Whilst it is that time of year where many employers like to host Christmas parties or provide staff with a small gift for their work during the year, we would like to take this opportunity to remind you that these events could attract Fringe Benefits Tax (FBT). We will start with exempt property benefits, if […]
The changes for 2015 Annual Leave Loading Annual leave loading – a loading of 17.5% payable when at the time the employee takes annual leave is fully effective in the Modern Awards For those employers already paying above the Award, the Annual leave loading can be absorbed into the hourly rate/annual salary, provided that this […]
The article New ATO powers receive royal assent in our previous edition outlined the new SMSF penalty powers that came into effect from 1 July 2014. We can now direct trustees who contravene certain provisions of super law to undertake an education course, rectify the contravention or pay an administrative penalty. The following case studies demonstrate […]
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.