With the government’s October tax forum fast approaching, industry body, the Australian Bankers Association (ABA) has called for increased tax cuts for parents and the simplification of complex taxes at both a State and Federal level. Help and Tax Cuts for Parents In the ABA’s eyes, the biggest concerns everyday Australians are currently faced with is […]
The ATO and Government
Government Ends Discounts for Early HELP Debt Repayment
Important Note: The Federal Government has now legislated this change and ended the discounts for early HELP debt repayments. For a full overview on all things HELP related, we’d suggest viewing our article on how to repay your help debt. Planning to reduce your HELP debt early with extra payments? And are you going to […]
The 2013 Budget and Personal Tax Implications:
How will the budget affect you? On 14 May 2013, Treasurer Wayne Swan delivered his sixth annual budget. With a raft of reforms, spending cuts and tax changes, working out how the budget may affect you is a challenge. Our accountants have spent the past week digesting this year’s budget and its implications for individual […]
HELP Repayment Scheme to Stay… For Now
Important Note: The Federal Government has legislated this change and ended the HELP repayment scheme. For a full overview on all things HELP related, we’d suggest viewing our article on how to repay your help debt. Back in August 2013 the Federal Government announced they would end the discount for early HELP debt repayments. Good […]
Tax Information for People Affected by Natural Disasters
If you were affected by a flood or fire in 2013, the ATO can give you helpful extensions and concessions. This post provides basic information about preparing your individual tax return in 2013 if you’ve been affected by a natural disaster. We’ve broken things down into some key topics. If there’s something you’d like to […]
Motor Vehicle Data Matching in Full Swing at ATO
In its crusade against what they call the cash economy’, the ATO has announced plans to collect the details of all individuals and businesses that have purchased or acquired a vehicle where the transfer and/or market value is $10,000 or greater in the 2011-12 and 2012-13 financial year. This involves computerised “motor vehicle data matching” […]
23,300 TFNs Compromised Last Year
The Australian Tax Office (ATO) has revealed that 23,300 Australians had their tax file number compromised in the 2012 financial year, up from 22,000 the previous year. In an effort to combat the rise in identity fraud and compromised returns, the ATO has embarked on an intensive audit campaign when processing this year’s tax returns. […]
ATO blocks $40 million of false tax payments
In the past financial year the Australian Tax Office has reportedly blocked more than $40 million worth of payments that would have gone to criminals who committed identity theft. While these figures show that the ATO’s crackdown on fraudulent returns is garnering results, somewhat worryingly, officials from the ATO have little idea about how much […]
New carbon tax had no effect on inflation
Private analysts TD Securities-Melbourne Institute’s inflation gauge rose 0.6 per cent during August, but according to their head of Asia Pacific business, Annette Beacher, there does not appear to be any noticeable impact from the introduction of the Carbon Tax. A few goods and services increased in price during August which contributed to the 0.6% […]
Superannuation Co-Contribution: Get More Money for Your Super
Ever wonder about how you can better prepare yourself for retirement? If you earn less than $46,920, you may be able to give your super a nice boost – with very little sacrifice! Read on to find out how you can take advantage of the Federal Government’s superannuation co-contribution scheme. What is it? The superannuation co-contribution […]
Income Tax Breaks could mean more $$$ in your pocket!
With the government tax forum drawing to a close last week, one significant proposal on income tax seems to have gained some traction. While not committing to a specific timeframe, Treasure Wayne Swan explained that government is in the planning stages of raising the tax free threshold to $21,000 – a move that would also […]
Tax on Interest Income could be slashed by 50 percent
In the 2010-11 Budget, the Federal Labor Government released a discussion paper that would lead to a 50% tax discount on Interest Income. Aimed at giving relief to low and middle income earners, Assistant Treasurer Bill Shorten claimed the discount will benefit up to five million everyday Australians. Set for introduction in the 2012-2013 financial […]
Government Will Match Your AusAID Donations
Kevin Rudd announced a dollar-for-dollar ‘donation matching’ program with the Government set to join Australians fighting the famine disaster in Eastern Africa With the UN estimating 750,000 people could die in the Horn of Africa in the next four months, the Federal Government is joining forces with caring Australians in a bid to save lives. […]
eBay Income: Do you sell online? The ATO is watching…
As the online retail sector continues to outpace traditional bricks and mortar stores, the Australian Tax Office has announced it will look carefully at eBay retailers this tax season. When eBay was launched in 1999 it was simply an auction site where people could sell household goods they no longer needed. This has changed dramatically […]
Australians Think the Wealthy Should Pay More Tax
The majority of Australians appear to feel that the wealthy should pay more tax. 60% of respondents in a recent ACTU survey support raising taxes for Australia’s highest income earners. Major findings of a recent ACTU study include: [unordered_list style=”green-dot”] Support for raising taxes for people who earn more than $200,000 per year. Support for cutting […]
