RECENT INCOME TAX CHANGES

Size: px
Start display at page:

Download "RECENT INCOME TAX CHANGES"

Transcription

1 RECENT INCOME TAX CHANGES Financial Institution Details Required From 1 July 2013, when preparing your income tax returns we will need to include your nominated Australian bank account details when a refund is expected. We ask that you please provide these details on the enclosed Income Tax Return Checklist. The ATO will not allow lodgement of your individual tax return without providing your bank details therefore it is important that this is provided to us. Increased Tax Free Threshold The tax-free threshold has been increased from $6,000 to $18,200 for the income year. Increased Medicare Levy Low Income Thresholds The Medicare Levy low-income thresholds for families and dependent child-student component of the threshold have been changed to be in line with the CPI rates. Below is a table for the new Medicare Levy thresholds: Families with the following children and/or students No levy payable if family taxable income does not exceed (figure for ) Reduced levy if family taxable income is within range (inclusive) Ordinary rate of levy payable where family taxable income is equal to or exceeds (figure for ) 0 $33,693 ($32,743) $33,694 $39,638 $39,639 ($38,522) 1 $36,787 ($35,750) $36,788 $43,278 $43,279 ($42,059) 2 $39,881 ($38,757) $39,882 $46,918 $46,919 ($45,597) 3 $42,975 ($41,764) $42,976 $50,558 $50,559 ($49,135) 4 $46,069 ($44,771) $46,070 $54,198 $54,199 ($52,672) 5 $49,163 ($47,778) $49,164 $57,838 $57,839 ($56,210) 6 $52,257 ($50,785) $52,258 $61,478 $61,479 ($59,748) Note: where there are more than six dependent children and/or students, add $3,094 for each extra child or student to the lower limit taxable income, and add the appropriate amount of child/student component of the upper phase-in limit for each child or student. Medicare Levy Surcharge Thresholds The Medicare Levy Surcharge is now determined by new income thresholds. There are no changes made to how the Medicare Levy Surcharge applies, nor are there any changes made to any exemptions that may apply to your circumstances. Below is a table for the new Medicare levy surcharge thresholds: No Change Threshold 1 Threshold 2 Threshold 3 Singles $84,000 or less $84,001-$97,000 $97,001-$130,000 $130,001 or more Families $168,000 or less $168,001-$194,000 $194,001-$260,000 $260,001 or more Rate 0.0% 1.0% 1.25% 1.5% Note: The family threshold will increase by $1,500 for each dependent child after the first. We note your income for assessment of this threshold includes: Taxable Income Reportable Fringe benefits Reportable Superannuation Contributions Net Investment losses e.g. rental losses Note: The Surcharge is not payable if you have eligible private health insurance for the full financial year, regardless of your income level. Page 1 of 6

2 Changes to the Private Health Insurance Rebate Your entitlement to this rebate will now be dependent upon your level of income. You will receive a statement from your private health insurer which you will need to provide to us to enable us to complete your tax return. You may now be eligible for a private health insurance rebate if you were covered by private health insurance, regardless of who paid for the policy. If you are covered as a dependent child on the policy, you are not eligible for the rebate but will not have to pay the Medicare levy surcharge. The income thresholds for claiming the private health insurance rebate are: Unchanged Tier 1 Tier 2 Tier 3 Singles $84,000 or less $84,001 - $97,000 $97,000 - $130,000 $130,001 or more Families* $168,000 or less $168,001 - $194,000 $194,001 - $260,000 $260,001 or more REBATE Aged under 65 30% 20% 10% 0% Aged % 25% 15% 0% Aged 70 or over 40% 30% 20% 0% Note: the family income threshold is increased by $1,500 for each dependent child after the first child. Changes to Dependent Tax Offsets There are changes to how you claim for certain dependants: If your spouse was born on or after 1 July 1952, you can no longer claim a dependent spouse tax offset for them. You can only claim the housekeeper and child housekeeper tax offsets if you are eligible for a zone or overseas forces tax offset. If you are not eligible for a zone or overseas forces tax offset, the new dependent (invalid and carer) tax offset replaces offsets for your: spouse born on or after 1 July 1952 parent parent-in-law invalid relative. To be eligible for the new offset your dependant must receive a government payment as an invalid or carer or be caring for someone who receives a government payment as an invalid. Net Medical Expenses Tax Offset Phase Out The government will phase out the amount of net medical expenses tax offset you can claim and it will now be depended upon on your level of income. You will only be able to claim an offset of 10% of your net medical expenses over $5,000 if you have an adjusted taxable income (ATI) above: $84,000 if you are single, or $168,000 if you are a couple or family. The family threshold will increase by $1,500 for each dependent child after the first. If your ATI is below these income thresholds, you are not affected by this change and can continue to claim a tax offset of 20% of your net medical expenses over $2,120. From 1 July 2013, those taxpayers who have claimed the net medical expenses tax offset for the income year will continue to be eligible for the income year (if eligible out of pocket medical expenses relevant thresholds are met), and those will then continue to be eligible for the income year. Changes to Pensioner Tax Offset and Senior Australians Tax Offset The pensioner tax offset and the senior Australians tax offset have been combined to form the seniors and pensioners tax offset. Page 2 of 6

3 Changes to the Mature Age Workers Tax Offset The eligibility test for the mature age workers tax offset has been changed. From 1 July 2012, this tax offset is only available to taxpayers who were born before 1 July Low Income Superannuation Contributions (LISC) From 1 July 2012, you may be entitled to a low income superannuation contribution (LISC) if your adjusted taxable income (ATI) is no more than $37,000 and at least 10% of your total income is from employment or business. The LISC is a government superannuation payment to help low income earners save for their retirement. The payment is 15% of the concessional (before tax) contributions made by you or your employer to your complying superannuation fund, up to a maximum payment of $500. The ATO will calculate your entitlement using the information you provide in your tax return. Employment Termination Payments Tax Offset Employment termination payments (ETPs) are now being taxed differently. A $180,000 cap, based on your yearly taxable income, is now applied to limit the concessional tax treatment of certain types of ETPs. These transitional termination payment changes apply to the period ended on 30 June 2012, although earlier year payments may affect the tax treatment of your ETP this year if they relate to the same termination of employment. Decreases to Superannuation Co-Contributions The proposed changes made via the Tax and Superannuation Laws Amendment (2013 Measures No. 2) Bill 2013 contains the changes which will: Reduce the rate of payment for the superannuation co-contributions from 100% to 50%, Decrease the maximum amount payable from $1,000 to $500, Extend the freeze on the indexation of the lower income threshold for the income year, Reduce the higher income threshold from $30,000 to $15,000 above the lower income threshold. Increases to the Tax Payable on Concessional Contributions (where a member earns more than $300,000) The Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Bill 2013 amends the income tax and superannuation law and the Taxation Administration Act 1953 to increase the tax payable on concessional contributions where a member earns more than $300,000. The Bill introduces the concept of Division 293 Tax. Division 293 Tax is imposed at a rate of 15% on fund members whose income and relevant concessionally taxed superannuation contributions exceed $300,000 for an income year. This would be in addition to the 15% contributions tax paid by the fund on concessional contributions. This will be payable at a personal level by a separate assessment. For further advice in relation to this change, please contact us and we will be able to assist you with the relevance to your individual circumstances. Superannuation Contribution Limits The Superannuation Contribution limits for have remained at $25,000. These contributions include Employer Contributions (including contributions made under a salary sacrifice arrangement) and Personal Contributions claimed as a tax deduction by a selfemployed person. A transitional concessional contributions cap applied until 1 July 2012 for individuals aged 50 or over. If you are aged 50 or over, the annual cap for the and financial years was $100,000, whilst for the , and financial years it was $50,000. From the year the cap has decreased to $25,000 to match all other taxpayers. We recommend to confirm with your employer of any salary sacrifice arrangements in place and to make sure you do not exceed the $25,000 limit. Page 3 of 6

4 AGAIN THIS YEAR Self Employed Superannuation Deductions Any superannuation contributions you have paid before the 30 June 2013 may be claimed as a tax deduction, if you can answer yes to any of the questions below: Were you fully self-employed? Were you partly self-employed but none of the people you worked for were required to provide superannuation support? Were you partly self-employed but your income from the people required to pay superannuation support was less than 10% of your total assessable income? Were you employed but received no superannuation support? You received less than $450 in every calendar month, You were under 18 and worked part-time for the whole year. Your work was private or domestic in nature and you worked no more than 30 hours. Reforms to Some Entitlements Your entitlements may be reduced, as occurred in the 2012 year, due to the inclusion of extra income amounts in various tests. Your entitlements included in this change consist of: Your Tax Offset entitlements Your eligibility to certain deductions and tax concessions Any Medicare levy surcharge Higher Education Loan Program (HELP) or Student Financial Supplement Scheme (SFSS) repayment amounts. Income Earned in Overseas Employment In most cases you will now need to include your foreign employment income in your assessable income, which is then taxed in Australia. You may then be entitled to a tax offset for the foreign tax you paid on your foreign employment income. Employee Share Schemes For the and future years, discounts on shares and rights you acquire under an employee share scheme will generally be included in your assessable income in the income year in which you acquire the shares or rights. However, deferral of the tax liability is possible in limited circumstances. Same-Sex Couples For and future years the definition of spouse has changed so that your spouse includes another person (whether of the same sex or opposite sex) who you were in a relationship with that was registered under a prescribed state or territory law, or although not legally married to you, lived with you on a genuine domestic basis in a relationship as a couple. This change can have implications for your entitlements to various offsets and also the assessment of some taxes. Rental Properties The Tax Office continues to identify that rental properties have been an area in which tax has been underpaid, and monitors this area carefully observing what rental property owners are deducting in their annual tax returns. We believe you should consider the following situations: Claiming the cost of the land as a capital works deduction, that is, as part of the cost of constructing or renovating the rental property. This forms part of the cost of the asset. Claiming the cost of improvements, renovations, extensions, alterations and replacement of entire structure or unit of property as repairs and maintenance expense. These are capital improvements and should be claimed as capital works deductions. Overstating claims for deductions on the interest on the loan taken out to purchase, renovate or maintain the property. For any portion of the loan that is not related to the property, you will not be able to claim the interest as a deduction. Incorrectly claiming the full cost of an inspection visit when it is combined with another private purpose, such as a holiday. In such cases, you can only claim that portion of the travel costs that relate directly to the property inspection. Claiming deductions for properties for periods when it was not available for rent. Page 4 of 6

5 Income Matching The Australian Taxation Office undertakes data matching audits on the following information: PAYG Payment Summaries, Interest Income, Dividend Income, Managed investment trust and partnership distributions, Taxable Government Grants and other government payments, Sales of real property, shares and managed funds, Sales through merchant debit and credit services, Transactions reported to the Tax Office by the Australian Transaction Reports and Analysis Centre. You need to make sure that you provide us with details of any of the above types of income you have earned to avoid the Taxation Office amending your return and charging penalties. PLANNING AHEAD FOR 2014 Personal Income Tax Rates (Residents Year) The individual income tax rates for the income year will remain the same as the income year. Below are these tax rate thresholds: Taxable income up to $18,200-0% Rate Taxable income from $18,201 to $37,000-19% Rate Taxable income from $37,001 to $80, % Rate Taxable income from $80,001 to $180,000-37% Rate Taxable income over $180,000-45% Rate Capping of Self-Education Expenses From 1 July 2014, the treasurer has announced that the Government plans to introduce an annual cap of $2,000 per person for deductions relating to work related self-education expenses. Self-Education expenses include expenses where they have a relevant connection to your current income earning activities. Commonly claimed expenses include formal qualifications and associated tuition fees, textbooks, stationery and travel expenses, conferences, seminars and self-organised study tours. Medicare Levy Increases From 1 July 2013, the government will increase the Medicare levy from 1.5% to 2% to provide funding for Disability Care Australia. The current exemptions from the Medicare levy will remain in place. Personal Income Tax Rates (Non-Residents) For the 2013/14 income year, non-residents will pay a flat rate of 32.5% on all taxable income up to $80,000. For taxable income exceeding $80,000, the marginal tax rate for non-residents are the same as those for resident individuals. Spouse Contributions You can claim an 18% tax offset on superannuation contributions of up to $3,000 made on behalf of your low income or non-working spouse. The maximum rebate allowed is $540. To be eligible to claim the tax offset, your spouse must be receiving less than $10,800 in assessable income and reportable fringe benefits a year, although a reduced tax offset is payable for spouses earning up to a total of $13,800 assessable income, reportable fringe benefits and reportable employer superannuation contributions per annum. A 'spouse' also includes another person who, although not legally married to you, lives with you on a bona fide domestic basis as your husband or wife, but does not include a person who lives separately and apart from you on a permanent basis. Page 5 of 6

6 Salary Sacrificing Sacrificing part of your cash salary into superannuation can be a great way to help reduce your income tax liability while potentially increasing your wealth. However refer below to caps associated with this. Other forms of salary sacrificing are available and continue to be an effective option for reducing your personal income tax bill. Superannuation Contribution Caps You should ensure that any contributions made during the year ended 2013 are less than the caps explained in the recent changes document at page 5. There can be significant penalties in the form of additional tax for exceeding these caps. The rate of tax is 31.5% for the amount above the cap, in addition to the normal 15% contributions tax. Pre-Paid Interest By pre-paying all or some of your interest on loans used to finance investments, you can claim a tax deduction in the current financial year. First Home Saver Accounts From 1 October 2008, if you are eligible, you can open a first home saver account, with many financial institutions. Some of the attributes associated with this style of account are: The Australian Government may make an annual contribution to your account based on the amount you have contributed to the account. You do not pay tax on earnings on the account. You also do not need to declare income from this account anywhere on your Income Tax Return. You must use all the funds in your first home saver account within six months of withdrawing them and they must be used to buy or build your first home. To withdraw your funds, you need to have contributed at least $1,000 per year in at least four financial years not necessarily consecutive years. If you buy or build a home that becomes your main residence and you haven t closed your first home saver account within 30 days of it becoming your main residence (either to buy it or to contribute to your superannuation), you must advise your account provider. If you are not required to lodge a Tax Return, you will need to lodge a first home saver account notification of eligibility. McCOSKER PARTNERS Your Partners in Business (02) What we can do for you: Accounting Business Management Consulting Taxation, FBT, CGT and GST Advice/planning Bookkeeping Services Self Managed Superannuation Funds Business Finance Page 6 of 6

RECENT INCOME TAX CHANGES

RECENT INCOME TAX CHANGES RECENT INCOME TAX CHANGES Increased Medicare Levy Low Income Thresholds The Medicare Levy low-income thresholds for families and dependent child-student component of the threshold have been changed to

More information

SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES

SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES Superannuation Introducing Salary Packaging Salary packaging has been made available to all staff of the University through the Enterprise Agreement process.

More information

2014/15 Budget. 1. Changes effective 1 July 2013 (i.e., 2013/14 income year)

2014/15 Budget. 1. Changes effective 1 July 2013 (i.e., 2013/14 income year) 2014/15 Budget 1. Changes effective 1 July 2013 (i.e., 2013/14 income year) 1.1 Medicare levy low income thresholds For 2013/14, the Medicare Levy low income thresholds will be as follows: Individuals

More information

Tax Rates & Thresholds Handy Guide

Tax Rates & Thresholds Handy Guide Tax Rates & Thresholds Handy Guide 2014/15 Income Year Issued August 2014 Taxation of Superannuation Benefits Superannuation benefits from a taxed source Age of recipient Lump Sum Income stream 60 and

More information

Rates of Tax 2013/14 Resident Individuals

Rates of Tax 2013/14 Resident Individuals July Supplement 2014 Rates of Tax 2013/14 Resident Individuals The following rates apply to individuals who are residents of Australia for tax purposes for the entire income year. 1 Tax Payable 2,3 0 18,200

More information

Tax on contributions. Non-concessional (after tax) contribution caps. Age at 1 July 2015 Annual cap Tax rate Under 65 $180,000* Nil 65-74 $180,000 Nil

Tax on contributions. Non-concessional (after tax) contribution caps. Age at 1 July 2015 Annual cap Tax rate Under 65 $180,000* Nil 65-74 $180,000 Nil This section summarises the main Federal Government taxes that apply to superannuation at the time of preparation. For more information, contact MyLife MySuper on 1300 MYLIFE (695 433) or the Australian

More information

CLIENT FACT SHEET. If you are under age 65 you may make personal contributions to superannuation on your own behalf.

CLIENT FACT SHEET. If you are under age 65 you may make personal contributions to superannuation on your own behalf. CLIENT FACT SHEET July 2010 Understanding superannuation and superannuation contributions Superannuation is an investment vehicle designed to assist Australians in saving for their retirement. The Government

More information

Year-end Tax Planning Guide - 30 June 2013 BUSINESSES

Year-end Tax Planning Guide - 30 June 2013 BUSINESSES Year-end Tax Planning Guide - 30 The end of the financial year is fast approaching. In the lead up to 30 June, this newsletter covers some of the year-end tax planning matters for your consideration. BUSINESSES

More information

Individual & Family Tax Measures

Individual & Family Tax Measures Budget Budget Highlights Highlights CHANGES & OTHER IMPORTANT INFORMATION Individual & Family Tax Measures Individual Tax Rates The individual tax rates remain unchanged for 2013/2014 and are listed below.

More information

TAX TUTOR INSIDE IS YOUR TAX GUIDE FOR 2013-2014

TAX TUTOR INSIDE IS YOUR TAX GUIDE FOR 2013-2014 TAX TUTOR INSIDE IS YOUR TAX GUIDE FOR 2013-2014 PERSONAL TAX PERSONAL INCOME TAX RATES 2013-2014 & 2012-2013 Taxable Income $0 - $18,200 Nil Tax Payable $18,201 - $37,000 19% of excess over $18,200 $37,001

More information

2016/17 Budget. 1. Effective Budget Night 7.30pm (AEST) 3 May 2016. 1.1 New lifetime cap for non-concessional superannuation contributions

2016/17 Budget. 1. Effective Budget Night 7.30pm (AEST) 3 May 2016. 1.1 New lifetime cap for non-concessional superannuation contributions 2016/17 Budget Superannuation reform changes 1. Effective Budget Night 7.30pm (AEST) 3 May 2016 1.1 New lifetime cap for non-concessional superannuation contributions The government will introduce a $500,000

More information

Year-end Tax Planning Guide - 30 June 2014 BUSINESSES

Year-end Tax Planning Guide - 30 June 2014 BUSINESSES Year-end Tax Planning Guide - 30 The end of the financial year is fast approaching. In the lead up to 30 June, this newsletter covers some of the year-end tax planning matters for your consideration. BUSINESSES

More information

Tax Offsets 2014/15. Voice. Dependant Tax Offsets. 2014/15 Description. Max Offset $

Tax Offsets 2014/15. Voice. Dependant Tax Offsets. 2014/15 Description. Max Offset $ Tax Offsets 2014/15 Dependant Tax Offsets From 1 July 2012 (i.e., for the 2013 and later income years), the Dependant (Invalid and Carer) Tax Offset (DICTO) replaced eight dependent rebates (namely, the

More information

Contributing to your super

Contributing to your super SUP E R ANNUATION Contributing to your super GESB Super and West State Super ISSUE DATE: 1 July 2015 PREPARATION DATE: 26 June 2015 Government Employees Superannuation Board ABN 43 418 292 917 Contents

More information

Understanding Superannuation

Understanding Superannuation Understanding Superannuation Client Fact Sheet July 2012 Superannuation is an investment vehicle designed to assist Australians save for retirement. The Federal Government encourages saving through superannuation

More information

baggetta & co accountants financial planners self managed super funds 2013 Individual Tax Return Checklist

baggetta & co accountants financial planners self managed super funds 2013 Individual Tax Return Checklist baggetta & co accountants financial planners self managed super funds 2013 Individual Tax Return Checklist Provide all supporting documentation to substantiate your claims Such as copies of receipts, tax

More information

Rates of Tax 2011/12 Resident Individuals

Rates of Tax 2011/12 Resident Individuals s of Tax 2011/12 Resident Individuals The following rates apply to individuals who are residents of Australia for tax purposes for the entire income year. 1 Tax Payable 2, 3 0 6,000 Nil 6,001 37,000 15

More information

Super taxes, caps, payments, thresholds and rebates

Super taxes, caps, payments, thresholds and rebates Fact Sheet Super taxes, caps, payments, thresholds and rebates This fact sheet provides a useful one-stop reference guide to the tax rates, caps, thresholds and rebates that apply or are related to superannuation

More information

THE TAX INSTITUTE. Tax Rates Table 2013-14

THE TAX INSTITUTE. Tax Rates Table 2013-14 THE TAX INSTITUTE Tax Rates Table 2013-14 taxinstitute.com.au Individual income tax rates Residents 2012-13 2013-14 Taxable income Marginal rate Tax on this income $0 $18,200 Nil Nil $18,201 $37,000 19%

More information

Understanding tax Version 5.0

Understanding tax Version 5.0 Understanding tax Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to tax. This document has been published

More information

Tax tips and tax return checklist

Tax tips and tax return checklist Tax tips and tax return checklist To help you complete your tax return, the following lists outlines the payments that are classified as income and those that are classified as expenses across a range

More information

Understanding Tax Version 1.0 Preparation Date: 1st July 2013

Understanding Tax Version 1.0 Preparation Date: 1st July 2013 Understanding Tax Version 1.0 Preparation Date: 1st July 2013 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation

More information

2014 Federal Budget Analysis

2014 Federal Budget Analysis For adviser use only. Not for public distribution. 2014 Federal Budget Analysis In one of the more highly anticipated Federal Budgets, the Government announced major changes that should be discussed with

More information

Contents. Introduction. Introduction 1. Top five Budget proposals 2. Taxation 7. Social security and aged care 10.

Contents. Introduction. Introduction 1. Top five Budget proposals 2. Taxation 7. Social security and aged care 10. Contents Introduction 1 Top five Budget proposals 2 Taxation 7 Social security and aged care 10 Other measures 15 Introduction After weeks of speculation, the Federal Treasurer Joe Hockey handed down the

More information

Taxation measures. Medicare low income thresholds. Changes to tax rates for non-residents. Changes to the net medical expenses tax offset

Taxation measures. Medicare low income thresholds. Changes to tax rates for non-residents. Changes to the net medical expenses tax offset 2012-2013 Federal Budget Report May 2012 This year s Federal Budget was returned to surplus while ensuring families and small business share in the benefits of the resource boom. Cor sae por restiam adis

More information

Fact Sheet Tax on Super 2009/10

Fact Sheet Tax on Super 2009/10 It pays to belong TM Key Focus A tax of 15% applies to concessional (i.e. before tax) contributions. All employer and salary sacrifice contributions will be taxed at the top marginal rate if your super

More information

CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2014 2015

CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2014 2015 CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2014 2015 This guide is the initiative of the CPA Australia Retirement Savings Centre of Excellence. Information is current based on legislation as at 1 July

More information

SUMMARY OF RATES AND THRESHOLDS 2015/16

SUMMARY OF RATES AND THRESHOLDS 2015/16 SUMMARY OF RATES AND THRESHOLDS 2015/16 CONTENTS Superannuation rates and thresholds Concessional contributions Non-concessional contributions Capital Gains Tax (CGT) cap amount Untaxed plan cap amount

More information

FEDERAL BUDGET 2009 UPDATE BRIEF SUMMARY

FEDERAL BUDGET 2009 UPDATE BRIEF SUMMARY Wealth Management Federal Budget 2009 FEDERAL BUDGET 2009 UPDATE BRIEF SUMMARY The Government has delivered what it says is one of the most difficult Budgets since the great depression, with many winners

More information

CPA Australia Tax and Social Security Guide: 2013-2014

CPA Australia Tax and Social Security Guide: 2013-2014 CPA Australia Tax and Social Security Guide: 2013-2014 This guide is the initiative of the CPA Australia Retirement Savings Centre of Excellence. Information is current based on legislation as at 1 July

More information

Reliance Super. Taxation Supplement. 14 March 2014. a membership category of Maritime Super

Reliance Super. Taxation Supplement. 14 March 2014. a membership category of Maritime Super Taxation Supplement 14 March 2014 Contents Tax on contributions 2 Tax on rollovers 3 Tax on investment earnings 3 Tax on super benefits 3 Spouse tax offset 7 Tax deductions for the self-employed 7 Low

More information

Private health insurance rebate and Medicare levy surcharge changes. June 2012

Private health insurance rebate and Medicare levy surcharge changes. June 2012 June 2012 IN THIS ISSUE Private health insurance rebate and Medicare Levy surcharge changes 30 June is around the corner Tax Changes affecting Small businesses Changes to the timing of Trust resolutions

More information

receive the full amount of any of the qualifying benefits and allowances for the full year, and have no other taxable income.

receive the full amount of any of the qualifying benefits and allowances for the full year, and have no other taxable income. Page 1 of 9 Guide to tax offsets Overview Tax offsets (sometimes also referred to as rebates) directly reduce the amount of tax you must pay. They are not the same as tax deductions. Deductions only reduce

More information

CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2015 2016

CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2015 2016 CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2015 2016 This guide is the initiative of the CPA Australia Retirement Savings Centre of Excellence. Information is current based on legislation as at 1 July

More information

LWK. Chartered Accountants. Individual Tax Return Checklist

LWK. Chartered Accountants. Individual Tax Return Checklist LWK Pty. Limited ACN 121 288 373 Chartered Accountants Business Advisers and Consultants Business Advisers an Individual Tax Return Checklist This checklist has been prepared by LWK Pty Limited Chartered

More information

Member guide. Superannuation and Personal Super Plan. The information in this document forms part of the Hostplus Product Disclosure Statement issued

Member guide. Superannuation and Personal Super Plan. The information in this document forms part of the Hostplus Product Disclosure Statement issued Member guide. Superannuation and Personal Super Plan Product Disclosure Statement The information in this document forms part of the Hostplus Product Disclosure Statement issued Section 7. How super is

More information

Individual tax return instructions 2013

Individual tax return instructions 2013 Instructions for taxpayers Individual tax return instructions 03 To help you complete your tax return July 0 30 June 03 Now available on tablets NAT 7050-06.03 OUR COMMITMENT TO YOU We are committed to

More information

End of Year Income and Tax Planning Individuals - June 2013

End of Year Income and Tax Planning Individuals - June 2013 The tips below will assist you in your end of year income and tax planning strategies. These tips are not meant to be exhaustive nor applicable to each and every individual taxpayer. Further you should

More information

FEDERAL BUDGET 2009 SUMMARY

FEDERAL BUDGET 2009 SUMMARY FEDERAL BUDGET 2009 SUMMARY 13 May 2009 As widely expected, last nightʼs Federal Budget contained a number of proposals that will affect clients. Importantly, the proposals will require passage of legislation

More information

Individual Tax Return Checklist 2014

Individual Tax Return Checklist 2014 Individual Tax Return Checklist 2014 Thank you for your business. Attached is our checklist for Individual Tax Returns for the 2014 financial year which is designed to ensure the accuracy and completeness

More information

Contributing to super

Contributing to super Contributing to super July 2016 Superannuation is arguably the most tax-effective way to save for your retirement, as s and withdrawals are taxed at a concessional rate. But with so much jargon about the

More information

September 2013 IN THIS ISSUE. in, apart from Election promises made, we are unlikely to see much activity in the tax space.

September 2013 IN THIS ISSUE. in, apart from Election promises made, we are unlikely to see much activity in the tax space. G R GURNEY CA J J PECZKA CA G L LAPSLEY CA N K FARRELL CA CHARTERED ACCOUNTANTS September 2013 IN THIS ISSUE Election 2013 ATO Compliance Focus Low income earners may still need lodge a return Medicare

More information

Tax deductible superannuation contributions

Tax deductible superannuation contributions Tax deductible superannuation contributions TB 35 TECHNICAL SERVICES ISSUED ON 29 OCTOBER 2014 ADVISER USE ONLY VERSION 1.1 Summary Employers and certain individuals can claim a tax deduction for contributions

More information

2015 INDIVIDUAL TAX RETURN CHECK LIST

2015 INDIVIDUAL TAX RETURN CHECK LIST PARTNERS Chartered Accountants Bondi Junction office -Suite 1807, Level 18, Tower Two, 101 Grafton Street, Bondi Junction, 2022, NSW, Australia Hornsby Office- 237 Pacific Highway Hornsby NSW 2077 P O

More information

Individual Tax Interview Checklist - 2010 Income Tax Return

Individual Tax Interview Checklist - 2010 Income Tax Return Where reply is Yes, supply supporting information 2009/2010 refers to the period from 1 July 2009 to 30 June 2010 Unless otherwise stated, this checklist refers to events occurring in 2009/2010 Client

More information

Guide for notice of intent to claim a tax deduction for personal super contributions 2014/2015

Guide for notice of intent to claim a tax deduction for personal super contributions 2014/2015 Guide for notice of intent to claim a tax deduction for personal super contributions 2014/2015 Under section 290-170 of the Income Tax Assessment Act 1997 Need Help? For more information about your eligibility

More information

Changes to private health insurance rebate and Medicare levy surcharge Introduction

Changes to private health insurance rebate and Medicare levy surcharge Introduction Changes to private health insurance rebate and Medicare levy surcharge Introduction For an explanation of terms used, see Definitions. From 1 July 2012, the private health insurance rebate and the Medicare

More information

Fundamentals of Australian Taxation. Snehal Shah Director GMK Partners Pty Ltd

Fundamentals of Australian Taxation. Snehal Shah Director GMK Partners Pty Ltd Fundamentals of Australian Taxation Snehal Shah Director GMK Partners Pty Ltd Disclaimer This presentation is of a general nature only and is not intended to be relied upon as, nor to be a substitute for,

More information

Super terms explained

Super terms explained Super terms explained Here is a useful reference guide to some of the terms we use with Super. The guide provides plain English information about Super, but does not give formal legal definitions. For

More information

NEWSLETTER MAY 2014 2 0 1 4 T A X P L A N N I N G 2 0 1 4 F E D E R A L B U D G E T U P D A T E. www.mgh.com.au 1

NEWSLETTER MAY 2014 2 0 1 4 T A X P L A N N I N G 2 0 1 4 F E D E R A L B U D G E T U P D A T E. www.mgh.com.au 1 NEWSLETTER MAY 2014 2 0 1 4 T A X P L A N N I N G The end of the financial year is fast approaching. We encourage you to make an appointment with our office so we can formulate personalised tax strategies

More information

Freelancers, the self-employed & super.

Freelancers, the self-employed & super. YOUR SUPER Freelancers, the self-employed & super. If you are self-employed or a freelance or contract worker Media Super can help you understand your super and tax options, and what you can do to maximise

More information

Tax planning reminders for 30 June 2012

Tax planning reminders for 30 June 2012 Tax planning reminders for 30 June 2012 Keep your receipts!... 1 Government Co-contributions... 1 Personal deductible contributions... 3 Split super with your spouse... 3 Employer Superannuation Contributions...

More information

2015 rates and thresholds guide

2015 rates and thresholds guide Client Information Newsletter - Tax & Super 2015 rates and thresholds guide October 2015 Table of Contents Individual tax rates for residents... 2 Individual tax rates for non-residents.... 2 2014-15 resident

More information

2015 Changes / Key Announcements

2015 Changes / Key Announcements 2015 Changes / Key Announcements Below is a summary of the changes to be aware of and announcements that will potentially affect you for the year ending 30 th June 2015 or will come into effect as of 1

More information

Private health insurance policy details

Private health insurance policy details Private health insurance policy details PRIVATE HEALTH INSURANCE YOU NEED TO KNOW The information on this page will help you complete Private health insurance policy details on page 4 of your tax return.

More information

How super works. VicSuper FutureSaver Member Guide

How super works. VicSuper FutureSaver Member Guide How super works VicSuper FutureSaver Member Guide Date prepared 1 July 2015 The information in this document forms part of the VicSuper FutureSaver Product Disclosure Statement (PDS) dated 1 July 2015.

More information

NB: receipt of an allowance does not automatically entitle an employee to a deduction. Compare to ATO Portal report.

NB: receipt of an allowance does not automatically entitle an employee to a deduction. Compare to ATO Portal report. INCOME (PLEASE OBTAIN EVIDENCE WHERE APPLICABLE) 1. Salary and wages NB: have you received all your payment summaries from all your employers? Obtain and attach PAYG summaries. Non cash benefits received

More information

Estate planning: Taxation of deceased estates

Estate planning: Taxation of deceased estates TB 20 Estate planning: Taxation of deceased estates Issued on 15 November 2010. Summary Under Australian law there are no duties, however, income and some capital transactions may be taxed as a consequence

More information

Superannuation. A Financial Planning Technical Guide

Superannuation. A Financial Planning Technical Guide Superannuation A Financial Planning Technical Guide 2 Superannuation Contents Superannuation overview 4 Superannuation contributions 4 Superannuation taxation 7 Preservation 9 Beneficiary nomination 9

More information

AustChoice Super general reference guide (ACH.02)

AustChoice Super general reference guide (ACH.02) AustChoice Super general reference guide (ACH.02) Issued: 28 May 2015 This guide contains important information not included in the AustChoice Super PDS. We recommend you read this entire guide. The information

More information

Federal Budget May 2014

Federal Budget May 2014 Federal Budget May 2014 On 13 May 2014, the Abbott Government delivered its first Federal Budget. The announcements in this Update are proposals unless stated otherwise. These proposals need to successfully

More information

Product Disclosure Statement

Product Disclosure Statement AMP Retirement Savings Account Product Disclosure Statement Contents 1. About AMP Retirement Savings Account 2. How super works 3. Benefits of investing with AMP Retirement Savings Account 4. Risks of

More information

Income Tax Return Checklist Please attach all relevant documents (e.g. Payment summary, etc.)

Income Tax Return Checklist Please attach all relevant documents (e.g. Payment summary, etc.) Income Tax Return Checklist Please attach all relevant documents (e.g. Payment summary, etc.) YEAR ENDED: 30 June 227 Hutt Street, Adelaide SA 5000 Telephone 08 8272 6833 Facsimile 08 8227 2608 www.efcgroup.com.au

More information

General reference guide

General reference guide General reference guide (TPS.01) Issued: 1 July 2015 The Portfolio Service Super Essentials The Portfolio Service Superannuation Plan The Portfolio Service Retirement Income Plan This guide contains important

More information

Contributions are taxed differently depending on whether you are making contributions to a taxed or untaxed fund.

Contributions are taxed differently depending on whether you are making contributions to a taxed or untaxed fund. Tax and super Issue Date: 1 July 2015 SUP E R ANNUATION The information in this document forms part of the Product Information Booklets for GESB Super and West State Super, each dated 1 July 2015. You

More information

How super is taxed. About this document. Tax on concessional contributions. Concessional contribution tax rates from 1 July 2015:

How super is taxed. About this document. Tax on concessional contributions. Concessional contribution tax rates from 1 July 2015: How super is taxed Date of issue: 1 July 2015 mtaasuper.com.audate Phone: 1300December 362 415 2014 Fax: 1300 365 142 of issue: The information in this document forms part of the Product Disclosure Statement

More information

INDIVIDUALS 2015 year end information and checklist Tax changes

INDIVIDUALS 2015 year end information and checklist Tax changes Vision, understanding and results INDIVIDUALS 2015 year end information and checklist Tax changes Are you an Uber driver or rent out your home on AirBNB? If you earn income from the sharing economy, that

More information

FirstTech. Super guide 2010/11. Adviser use only

FirstTech. Super guide 2010/11. Adviser use only FirstTech Super guide 2010/11 FirstTech was ranked 1st by advisers for Technical Support in the 2010 Wealth Insights Fund Manager Service Survey. This Super guide has been developed to provide you with

More information

2015 YEAR END TAX & SUPERANNUATION PLANNING GUIDE

2015 YEAR END TAX & SUPERANNUATION PLANNING GUIDE 2015 YEAR END TAX & SUPERANNUATION PLANNING GUIDE We are pleased to provide our year end tax planning guide for 2015. Tax Planning should be done on a regular basis throughout the year. However, these

More information

The Expatriate Financial Guide to

The Expatriate Financial Guide to The Expatriate Financial Guide to Australian Tax Facts Australia Introduction Tax Year Assessment Basis Income Tax Taxation in Australia is mostly at a national/federal level with property taxes (council

More information

SUPERANNUATION. Home Insurance. Super fundamentals. Foundations for your future

SUPERANNUATION. Home Insurance. Super fundamentals. Foundations for your future SUPERANNUATION Home Insurance Super fundamentals Foundations for your future As one of your most important financial investments, it s worth understanding how superannuation works. For many Australians,

More information

Dover Individual Income Tax Return Checklist

Dover Individual Income Tax Return Checklist Dover Individual Income Tax Return Checklist For the year ending (insert income year) 1. Advisor/Accountant Details Company/Firm name: Contact name: Contact email: Contact phone: 2. Client Details Full

More information

Managing the tax affairs of someone who has died

Managing the tax affairs of someone who has died Page 1 of 13 Managing the tax affairs of someone who has died Introduction This guide will help you finalise the tax affairs of a deceased person. It tells you what tax returns you may need to lodge and

More information

2014 FEDERAL BUDGET SUMMARY

2014 FEDERAL BUDGET SUMMARY 2014 FEDERAL BUDGET SUMMARY Corner Lime & Cuthbert Streets King Street Wharf Sydney NSW Phone: (02) 9249 7600 email@bellpartners.com www.bellpartners.com CEO Message The words promise and commitment have

More information

End of financial year planning tips May 2014

End of financial year planning tips May 2014 End of financial year planning tips May 2014 With the end of the financial year fast approaching, it is a good time to review financial planning strategies with a view to optimising your outcomes. This

More information

CORPORATE NEWSLETTER

CORPORATE NEWSLETTER CORPORATE NEWSLETTER Summer 2014 Page 2 Corporate Newsletter - Summer 2014 CORPORATE NEWSLETTER - SUMMER 2014 Dear Reader, Welcome to our quarterly newsletter which will provide updates and reminders of

More information

Making the Most of Your Super

Making the Most of Your Super Making the Most of Your Super For many people, super is one of the best ways to accumulate wealth. The Government provides tax benefits to encourage people to fund their own retirement. With more Australians

More information

Contributions. Things you should know about making contributions to your SMSF BROUGHT TO YOU BY

Contributions. Things you should know about making contributions to your SMSF BROUGHT TO YOU BY Contributions Things you should know about making contributions to your SMSF BROUGHT TO YOU BY CONTENTS Non Concessional Contributions: Aged Under 65... 2 Non Concessional Contributions: Aged 65 to 74...

More information

Personal Income Tax Return Questionnaire

Personal Income Tax Return Questionnaire Personal Income Tax Return Questionnaire INCOME SUMMARY 1. Preparing tax return for the first time. 2. Income 3. Eligible Termination Payments 4. Australian Annuity or Superannuation Pension 5. Allowances,

More information

Medicare levy variation declaration

Medicare levy variation declaration individuals SEGMENT taxpayers AUDIENCE instructions and form FORMAT NAT 0929-07.2007 PRODUCT ID Medicare levy variation declaration Complete this declaration if you want to: n increase the amount withheld

More information

End of Year Superannuation Fund Circular To all Super Fund Trustees

End of Year Superannuation Fund Circular To all Super Fund Trustees 21 June 2013 End of Year Superannuation Fund Circular To all Super Fund Trustees Maximise year end opportunities and minimise risks The end of the financial year will be here before you know it. In this

More information

Smart End of Financial Year Strategies

Smart End of Financial Year Strategies Level 7,34 Charles St Parramatta Parramatt NSW 2150 PO Box 103 Parramatta NSW 2124 Phone: 02 9687 1966 Fax: 02 9635 3564 Web: www.carnegie.com.au Build Guide Protect Manage Wealth Smart End of Financial

More information

Super contributions - too much super can mean extra tax Introduction

Super contributions - too much super can mean extra tax Introduction Super contributions - too much super can mean extra tax Introduction There are caps on the amount you can contribute to your superannuation each financial year that are taxed at lower rates. If you contribute

More information

Personal Income Tax Return - Year End Questionnaire 2015

Personal Income Tax Return - Year End Questionnaire 2015 Personal Income Tax Return - Year End Questionnaire 2015 To assist us in preparing your income tax return, please use this questionnaire as a checklist when you compile your information. With respect to

More information

Smart strategies for your super

Smart strategies for your super Smart strategies for your super 2010 Make your super count Superannuation is still one of the best ways to accumulate wealth and save for your retirement. The main reason, of course, is the favourable

More information

ADVANCE RETIREMENT SAVINGS ACCOUNT Annual Report for year ended 30 June 2014. Issued by BT Funds Management Limited ABN 63 002 916 458 AFSL 233724

ADVANCE RETIREMENT SAVINGS ACCOUNT Annual Report for year ended 30 June 2014. Issued by BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 ADVANCE RETIREMENT SAVINGS ACCOUNT Annual Report for year ended 30 June 2014 Issued by BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 CONTENTS Introduction... 1 Recent developments in superannuation...

More information

How super is taxed. Inside. Accumulation 1 and Spouse Account members. The University of Melbourne THIS DOCUMENT WAS PREPARED ON 1 OCTOBER 2015.

How super is taxed. Inside. Accumulation 1 and Spouse Account members. The University of Melbourne THIS DOCUMENT WAS PREPARED ON 1 OCTOBER 2015. How super is taxed Accumulation 1 and Spouse Account members The information in this document forms part of the UniSuper Accumulation 1 Product Disclosure Statement and UniSuper Spouse Account Product

More information

Guidance Notes and Circulars

Guidance Notes and Circulars Guidance Notes and Circulars Superannuation Circular No. I.A.1 Contribution and Benefit Accrual Standards for Regulated Superannuation Funds September 2006 www.apra.gov.au Australian Prudential Regulation

More information

ASPECTS OF FINANCIAL PLANNING. Taxation implications of overseas residency. July 2012

ASPECTS OF FINANCIAL PLANNING. Taxation implications of overseas residency. July 2012 ASPECTS OF FINANCIAL PLANNING Taxation implications of More and more of our clients are being given the opportunity to live and work overseas. Before you make the move, it is worthwhile considering the

More information

HCG Fact Sheet 30 June 2014 End of Financial Year Tax planning strategies

HCG Fact Sheet 30 June 2014 End of Financial Year Tax planning strategies HCG Fact Sheet 30 June 2014 End of Financial Year Tax planning strategies If you are an employee, consider Sacrificing your pre-tax salary or bonus into super rather than receiving it as cash so you can

More information

FEDERAL BUDGET 2014 Member factsheet

FEDERAL BUDGET 2014 Member factsheet FEDERAL BUDGET 2014 Member factsheet KEY HIGHLIGHTS - Introduction of Temporary Budget Repair Levy - Refund of excess non-concessional contributions without penalty - Age pension age increasing to age

More information

SUPERANNUATION. Home Insurance. Super fundamentals. Foundations for your future

SUPERANNUATION. Home Insurance. Super fundamentals. Foundations for your future SUPERANNUATION Home Insurance Super fundamentals Foundations for your future As one of your most important financial investments, it s worth understanding how superannuation works. For many Australians,

More information

Salary Packaging Issues

Salary Packaging Issues Salary Packaging Issues Murray Nicholls Saward Dawson Session overview 1. Terminology & basics 2. Specific issues for pastors 3. Options for other church staff 4. How salary packaging affects government

More information

Your guide to super smart strategies.

Your guide to super smart strategies. Your guide to super smart strategies. What you ll find in this guide Learn more about super and discover how the super smart strategies can help you to grow your wealth, make the most of your super and

More information

Key Superannuation Rates and Thresholds

Key Superannuation Rates and Thresholds Key Superannuation Rates and Thresholds Concessional contributions cap Concessional contributions consist of: 1. Employer contributions including salary sacrifice contributions 2. Personal contributions

More information

INFORMATION FOR 2014 TAX RETURN CHECKLIST INDIVIDUAL

INFORMATION FOR 2014 TAX RETURN CHECKLIST INDIVIDUAL For year ended 30 th June 2014 Page 1 of 9 INFORMATION FOR 2014 TAX RETURN CHECKLIST INDIVIDUAL IMPORTANT NOTE WORKFLOW MANAGEMENT We shall endeavour to ensure that your Individual tax return is lodged

More information

CHECKLIST TAX RETURN ATHANS&TAYLOR. Chartered Accountants

CHECKLIST TAX RETURN ATHANS&TAYLOR. Chartered Accountants ATHANS&TAYLOR Chartered Accountants 2015 TAX RETURN CHECKLIST With the end of financial year fast approaching, we have compiled a checklist regarding income expenses that need to be on hand for the preparation

More information

Retirement Savings Account (RSA)

Retirement Savings Account (RSA) Retirement Savings Account (RSA) Product Disclosure Statement (PDS) Incorporated (by reference) Information Booklet - Superannuation, Rollovers and Pensions. As at 24 September 2014 Issued by the Qantas

More information

PERSONAL INCOME TAX RETURN CHECKLIST 30 JUNE 2015

PERSONAL INCOME TAX RETURN CHECKLIST 30 JUNE 2015 MRL Group Pty Ltd Chartered Accountants. Business Solutions. PERSONAL INCOME TAX RETURN CHECKLIST 30 JUNE 2015 This checklist is designed as a guide for the preparation of your personal income tax return.

More information

Contributions. Contributions table. Defence Bank Super

Contributions. Contributions table. Defence Bank Super Contributions This fact sheet provides more detailed information about the different contributions that may be made into your super account in the 2015/2016 and 2016/2017 financial years, based on laws

More information