PERSONAL TAX OFFSETS The ATO have made major changes to the tax offsets available to individuals. If you have previously taken advantage of the following, you may have an increased tax liability for 2012/2013. Net Medical Expenses Tax Offset: For adjusted taxable incomes in excess of $84,000 (singles) or $168,000 (couples and families) the offsetread more

Trust Resolution Instruction Forms were sent to all applicable clients in April 2013. It is critical that these forms be completed and returned to the office before 30th June, 2013. Please note that this requirement to complete the Trustee Resolution has been a strong focal point of the ATO. If you require any assistance orread more

The new SchoolKids Bonus, which replaces the Education Tax Refund, starts on 1 January 2013 and will be paid each January and July. The SchoolKids Bonus will be paid in two instalments, totalling $410 for each primary school child and $820 for each secondary school child per year. See your tax agent to find outread more

Did you know that tax is payable on 'payments' to an employee that are made in a different form to salary or wages (non-cash benefits)? Common benefits include the provision of a company car, meals and entertainment, and expense payments on behalf of employees. This tax is referred to as Fringe Benefits Tax (FBT). Employersread more

A reminder that trusts require trustee resolutions relating to distributions to be made by the end of the income year. Please note that this requirement has been a strong focus point by the ATO recently. This resolution will determine who is to be assessed on the trust’s taxable income. Please see the article on Taxread more

As noted in our September newsletter, starting in the 2012-13 income year, companies (and entities like companies) will be able to carry back up to $1 million of tax losses incurred in the 2012-13 year to offset against tax paid in the 2011-12 income year. From the 2013-14 income year, tax losses will be ableread more