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Tax Planning

EOFY Checklist

Get help with your End of Financial Year tax and accounting procedures and issues by tapping in to Joe Kaleb’s EOFY Checklist, published recently by Australianbiz Pty. Ltd.. You’ll find some great tips on “Planning for the 2014/2015 year” too. The website www.australiabiz.com.au also lists the new ATO Compliance aspects to consider, and you may also gain…

ATR Tax Tip – Shareholder Loans

To Document or Repay Shareholder Loans – That is the Question? If you have drawn or loaned funds from your company during the financial year, and such a loan or drawing results in you or an associate owing the company back this money, then be aware of the strict rules that apply under Division 7A…

Tax Alert! – Recent Changes to Small Business Asset Write-Off

Small Business Asset Write-Off Changes – Be Aware! The Coalition Government recently announced that it would make the small business asset write-off rules less generous as follows: The $6 500 Instant Asset Write-Off – will be reduced to its old rate of $1 000. The $5 000 Vehicle Write-Off, which allowed small businesses to claim a bonus…

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…

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…

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…

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…