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Client Alert for August 2014

Budget Levy from 1 July 2014

The Government's Temporary Budget Repair Levy is now law. The levy is be payable at the rate of 2% of each dollar of an individual's annual taxable income over $180,000. The levy is active for three financial years, starting on 1 July 2014 and ending on 30 June 2017. That means the top marginal tax rate is effectively 49% (including the 2% Temporary Budget Repair Levy plus the 2% Medicare levy). Read more…

Client Alert for July 2014

Tax debt release on serious hardship grounds refused

In a recent case, the Administrative Appeals Tribunal (AAT) refused an individual's application to be released from his tax debt of $58,000 on the grounds of serious hardship. Read more…

Client Alert for June 2014 - Budget Extra

PERSONAL TAXATION

2% deficit levy for three years from 1 July 2014 on incomes over $180,000

The Treasurer announced the introduction of a Budget deficit levy (ie tax), which will apply for three years from 1 July 2014. This temporary levy will apply at 2% for incomes over $180,000 (ie 2% on taxable income in excess of $180,000). Read more…

Client Alert for June 2014

Tax amnesty for undeclared offshore income

The ATO has launched a voluntary disclosure initiative known as "Project DO IT: disclose offshore income today". The Tax Commissioner, Chris Jordan, has warned that the initiative is a last chance opportunity for individuals who have not declared their overseas assets and income to come back into the tax system before 19 December 2014 in order to avoid steep penalties and the risk of criminal prosecution for tax avoidance. Read more…

Client Alert for May 2014

Tax planning

There are many ways in which entities can defer income, maximise deductions and take advantage of other tax planning initiatives to manage their taxable incomes. Taxpayers should be aware that in order to maximise these opportunities, they need to start the year-end tax planning process early. Of course, those undertaking tax planning should be aware of the potential application of anti-avoidance provisions. However, if done correctly, tax planning can provide a number of tax savings for entities. Read more…

Client Alert for April 2014

Tax data net to be widened

The government has proposed to improve taxpayer compliance through new third-party reporting regimes and has undertaken public consultation to seek feedback on possible policy issues. The proposal aims to improve taxpayer compliance by enhancing the information reported to the ATO by a range of third parties. The proposal is currently scheduled to commence from 1 July 2014 (although first reports would not be due to the ATO until after 1 July 2015). Read more…

Client Alert for March 2014

Local government payments in ATO sights

The ATO has previously sought from local government council and shire authorities throughout New South Wales, Victoria, Queensland, and Tasmania details of entities who provided contractor services in the 2011 and 2012 financial years. The ATO says it will now acquire details of entities receiving taxable payments from local government council and shire authorities throughout the country covering the 2011 to 2014 financial years. Read more…

Best Tech 2014

Best Tech 2014

 

Talking Tech -  The Must-Have 2014 Gadgets

As we know, the technology industry is booming with new and improved gadgets Read more…

The 5 Step Super Check

The 5 Step Super Check

 

There are five simple things you can do that can make a difference to your super savings over time, meaning more money for you when you retire. Read more…

Division 7A Explained

Division 7A Explained

One of the high risk areas of tax and one that the Australian Taxation Office is continuing to monitor, is Division 7A.  What is Division 7A you say?  We have summarised below some of the situations where Division 7A may apply to you and the tax consequences or these arrangements. Read more…

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