• 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..

  • 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%..

  • 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..