If you haven’t reviewed your salary sacrifice arrangement for a while then two recent changes should have spurred you into action. The first is the increase to the super guarantee (SG) rate from 1 July 2013. While the increase from 9% to 9.25% doesn’t sound like a lot, it can have a big impact. The […]
Normally we wouldn’t advise you of potential tax changes until we were absolutely certain that they were going to happen. But this potential tax change is a bit different because if the change goes ahead, your decisions pre and post 1 January could mean several thousand dollars. Late last month the Government released draft legislation […]
What does the new Government mean to you? On the first day of the Coalition Government, the new Prime Minister Tony Abbott instructed the Department of Prime Minister and Cabinet to draft legislation to remove the Carbon Tax (to be completed within a month), with the intention of introducing the legislation on the first day […]
Every year, thousands of people are caught by scams. A recent Australian Competition & Consumer Commission report stated that in 2012, Australians reported losing over $93m – that’s just the people who reported the scam. From the ATO The ATO has issued a warning about a new phishing email scam. Pretending to be from the […]
No one in business likes a loss at the end of the financial year. Most of us have grown up on the mantra ‘brackets are bad.’ Recent changes however might soften the blow by giving you access to a cash refund from the Australian Tax Office (ATO). Australia might have been a shining economic light […]
The Tax Office has fired the first warning shot in the war against naive, deceptive and dishonest taxpayers, revealing its targets for 2013/2014. The big picture or big brother? Fundamentally, the way the Tax Office addresses compliance has changed. Gone are the days of comprehensive audits and visits. Instead, most compliance issues are identified by […]
In mid July, the Government sparked a frenzy when it announced plans to remove the statutory formula method for salary sacrificed and employer provided vehicles. The announcement has meant that most businesses, and as it turns out Governments, have postponed entering into any new agreements (e.g. novated leases) until there is greater clarity. The reason […]
Here’s a brief summary of what changed on 1 July: The minimum rate for superannuation guarantee contributions increases from 9% to 9.25%. The rate will continue to increase steadily until it reaches 12% from 1 July 2019 onwards. The upper age limit for super guarantee has been removed. That means eligible employees aged 70 and […]
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