Abolishing the dependent spouse tax offset and the mature age worker tax offset
From 1 July 2014: no taxpayer will be able to claim the Dependent spouse tax offset in their 2015 tax return and subsequent year returns; and no taxpayer will receive the Mature age worker tax offset in their 2015 and…
Read moreMedicare levy increase
In individual tax return: From 1 July 2014, the Medicare levy will increase by half a percentage point, going from 1.5 per cent to 2 per cent. The reportable fringe benefits (FBT) amount of $3,738 will increase to $3,773 as…
Read moreCollection of SMSF details
To support the use of SuperStream standards for SMSF, the ATO will now collect and store SMSF superannuation bank account details and SMSF alias (electronic service address) details. The SMSF annual return has been modified to include two new data…
Read moreAccelerated depreciation for small business
Applies to small business (turnover under $2m) assets acquired and installed ready for use between 7:30pm (AEST) 12 May 2015 and 30 June 2017. Assets valued less than $20,000 can be immediately written off (low cost assets worksheet). The pooled…
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