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Archive for the ‘News’ Category

Accelerated depreciation – Small Business Measures No 2 Bill passes

On 15 June 2015 the Tax Laws Amendment (Small Business Measures No 2) Bill 2015 passed all stages in the Senate, without amendment, and now awaits the Royal Assent. This Bill will implement the 2015 Budget proposals to provide accelerated depreciation for small businesses and primary producers.

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Small business tax measures – Small Business Measures No 1 Bill passes

On 15 June 2015 the Tax Laws Amendment (Small Business Measures No 1) Bill 2015 passed all stages in the Senate, without amendment, and now awaits the Royal Assent. This Bill will amend the Income Tax Rates Act 1986 to reduce the company tax rate from 30% […]

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Federal Budget 2015-16

PERSONAL TAX RATES The income tax thresholds and tax rates for residents (excluding the Medicare levy) are: 2014-2015 Income year (current) 2015-17 Income years Taxable Income ($) Rate Taxable Income ($) Rate 0 – 18,200 0% 0 – 19,400 0% 18,201 – 37,000 Nil + 19% of excess […]

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Super caps increased for 2014/15

ATO has announced the following changes to the superannuation contributions caps. Concessional contributions cap These include: employer contributions (including those under a salary sacrifice arrangement); and personal contributions claimed as a tax deduction by a self-employed person. The amount of the cap will be increased from $25,000 in 2013/14 to $30,000 […]

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Income Tax – changes

As indicated by the Coalition prior to the Federal election, the carbon tax and minerals resource rent tax are going to be repealed. The Government has since released exposure draft legislation repealing these measures from 1 July 2014. Other tax measures that were brought in at the […]

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Non-residents

Non-residents CGT Discount for NON-RESIDENTS abolished The 50% CGT discount for non-residents will be abolished for capital gains. The CGT discount will remain available for capital gains accrued prior to this time where non-residents choose to obtain a market valuation of assets as at 8 May 2012. […]

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Employee and Investors Tips

Employee & Investors Tips Deffering Income Income received in advance of services to be provided will generally not be assessable until the services are provided. Taxpayers who provide professional services may consider, in consultation with their clients, rendering accounts after 30 June to defer the income. A […]

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What’s new in 2013?

What’s new in 2013? Personal tax rates The income tax thresholds and tax rates for residents (excluding the 1.5% Medicare levy) are: 2012 – 2013 Income Year – Current 2013 – 2014 Income Year Taxable Income ($) Rate Taxable Income ($) Rate 0 – 18,200 0% 0 […]

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