WHAT’S NEW FOR INDIVIDUAL TAX PAYERS ?

Mature Age Worker Tax Offset From 1 July 2014 you can no longer claim the Mature age worker tax offset.  This means 2013-14 is the last year the Mature age worker tax offset can be claimed Dependent Spouse Tax Offset  You can no longer be able claim the Dependent spouse tax offset.  If you have [...]

By | June 19th, 2016|Tax Accounting|Comments Off on WHAT’S NEW FOR INDIVIDUAL TAX PAYERS ?

$20,000 IMMEDIATE WRITE OFF FOR SMALL BUSINESSES

As there is a lot of discussion about the immediate write off for small businesses we have summarized the key facts below. The write off threshold was previously $1,000 and the concession only applies to businesses with an aggregate annual turnover of less than $2 million. Key Conditions For The Immediate Write Off: The Asset [...]

By | June 19th, 2016|Tax Accounting|Comments Off on $20,000 IMMEDIATE WRITE OFF FOR SMALL BUSINESSES

CHANGES FOR THE 2015-16 TAX YEAR

Private Health Insurance From 1 July 2015, the income thresholds used to calculate Medicare levy surcharge (MLS) and Private health insurance (PHI) rebate will not be adjusted for three years. Freezing the thresholds from 2015-16 to 2017-18 may result in people with incomes just below each threshold moving into a higher income threshold sooner if [...]

By | June 19th, 2016|Tax Accounting|Comments Off on CHANGES FOR THE 2015-16 TAX YEAR

CLAIMING CAR EXPENSES FROM 1 JULY 2015

For sole traders, individuals and partnerships the rules for claiming business deductions for car expenses have changed. From 1 July 2015 you can no longer use the one-third of actual expenses and the 12% of orginal value method. This means from the 2016 financial year you can only claim car expenses through two ways : [...]

By | June 17th, 2013|Tax Accounting|Comments Off on CLAIMING CAR EXPENSES FROM 1 JULY 2015