[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”] 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 ATO has reminded small businesses with turnover of less than $2 million (ie small business entities or ‘SBE’ that the depreciation rules for business assets are now simpler from the 2012/13 income year onwards. Assets costing less than $6,500 The small business instant asset write-off threshold has increased from $1,000 to $6,500…
[box style=”solid”] The DisabilityCare Australia legislation that provides for a half a percentage point increase in the Medicare levy has become law. The legislation will increase the Medicare levy from 1.5% to 2% of taxable income from 1 July 2014. This will have a flow-on effect to other tax rates than implicitly incorporate the Medicare…