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Category Archive for: ‘Practice Update’

July 2012 Practice Update

Occupations in the spotlight this tax time The ATO has stated that, this year, they will be paying close attention to deductions claimed by people employed as: plumbers; information technology managers; and defence force non-commissioned officers. They have found people in these groups are at higher risk of making mistakes with their work-related expenses due to the types of deductions …

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June 2012 Practice Update

Budget 2012 Following are the main tax measures announced in last month’s Federal Budget. Measures previously announced but not going ahead or being deferred Some of the biggest tax news from the latest Budget involved the Government deciding not to proceed with (or deferring) previously announced initiatives, including the following: The Government will not proceed with the measure to lower …

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May 2012 Practice Update

Private health insurance and Medicare levy surcharge changes From 1 July 2012, the private health insurance rebate and the Medicare levy surcharge will be income tested against three new income tier thresholds. Higher income earners will receive less private health insurance rebate or, if they do not have the appropriate level of private patient hospital cover, the Medicare levy surcharge …

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April 2012 Practice Update

2011/12 FBT return time It’s fringe benefits tax (FBT) time again, and that means that FBT returns will soon need to be lodged by those businesses that provide “fringe benefits” to their employees. Note:  A “fringe benefit” is basically something provided to somebody, because they are an employee, which is not salary and wages.  However, not all benefits are subject …

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March 2012 Practice Update

Small Business benchmarks for 2012 Editor:  The ATO collects a vast amount of information, and in the last few years they have started using that information to work out what ‘normal’ small business taxpayers should be including in income and claiming as deductible expenses, depending on their industry. If a taxpayer falls outside the ‘normal’ benchmark for their industry, meaning …

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Jan-Feb 2012 Practice Update

New reforms announced The Government has released its 2011/12 Mid-Year Economic and Fiscal Outlook, which forecasts substantial downgrades to revenue due to “a significant deterioration in global conditions.” As a result, the Government “has had to find further savings in the budget”, including the following measures that will apply from 1 July 2012: ♦      The Government will introduce reforms to …

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