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REDUCTION IN HECS-HELP DISCOUNTS
The government has announced changes to the discounts provided for upfront HECS payments and voluntary HELP repayments. From 1 January 2014 the 10% discount for upfront HECS payments will be abolished.. -
TAX REFUNDS AFTER JULY 1
From 1 July 2013 all individual income tax returns which are electronically lodged will be required to provide EFT bank details for a refund to be processed. If you do not provide your personal bank d.. -
INCREASE IN ATO PENALTIES
For the first time since 1997 the ATO has increased its penalty unit from $110 to $170. Generally one penalty unit is charged for each month a lodgement is late up to a maximum of 5 months... -
SUPERANNUATION CHANGES FROM 1 JULY 2013
There are a number of changes to the superannuation system which take effect from 1 July 2013 as follows: Compulsory superannuation guarantee payments increase from 9% to 9.25% of ordinary times e.. -
FUEL TAX CREDITS
The fuel tax credits rates are changing from 1 July 2013 however the actual new rates have yet to be released by the ATO. The new rates for all fuel acquired from 1 July 2013 will be published clos.. -
GIC & SIC RATES
The ATO has published general interest charge (GIC) and shortfall interest charge (SIC) rates for the fourth quarter of the 2012-13 income year. The GIC annual rate for April – June 2013 is 9.95%.. -
CIB FEATURE ARTICLE – ATO CONTRACTOR REPORTING REGIME – ARE YOU READY?
The first ATO lodgement date for the reporting of payments made to contractors in the building and construction industry is fast approaching. The aim of the new regime is to improve the compliance of .. -
SIMPLIFIED DEPRECIATION RULES FOR SMALL BUSINESS
From 1 July 2012 there have been some significant changes to the depreciation rules for businesses with less than $2million aggregated turnover. The threshold for instant asset write off has increa.. -
CREDIT & DEBIT CARD DATA MATCHING
The ATO has obtained the 2011-2012 debit and credit card merchant sales data for Australian businesses from all major banks and credit card providers. The aim of this ATO data matching program is t.. -
NOT-FOR-PROFIT TAX CONCESSIONS
As part of the 2012 Federal Budget reforms to tax concessions provided to not-for profit (NFP) organisations are to be introduced such that tax concessions are to be only available for the specific NF..