Recent Tax Changes

The ‘nip and tuck’ Budget The 2011/2012 Federal Budget was a ‘nip and tuck’ Budget.
Many of the changes were either because of or justified by the need to improve the workforce participation rate to counter the declining unemployment rate from the current level of 5% to 4.5% by June 2013. Others were simply to fulfill the promise of bringing the budget into surplus. more »

Concessional super contributions extended for over 50s 28 February 2011 The Government announced today an extension of the concessional contributions cap for individuals aged 50 and over with super balances under $500,000 from 1 July 2012. more »

Flood levy announced 27 January 2011 The Government today announced an increase in the Medicare Levy threshold to help pay for the flood recovery process. Applying from the 2011/2012 income year, the flood levy of 0.5% will apply to all taxpayers with a taxable income of $50,000 or more and 1% for all those with an income above $100,000. more »

ATO responds to Anstis case 17 December 2010 The ATO has released its position on the Anstis case and will allow an automatic deduction for the Youth Allowance for 2007 to 2010 income years.more »

Proposed changes to borrowings in SMSFs 26 May 2010 A new Bill introduced into Parliament seeks to repeal the existing borrowing rules for super and replace them with new rules. more »

$500 standard work related deduction 2 March 2011 The Government today released a discussion paper providing for a standard $500 income tax deduction for work related expenses and tax agent fees from 1 July 2012. more »

 

Question?
Call us on 02 9580 0030 to make an appointment or click the following link to Contact Us.