Individual & Family Tax Measures

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1 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. The second phase of the tax cuts under the Governments Clean Energy Policy that were due to be implemented on 1 st July 2015 will be deferred. The Medicare Levy will increase from 1.5% to 2% from the 1 st July 2014 to provided funding for the Disability support Scheme. 2013/2014 Tax Thresholds from the 1 st July 2013 Tax Rate (%) $0 - $18,200 0 $18,201 - $37, $37,001 - $80, $80,001 - $180, $180, Low Income Tax Offset For 2014 the maximum value of the low income tax offset (LITO) will be $445 and will begin to be phased out at the reduced rate of 1.5 cents for each dollar of taxable income over $37,000 and ceases when taxable income is $66,667. For Senior Australians and Pensioners the maximum rebate for a single person is $2,230 and begins to shade out from $32,279. For couples the rebate is $1,602 and begins to fade out when your combined income is $57,948. You do not need to lodge a tax return if your income is less than $32,279 for a single and $31,729 if you had a spouse. Car Expenses & Logbooks The cents per kilometre rates for the year ending 30 th June 2013 are listed below and are applicable if claiming a deduction of up to 5,000 business km s per year. Car Engine Size Small Car (non rot ary engine not exceeding 1600cc, or rot ary engine not exceeding 800cc) Medium Car (non rotary engine 1601cc-2600cc, or rotary engine 801cc-1300cc) Large Car (non rotary engine 2601cc and above, or rotary engine above 1301cc) Rate 63c per km 74c per km 75c per km If claiming deductions for Motor Vehicles other than the c/km method it is vitally important to keep a logbook and/or all written evidence of your car expenses receipts and/or invoices of fuel costs, registrations, insurance and repair & These materials are intended as a guide only. They should not be relied upon as a substitute for professional advice regarding actual facts or circumstances. Hyatt Partners, it employees and agents do not accept any liability resulting from any person acting, or refraining to act, in reliance on all or part of these materials.

2 maintenance. Logbooks last for a period of 5 years, irrespective of changing vehicles so long as the usage has not changed. Please ensure a new log book is completed every five years. If logbooks or receipts are not kept it could reduce your deduction or result in a higher Fringe Benefit Tax charge. Work Related Self-Education Deduction Reforms The Government announced a cap of $2,000 on self-education deduction claims from the 1 st July Education expenses include formal qualifications from a school, college, university or other place of education, text books, stationery, travel and equipment expenses. Conferences and seminars do not form self-education expenses but are normal deductable expenses if incurred in relation to your employment. Clients who are undertaking studies may benefit by prepaying course fees before 1 st July 2014 to spread out their expenses to ensure they remain below the $2,000 cap on deductions. Removal of Discounts on HECS/HELP Upfront Payments and Voluntary Payments The Government proposes to remove the 10% discount on upfront payments for HECS courses and the 5% discount on voluntary payments to the ATO of $500 or more. The proposed changes will begin from 1 st January If clients are intending to make a voluntary payment to their HECS/HELP debt or if their incomes are above the repayment thresholds and will be required to payout their loans in 2014 it may be advantageous to make voluntary payments before January 2014 to access the discounts. If you do payout your HECS/HELP Loan do not forget to advise your employer by lodging a TFN Declaration so they can adjust the amount of tax withheld. Changes to Family Payments The Government has announced a number of changes to the eligibility and payment rules for Family Tax Benefit (FTB) Part A as well as other family payments. These are summarized as follows; From 1 st January 2014, eligibility for FTB Part A for children aged 16 years and over will change so that FTB Part A will only be paid until the end of the calendar year a child completes school The indexation of the upper income test limit of $150,000 for FTB Part B, the dependency tax offsets, the Paid Parental Leave Scheme and Dad and Partner Pay will be paused until 1 st July The upper income free area for FTB Part A and FTB supplements will also remain at current levels until 1 st July From 1 st March 2014, the Baby Bonus will be abolished. It will be replaced with an additional payment for families eligible for FTB Part A. the additional payment is $2,000 in the year following the birth or adoption of a first child or each child in multiple births, and $1,000 for the second or subsequent children. 2 P age

3 The allowed period of temporary absence from Australia while remaining eligible for FTB Part A will reduce from three years to one year from 1 st July This change also applies to the School kids Bonus and Paid Parental Leave. The Government will not go ahead with the planned increase to Family Tax Benefit Part A as announced in last year s Federal Budget. The pledged increases were to take effect from the 1 st July 2013, where the maximum rate of Family Tax Benefit Part A was going to be increased by $300 per year for families with one child and $600 per year for families with two or more children. Net Medical Expenses Tax Offset (NMETO) phase out from 1 st July 2013 The Government will phase out the NMETO with transitional arrangements for those currently claiming the offset. Taxpayers who spend over $2,120 in out of pocket medical expenses and claim the NMETO in 2012/2013 will be eligible for the NMETO in 2013/2014. If they meet the thresholds in 2013/2014 they will continue to be eligible to claim the offset in 2014/2015. The offset will continue to be available to taxpayers for out of pocket medical expenses relating to disability aids, attendant care or aged care until 1 st July Please ensure you check your out of pocket medical expenses closely in 2012/2013 to ensure you keep your eligibility to the offset in future years. SUPERANNUATION REFORMS Co-Contribution To be eligible for the Governments Co-Contribution you must have made a personal contribution, have income between the income thresholds $31,920 - $46,920, be less than 71. The co-contribution is a maximum of $500 for a $1,000 personal contribution. Exempt Pension Income Cap of $100,000 The Treasurer Wayne Swan announced that from 1 st July 2014 earnings on pension assets will be tax free up to $100,000 a year for individuals. Pension earnings above $100,000 will be taxed at the normal concessional rates of 15% for Superannuation Funds. This measure will affect those members who have pension balances in excess of around $1.3 million. This announcement will apply to capital gains and could potentially affect members who sell existing capital assets in one year. For assets purchased before 5 th April 2013 it will only apply to Capital Gains that accrue after 1 st July Superannuation Concessional Caps The Government announced concessional caps will remain at $25,000 for all individuals below 60. The concessional contributions cap has been increased to $35,000 from the 1 st July 2013 for those over P age

4 From 1 st July 2014 the cap will be $35,000 for those aged 50 and over. It is anticipated that by July 2018 the concessional cap for everyone will be indexed up to $35,000. Minimum Pension Payments The minimum payment amounts for Pensions as published by the ATO return to their full rates for 2013/2014. Removal of CGT Discount for Non Residents The Government will remove the 50% CGT Discount for Non Residents on Capital Gains accrued after 7:30pm AEST on the 8 th May The CGT Discount will remain available for Capital Gains accrued prior to this time where non residents choose to obtain a market value of assets as at 8 th May Legislation was introduced to Parliament on 29 th May 2013 and remains before Senate. Key Business Measures Company Loss Carry Back The Government will provide tax relief for Companies by allowing them to carry back tax losses so they receive a refund against tax previously paid. In respect of the year ending 2012/13 one year carry back. For 2013/14 and later years two year carry back. Immediate write off for Small Business Entities From 1 July 2012, small business entities (with a turnover of less than $2 million) will be able to: Ø instantly write-off the first $5,000 of a new or used motor vehicle Ø immediately write off each eligible business asset they buy costing less than $6,500 per asset This confirms initiatives previously announced by the Government. BUSINESS CHANGES & OTHER ISSUES Payroll Tax The WA State payroll tax 5.5% on wages in excess of $750,000 pa. The WA State Government announced in the 2012 State Budget that small business in the year will be eligible to receive a full rebate of Payroll Tax paid with a maximum value of $41,250. The benefit will phase out for business with payrolls between 1.5 million and $3 million. The rebate will be calculated and paid in the first half of after employers have completed their annual payroll tax reconciliation process. It is imperative that if you are entitled to the rebate you lodge your annual reconciliation before 31 st December P age

5 Superannuation Guarantee Rate The Superannuation guarantee rate increases from 9% to 9.25% from the 1 st July 2014 in the first phase of the Governments increase to the SGC Rate. Please ensure you update your software or systems to ensure you pay the correct amount of superannuation for your employees. If you fail to correctly calculate your employees superannuation and underpay you will be required to lodge an SGC Late Payment Form and pay any amounts to the ATO. Financial Year Super Guarantee Rate (%) 2013/ % 2014/ % 2015/ % 2016/ % 2017/ % 2018/ % 2019/ % Reform to car fringe benefits The Government has announced the current statutory method for determining the taxable value of car fringe benefits will be replaced by a single rate of 20% regardless of distance travelled. This will apply to new contracts entered into after 7:30pm (AEST) on 10/05/2011 and will be phased in over four years. Distance travelled during the FBT Year (1 April - 31 March) Statutory rate (multiplied by the cost of the car to determine a persons car fringe benefit) Exis ting Contracts New contracts entered into after 7:30pm (AEST) on 10 May 2011 From 10 May ,000 kms ,000-25,000 kms ,000-40,000 kms More than 40,000 kms With changes to the FBT calculations it may be beneficial to review the method used in calculating your FBT as the log book method, although more onerous on reporting may provide a lower FBT Value. GST PROPERTY WARNING In the event that you conduct an enterprise with respect to the building of New Residential Premises they continue to be New Residential Premises for a period of five (5) years irrespective of whether they have been rented or not. Accordingly on disposal within a five year period and in accordance with the sale contract it is IMPERATIVE to complete the appropriate GST provision election as a special condition or annexure to the contract. The reason for the GST provision election is to bring beyond doubt the method of calculating GST on sale. Not choosing for example the margin scheme on the appropriate annexure would automatically default the GST payable to full GST. 5 P age

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