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Business Start-up

Business Start-up

A business in start-up should be an exciting time, not one of stress of the unknown.

Business Start-up
Grow your Business

Grow your Business

Do you want to grow your business? Are you looking to expand, increase revenue and grow your profits?

Grow your Business
Expand your Business

Expand your Business

Do you plan to expand your business into new locations? Perhaps you'd like to franchise, or take on licensees?

Expand your Business
Protect your Assets

Protect your Assets

As important as acquiring assets is the need to protect them.

Protect your Assets
Exit your Business

Exit your Business

Have you considered all the possible reasons why you might exit your business, and have you put a contingency plan in place for it?

Exit your Business

November 2012 Newsletter - Individual

In this issue:

To download a full copy of our newsletter, click here.

ATO Compliance Program 

The ATO has released its new Compliance Program for 2012-13. We highlight the main focus areas of the ATO in relation to Individuals, that is, all the things you need to be aware of that the ATO will be focusing on over the next 12 months. Read more


New Tax Rates – Residents and Non-Residents

New tax rates that affect individuals who are residents and non-residents of Australia from 1 July 2012. Read more

Household Assistance Package 

The ATO has published information about the Household Assistance Package that has been made available by the Government as a result of various tax reform measures including the carbon tax. Read more

Tax Offsets

Tax offsets that changed with effect from 1 July 2012:

  • Net medical expense tax offset (NMETO)
  • Combining of the "dependency tax offsets"
  • Mature age worker tax offset (MAWTO) Read more

SchoolKids Bonus

The new SchoolKids Bonus, which replaces the Education Tax Refund, starts on 1 January 2013 and will be paid each January and July. The SchoolKids Bonus will be paid in two instalments, totalling $410 for each primary school child and $820 for each secondary school child per year. See your tax agent to find out if you are eligible for the SchoolKids Bonus. Read more

Private Healthcare and Medicare Levy Surcharge changes

Since 1 July 2012, the private health insurance rebate and who is required to pay the Medicare levy surcharge (which is payable when an individual or family doesn't have sufficient private hospital cover from a private health insurer) has become means tested. This will apply to all 2013 and later income year tax returns.  Read more

Superannuation

Some important things you should know about super...  Read more

Are you an employee or contractor?

The ATO has recently put together some tools and comprehensive information to assist businesses and individuals to work out whether they are an "employee" or "contractor". Read more

Living Away From Home Allowance

The new Living Away From Home (LAFH) allowance provisions began to apply from 1 October 2012. The new LAFH provisions ensure that recipients of the LAFH allowances that meet the requirements will be tax-free and not included. Read more

Personal Services Income – ATO Letters

In September 2012, the ATO wrote to several taxpayers who have reported personal services income, but who may have incorrectly self-assessed themselves as conducting a personal services income business. If you have received a letter of this kind, it is best to talk to us about what this might mean for you. Read more

Reasonable Travel and Overtime Meal Allowances

For the 2012-13 income year, the ATO has released Taxation Determination TD 2012/17 entitled "Income tax: what are the reasonable travel and overtime meal allowance expense amounts for the 2012-13 income year?" which sets out the amounts considered "reasonable" for travel and meal allowances for which there will be no substantiation requirements. Read more

New PAYG Instalment Options

If you pay PAYG Instalments, there may be an opportunity for you to change to account for your PAYG Instalment obligations on an annual basis rather than the report and pay on a quarterly basis. Read more

Employment Termination Payments – Withholding Rates

New withholding rates that apply to employment termination payments have been set out in a new Schedule issued by the Commissioner.  Read more





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