Private Client Services

  • Proposed changes to introduce an income test for the 30% private health insurance rebate

    • Singles whose income for surcharge purposes is from $80,001pa to $93,000pa inclusive and couples/families whose income for surcharge purposes is from $160,001pa to $186,000pa inclusive in the 2011-12 financial year, who hold a complying private health insurance policy, will have their private health insurance rebate reduced from 30% to 20% in relation to premiums and amounts in respect of premiums paid on and after 1 January 2012.
  • Tax Withholding 2011-2012

    Wage earners who are paid on a fortnightly basis should note that there will be 27 pays in the 2011-2012 financial year.   As a result, a shortfall in tax withheld may occur. Rather than experience a tax bill at the end of the year of up to $960 depending on your tax bracket, you could arrange for extra tax to be taken from your pay each fortnight. In order to prevent this shortfall the extra tax withheld should be:
  • Trust Income Streaming

    Steaming of Capital Gains and Franked Dividend income from Trusts is possible for the 2011 income year. Trustees should review trust deeds to ensure that the deed allows streaming of income to specific beneficiaries. Recent trust deeds normally permit streaming; however, it is worthwhile checking the deed to ensure it does allow streaming and consider whether any amendments need to be made. Trustees that intend to stream franked dividend income must ensure that beneficiaries’ specific entitlements are recorded in the accounts or records
  • Flood Levy

    Taxpayers should note that taxable income over $50,000 will be subject to a flood levy. The taxable incomes between $50,000 and $99,999 will be subject to a flood levy of 0.5% on income over $50,000 and those whose taxable income is more than $100,000 will be subject to a levy of $250 plus 1% on income over $100,000. As an example if your income is $80,000 your flood levy will be $150.00 ($80,000-$50,000 x 0.5%). Some exemptions will apply.
  • ANTSIS Study Expenses

    Following a recent High Court relating to the deductibility of education expenses against Youth allowance income the Australian Taxation Office is amending Tax Assessments for the years ending 30th of June 2007, 2008, 2009 and 2010 to allow for an automatic deduction of $550 for those in receipt of Youth Allowance, Austudy and ABSTUDY income. 

  • Merger of AMP Limited and AXA Asia Pacific Holdings Ltd

    On 30 March 2011, AXA merged with AMP.

    AXA ordinary shareholders received 0.73 fully-paid ordinary shares in AMP and $2.5464 cash for each ordinary share they held on 16 March 2011.

    AXA also paid a final unfranked dividend of 9.25 cents per ordinary share.

    The market value of each AMP share received by AXA shareholders is $5.32.

    Are there any tax consequences for me?


    There are three consequences: