From 1st July, 2012 the private health insurance rebate and Medicare levy surcharge will be income tested against the income thresholds in the table below.
Unchanged
Tier 1
Tier 2
Tier 3
Singles
$84,000 or less
$84,00... |
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Look at any company that is in financial trouble and you will probably see the Tax Office as one of the larger creditors. The reality is that we all pay a lot of tax - some of it income tax, some withholding tax, PAYG instalments and GST.
There are two fundamental principles to managing taxation:
1. Don’t pay any mor... |
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The FBT year runs from 1 April to 31 March. FBT is one of those areas that many employers struggle with; not because the tax is complex but because of the level of detail required to fulfil your obligations.
How do I know if I need to pay FBT?
If you are not sure whether you are providing fringe benefits to your employees, here ... |
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The ATO use industry benchmarks to assess business performance and will take a closer look at businesses that fall outside of these benchmarks. But what happens if you have a niche business or have unusual trading conditions that mean you will almost never fall within these benchmarks?
This is the major problem with the current benc... |
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A lot of family businesses use discretionary trust structures. These have been popular because they provide both a level of risk management, separating the business from your personal assets, and are also quite tax efficient. A discretionary trust allows the trustee to appoint the income of the trust (this is typically the profit ... |
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