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Federal Budget – What it means for you
Changes will be made to the way excess concessional contributions will be taxed making contributions to super… if you are 50 and over you will be able to make deductible contributions of up to $35,000 (up from $25,000) in the 2013-14 income year and thereafter. if you are 50 or over access to the higher…
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Construction Industry Contractor Payment Report
As part of the 2011-12 Federal Budget, the government announced the introduction of taxable payments reporting for businesses in the building and construction industry. The ATO claim their aim is to improve compliance with tax obligations by those contractors who are currently not doing the right thing. They advise that information reported about payments made…
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Changes for the 2013 year
PLEASE BE AWARE There has been a lot of promotion and misunderstanding about the tax free threshold being lifted from $6,000 to $18,000. For the year ending 2012, the effective tax free threshold was $16,000 for lower income earners due to application of the low income offset. Even though the tax free threshold has increased…
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