Personal middle income tax rate cut on the way The Treasury Laws Amendment (Income Tax Relief) Bill 2016 (the Bill) has been introduced in the House of Representatives. It proposes to amend the Income Tax Rates Act 1986 to increase the third personal income tax threshold applying to personal income taxpayers. The rate of tax […]
Personal middle income tax rate cut on the way The Federal Government has introduced a Bill which proposes to implement its 2016 Budget proposal to increase the third personal income tax threshold that applies to personal income taxpayers. The rate of tax payable on individuals’ taxable incomes from $80,001 to $87,000 would fall from 37% […]
Share economy participants reminded of tax obligations The ATO has reminded tax professionals to consider clients who may be involved in the share economy. Some individuals may not be aware they have tax obligations when earning income through the sharing economy. The types of goods or services taxpayers provide, and how much they provide, will […]
Share economy participants reminded of tax obligations The ATO has reminded people who earn income in the share economy that they have tax obligations. The type of goods or services you provide, and how much you provide, will determine what you need to do for tax. Popular sharing economy services include: providing “ride-sourcing” services for […]
If you participate in the Higher Education Loan Program (HELP) to assist in financing your education, you must start to repay the debt once your income exceeds a government-set repayment threshold for the income tax year, even if you are still in school. There are actually two ways in which you can pay your student […]
The ATO – as the regulator of SMSFs (self-managed super funds) – has a range of treatments available to it to deal with SMSF trustees who have not complied with the super laws. The ATO says its primary focus is to encourage SMSF trustees to comply with the super laws. However, SMSF trustees should be […]
The ATO warns taxpayers to always watch out for scammers. Each year, the ATO receives a growing number of reports from the public of new phishing scams. Not only do scammers try to steal money, they also try to steal identities. The misuse of stolen personal information has been recognised in income tax evasion, customs […]
Increased international labour mobility and the use of skilled temporary workers by Australian companies have resulted in a growing number of foreign nationals entering Australia. These people generally hold a temporary visa for immigration purposes. It is important to recognise that holding a temporary visa does not automatically qualify a person for temporary resident tax […]
The Australian Securities and Investments Commission (ASIC) has updated its guide to help employers select a default superannuation fund for their employees. The guide sets out a range of factors for employers to consider when deciding about a default super fund for employees (eg fees, investment options, fund performance and insurance). ASIC also encourages employers […]
WHEN IT COMES to leadership roles in business, accountants and finance professionals have an edge over other professions. Their insights and acumen are highly prized by the corporate sector, says Dr Byron Hanson, an associate professor at Curtin Graduate School of Business in Perth. “The language of business matters now. If you can’t speak finance, […]