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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.. -
FUEL TAX CREDITS
November 12th 2013
The fuel tax credits rates are changing from 1 July 2013 however the actual new rates have yet to be released by the ATO. The new rates for all fuel acquired from 1 July 2013 will be published clos.. -
GIC & SIC RATES
November 12th 2013
The ATO has published general interest charge (GIC) and shortfall interest charge (SIC) rates for the fourth quarter of the 2012-13 income year. The GIC annual rate for April – June 2013 is 9.95%.. -
CIB FEATURE ARTICLE – ATO CONTRACTOR REPORTING REGIME – ARE YOU READY?
November 12th 2013
The first ATO lodgement date for the reporting of payments made to contractors in the building and construction industry is fast approaching. The aim of the new regime is to improve the compliance of .. -
SIMPLIFIED DEPRECIATION RULES FOR SMALL BUSINESS
November 12th 2013
From 1 July 2012 there have been some significant changes to the depreciation rules for businesses with less than $2million aggregated turnover. The threshold for instant asset write off has increa.. -
CREDIT & DEBIT CARD DATA MATCHING
November 12th 2013
The ATO has obtained the 2011-2012 debit and credit card merchant sales data for Australian businesses from all major banks and credit card providers. The aim of this ATO data matching program is t.. -
NOT-FOR-PROFIT TAX CONCESSIONS
November 12th 2013
As part of the 2012 Federal Budget reforms to tax concessions provided to not-for profit (NFP) organisations are to be introduced such that tax concessions are to be only available for the specific NF.. -
AUSTRALIAN CHARITIES & NOT-FOR-PROFIT COMMISSION COMMENCED
November 12th 2013
On 3 December 2012 the ACNC commenced which marks a significant change to regulation of all not-for-profits (NFP) in Australia. The ACNC now determines if a NFP organisation is a charity rather than t.. -
OWNERSHIP OF ASSETS IN SELF-MANAGED SUPERANNUATION FUNDS
November 12th 2013
If you are a trustee of a Self-Managed Superannuation Fund (SMSF) you are required by law to keep any cash or other assets held in the fund separate from any assets held by you personally or any other.. -
DEPRECIATION SCHEDULE FOR RENTAL PROPERTIES
November 12th 2013
As the end of the financial year is just a few months away, now is the time to consider obtaining a depreciation report for any new rental properties acquired during the year. A depreciation schedu.. -
GIC & SIC RATES
November 12th 2013
The ATO has published general interest charge (GIC) and shortfall interest charge (SIC) rates for the third quarter of the 2012-13 income year. The GIC annual rate for January – March 2013 is 10... -
CIB FEATURE ARTICLE TRUSTEE RESPONSIBILITIES
November 12th 2013
CIB Accountants & Advisers is proud to announce the introduction of a SMSF Division within the firm. Legislation effecting superannuation funds has increased in complexity over the past few years ..