The flood levy will apply for the 2011-12 income year to
resident & non-resident individual taxpayers, who have a taxable income
over $50,000 and superannuation lump sum payouts of more than $50,000.
Deductions for study and job seeking expenses resulting from the Anstis decision – Taxpayers
who received or have received Austudy, Abstudy and Youth allowance payments to
undertake study and incurred study expenses can now claim a tax deduction for
their expenses. Also, Newstart allowance and Youth allowance job seeker and
have incurred expenses in actively seeking paid work can also claim tax
deduction for their expenses.
Motor
vehicle fringe benefits tax rate changes
Distance travelled
From May 10,2011
From April 1, 2012
From April 1, 2013
From April 1, 2014
0-15,000km
20%
20%
20%
20%
15,000-25,000km
20%
20%
20%
20%
25,000-40,000km
14%
17%
20%
20%
More than 40,000km
10%
13%
17%
20%
School
uniform expenses will be eligible education expense for Education Tax Refund from 1 July 2011.
HECS-HELP
benefits expanded to nursing graduates. Maximum benefit amount for 2009-10 is
$1,558.50.
Stricter
rule apply obtaining an ABN. Individuals are generally only entitled to
register for an ABN if they are carrying on an enterprise in Australia or have a clear business
intent. This came about as many businesses are incorrectly treating employees
as contractors and pressuring them to get an ABN so they can reduce labour
costs.
Audit of
Self Managed Superannuation Fund from 1st July 2011 must engage a
totally independent auditor. In-house audits are not allowed and legislation is
now in place for ASIC to register all SMSF auditors for additional governance.
This rule does not affect majority of our clients as they are already audited
by independent auditor.
JH Business Services & Taxation Accounting | Business Advisory | Tax Services Specialist in small to medium business & personal tax services
Norwest Office
Suite 205 29-31 Lexington Drive Bella Vista NSW 2153