Superannuation Taxation Arrangements Superannuation taxation arrangements should be reformed to place policy settings on a more sustainable footing over the long term. Superannuation taxation arrangements should be targeted to achieve the objectives of the superannuation system, reduce the cost of the retirement income system to Government, better position Australia to meet the fiscal challenges of […]
Taxi cents per kilometer rates
Taxi cents per kilometer rates The current taxi cents per kilometre earnings rate (for the 2012 income year) is $1.27/km (up from $1.24/km for the 2011 income year). The cents per kilometre earnings rate is the average amount of gross income earned by a taxi for the total kilometres travelled by the taxi in a […]
Australian Resident Taxation Matters
Australian Resident Taxation Matters It is important to know if you are an Australian resident you need to pay income tax. This is especially important for people who have recently moved here or have been here for 6 months or more of the tax year. To help people in this position, a guide has been […]
PAYG withholding variations
PAYG withholding variations PAYG withholding variations PAYG withholding variations should be used when the payee (the person receiving a payment) wants to reduce their withholding rate for the year ending 30 June. If this is you, please read further or call the office. The main purpose of varying your rate or amount of withholding is to make […]
Salary Sacrifice Rental Property Expenses
Salary Sacrifice Rental Property Expenses Do you have a rental property? Have you thought about salary sacrificing your rental property expenses? Paying for rental property expenses from your before-tax income could result in significant tax savings- particularly if you are entitled to claim an immediate deduction in relation to an expense you have incurred for […]
Increase in the Medicare Levy
Increase in the Medicare Levy By now, most of you will be aware of the government’s decision to increase the Medicare levy by 0.5% to fund Australia’s DisabilityCare program. From July 1, 2014, the Medicare levy will increase from 1.5% to 2% of taxable income. What many people may not realise however is that […]
