Rate change for franking credits
24 May 2017
The company tax rate for small businesses has been reduced to 27.5% for 2016-17 and the maximum franking credit small businesses can allocate has decreased to 27.5% (previously 30%). This reduced rate applies to companies with an aggregated turnover of less than $10 million. If you are a small business and have issued distributions based […]
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Getting fuel tax credit claims right
26 Apr 2017
Fuel tax credit rates increased on 1 February 2017 and change regularly. To make sure you get the correct rates and claim the full amount you are entitled to: Use the fuel tax credit calculator each time you prepare your activity statements, or Check the fuel tax credit rates table for the correct rate. This […]
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Tax assistance for people affected by Cyclone Debbie and ex-cyclone Debbie
21 Apr 2017
Refunds will be fast tracked for people affected by extreme weather and flooding caused by tropical cyclone Debbie and ex-Cyclone Debbie in Queensland and New South Wales. Taxpayers and their Tax and BAS agents will also have additional time to lodge income tax returns and activity statements. Automatic deferrals of one month are now in […]
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New tax rates for DASP
20 Apr 2017
From 1 July 2017, a new departing Australia superannuation payment (DASP) tax rate of 65% will apply to working holiday makers (WHM). WHM applications processed on or after 1 July may be liable for the higher tax rate. If you have ever held a 417 (Working Holiday) or 462 (Work and Holiday) visa this may affect […]
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