Net Medical Tax Offset – June 2013

Net Medical Tax Offset – June 2013

In its 2013 budget, the government announced that it will be phasing out the net medical expenses tax offset from 1 July 2013.

The proposals indicate that from 1 July 2013, those people who claim the offset in their 2012/13 income tax return will be eligible for the offset in 2013/14 if they have eligible medical expenses which exceed the claim threshold. This then continues to apply for 2014/15 if you have made a claim in 2013/2014.

Changes to ATO Refund Policy & ASIC Fees Increases – June 2013

Changes to ATO Refund Policy & ASIC Fees Increases

ATO Refund Policy Changes

From 1 July 2013, taxpayers are required to provide their bank details (account name, BSB, account number) in order to receive refunds. We will ask you for these details when you come in to get your tax return processed.

ASIC Fees Increases

ASIC have announced that as from 1st July, 2013 the new fees for lodgement of documents will increase, as from 1st July, 2013 the new fees for lodgement of documents will be:

ATO Data Matching Program – June 2013

ATO Data Matching Program The ATO has advised that it is undertaking the following data matching programs to identify non-compliance with lodgement, payment and correct reporting obligations under taxation law. Online Selling Data Matching Program The ATO is requesting and collecting the user identification name and number, name, address, telephone numbers, date of birth, email address, registration date, number of … Read More

2012/13 Year-end Checklist for Business – June 2013

2012/13 Year-end Checklist for Business – June 2013

  • Have you spoken with us about tax planning pre 30- June 2013? If you would like help, call us now! If you have a trust and haven’t spoken to us, you will need to do so as there is documentation that must be prepared by law prior to 30 June 2013.
  • Have you reviewed what you can pay prior to 30 June 2013 that will result in a deduction claim?
  • Are there any bad debts that are unrecoverable that can be written off pre-30 June 2013?
  • Have you paid superannuation contributions? Only those paid to and received by the fund prior to 30 June 2013 are deductible.
  • Have you reviewed your trading stock?
  • Are you intending to purchase any assets? If so, talk to us about how best to plan for this.
  • Is there any income that you can defer legitimately until after 1 July 2013?
  • Are you geared up to pay the increased Super Guarantee (9.25%) from 1 July 2013?

2012/13 Superannuation Checklist – June 2013

Superannuation Checklist

STOP! Take Action now before 30 June 2013. Ensure you’ve maximised your contributions and withdrawn all your pension payments (if applicable).

Concessional and Non-Concessional Contributions

At this time of year, it’s a good idea to check your level of contributions to superannuation to ensure that you have:

(a) Maximised your superannuation contributions where possible; and

(b) Haven’t exceeded your contribution caps.

 

For the 2012/13 financial year, the contribution caps are:

(a) Concessional contributions (ie those that your employer makes or you claim a tax deduction for) – $25,000.

(b) Non-Concessional Contributions (ie generally contributions you pay from your own pocket) – $150,000*

Taxable payments reporting building and construction industry – June 2013

Taxable payments reporting building and construction industry – June 2013

A much awaited follow up to our news article published in June 2012 concerning the detail of the Taxable Payments Reporting requirements for the building and construction industry. At that time, the Government had introduced new rules to take effect from 1 July 2012 which required businesses in the building and construction industry to annually report total payments to contractors for building and construction services. The first report is due to be lodged with the ATO by 21st July 2013 in respect of payments to contractors for the 2012-2013 year, a time-line which is rapidly approaching. If you lodge a quarterly BAS then the report is due by 28th July as a one-off lodgement concession.

The rules were introduced as a means of providing information that the ATO could use to data match, and therefore address issues such as non-lodgement, misuse of ABN’s and compliance with GST rules . It is important to note that the reporting requirements are just that, a reporting mechanism and not a taxing mechanism.

2012/13 Individual Tax Return Checklist June 2013

2012/13 Individual Tax Return Checklist – June 2013

Your Checklist

  • Claims for deductions √
  • Receipts for deductions √
  • Car claims and log books √
  • Car record keeping √

Please review the information below and contact our office if you need assistance.

Tax saving strategies prior to 1 July 2013

A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year.

The tax rates for resident individual taxpayers for the 2012/13 income year are as follows (note that the tax rates will remain the same in the 2013/14 income year):