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…
Standard fees from 1 June 2024 Standard return from $220 Employees with deductions and minor investments (<5 dividends). Complex return from $275 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 -…
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…