Key budget changes 2011 By Jarrod Rogers CPA, May 2011 Superannuation Super contributions limits for over 50s The government has confirmed that a higher concessional contributions cap will apply to people over 50. Currently the concessional contributions cap is $25,000, but for people over 50 the limit is $50,000. This…
New regulations for SMSF investments In May 2011 the government announced proposed changes to the rules for self managed super funds investing in collectables and personal use assets. The new rules are a softer alternative to banning this type of investment altogether, as some stakeholders suggested. The assets mentioned in…
Key changes for SMSFs Reduction of 25% in the minimum pension payment amounts for 2011-12 The Government will phase out the pension drawdown relief that has been provided over the last three years. Minimum payment amounts for account-based, allocated and market linked (term allocated) pensions have been reduced by 50%…
<h3>Tax write off for purchase of motor vehicles</h3> The Government will allow small businesses to claim up to $5,000 as an immediate deduction for motor vehicles, with effect for vehicles acquired from the 2012-13 income year. This is an additional break on top of the new depreciation rules that are…
(re-posted from May 2011) The tax changes can be found on the government’s budget website at the following two links: 1. “Revenue measures” (i.e. tax increases) 2. “Expense measures” (i.e. tax-related spending programmes) We have picked out a few of the changes I think will most affect people on separate…
1. Include all the elements of the cost base A capital gain is the difference between the capital proceeds (sale price) and the cost base (purchase price plus capital costs). Basically, the higher your cost base, the lower your capital gain. So make sure you include all the elements of…
Standard fees Standard return from $198 Employees with deductions and minor investments (<5 dividends). Complex return from $260 The higher rate will apply for the following: Motor vehicle claim using the log book method for the first year of a new car. Capital gains tax - simple. Complex gains, e.g.…
Preface Welcome to the latest edition of Taxation statistics, the ATO's most comprehensive statistical publication. The publication is a thorough and detailed collection of data compiled from information provided to the ATO via tax returns for the 2008-09 income year and other information such as GST annual returns and business…