Ever paid for a non-refundable flight and had something come up which prevented you from flying? If this was with Qantas, would you consider that the airline has provided you a service even though you didn’t fly? A landmark court case ruling handed down today determined that regardless of whether a person used their ticket […]
The Etax Blog: Tax Tips
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. […]
Trans-Tasman transfer of retirement savings may be possible in 2013
The federal government is drafting new legislation to establish a ‘trans-Tasman savings portability scheme’ in an effort to help people who move between Australia and New Zealand better manage their retirement savings. Currently, Australian and New Zealand citizens working in Australia are unable to take their superannuation with them if they move permanently to New […]
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% […]
Average tax refund more than $2,300
As we’re now more than half way through the 2012 tax season, we’ve decided to take a look at the ATO-issued average tax refund for 2012. How does your refund compare? This year the ATO has received 5,453,000 tax returns so far this tax year. So far they’ve processed 4,794,000 returns with 4,224,000 tax payers […]
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 […]
Changes you should know about in the 2012 tax return:
Flood Levy and Schoolkids’ Bonus With the 2012 tax season now in full swing, we’ve already fielded questions on the many various changes to the 2011-2012 individual tax return. Below we discuss two major changes you should be aware of – and don’t worry, they are quite simple! What is the flood levy? Do I […]
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. […]
The 5 Best Ways to Use Your Tax Refund
We’re often asked the best ways to use your tax refund – so we’ve collated a quick list of tips and ideas! The best ways to use your tax refund to get ahead 1. Pay off your debts One of the best ways to use your tax refund is to pay off any bills or […]
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 […]
Generation Y could be losing thousands in tax refunds!
A new Bankwest survey found that many of Australia’s tech-savvy Gen Ys could be missing out on higher tax refunds from the ATO. The report found that 53% of Gen Ys submit their own return in the hope of saving themselves the Accountant fees. The Bankwest report says that while the younger generation feel more […]
Super Fund Commission Charges Wipe Out Super Tax Breaks
A new study conducted by Rainmaker Information found that super fund commission charges and fees wipe out almost all of the tax concessions Australians receive for superannuation. These commissions are being charged on Retail Super Funds – funds run by the “big four” banks and insurers. These super fund commission charges – often secretive but […]
