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Lodgement Rates and Thresholds Guide 2018 – 2019
To save you having to laboriously search for the right tax rate or relevant threshold, the essential information is right here in one place. This guide includes tax rates, offset limits and benchmarks, rebate levels, allowances and essential super as well as FBT rates and thresholds (including current gross-up factors) and student loand repayment rates. […]
A Tax Boost For Low And Middle Income Earners
If you or anyone you know are earning income at lower or middle income levels, there’s a new tax offset that has been available since July 1 that was originally announced in the 2018 federal budget last May. But no-one will see any benefit from the new Low and Middle Income Tax Offset (LMITO) until […]
Let A GST Credit Slip Through The Cracks? All Is Not Lost!
Most small business owners stay on top of their GST refunds, mainly because of cash flow concerns, but it’s not all that uncommon to now and then lose track of a credit. What quite a few small business owners may not know is that you have four years to claim any GST credit you’re entitled […]
Your Claim For A Business Tax Loss Can Be Denied
Business owners are naturally keen to be able to absorb a business loss as a tax deduction, but it also pays to not stray too far from the generally accepted rules regarding tax losses — there are circumstances where the ATO is legitimately able to deny such claims. The ATO has the discretion to disallow […]
How to Deal with SMSF Trustee Disputes
Everyone goes through the odd rough patch in their relationships with one another and SMSF trustees are no different. However the ramifications of a dispute between trustees are likely to have more wide ranging affects than the average quarrel between friends because SMSF trustees have vested interests, established duties and legal responsibilities towards the fund, […]
Changing a will after death?
A deed of family arrangement can make it possible! There are times when the terms of a deceased’s will are not suitable and the beneficiaries involved seek to have the will varied. There are various situations where this may be the case, such as changing circumstances over a long period of time from when the […]
What’s New For Taxpayers
Before you complete your tax return for 2015, there are some changes you should be aware of in case they affect you. Mature age worker tax offset You can no longer claim the Mature age worker tax offset (MAWTO) in your tax return. Previously, to be eligible for the offset you needed to be an […]
Travel between home and work and between workplaces
While trips between home and work are generally considered private travel, you can claim deductions in some circumstances, as well as for some travel between two workplaces. If your travel was partly private and partly for work, you can only claim for the part related to your work. What you can claim You can […]
Gifts and donations
You can only claim a tax deduction for gifts or donations to organisations that have the status of deductible gift recipients (DGRs). Deductions for gifts are claimed by the person that makes the gift (the donor). For you to claim a tax deduction for a gift, it must meet four conditions: The gift […]
Capital gains tax checklist
The following questions will help you to identify possible capital gains tax (CGT) obligations. If you answer ‘yes’ to any of these questions, CGT may apply. Some questions are intended to highlight the possibility of a capital gain or loss arising in the current year, others to alert you to the possibility of a […]
Tax on Super Contributions
The tax you pay on your super contributions generally depends on whether the contributions were made before or after you paid income tax, you exceed the super contributions cap or you are a very high-income earner. Before-tax super contributions The super contributions you make before tax (concessional) are taxed at 15%. Types of before-tax contributions […]
Zone Tax Offset – exclude ‘fly-in-fly-out’
In the 2015–16 Federal Budget, the government announced that it will exclude ‘fly-in-fly-out’ and ‘drive-in-drive-out’ (FIFO) workers from the Zone Tax Offset where their normal residence is not within a ‘zone’. Currently, to be eligible for the Zone Tax Offset, a taxpayer must reside or work in a specified remote area for more than 183 […]