Partners to rely on

Individual Income Tax Rates

From 1 July 2012, the following marginal income tax rates will apply for the 2013 and 2014 income years for resident taxpayers:

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Changes to the Private Health Insurance (PHI) Rebate

As explained in our March 2012 newsletter, the changes to the PHI rebate mean that those taxpayers who earn more than $84,000 for singles or $168,000 for families, will be entitled to a reduced or no PHI rebate from 1 July 2012, depending on what income tier they fall into.

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Federal Budget 2012/2013

The Treasurer, Mr Wayne Swan, handed down the controversial 2012/2013 Federal Budget on 8 May 2012. The much vaunted promise to return the budget to surplus has been the key driver behind the changes which are expected to achieve a very slim $1.5 billion surplus for 2012/2013. Considering that the Government is currently in a position of approximat...

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FBT year end to do list

As the 2012 FBT year comes to the end on 31 March, it is now essential to ensure that you are ready to discharge your FBT obligations. Most importantly, the following information needs to be completed and available for the preparation of your 2012 FBT returns and also to keep in mind for future FBT years:

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Increased asset and motor vehicle deductions for small business

The legislation increasing the immediate asset write off threshold for small business from $1,000 to $6,500 has recently passed both houses. It will come into effect from 1 July 2012 and will allow small businesses to write off depreciating assets costing less than $6,500 n the year in which they start using the asset or have it installed ready for...

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Reduced fuel tax credits for certain businesses

The introduction of the carbon tax on 1 July 2012 will also bring with it the reduction in fuel tax credits for businesses, unless the fuel is acquired and used in:

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Mid-year economic and fiscal outlook (MYEFO) 2011/2012

The 2011-12 MYEFO released on 29 November forecasts solid economic growth, low debt and a return to surplus in 2012-13, according to the Federal Treasurer.

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ATO compliance focus

Employees vs. contractorsAs part of its ongoing compliance program, the ATO will be checking that employees and contractors have been correctly classified as such, from an employer as well as service provider/employee perspective. The ATO is of the view that persons inappropriately classified as contractors may be under-reporting income, but may al...

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Christmas parties & gifts

With the festive season well underway we thought it opportune to provide some brief comments regarding the FBT, GST and income tax implications associated with the Christmas functions and gifts that businesses may provide to staff and clients at this time of the year.

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Work related expenses on the ATO radar!

The ATO continues to focus on claims for work related expenses and will be especially focusing on workers in the following industries in the coming year:

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