our latest news

Year: 2012




Superannuation

Superannuation Contributions Tax to Double From 1 July 2012, individuals with ‘income’ greater than $300,000 will have the tax concession on their concessional contributions reduced from 30% to 15% (excluding the Medicare levy). This means that the tax rate on concessional contributions will effectively double from 15% to 30% for very high income earners from…

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Business Taxation

Reporting of Subcontractors In the 2011-12 federal budget, the government announced a new tax compliance measure to require certain businesses to report annually to the ATO on payments they make to contractors in the building and construction industry. The system aims to improve compliance with taxation obligations by providing us with payment information that will…

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Tax Offsets

Almost all of the tax offsets available in prior years have been drastically reduced, or abolished. These are as follows: Low-income tax offset The Low income tax offset reduces the tax payable by low income earners. You are not eligible for the LITO if your income is over $66,667. Changes are: The maximum value of…

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Personal Taxation – Income Rebates

Currently any taxpayer earning less than $16,000 pays no tax due to the application of the low income rebate of $1,500. However from 1 July 2012, this threshold increases to $18,200 and for low income earners, the low income tax rebate (which has been reduced from $1,500 to $445) means that a taxpayer earning less…

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