accountants’ exemption reform has been…
DetailsRules of thumb are sometimes handy, but no-one expects them to be accurate, and such rough standards naturally infer variability. One rule of thumb that has circulated in SMSF circles for years is that the bare minimum required to be able to cost-effectively run a fund is around $200,000. More than a guesstimation, the “bare…
DetailsTax time is in full swing and the ATO has highlighted areas of concern for individuals ahead of tax return lodgment time. High on the ATO’s watch list is work-related expense claims that are significantly higher than expected. In particular, the ATO will be paying particular attention to claims that have already been reimbursed by…
DetailsNew internet and mobile technologies have allowed people to consider enterprises such as letting a spare room, letting a car space, doing odd jobs or other activities for payment, or driving passengers in a car for a fare. However, the ATO has warned that individuals providing such share-economy services may have tax obligations, which may…
DetailsAn individual has been unsuccessful before the AAT in arguing that he had “let go” of Australia in 1999 to pursue his “nomadic” working life abroad and that his base of operations was in the United Kingdom. The taxpayer was born in the United Kingdom, and worked as a diver and diving supervisor for overseas…
DetailsAs your professional life progresses, you will undoubtedly be asked to undertake a personality inventory to apply the theory of psychological types to team environments. One of the most common of these is the Myer-Briggs Type Indicator. A similar inventory has been applied to SMSF trustees with two studies undertaken by independent research group CoreData.…
Details21 SEPTEMBER August 2015 monthly activity statement – due date for lodging and paying. 21 OCTOBER September 2015 monthly activity statement – due date for lodging and paying. 28 OCTOBER Quarterly activity statement, quarter 1, 2015–16 – paper lodgments – due date for lodging and paying. Quarterly instalment notice (form R, S, or T), quarter…
DetailsMost students in Australia can defer paying tuition fees by using student loan schemes. The Higher Education Loan Program (HELP) covers a range of student loans that are paid back through the tax system over time once you start earning enough money. The more you earn, the higher your repayments, and these compulsory repayments go…
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