• SCHOOLKIDS BONUS

    November 12th 2013

    The government has replaced the Education Tax Refund with the Schoolkids bonus of $410 for each child in primary school and $820 for each child in secondary school. The total amount is paid in two ins..
  • SELF EDUCATION EXPENSES

    November 12th 2013

    The proposal to cap work related self-education expenses to $2,000 per person has been deferred and is now due to commence on 1 July 2015. This is to allow further consultation with professional assoc..
  • FUEL TAX CREDITS

    November 12th 2013

    From 1 July 2013 the fuel tax credit rates per litre have changed due to increased carbon charge amounts and changes to the road user tax for heavy vehicles greater than 4.5 GVM tonne. ..
  • GIC & SIC RATES

    November 12th 2013

    The ATO has published general interest charge (GIC) and shortfall interest charge (SIC) rates for the first quarter of the 2013-14 income year. The GIC annual rate for July – September 2013 is 9...
  • CIB FEATURE ARTICLE – POSSESSION IS 9/10TH OF THE LAW

    November 12th 2013

    THE PERSONAL PROPERTY SECURITY ACT The Personal Property Security Act (PPSA) formed a new nationally based register for all interests in personal property and commenced operation from January 2012. T..
  • REFORMS TO SELF-EDUCATION EXPENSES

    November 12th 2013

    The government has announced a proposal to cap self-education expense deductions to $2,000 per person on all work related self-education expenses. This proposed reform is due to commence on 1 July 201..
  • REDUCTION IN HECS-HELP DISCOUNTS

    November 12th 2013

    The government has announced changes to the discounts provided for upfront HECS payments and voluntary HELP repayments. From 1 January 2014 the 10% discount for upfront HECS payments will be abolished..
  • TAX REFUNDS AFTER JULY 1

    November 12th 2013

    From 1 July 2013 all individual income tax returns which are electronically lodged will be required to provide EFT bank details for a refund to be processed. If you do not provide your personal bank d..
  • INCREASE IN ATO PENALTIES

    November 12th 2013

    For the first time since 1997 the ATO has increased its penalty unit from $110 to $170. Generally one penalty unit is charged for each month a lodgement is late up to a maximum of 5 months...
  • SUPERANNUATION CHANGES FROM 1 JULY 2013

    November 12th 2013

    There are a number of changes to the superannuation system which take effect from 1 July 2013 as follows: Compulsory superannuation guarantee payments increase from 9% to 9.25% of ordinary times e..