Directors are now personally liable for unpaid superannuation guarantee (SG) payments to staff. While initially designed to prevent phoenix company activity, the new laws that apply from 1 July 2012, extend well beyond phoenix company activity.
How does it work?
The new law extends the director penalty and estimates regime beyond PAYG with... |
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Christmas is expensive enough. We take you through some of the key ways tax impacts on your Christmas spirit.
For you
Who can claim the deduction for charitable gifts?
Giving a goat, funding a village well, buying a toilet, or farming equipment for people in third world countries is a common gift, particularly for those that just d...
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For you
Private health insurance
From 1 July 2012, the private health insurance rebate will be subject to an income test affecting singles earning above $84,000 and families above $168,000. Also, the rate of Medicare levy surcharge will increase for these taxpayers who do not hold appropriate private health insurance policies fr... |
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Financial ‘house-keeping’
Software
Before rolling over your accounting software for the new financial year, make sure you:
Prepare your financial year end accounts. This way, any problems can be rectified and you have a ‘clean slate’ for the 2012/2013 year. Once rolled over, the software cannot be ... |
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Superannuation contribution caps
Concessional contributions are employer based contributions (including contributions made under a salary sacrifice arrangement), and if you are self employed, personal contributions claimed as a tax deduction. Non-concessional contributions are contributions that are made with post tax dollars.
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