News

From the 2014–2015 income year, the Medicare levy low-income threshold for singles will be increased to $20,896 (up from $20,542 for 2013–2014). For couples with no children, the threshold will be increased to $35,261 (up from $34,367 for 2013–2014). The additional amount of threshold for each dependent child or student will be increased to $3,238...

The Budget confirmed that the 12% of original value and one-third of actual expenses incurred methods would be discontinued. That means only the cents per km and logbook methods remain. The Government will set 66 cents per kilometre as the rate for using the cents per km method, irrespective of a car’s engine size. The...

The ATO has identified employers in the following industries as having a higher risk of not meeting their super obligations: ◾child care services; ◾building and industrial cleaning; and ◾pubs, bars and taverns. The ATO is currently running an education campaign for business owners in these industries to help them better understand their super obligations. It...

The ATO has issued a guide for trustees of self-managed superannuation funds (SMSFs) that asks: “Has someone asked you to invest your SMSF funds into a trust, company or investment product, and then offered to lend some or all of that money back to you, your company or any entity you control?” If the answer...

The ATO has set up a new page on its website called “Building confidence”, which talks about its current compliance activities, and the amounts of tax and penalties it has collected in 2014 from its various initiatives. Some of the areas that the ATO has stated it will be focusing on are:  Work-related expenses:...

The ATO has reminded taxpayers that the net medical expenses tax offset (NMETO) is being phased out. To be eligible for the NMETO for 2014/15, a taxpayer must have received an amount of the tax offset in both of their 2012/13 and 2013/14 income tax assessments. If a taxpayer’s 2012/13 notice of assessment shows an...

Astute cashflow management is essential for operating a successful business. In today’s competitive environment many businesses prefer to spread their professional fees over the year rather than paying as a single lump sum just like rent or insurance premiums. feeLink is a monthly payment option available to our clients who prefer to fund their professional...