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Taxation

Latest news

Super Co-contributions Threshold

27-Jan-2012
The government has announced as part of their Mid-year economic fiscal outlook 2011-12 that they will be reducing the co-contributions scheme for personal contributions made from 1 July 2012 from a 100% matching rate to 50%.
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Super Contribution Caps for over 50s

21-Dec-2011
The government has announced changes to permanently increase the concessional (before tax) contributions to $50,000 for individuals 50 and over with a super balance below $500,000 from 1 July 2012.
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Read about the history of FAJ

18-Nov-2011
After much research, questions and a few cups of coffee with old friends, we have managed to compile our version of the history of FAJ.
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Small Business Depreciation Changes

17-Nov-2011
The government has recently released draft legislation to simplify the depreciation rules for small businesses effective from 1 July 2012. The changes aim to simplify the existing depreciation rules and provide small businesses with a greater up-front tax
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Are you eligible for the education tax refund

20-Oct-2011
The education tax refund provides a 50% refund on eligible education expense up to $397 for primary school students and $794 for secondary school students. To be eligible for the education tax refund you must meet the following requirements:
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What happens to your business on death?

30-Sep-2011
A person's will can only deal with personal assets, so what happens to your bsuiness assets upon death?
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Up to 12 weeks to process your return

01-Aug-2011
This year the tax office is concerned with identifying returns which may contain fraudulent or over-stated claims. Since 1 July 2011 the tax office has stopped over 70,000 returns from being processed until they receive substantiation of claims.
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School uniforms now refundable

10-Jul-2011
School uniforms purchased from 1 July 2011 can now be included as eligible expenses when claiming the education tax refund.
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Claiming donations for natural disasters without receipts

27-Jun-2011
This year the tax office is allowing taxpayers to claim donations of up to $10 to bucket collections conducted by an approved organisation for natural disasters without having a receipt.
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Paid parental leave has commenced

04-May-2011
Australia's first national Paid Parental Leave Scheme commenced on 1 January 2011. Parents who meet the requirements will receive parental leave pay
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Deductible insurance premiums

20-Apr-2011
The tax office allows a deduction for the cost of any premiums you pay for insurance against the loss of your income such as income protection, sickness and accident insurance.
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