By now, most people would know that the private health insurance rebate is being income-tested – effectively meaning that if you have private health insurance, the rebate you are entitled to receive depends on your annual income, your age and the number of dependent children you have. The table on page 2 summarises the thresholds,...

After working (and paying taxes) for most of your life, it can be a good feeling to get to that stage of your life where it’s time to get some pay-back from the taxman. Your golden years can be given an extra glow by claiming the Senior Australians and Pensioner Tax Offset (SAPTO), if you...

Many of you may just be getting back into your regular routine, but one thing to take note of if you are a self-managed superannuation fund (SMSF) trustee is that the 2012-13 SMSF annual return deadline is fast approaching. Lodgement dates For the 2012-13 annual return, the deadline for SMSFs that are wise enough to...

The National Disability Insurance Scheme (NDIS) came into effect on July 1, 2013.  Under the new system, disability support will be provided to eligible participants or their representatives on their behalf. The income tax and GST implications should not be overlooked.  If you are a supplier of disability support to participants, have you considered whether...

MYOB has five New Year’s resolutions for small businesses Accounting software provider MYOB has outlined its top five New Year’s resolutions for small businesses to define and redefine their business goals: Learn from last year’s hit and misses Stay on business track with a solid business plan Don’t try to be all things to all...

Investors are frequently faced with questions and issues regarding the correct tax treatment of certain aspects of financial products, and sometimes the various features of these products. An important question that crops up on a regular basis is whether investors can claim tax deductions for interest and borrowing costs that they have incurred in the...

Bushfires, floods, storms – natural disasters come in many forms. Even strong winds and heavy rain are very capable of wreaking a lot of damage, and with these destructive events can come loss of income, either from damage to your workplace or business vehicle, let alone your tools of trade and essentials such as computers....

Many are taking the plunge and establishing a self-managed superannuation fund (SMSF) these days – especially the younger demographic – but it is not a decision that should be taken lightly. Do you know what the optimum conditions are to set up an SMSF, how it compares to APRA-regulated funds and what the average account...

The Tax Office is currently homing in on a few problem areas when it comes to the SMSF sector by: engaging with new trustees to ensure they can operate their SMSF and are not seeking illegal early access to their retirement benefits ensuring annual returns are lodged, and on time focusing on new funds and...

Small businesses may want to act now and bring forward their capital purchases if they still wish to utilise the instant asset write-off of $6,500 or the $5,000 motor vehicle write-off in 2013-14. The details of the government’s repeal of the Minerals Resource Rent Tax (MRRT) make it clear that some small business tax concessions...