Welcome to the TF Accountants February Tax and Superannuation Update. In this article we provide tips and traps when investing in property through your SMSF, debt forgiveness rules, when a worker is an employee or a contractor and much more.
Yesterday, the Government reached an agreement with the Palmer United Party to abolish the Mining Tax in return for postponing the compulsory Superannuation Guarantee increase to 12% to 2025 and the reduction in the $6,500 immediate asset write-off for small businesses to $1,000 among other things.
With the 2014 financial year drawing to an end, businesses, passive investors and individuals should carefully consider strategies to reduce their upcoming tax liabilities or maximise tax refunds as well as consider getting structures right for the start of the new financial year.
Last night, Treasurer Joe Hockey handed down the 2014-15 Federal Budget which he described as being one for the national interest. Due to the lead up, it was expected that significant changes would be announced.
On 16 July 2013, the Australian Government announced changes to the Fringe Benefits Tax treatment on Motor Vehicles which may affect the potential tax savings as well as the record keeping requirements imposed on businesses.
Treasurer Wayne Swan announced his sixth Australian Federal Budget. We have seen a number of announcements in the lead up to the budget including proposed changes to superannuation. This year, the budget has gathered particular attention in the lead up to the election in September.
On the 5th April 2013, the labor party has announced proposed government changes to the superannuation system. It should be noted that it is unlikely to be legislated before the federal election, meaning that it will likely become an election issue.
On 21 August 2012, the Australian Government introduced amendments to its proposed reform of the tax treatment of living-away-from-home allowances (LAFHA)
The amended Bill has now been passed by parliament and is law effective from 1 October 2012.
Proposed Changes to Private Health Insurance Rebate
Proposed legislation could mean the cost of Private Health Insurance will be substantially more for many individuals and families from 1 July 2012. If you earn more than $84,000 personally or a combined family income of $168,000 your tax rebate on Private Health Insurance is about to be reduced.