February 5th, 2009 advice
In addition to what may change as a result of the current debate in parliament one line in Tuersday’s Treasury Press Release should be highlighted.
It indicates that not every “Working Australian” under $100,000 is going to get something.
“The bonus will be available to Australian resident taxpayers who paid tax in the 2007-08 financial year after taking into account available tax offsets and credits.”
So this seems to be saying that, for example, if you gave a large donation and claimed it as a tax deduction and as a result you didn’t have tax to pay you may miss out on the bonus.
Anyway, all will be revealed when the legislation is finalised and published.
Any questions please feel free to contact me on 02 9585 9585 or make comments below.
Regards,
Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Australian Registered Tax Agent
Superannuation
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February 4th, 2009 advice
The Government announced that they propose to give away a free tax bonus to aprroximately 8.7 million Australians.
Are you one of them and what do you need to do to get your share.
This so not law yet so it may change.
Are You Eligible To Receive the Tax Bonus?
There is a description of who will receive the tax bonus at
http://www.treasurer.gov.au/DisplayDocs.aspx?doc=pressreleases/2009/010.htm&pageID=003&min=wms&Year=&DocType=
Some highlights
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Working Australians who have a taxable income in their 2007/2008 income tax return and paid tax after taking into account tax offsets and credits.
Up to $80,000 – $950 tax bonus
above $80,000 to $90,000 – $650 tax bonus
above $90,000 to $100,000 – $300 tax bonus
What You Need To Do
- Lodge your 2007/2008 income tax reurn by 30 June 2009.
- Check that the bank account you provided last year (or postal address if no bank account given) is still current or if you have already lodged your incone tax return for 2007/2008 ensure that the bank details given (if any) or postal address are still current. This is the account the money is to be paid into or teh postal address the cheque wil be sent to.
- The payments are planned to start in April 2008. If you want the tax bonus to go to a different bank account or postal address so that you actually receive the tax bonus you need to call the ATO on 1300 686 636. If you have already lodged your tax return you need to change the details by mid March.
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Single Income Family Bonus
Families who are eligible for Family Tax Payment Part B on 3 February 2009 will receive the Single Income Family Bonus.
Payments made automatically by Centrelink on March 11 2009.
If you claim the Family Tax Benefit part B a s a lump sum payment you should receive it after your 2009 income tax return is processed.
==
Back To School Bonus
Families who are eleigible for Family Tax Payment Part A on 3 February 2009 may receive $950 tax bonus for for each eligible child of school age (aged 4 to 18 on 3 February 2009).
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If you have any questions etc please feel free to call me on 02 9585 9585
Regards,
Glenn Wallace
New System slashes 20 Hours bookkeeping to 20 minutes
http://www.thebusinessautomator.com
Regards,
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February 2nd, 2009 advice
A tax appeal last November resulted in a self managed super fund become non complying. The trustee decided that to appoint an auditor was too expensive and the few transactions didnt warrant keeping of accounting records. The ATO issued a notice deemingt the fund to be a non-complying superannuation fund. A possible consequence of ths is that the assets of the fund can be taxed at the maximum personal marginal tax rate.
No matter how small the fund or few transactions you still need to keep accurate accounting records and produce financial statements and have them audited.
Regards,
Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Australian Registered Tax Agent
Superannuation
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