The Government increase child care assistance, lifting the Child Care Tax Rebate from 30 per cent to 50 per cent of out‑of‑pocket costs, and increased the annual cap from $4,354 to $7,500 per child. The rebate will also be paid quarterly to give parents assistance closer to when they incur out‑of‑pocket expenses. This assistance is [...]
Interest earned on a child’s savings account may in some circumstances be treated as income of the parent rather than the child. ATO guidelines are as follows:
“whose money is it?”:
If the money in the account really belongs to the parent, interest is included in the parents’ tax return.
If the money in the account is [...]
There are a number of reasons you may have to lodge a tax return for the 2007–08 income year (1 July 2007 to 30 June 2008).
To ATO offers a detailed explanation of the topic and a useful online tool to work through if you are not sure.FREE Fact Sheet ==Do I need to lodge a [...]
The Pay as You Go (PAYG) instalments system is used for paying instalments during the income year towards your expected income tax liability on your business and investment income.
The instalment, where it applies, is worked out from the tax liability of the previous year when your annual income tax return is assessed. The PAYG instalments [...]
As a young person starting out on my own I developed a simple personal budgeting system that kept me on track to meet my current commitments and put a little aside for extras later. You will be surprised to see how developing even a simple personal budget can lower your monthly expenses TODAY.
In looking for [...]
World economic events during the last six months, in particular, the decline of share prices, has sparked enormous interest and concern for individuals and governments.
Indeed, meetings between heads of government and resulting resolutions on economic strategies is unprecedented amongst leading economies. Implementation of those strategies will impact positively on our economies in both perception and [...]
Many clients ask us “When is the right time to invest in property?”
Real estate generally moves in cycles. It is now widely accepted in Australia that property doubles every 7 – 10 years. Cycles generally involve rising or falling interest rates, stagnating or rising property values, inflation and changing population demographics.
So when is the right [...]
The Fringe Benefits Tax (FBT) threshold for minor benefits has increased from $100 to $300, making the traditional work Christmas party mostly exempt from FBT.
Although FBT exempt, there are still income tax consequences relating to the work Christmas party that employers need to be aware of.
Holding the Christmas party on the business premises on a [...]
If you are a temporary resident, you can claim superannuation benefits you accumulated while working in Australia, as long as you visited on an eligible temporary resident visa (which has expired or been cancelled) and you have permanently departed Australia.
As an eligible temporary resident, you can apply for your departing Australia superannuation payment (DASP). You [...]
Generally, you must keep your written evidence for five years from the date the notice of assessment is sent to you, or:
if you have claimed a deduction for decline in value (formerly known as depreciation), five years from the date of your last claim for decline in value
if you acquire or dispose of an [...]
