• 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..

  • 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..