Certified Practicing Accountant
Regi. Tax agent & Regi. ASIC Agent
jason@taxcodeaccounting.com.au
 
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Credit Card & Debit Card Data Matching by ATO

Now be careful if you are tax avoiders. ATO has initiated Credit card and Debit card data matching. So your spending habits are monitored by ATO to know if you are tax avoiders? This is in the honest tax payers. ATO is going to collect data from the merchant organization about the credit card or debit card users\\\' data and will compare the same with the filed or reported income levels. It is good to know and make aware people around you to whom you know this will be affecting. - Resource ATO website.

2014-15: Medicare Levy 2% now

2014-15: Medicare levy has been increased from Tag Heuer Replica Watches 1.5% to 2.0% of taxable income. More burden on families.

2014-15: No More No Less

2014-15: ATO shouting this year - No More No Less for your claimable deductions. Please make sure you claim right amount and keep the document in support of your claim. ATO has increased awareness program for "how to maintain documents".panerai replica watches

2012-13: Fringe Benefit Tax & Car

The Government announced that the current statutory formula 4-percentage rate scale method for valuing car fringe benefits will be replaced with U-Boat Replica a single statutory rate of 20%, regardless of the number of kilometer travelled. The changes will apply to new vehicle contracts entered into after 7:30pm (AEST) on 10 May 11, and will be phased in over 4 years. People who use their vehicle for a significant amount of work related travel will still be able to use the \\\"operating cost\\\" or \\\"log book\\\" method to ensure their car fringe benefit excludes any business use of the vehicle.

2014-15: Dependent parent offset. No more straight forward

2014-15: Dependent parent offset is no more straight forward. Only dependent parents who is taking care of invalid relative or who are invalid will be considered as dependent for tax purposes. And dependent swiss replica watches parents should be in receipt of carer payment from family assistant office to be eligible if taking care of invalid.Hublot Replica Watches

2011-12: Spouse Offset phase out

The biggest change and most affecting in terms of value is phasing out Spouse Offset. Now if your spouse was born on or after 1-Jul-1971, you can no longer claim a dependent spouse tax offset for them at T1. This may be a shock to few taxpayers, who used to claim spouse offset and getting handsome refunds.

2011-12: No more Education Tax Refund

Education Tax Rebate/Refund (ETR) has been abolished. You are not required to claim ETR anymore on your tax return while you do your 2011-12 tax return. Australian government has Omega Replica committed last year that you will be able to claim uniform expenses for your school going kids. However in this budget they have withdrawn not only uniform but ETR itself. Instead, now Government is going to distribute Kids Bonus based on the eligibility decided. The same will be distributed last week of June 2012 through centerlink and process.

2012-13: HECS - Discount is reduced only to 5%

From 1st July 2012, government will reduce the following discounts applying to payments made under the Higher Education Contribution Scheme (HECS)Panerai Luminor Replica - the discount available to students electing to pay their student contribution up-front will be reduced from 20% to 10% and - the bonus on voluntary payments to the tax office of $500 or more will be reduced from 10% to 5%

2014-15: Instant write-off of assets under $20,000

The small business instant asset write-off threshold has been introduced to $20,000swiss replica watches This means, small businesses can write-off assets for business up to $20,000 and no need to depreciate further. Profit for the year will be reduced by the value of the asset strait away if it is under $20,000.

2012-13: Pooling of asset is consolidated for small businesses

The long-life small business pool and the general small business pool have been consolidated into a single pool to be written off at one rate. patek philippe complications replica