Volkan graduated from La Trobe university after obtaining his double degree in Accounting and Economics. He then went to study for his Honours degree in Economics.
As most of you may already be aware, the proposed changes for the federal budget were announced this month.
So what does this mean for for tax clients?
Below is a concise list of details regarding the latest updates in the budget, as given by the NTAA;
1. Changes effective 1 July 2013 (i.e., 2013/14 income year)
1.1 Medicare levy low income thresholds
For 2013/14, the Medicare Levy low income thresholds will be as follows:
• Individuals $20,542 (no increase from 2012/13)
• Families $34,367 (previously $33,693)
The families income threshold (i.e., $34,367) will be increased by $3,156 (previously $3,094) for each
dependent child or student.
Click on the link to see the video providing the latest updates to the federal budget.
A piece in the Jirsch Sutherland Newsletter written by Stewart Free reveals that over 20% of bankruptcies that occurred during the quarter were a direct result of business failure, and that greater care and diligence needs to be taken by directors toward the following:
- lodgement status of taxation obligations
- timely financial reports
- accurate debtor and creditor ledgers
- forecast projections
- signed credit applications and personal guarantees
Excerpt from the ATO website:
From 1 July 2012, businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year.
You need to report these payments to us on the Taxable payments annual report.
The ATO has announced important changes to Superannuation obligations
New rates for compulsory super payments
There are laws about how much super you must pay for your employees.
The minimum rate of super you must pay is called the super guarantee.
Generally, you must pay a percentage - at the super guarantee rate - of what an employee earns into that employee’s super fund account.
Wayne Swan and Bill Shorten have decided to end the speculation about what the upcoming Federal Budget brings for the superannuation industry. Money Management spotlights the announced changes and the industry’s response.
The Federal Government has finally decided to end speculation around what it might do to its current superannuation policy in the upcoming May Budget, announcing a number of changes on 5 April.