Changes to insurance provided by SMSFs From 1 July 2014, trustees of an SMSF cannot provide an insured benefit in relation to a member of the fund unless the insured event is consistent with one of the following conditions of release of a member’s super benefits: death terminal medical condition permanent incapacity (causing the member to […]
The legislation to repeal the Minerals Resource Rent Tax (Carbon Tax) passed the Senate yesterday (2 September 2014) along with a series of concessions funded by the mining tax. Below summarises the main changes : The schoolkids bonus will stay until 31 December 2016 but an additional means test (adjustable taxable income of $100,000 or […]
Are you paying the correct amount of superannuation guarantee? Effective 1 July 2014 the superannuation guarantee charge rate increased from 9.25% to 9.5%. The 9.5% rate will now remain until 1 July 2021 after which the superannuation guarantee percentage will increase by 0.5% each year until it reaches 12% on 1 July 2025 It is a good […]
SuperStream is a major government reform aimed at improving the efficieny of the ‘back office’ for Superannuation. SuperStream aims to: ensure timely electronic processing of transactions improve efficiency for both employers and superfunds remove the incidence of lost and duplicate accounts create timely allocation of money to members accounts It requires contributions to be made electronically […]
myTax, the new streamlined internet tax return service designed specifically for individuals with straightforward tax affairs – is now available. It is available on tablets, smart phones and computers and is expected to be used by up to 1.4 million self-preparers in it’s first year. You should use myTax if: you were an Australian resident for tax purposes from […]
A phishing email claiming to be from the ATO is currently circulating. The email claims that the recipient is entitled to a tax refund and states they should click the embedded link and complete the online form.
The ATO will be issuing all individual income tax refunds via Electronic Funds Transfer (EFT) only.
What are the changes to superannuation from 1 July 2013? This support note contains a summary of the key superannuation changes that impact on businesses and apply from 1 July 2013. Most of these measures will require you to update your MYOB software by installing the 2013 compliance update. To find out more about how the […]