Temporary budget repair levy
15 Mar 2016
As part of the 2014-15 Federal budget the Government introduced a Temporary Budget Repair Levy. Individual taxpayers with a taxable income of more than $180,000 per year will have had additional tax withheld by their employer, starting from 1 July 2014. The levy is payable at a rate of 2 per cent of each dollar of […]
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Why would a trustee make a family trust election?
24 Feb 2016
There are four reasons a trustee would make a family trust election: The trust loss measures By becoming a ‘family trust’, the non-fixed trust is subject to concessional treatment and most of the trust loss tests do not apply, or apply in a modified way. The measures apply for trust tax losses for the 1995 […]
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Car expense substantiation methods simplified
18 Feb 2016
The government has simplified the car expense deductions for individuals from 1 July 2015. Prior to 1 July 2015, there were four methods for claiming car expenses: Cents per kilometre – capped at 5,000kms Logbook – unlimited kms 12% of original value One-third of actual expenses. To simplify the rules, from 1 July 2015, the […]
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Non-commercial losses
03 Feb 2016
If you’re an individual in business, as either a sole trader or in partnership, and your business makes a loss, you may be able to offset the loss against your other income such as salary and wages. To be eligible, you must meet the income requirement and pass one of the four tests. The four […]
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