Updates

The 2013 Federal Budget contained a number of significant taxation changes that will impact individual taxpayers. Personal Income Tax Rates Individual income tax rates remain unchanged. The expected tax cuts due to apply from 1 July 2015 have been deferred

The 2013 Federal Budget announced that the Government intends to phase out the out-of-pocket medical expenses tax offset in 2019. Currently, 20% of the eligible medical expense (in excess of $2,060 per annum) can be claimed as tax offset. From

The Government announced its intention to limit individual taxpayers’ allowable deduction for work-related self-education expenses. From 1 July 2014 it will be capped at $2,000 per annum. The limit will apply to all eligible self-education expenses such as tuition fees,

From 1 July 2013, the super guarantee rate increases to 9.25% and the upper age limit is removed. For those of you who employ staff aged 70 years and over, you might need to start making super contribution to the

With the end of a financial year looming, how does your business performance compare against your budget? Does your year-end cash balance look as healthy as you had forecasted? Did your expenditures look reasonable? Or perhaps you had not put

Effective 1 July 2012, businesses in the building and construction industry must now report to the ATO the total payments made to each contractor who provides them with building and construction services each year. These payments are to be reported

Since the Global Financial Crisis, strong evidence suggests that the relationship between small to medium sized enterprises and banks has changed. Banks are now tougher to deal with as they are managing their risk profile more stringently. Covenants are increasingly

Cloud computing can boost your productivity but make sure you know what you are signing up for. It is very likely that your email, latest accounting software or job ordering system are based in the ‘çloud’. It now lets you

The State Revenue Office is currently issuing Land Tax assessments. Owners of land should ensure the accuracy of these assessments as our experience had shown that they often contain errors, resulting in levying excessive land tax. Land owners are encouraged

As part of the mini Budget of November, 2012 the Government announced a reform that it would remove concessional FBT treatment on in-house benefits which are received via Salary Sacrifice arrangements. This applies to employees who receive goods and services