Welcome to the final Tax Tips newsletter for 2014!
As we wind down from another big tax season at Etax.com.au, our focus has already shifted to planning for next year. But first, there’s the little matter of announcing winners in our huge cash prize competitions. This year we gave away $12,500 in cash prizes to Etax clients! Congratulations go to the following clients:
- $10,000 overall prize winner: Catherine Paterson from Gladesville, New South Wales
- $1,000 Facebook competition prize winner #1: Trevor Porter from Redland Bay, Queensland
- $1,000 Facebook competition prize winner #2: Tom Paenga from Gaven, Queensland
Full details can be found over on our competitions page.
Is your 2014 tax return finished?
If you haven’t finished your 2014 tax return yet, don’t worry – we can help! Head to www.etax.com.au and get your return done and lodged with the ATO in next to no time! Plus, if you lodge before Friday, the ATO should process your return before Christmas!
This Month’s Tax Tips…
- We take a look at “bracket creep” which is set to cost the average Australian up to $3,800 a year in extra taxes!
- We’ll also discuss corporate tax avoidance. While the average Australian worker pays 23% tax, some of the biggest companies pay well under 10% tax on their billions of dollars in revenue. Is it fair?
Click over to the Etax Blog and read more…
As I sign-off for 2014, I just wanted to say a big thank you to each and every one of you for being part of the Etax community. I wish you, along with your family and friends a safe holiday season and I look forward to connecting with you again in 2015.
New research conducted by the National Centre for Social and Economic Modelling (NATSEM) describes the phenomenon of “bracket creep” as a tax trap, seeing taxpayers move into higher tax brackets. As wages rise in line with inflation, tax rules that don’t change to keep pace will cost workers more in tax and reap the Government an extra $25 billion over the next four years.
NATSEM’s Ben Phillips explains that unless our current Federal Government embarks on personal tax reform, the poorest Australians are going to be the hardest hit…
Should businesses shoulder a fair share of taxes compared with hard-working Australian people? We might see this question discussed more in coming years. Using a global shell-game to move earnings away from the tax man, corporations legally avoid taxes in countries like Australia, even though they earn billions here. Similar tax breaks are simply not possible for ‘normal’ Aussie businesses or to working people.
The Australian government is facing renewed calls to toughen rules and regulations as journalists worldwide uncover details on how multinational companies shift their profits around to globe to avoid paying Australian taxes.
Pushing this issue back into the limelight was the revelation that Australia’s largest coalminer, Glencore (formerly Xstrata), paid almost no tax over the past three years even though they generated income of $15 billion.
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While every care has been exercised in the compilation of this newsletter, Etax, in making it available to you, will not be liable for errors or omissions in the material or data in the newsletter, or for any consequences arising from such errors or omissions. This newsletter should not be relied upon as a substitute for detailed advice.
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