2011/12 Key Tax Changes
2011/12 Key Tax Changes
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
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
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.
JHBST Services
Tax Services
Business Services
Business Consulting
Individual Tax Return
BAS & IAS Lodgment Service
Set Up of New Business Entities
Partnership Tax Return
Financial Reporting
Business Tax Planning
Company Tax Return
Bookkeeping Solutions
Business Health Check
Trust Tax Return
Cloud Accounting
Business Funding & Finance
SMSF Tax Return
Payroll
Budget & Cash Flow Forecast