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Individuals

Mobile Phone Expenses and the ATO

At Knox Taxation and Business Advisory, in Boronia, we have all the answers when it comes to knowing how much of your mobile phone, phone and internet bills you can claim. As if you don’t have enough due diligence to do in recording your Business and Personal tax expenses, our friends at the Australian Tax…

EOFY Checklist

Get help with your End of Financial Year tax and accounting procedures and issues by tapping in to Joe Kaleb’s EOFY Checklist, published recently by Australianbiz Pty. Ltd.. You’ll find some great tips on “Planning for the 2014/2015 year” too. The website www.australiabiz.com.au also lists the new ATO Compliance aspects to consider, and you may also gain…

Construction Industry Contractor Payment Report

As part of the 2011-12 Federal Budget, the government announced the introduction of taxable payments reporting for businesses in the building and construction industry. The ATO claim their aim is to improve compliance with tax obligations by those contractors who are currently not doing the right thing. They advise that information reported about payments made…

Personal Taxation – Income Rebates

Currently any taxpayer earning less than $16,000 pays no tax due to the application of the low income rebate of $1,500. However from 1 July 2012, this threshold increases to $18,200 and for low income earners, the low income tax rebate (which has been reduced from $1,500 to $445) means that a taxpayer earning less…

Tax Offsets

Almost all of the tax offsets available in prior years have been drastically reduced, or abolished. These are as follows: Low-income tax offset The Low income tax offset reduces the tax payable by low income earners. You are not eligible for the LITO if your income is over $66,667. Changes are: The maximum value of…

Superannuation

Superannuation Contributions Tax to Double From 1 July 2012, individuals with ‘income’ greater than $300,000 will have the tax concession on their concessional contributions reduced from 30% to 15% (excluding the Medicare levy). This means that the tax rate on concessional contributions will effectively double from 15% to 30% for very high income earners from…